HCLTECH
HCL Technologies share price & financials
- Price
- ₹1,203.9
- Market cap
- ₹3.2L Cr
- Sector
- Information Technology
- Calls analysed
- 8
HCL Technologies Limited Q1 FY27
What went well
- Net new TCV booking for the quarter was $2.4 billion, highest ever Q1 bookings.
- Advanced AI revenue stood at $171 million, marking 10.6% QoQ and 62.1% YoY growth.
- Operating margins stood at 16.9%, an improvement of 39 basis points QoQ and an increase of 56 basis points YoY.
What to watch
- Revenue declined by 0.5% sequentially in constant currency due to typical Q1 seasonality and productivity commitments.
- ERS segment declined 3.7% QoQ and grew only 0.3% YoY, impacted by sharp cuts in discretionary spending in two large US telcos.
What HCL Technologies Limited does
HCL Technologies is a global technology company that delivers IT and business services, engineering and R&D services, and its own proprietary software products to enterprise clients worldwide. It earns revenue mainly through multi-year outsourced services contracts, complemented by licensing and subscription income from its HCLSoftware portfolio. The company organises delivery across seven industry verticals and serves close to a thousand clients each billing over $1 million a year, with an AI-led delivery model now embedded across most of its new deals.
Segments
- IT and Business Services
- Engineering and R&D Services (ERS)
- HCLSoftware
- Total workforce
- 227,181 (as of Mar 2026)
- Clients billing over $1M/year (LTM)
- 976
- Clients billing over $100M/year (LTM)
- 23
- Industry verticals served
- 7
- Employees trained in GenAI
- 135,000
- Accounts running the AI Force platform
- 75
Guidance record · Q1 FY27
what the last two calls moved 16 tracked 6 delivered 1 missed 9 open- FY25 Revenue Growth (CC) delivered said Q3 FY25 Promised: 4.5% to 5% Q1 FY27: FY25 promise, already achieved.
- FY26 Company Revenue Growth (CC) missed said Q4 FY25 Promised: 2% to 5% Q1 FY27: FY26 promise, missed in the previous quarter.
- Normalized EBIT Margin at risk said Q1 FY26 Promised: 19%-20% Q1 FY27: Q1 FY27 EBIT margin was 16.9% and full-year guidance is 17.5%-18.5%, both below the 19%-20% structural target.
All 16 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 13.9%, net profit up 20.3% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 28,862 | 29,890 | 30,246 | 30,349 | 31,942 +11% | 33,872 +13% | 33,981 +12% | 34,579 +14% |
| EBITDA | 6,369 | 6,860 | 6,482 | 6,035 | 6,545 +3% | 7,412 +8% | 6,712 +4% | 6,870 +14% |
| Net profit | 4,237 | 4,594 | 4,309 | 3,844 | 4,236 −0% | 4,082 −11% | 4,490 +4% | 4,626 +20% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −17.6% 1Y
1Y: ₹1,463.9 on 10 Sept 2025 → ₹1,206.1. High ₹1,729.6 (28 Jan 2026), low ₹1,034.2 (1 Jul 2026).
How the price took the results
close before → close after
- Q1 FY27
- +4.9%
- 13 Jul
- Q4 FY26
- −5.8%
- 24 Apr
- Q3 FY26
- +0.4%
- 12 Jan
- Q2 FY26
- −0.1%
- 13 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 8.7% a year over 3 years, FY23 to FY26. Operating margin narrowed to 20.5%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹101.5k Cr | ₹109.9k Cr | ₹117.1k Cr | ₹130.1k Cr |
| Operating profit | ₹22.6k Cr | ₹24.2k Cr | ₹25.5k Cr | ₹26.7k Cr |
| Operating margin | 22.3% | 22.0% | 21.8% | 20.5% |
| Interest | ₹353 Cr | ₹553 Cr | ₹644 Cr | ₹869 Cr |
| Depreciation | ₹4.1k Cr | ₹4.2k Cr | ₹4.1k Cr | ₹4.4k Cr |
| Net profit | ₹14.8k Cr | ₹15.7k Cr | ₹17.4k Cr | ₹16.7k Cr |
| Net margin | 14.6% | 14.3% | 14.9% | 12.8% |
| ROCE | 28.0% | 30.0% | 32.0% | 30.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹543 Cr | ₹543 Cr | ₹543 Cr | ₹543 Cr | ₹543 Cr | ₹543 Cr |
| Reserves | ₹59.4k Cr | ₹61.4k Cr | ₹64.9k Cr | ₹67.7k Cr | ₹70.7k Cr | ₹74.6k Cr |
| Borrowings | ₹6.9k Cr | ₹6.3k Cr | ₹4.8k Cr | ₹5.8k Cr | ₹6.8k Cr | ₹5.2k Cr |
| Other liabilities | ₹19.3k Cr | ₹20.7k Cr | ₹23.1k Cr | ₹25.0k Cr | ₹30.5k Cr | ₹34.7k Cr |
| Total liabilities | ₹86.0k Cr | ₹88.9k Cr | ₹93.3k Cr | ₹99.0k Cr | ₹108.6k Cr | ₹115.1k Cr |
| Fixed assets | ₹37.1k Cr | ₹35.1k Cr | ₹34.6k Cr | ₹35.1k Cr | ₹36.6k Cr | ₹37.3k Cr |
| Capital work in progress | ₹312 Cr | ₹129 Cr | ₹40 Cr | ₹108 Cr | ₹106 Cr | ₹142 Cr |
| Investments | ₹6.9k Cr | ₹6.4k Cr | ₹5.5k Cr | ₹7.1k Cr | ₹6.3k Cr | ₹7.1k Cr |
| Other assets | ₹41.7k Cr | ₹47.4k Cr | ₹53.1k Cr | ₹56.7k Cr | ₹65.6k Cr | ₹70.6k Cr |
| Total assets | ₹86.0k Cr | ₹88.9k Cr | ₹93.3k Cr | ₹99.0k Cr | ₹108.6k Cr | ₹115.1k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −3.66 pp while DIIs added +2.58 pp. The shareholder count grew 16% to 10,23,551.
- Promoters
- 60.9%
- FIIs
- 14.9%
- DIIs
- 18.8%
- Government
- 0.0%
- Public
- 5.1%
- Others
- 0.3%
Since Jun 2025
- FIIs −3.66 pp
- DIIs +2.58 pp
- Public +0.90 pp
How it drifted, 12 quarters
Over this window FIIs fell from 18.8% to 14.9% — −3.9 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 60.8%, FIIs 18.8%, DIIs 15.6%, Government 0.0%, Public 4.5%, Others 0.2%.Dec '23: Promoters 60.8%, FIIs 19.4%, DIIs 15.1%, Government 0.0%, Public 4.4%, Others 0.2%.Mar '24: Promoters 60.8%, FIIs 19.6%, DIIs 14.9%, Government 0.0%, Public 4.3%, Others 0.2%.Jun '24: Promoters 60.8%, FIIs 18.4%, DIIs 15.8%, Government 0.0%, Public 4.7%, Others 0.3%.Sep '24: Promoters 60.8%, FIIs 18.7%, DIIs 15.8%, Government 0.0%, Public 4.5%, Others 0.2%.Dec '24: Promoters 60.8%, FIIs 19.4%, DIIs 15.2%, Government 0.0%, Public 4.4%, Others 0.1%.Mar '25: Promoters 60.8%, FIIs 19.1%, DIIs 15.4%, Government 0.0%, Public 4.4%, Others 0.2%.Jun '25: Promoters 60.8%, FIIs 18.6%, DIIs 16.2%, Government 0.0%, Public 4.2%, Others 0.2%.Sep '25: Promoters 60.8%, FIIs 16.6%, DIIs 17.8%, Government 0.0%, Public 4.4%, Others 0.3%.Dec '25: Promoters 60.8%, FIIs 16.2%, DIIs 18.4%, Government 0.0%, Public 4.3%, Others 0.3%.Mar '26: Promoters 60.9%, FIIs 15.5%, DIIs 18.9%, Government 0.0%, Public 4.4%, Others 0.3%.Jun '26: Promoters 60.9%, FIIs 14.9%, DIIs 18.8%, Government 0.0%, Public 5.1%, Others 0.3%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Parag Parikh Flexi Cap Fund Mutual fund +0.54 pp 1.63% held
- Life Insurance Corporation Of India Insurer +0.18 pp 7.15% held
- Artisan International Value Fund Global fund house +0.10 pp 1.97% held
- NPS Trust Pension / PF +0.05 pp 1.24% held
- Anantya Sakti Inc newly disclosed 0.00% held
The same filing shows 2 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of HCL Technologies Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Vama Sundari Investments (Delhi) Pvt. Ltd | 44.23% | unchanged |
| HCL Holdings Private Ltd. | 16.46% | unchanged |
| Life Insurance Corporation Of India Insurer | 7.15% | +0.18 pp |
| HDFC Trustee Company Limited Mutual fund | 2.09% | unchanged |
| Artisan International Value Fund Global fund house | 1.97% | +0.10 pp |
| Parag Parikh Flexi Cap Fund Mutual fund | 1.63% | +0.54 pp |
| SBI Mutual Fund Mutual fund | 1.39% | −0.38 pp |
| NPS Trust Pension / PF | 1.24% | +0.05 pp |
| ICICI Prudential Mutual Fund Mutual fund | 1.18% | −0.06 pp |
| Kiran Nadar Musuem of Art | 0.08% | unchanged |
| Shiv Nadar Foundation | 0.08% | unchanged |
| Kiran Nadar | 0.02% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in HCLTECH
Filings to Aug 2026
1 new, 17 added, 13 trimmed, 0 sold out — net +1.67 L shares (+0.1%).
- Held by funds
- ₹14.8k Cr
- 52 schemes
- Biggest holder
- HDFC Flexi Cap Fund
- ₹2.9k Cr · 2.6% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Flexi Cap Fund HDFC Mutual Fund | ₹2.9k Cr | held | Dec '22 |
| SBI Nifty 50 ETF SBI Mutual Fund | ₹2.7k Cr | +1.08 L | Aug '21 |
| SBI BSE Sensex ETF SBI Mutual Fund | ₹1.9k Cr | +1.40 L | Aug '21 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹1.4k Cr | held | Dec '22 |
| Nippon India ETF Nifty 50 BeES Nippon India Mutual Fund | ₹842 Cr | +1.29 L | Jan '19 |
| SBI Balanced Advantage Fund SBI Mutual Fund | ₹567 Cr | held | Aug '21 |
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹521 Cr | −5.30 L | Jun '20 |
| Nippon India Large Cap Fund Nippon India Mutual Fund | ₹510 Cr | held | Aug '19 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
17 added, 13 trimmed — net +1.67 L shares (+0.1%)
- Funds are sitting on
- -8%
- vs est. average cost
- Held by funds
- ₹14.8k Cr
- 52 schemes · ≈ 4.2% of the company
- Biggest holder
- HDFC Flexi Cap Fund
- ₹2.9k Cr · 2.6% of that fund
- Longest holder
- Nippon India Index Fund - Nifty 50 Plan
- 14y · since Sep '12
Shares held by these funds +59%
Aug '23 11.13 cr shares Jul '26
What the price assumes
FairTo justify its price of ₹1206, this stock must grow earnings at 3% every year for 5 years. Our analysis caps realistic growth at ~4%. At that growth it is worth ₹1262 — upside of 5%.
- Growth the price implies
- 3.1% a year
- for 5 years, fading to 5%
- It has actually compounded at
- 3.9% a year
- net profit, FY23–FY26 · EPS 3.9%
- The gap
- -0.0 pp
- 5% downside if it only repeats history
Why this baseline, and what it is built on
HCLTech demonstrates a strong promise track record, with multiple achieved targets and upward revisions to guidance. Management recently revised up their full-year company-level revenue growth guidance to 4% to 4.5% for FY26. Although the latest TTM sales growth is 2.95%, the strong track record and explicit, revised-up guidance support using the lower end of this range for g1 at 4.0%. The company has very low leverage, leading to a 10% discount rate. A 5-year stage-1 growth period with a 3-year fade to a 5% terminal growth rate is considered appropriate.
Through 2026-03-31
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse HCL Technologies Limited
Guides on how to read this kind of business and the numbers that matter.