HCL Technologies Ltd.

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hcltech.comBSE: 532281NSE: HCLTECH

Market Cap₹ 3,32,845 Cr.

Current Price

High / Low₹ 1,780 / 1,030

Stock P/E28.3

Book Value₹ 119

Price to Book14.37

Dividend Yield4.40 %

ROCE33.7 %

ROE25.4 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2016 • IT services: 59.8% • Infrastructure Services: 33.5% • Business Process Outsourcing Services: 6.7%

AI Sector View

AI GENERATED

Information Technology

Buy

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.

Confidence

68%

View full sector analysis →

PROS

Company is almost debt free
Company has a healthy return on capital (ROCE) of 39.0%
Company has a good return on equity (ROE) track record: 3 Years ROE 29.4%
Latest quarter profit grew 143.2% YoY, showing strong momentum
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.37x)

CONS

Recent results are weak - TTM profit is down 10.4% versus prior year
Company has delivered a poor profit growth of -2.7% over past five years
Stock is trading at 14.4x its book value
Operating margins have contracted to 31.0% from 37.3%
Dividend payout exceeds earnings (192.2%) - may be unsustainable
Growth is decelerating - 3Y profit CAGR (-12.7%) trails the 5Y trend (-2.7%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Information TechnologyITIT - Software

Part ofNIFTY IT NIFTY 50 NIFTY100 QUALTY30 NIFTY DIV OPPS 50 NIFTYLARGEMIDCAP250

S.No.	Name
1.	TCS	2209.00	16.05	799235.53	4.98	13420.00	4.69	72275.00	13.93	66.25	25.67
2.	INFY	1035.00	13.87	420027.06	4.64	7775.00	12.29	48211.00	14.03	42.84	23.66
3.	HCLTECH	1226.55	19.10	332844.59	4.40	4626.00	20.34	34579.00	13.94	31.20	19.87
4.	WIPRO	167.50	12.55	165902.38	6.57	3356.30	0.59	24478.60	10.59	18.49	18.93
5.	TECHM	1502.25	28.67	147240.59	3.39	1486.30	31.67	15711.90	17.68	23.04	17.43
6.	LTM	4403.10	24.97	130605.33	1.70	1468.60	17.06	11608.00	17.96	30.25	17.75
7.	OFSS	11623.00	29.66	101216.72	3.44	1415.50	120.52	3125.20	68.73	45.50	60.04
8.	PERSISTENT	5390.00	44.21	85027.25	0.74	483.04	13.67	4303.23	29.09	35.09	16.19
9.	COFORGE	1846.90	46.57	81813.62	0.86	531.70	49.19	5527.70	49.86	24.70	19.14
10.	MPHASIS	2311.65	23.10	44125.99	2.68	489.51	10.82	4384.05	17.46	23.31	18.15
11.	LTTS	3360.55	27.01	35647.89	1.73	357.10	12.97	2940.10	11.47	27.70	18.65
12.	TATATECH	787.85	57.43	31990.79	1.49	180.75	6.15	1664.63	33.78	19.56	16.64

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	11,451	12,059	12,531	12,077	11,784	12,615	13,274	13,432	13,073	13,829	15,239	12,890	14,337
	7,769	7,745	7,694	8,034	8,086	7,994	8,287	9,022	8,900	9,597	9,849	9,626	10,753
Operating Profit	3,682	4,314	4,837	4,043	3,698	4,621	4,987	4,410	4,173	4,232	5,390	3,264	3,584
OPM %	32.15%	35.77%	38.60%	33.48%	31.38%	36.63%	37.57%	32.83%	31.92%	30.60%	35.37%	25.32%	25.00%
	262	252	261	301	321	284	344	285	344	325	-657	-4,488	4,401
Interest	29	33	29	34	47	30	38	41	73	78	63	29	45
Depreciation	506	583	678	604	571	559	613	577	571	560	630	555	529
Profit before Tax	3,409	3,950	4,391	3,706	3,401	4,316	4,680	4,077	3,873	3,919	4,040	-1,808	7,985
Tax %	23.85%	24.91%	23.73%	25.45%	27.11%	25.49%	24.66%	25.31%	25.43%	32.20%	26.19%	50.22%	12.02%
Net Profit	2,596	2,966	3,349	2,763	2,479	3,216	3,526	3,045	2,888	2,657	2,982	-900	7,025
	9.59	10.95	12.37	10.20	9.14	11.87	13.01	11.24	10.66	9.81	11.02	-3.33	25.96

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	19,318	22,073	26,012	32,666	35,673	40,638	46,276	48,118	51,105	55,031	56,295
	11,469	12,735	15,599	19,905	21,261	25,529	30,033	31,243	33,389	37,972	39,825
Operating Profit	7,849	9,338	10,413	12,761	14,412	15,109	16,243	16,875	17,716	17,059	16,470
OPM %	40.63%	42.31%	40.03%	39.07%	40.40%	37.18%	35.10%	35.07%	34.67%	31.00%	29.26%
	960	703	810	616	988	883	1,031	1,077	1,234	-4,476	-419
Interest	55	23	16	240	177	109	127	125	156	243	215
Depreciation	478	893	1,276	1,959	2,813	2,615	2,431	2,371	2,320	2,316	2,274
Profit before Tax	8,276	9,125	9,931	11,178	12,410	13,268	14,716	15,456	16,474	10,024	14,136
Tax %	16.95%	19.32%	17.58%	19.76%	29.55%	18.04%	22.13%	24.47%	25.54%	23.91%	16.78%
Net Profit	6,873	7,362	8,185	8,969	8,743	10,874	11,459	11,674	12,266	7,627	11,764
EPS	48.13	52.50	29.75	33.05	32.22	40.09	42.21	43.00	45.18	28.09	—
Dividend Payout %	49.76%	22.66%	13.24%	30.27%	31.05%	104.86%	113.73%	120.94%	132.81%	192.22%	—

COMPOUNDED SALES GROWTH

10 Years:: 15%
5 Years:: 9%
3 Years:: 6%

COMPOUNDED PROFIT GROWTH

10 Years:: 5%
5 Years:: -3%
3 Years:: -13%

STOCK PRICE CAGR

10 Years:: 12%
5 Years:: 0%
3 Years:: -2%
1 Year:: -18%

RETURN ON EQUITY

10 Years:: 27%
5 Years:: 28%
3 Years:: 29%
Last Year:: 25%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	25,667	27,273	30,163	37,003	43,010	41,966	40,173	38,288	34,127	24,799
	86	106	103	1,526	941	848	710	843	919	1,902
Trade Payables	485	544	2,367	2,272	2,707	885	2,783	2,344	3,873	9,119
	4,637	3,111	2,445	10,464	7,492	8,445	8,608	10,289	13,041	10,611
Total Liabilities	31,160	31,312	35,349	51,808	54,693	52,687	52,817	52,307	52,503	46,974
	7,989	10,428	11,235	22,643	20,905	19,524	17,935	16,333	16,218	14,829
Capital Work in Progress	411	298	212	311	245	79	21	22	29	14
	4,724	6,198	5,810	11,039	11,646	11,096	10,159	11,841	12,317	11,546
	90	40	18	15	18	23	35	25	12	12
	0	0	0	0	0	0	12,913	12,158	14,685	13,419
Cash & Bank	7,962	2,325	6,273	1,294	5,056	4,849	6,231	7,629	4,439	3,794
	9,984	12,023	11,801	16,506	16,823	17,116	5,523	4,299	4,803	3,360
Total Assets	31,160	31,312	35,349	51,808	54,693	52,687	52,817	52,307	52,503	46,974

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	8,581	8,064	10,754	11,616	18,115	12,873	13,538	15,282	15,991	12,129
Cash from Investing	-2,643	-973	995	-11,140	-4,548	2,232	-798	-2,331	993	3,520
Cash from Financing	-4,112	-5,547	-5,335	-1,997	-9,649	-12,775	-13,267	-14,480	-17,253	-15,681
	240	-181	4,336	-3,226	1,568	48	-527	-1,529	-269	-32

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	60.82	60.81	60.81	60.81	60.81	60.81	60.81	60.86	60.88
	18.45	18.67	19.38	19.15	18.56	16.64	16.21	15.50	14.90
	15.77	15.77	15.20	15.43	16.16	17.79	18.36	18.94	18.74
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	4.95	4.72	4.57	4.57	4.42	4.72	4.57	4.65	5.44

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-08

Updates

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

Updates

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

Updates

2026-08-31 - HCL Technologies Limited has informed the Exchange regarding 'Intimation of Participation by the Company in Investor Conferences'.

2026-08-27

Updates

2026-08-27 - HCL Technologies Limited has informed the Exchange regarding 'Release: WACKER establishes Global Capability Center in India with HCLTech '.

2026-08-26

Updates

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

Updates

2026-08-25 - HCL Technologies Limited has informed the Exchange regarding Intimation of Participation by the Company in Investor Conferences.

2026-08-17

Updates

2026-08-17 - Release: HCLTech report reveals telecom leaders identify AI as top revenue driver, but only 25% ready to scale '.

2026-08-13

Updates

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

Shareholders meeting

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.

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