HCL Technologies Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • IT Services: 73.8% • Engineering and R&D services: 16.9% • Products & Platforms: 9.2%
AI Sector View
AI GENERATEDInformation Technology
IT is supported by a still-expanding services backdrop and a weaker rupee. Export of services grew 13.0% YoY (2026-06), services PMI was 54.1 (Aug/26), and the currency at 95.23 (Sep/26) is depreciated versus the previous 95.16, which helps INR translation of export revenues. FPI positioning is only neutral-to-soft with net 3-month flow of INR -5 crore to 2026-08-31, so the positive stance is primarily macro-driven.
PROS
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 32.0%
- Company has a good return on equity (ROE) track record: 3 Years ROE 24.1%
- Company has consistently been profitable over the last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.30x)
CONS
- Company has delivered a poor profit growth of 8.3% over past five years
- Expensive relative to growth - PEG of 4.8
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| TCS | 2202.00 | 16.00 | 796702.87 | 5.00 | 13420.00 | 4.69 | 72275.00 | 13.93 | 66.25 | 25.67 |
| INFY | 1038.20 | 13.91 | 421325.69 | 4.62 | 7775.00 | 12.29 | 48211.00 | 14.03 | 42.84 | 23.66 |
| HCLTECH | 1207.00 | 18.80 | 327539.38 | 4.47 | 4626.00 | 20.34 | 34579.00 | 13.94 | 31.20 | 19.87 |
| WIPRO | 167.50 | 12.55 | 165902.38 | 6.57 | 3356.30 | 0.59 | 24478.60 | 10.59 | 18.49 | 18.93 |
| TECHM | 1539.50 | 29.38 | 150891.59 | 3.31 | 1486.30 | 31.67 | 15711.90 | 17.68 | 23.04 | 17.43 |
| LTM | 4301.15 | 24.39 | 127581.28 | 1.74 | 1468.60 | 17.06 | 11608.00 | 17.96 | 30.25 | 17.75 |
| OFSS | 11760.00 | 30.01 | 102409.76 | 3.40 | 1415.50 | 120.52 | 3125.20 | 68.73 | 45.50 | 60.04 |
| PERSISTENT | 5537.45 | 45.42 | 87353.27 | 0.72 | 483.04 | 13.67 | 4303.23 | 29.09 | 35.09 | 16.19 |
| COFORGE | 1847.40 | 46.58 | 81835.77 | 0.86 | 531.70 | 49.19 | 5527.70 | 49.86 | 24.70 | 19.14 |
| MPHASIS | 2294.10 | 22.92 | 43790.98 | 2.70 | 489.51 | 10.82 | 4384.05 | 17.46 | 23.31 | 18.15 |
| LTTS | 3334.95 | 26.80 | 35379.24 | 1.74 | 357.10 | 12.97 | 2940.10 | 11.47 | 27.70 | 18.65 |
| TATATECH | 761.75 | 55.53 | 30931.00 | 1.54 | 180.75 | 6.15 | 1664.63 | 33.78 | 19.56 | 16.64 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 26,296 | 26,672 | 28,446 | 28,499 | 28,057 | 28,862 | 29,890 | 30,246 | 30,349 | 31,942 | 33,872 | 33,981 | 34,579 | |
| 20,931 | 20,743 | 21,659 | 22,382 | 22,264 | 22,493 | 23,030 | 23,764 | 24,314 | 25,397 | 26,460 | 27,269 | 28,832 | |
| Operating Profit | 5,365 | 5,929 | 6,787 | 6,117 | 5,793 | 6,369 | 6,860 | 6,482 | 6,035 | 6,545 | 7,412 | 6,712 | 5,747 |
| OPM % | 20.40% | 22.23% | 23.86% | 21.46% | 20.65% | 22.07% | 22.95% | 21.43% | 19.89% | 20.49% | 21.88% | 19.75% | 16.62% |
| 344 | 365 | 370 | 416 | 1,103 | 456 | 477 | 449 | 456 | 415 | -571 | 322 | 361 | |
| Interest | 86 | 156 | 140 | 171 | 191 | 131 | 166 | 156 | 209 | 215 | 205 | 240 | 84 |
| Depreciation | 927 | 1,010 | 1,143 | 1,093 | 998 | 1,007 | 1,039 | 1,040 | 1,093 | 1,043 | 1,127 | 1,092 | 1,039 |
| Profit before Tax | 4,696 | 5,128 | 5,874 | 5,269 | 5,707 | 5,687 | 6,132 | 5,735 | 5,189 | 5,702 | 5,509 | 5,702 | 6,108 |
| Tax % | 24.81% | 25.25% | 25.93% | 24.18% | 25.37% | 25.50% | 25.08% | 24.86% | 25.92% | 25.71% | 25.90% | 21.26% | 24.26% |
| Net Profit | 0 | 0 | 0 | 0 | 4,259 | 4,237 | 4,594 | 4,309 | 3,844 | 4,236 | 4,082 | 4,490 | 4,626 |
| 13.05 | 14.15 | 16.06 | 14.72 | 15.70 | 15.62 | 16.94 | 15.90 | 14.18 | 15.63 | 15.06 | 16.59 | 17.09 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 47,568 | 50,569 | 60,427 | 70,676 | 75,379 | 85,651 | 1,01,456 | 1,09,913 | 1,17,055 | 1,30,144 | 1,34,374 | |
| 37,189 | 39,330 | 46,511 | 53,394 | 55,366 | 65,134 | 78,837 | 85,734 | 91,559 | 1,03,637 | 1,07,958 | |
| Operating Profit | 10,379 | 11,239 | 13,916 | 17,282 | 20,013 | 20,517 | 22,619 | 24,179 | 25,496 | 26,507 | 26,416 |
| OPM % | 21.82% | 22.23% | 23.03% | 24.45% | 26.55% | 23.95% | 22.29% | 22.00% | 21.78% | 20.37% | 19.66% |
| 1,078 | 1,224 | 953 | 623 | 962 | 1,080 | 1,367 | 1,514 | 2,493 | 819 | 527 | |
| Interest | 89 | 69 | 174 | 505 | 511 | 319 | 353 | 553 | 644 | 869 | 744 |
| Depreciation | 828 | 1,383 | 2,073 | 3,420 | 4,611 | 4,326 | 4,145 | 4,173 | 4,084 | 4,355 | 4,301 |
| Profit before Tax | 10,542 | 11,024 | 12,622 | 13,980 | 15,853 | 16,951 | 19,488 | 20,967 | 23,261 | 22,102 | 23,021 |
| Tax % | 18.36% | 20.88% | 19.82% | 20.91% | 29.55% | 20.22% | 23.82% | 25.07% | 25.20% | 24.66% | 24.27% |
| Net Profit | 8,606 | 8,722 | 10,120 | 11,057 | 11,169 | 13,523 | 14,845 | 15,710 | 17,399 | 16,652 | 17,434 |
| EPS | 60.27 | 62.19 | 36.78 | 40.75 | 41.07 | 49.77 | 54.70 | 57.83 | 64.05 | 61.30 | — |
| Dividend Payout % | 39.74% | 19.13% | 10.71% | 24.55% | 24.36% | 84.47% | 87.75% | 89.91% | 93.67% | 88.10% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 15%
- 5 Years:
- 12%
- 3 Years:
- 9%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 12%
- 5 Years:
- 8%
- 3 Years:
- 4%
STOCK PRICE CAGR
- 10 Years:
- 12%
- 5 Years:
- 0%
- 3 Years:
- -2%
- 1 Year:
- -18%
RETURN ON EQUITY
- 10 Years:
- 24%
- 5 Years:
- 24%
- 3 Years:
- 24%
- Last Year:
- 23%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 285 | 278 | 271 | 543 | 543 | 543 | 543 | 543 | 543 | 543 |
| Minority Interest | 173 | 0 | 103 | 154 | 169 | 92 | -7 | 8 | 18 | 32 |
| 32,643 | 36,096 | 41,090 | 50,724 | 59,370 | 61,289 | 64,474 | 67,081 | 68,842 | 74,066 | |
| 700 | 900 | 4,614 | 8,487 | 7,328 | 6,742 | 5,106 | 6,412 | 4,300 | 5,923 | |
| Trade Payables | 801 | 918 | 1,305 | 1,166 | 1,726 | 2,297 | 6,428 | 5,853 | 6,225 | 7,706 |
| 9,508 | 7,994 | 8,737 | 19,515 | 15,877 | 16,894 | 15,615 | 18,849 | 24,552 | 26,842 | |
| Total Liabilities | 44,110 | 46,186 | 56,120 | 80,589 | 85,013 | 87,857 | 92,159 | 98,746 | 1,04,480 | 1,15,112 |
| 15,235 | 18,753 | 22,888 | 37,490 | 37,145 | 35,077 | 34,619 | 35,063 | 36,172 | 37,297 | |
| Capital Work in Progress | 448 | 320 | 235 | 400 | 312 | 129 | 40 | 108 | 59 | 60 |
| 1,306 | 2,660 | 2,305 | 7,066 | 6,862 | 6,351 | 5,495 | 7,137 | 7,564 | 7,090 | |
| 276 | 172 | 91 | 91 | 94 | 161 | 228 | 185 | 133 | 239 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 25,506 | 25,521 | 25,842 | 31,541 | |
| Cash & Bank | 9,044 | 4,018 | 7,872 | 4,976 | 8,888 | 12,636 | 14,724 | 20,150 | 21,289 | 23,425 |
| 17,801 | 20,263 | 22,729 | 30,566 | 31,712 | 33,503 | 11,547 | 10,582 | 13,421 | 15,460 | |
| Total Assets | 44,110 | 46,186 | 56,120 | 80,589 | 85,013 | 87,857 | 92,159 | 98,746 | 1,04,480 | 1,15,112 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 11,002 | 10,684 | 11,592 | 15,917 | 23,063 | 20,343 | 18,009 | 22,448 | 22,261 | 19,975 | |
| Cash from Investing | -3,833 | -2,283 | -3,073 | -12,374 | -5,730 | 1,477 | -3,931 | -6,723 | -4,914 | -1,473 |
| Cash from Financing | -4,517 | -5,714 | -1,471 | -3,168 | -11,192 | -14,508 | -15,881 | -15,464 | -18,561 | -19,369 |
| 645 | 331 | 4,427 | -2,183 | 2,696 | 3,869 | -1,803 | 261 | -1,214 | -867 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-08 - HCL Technologies Limited has informed the Exchange regarding 'Release HCLTech launches Advanced Semiconductor Lab with Rs. 185 crore investment'.
2026-09-03 - HCL Technologies Limited has informed the Exchange regarding Release HCLTech and Transport for NSW to explore AI-powered traffic insights for India .
2026-08-31 - HCL Technologies Limited has informed the Exchange regarding 'Intimation of Participation by the Company in Investor Conferences'.
2026-08-27 - HCL Technologies Limited has informed the Exchange regarding 'Release: WACKER establishes Global Capability Center in India with HCLTech '.
2026-08-26 - HCL Technologies Limited has informed the Exchange regarding Release HCLTech accelerates sustainability agenda, sets industry benchmarks in employee wellbeing and water consumption .
2026-08-25 - HCL Technologies Limited has informed the Exchange regarding Intimation of Participation by the Company in Investor Conferences.
2026-08-17 - Release: HCLTech report reveals telecom leaders identify AI as top revenue driver, but only 25% ready to scale '.
2026-08-13 - HCL Technologies Limited has informed the Exchange regarding Release HCLTech and NetApp expand partnership for hybrid cloud storage-as-a-service to accelerate enterprise AI adoption .
2026-08-12 - HCL Technologies Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 12, 2026. Further, the company has submitted the Exchange a copy of Srutinizers report along with voting results.
News
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