HCL Technologies Limited (IN:HCLTECH)
:HCLTECH
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HCL Technologies Limited
(HCLTECH)
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Rating:73Outperform
Price Target:
₹1,564.00
▼(-8.87% Downside)
Action:ReiteratedDate:11/16/25
HCL Technologies' strong financial performance and bullish technical indicators are the primary drivers of its stock score. While the valuation suggests potential overvaluation, the company's robust financial health and positive market momentum support a favorable outlook. The absence of earnings call and corporate events data limits additional insights.
Positive Factors
Balance sheet strength
HCLTech's very low D/E (0.09), strong equity ratio and 24.41% ROE indicate durable financial resilience. This conservative leverage and efficient capital use provide long-term flexibility to invest in growth, sustain dividends, and withstand demand cycles without refinancing pressure.
Negative Factors
Declining gross profit margin
A gradual downtrend in gross margin can indicate pricing pressure, rising delivery costs, or unfavorable contract mix. If persistent, margin erosion would impair operating leverage, reduce room for investment in strategic growth areas, and pressure net profitability over time.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength
HCLTech's very low D/E (0.09), strong equity ratio and 24.41% ROE indicate durable financial resilience. This conservative leverage and efficient capital use provide long-term flexibility to invest in growth, sustain dividends, and withstand demand cycles without refinancing pressure.
Read all positive factors
HCL Technologies Limited (HCLTECH) vs. iShares MSCI India ETF (INDA)
Market Cap
₹3.94T
Dividend Yield2.86%
Average Volume (3M)116.99K
Price to Earnings (P/E)26.9
Beta (1Y)0.85
Revenue Growth7.52%
EPS Growth0.87%
CountryIN
Employees223,420
SectorTechnology
Sector Strength88
IndustryInformation Technology Services
Share Statistics
EPS (TTM)17.70
Shares Outstanding2,713,665,000
10 Day Avg. Volume160,014
30 Day Avg. Volume116,991
Financial Highlights & Ratios
PEG Ratio2.24
Price to Book (P/B)5.96
Price to Sales (P/S)3.51
P/FCF Ratio18.50
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹1,734.43Price Target Upside1.07% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)73.66
Revenue Forecast (FY)₹1.42T
HCL Technologies Limited Business Overview & Revenue Model
Company Description
HCL Technologies Limited offers software development, business process outsourcing, and infrastructure management services worldwide. The company operates in three segments: IT and Business Services; Engineering and R&D Services; and Products & Pl...
How the Company Makes Money
HCLTech primarily makes money by delivering contracted IT and engineering services to enterprise customers. Its revenue model is largely business-to-business and project- and service-contract driven, with earnings generated through: (1) Managed se...
HCL Technologies Limited Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
80
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.23T | 1.18T | 1.11T | 1.03T | 871.90B | 744.98B |
| Gross Profit | 424.23B | 413.06B | 396.71B | 376.07B | 334.76B | 304.95B |
| EBITDA | 249.35B | 248.27B | 234.06B | 217.85B | 197.00B | 191.61B |
| Net Income | 170.59B | 174.37B | 157.98B | 150.90B | 137.23B | 110.34B |
Balance Sheet | ||||||
| Total Assets | 1.09T | 1.05T | 997.15B | 934.11B | 892.26B | 863.15B |
| Cash, Cash Equivalents and Short-Term Investments | 299.29B | 287.62B | 271.72B | 201.01B | 189.17B | 156.76B |
| Total Debt | 67.69B | 62.79B | 57.66B | 47.81B | 63.56B | 65.09B |
| Total Liabilities | 372.93B | 358.64B | 315.05B | 280.04B | 270.89B | 261.46B |
| Stockholders Equity | 712.73B | 696.10B | 682.02B | 654.05B | 620.46B | 600.08B |
Cash Flow | ||||||
| Free Cash Flow | 213.98B | 224.24B | 214.00B | 163.48B | 152.55B | 177.14B |
| Operating Cash Flow | 226.63B | 235.32B | 224.48B | 180.09B | 169.00B | 196.18B |
| Investing Cash Flow | -39.46B | -49.14B | -67.23B | -39.31B | 14.77B | -57.30B |
| Financing Cash Flow | -189.37B | -185.61B | -154.64B | -158.81B | -145.08B | -111.92B |
HCL Technologies Limited Technical Analysis
Neutral
1716.15
Price Trends
1451.37
Negative
1545.65
Negative
1522.70
Negative
Market Momentum
5.55
Negative
59.02
Neutral
90.88
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:HCLTECH, the sentiment is Neutral. The current price of 1716.15 is above the 20-day moving average (MA) of 1373.97, above the 50-day MA of 1451.37, and above the 200-day MA of 1522.70, indicating a neutral trend. The MACD of 5.55 indicates Negative momentum. The RSI at 59.02 is Neutral, neither overbought nor oversold. The STOCH value of 90.88 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:HCLTECH.
HCL Technologies Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | ₹9.13T | 17.34 | ― | 3.55% | 3.62% | 4.43% | |
73 Outperform | ₹3.94T | 26.95 | ― | 2.86% | 7.52% | 0.87% | |
73 Outperform | ₹5.40T | 25.22 | ― | 2.70% | 7.90% | 4.28% | |
68 Neutral | ₹2.15T | 22.11 | ― | 4.05% | 1.10% | 14.83% | |
62 Neutral | ₹1.34T | 46.27 | ― | 1.08% | 8.72% | 4.54% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
55 Neutral | ₹1.41T | 31.42 | ― | 2.76% | 3.30% | 36.78% |
* Technology Sector Average
IN:HCLTECH
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1,450.90
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8.01%
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HCL Technologies Limited Corporate Events
HCLFoundation Awards ₹24 Crore in 11th HCLTech Grant, Adds Water Category to CSR Focus
Mar 20, 2026
HCLFoundation, the corporate social responsibility arm of HCLTech, has announced the winners of the 11th edition of the HCLTech Grant, expanding its thematic focus to include a new Water category. The program continues to back innovative NGO-led p...
HCL Technologies’ Guarantee Released as HCL America Fully Repays USD Notes
Mar 19, 2026
HCL Technologies has announced that its U.S. step-down subsidiary HCL America Inc. has fully repaid the remaining balance of its 1.375% senior unsecured notes, originally totaling USD 500 million and issued in March 2021. The company previously bo...
HCLTech to Build Digital Fan Platform in New Hockey Victoria Partnership
Mar 11, 2026
HCLTech has formed a partnership with Hockey Victoria to support the new Melbourne Cobras franchise, which will enter Australia’s premier domestic Hockey One League this year. The Cobras are positioned as a globally connected and inclusive t...
HAESL Taps HCLTech to Digitally Transform Aviation Maintenance Operations
Feb 4, 2026
HCLTech has been selected by Hong Kong Aero Engine Services Limited (HAESL) to implement its iMRO/4 asset management solution, integrated with SAP S/4HANA, as HAESL’s new Maintenance Execution System in Hong Kong. The collaboration is aimed ...
HCL Technologies to Engage Investors at Multiple Mumbai Conferences in February 2026
Feb 2, 2026
HCL Technologies Limited has announced that it will participate in several major investor conferences in Mumbai during February 2026, including the Nuvama India Conference 2026, Kotak: Chasing Growth 2026, and IIFL’s 17th Enterprising India ...
Team Global Express Picks HCLTech as Sole IT Partner for AI-Led Logistics Transformation
Jan 21, 2026
HCLTech has signed a new strategic agreement with Team Global Express, the largest multimodal logistics provider in Australia and New Zealand, under which it will consolidate the logistics group’s previously fragmented, multi-vendor IT envir...
HCLTech Named Leader in IDC MarketScape for Managed SASE Services 2025
Jan 20, 2026
HCLTech has been recognized as a Leader in the IDC MarketScape: Worldwide Managed SASE Services 2025 Vendor Assessment, underscoring its strength in secure access service edge (SASE) solutions. The designation reflects the company’s extensiv...
HCLTech Publishes Q3 FY26 Earnings Call Transcript for Investors
Jan 16, 2026
HCL Technologies Limited has notified the Indian stock exchanges that it has released the official transcript of its earnings conference call held on 12 January 2026, following the announcement of its financial results for the quarter and nine mon...
HCL Technologies Uploads Earnings Call Audio After Q3 FY2025 Results
Jan 12, 2026
HCL Technologies Limited has notified the stock exchanges that the audio recording of its conference call held on January 12, 2026, following the announcement of its financial results for the quarter and nine months ended December 31, 2025, has be...
HCL Technologies Revises Interim Dividend Record Date to January 17, 2026
Jan 12, 2026
HCL Technologies Limited has announced a change in the record date for its recently declared interim dividend, shifting it from January 16, 2026 to January 17, 2026. The adjustment follows a directive from the stock exchanges, which required the c...
HCLTech Wins Multi-Year Deal to Build AI-Driven IT Backbone for Magnum Ice Cream
Jan 12, 2026
HCLTech has signed a multi-year partnership with The Magnum Ice Cream Company, the world’s largest ice cream company, to design, build and manage a future-ready, AI-enabled IT infrastructure as Magnum transitions into an independent listed b...
HCL Technologies Grants 25,260 RSUs to Employees With No EPS Dilution
Jan 8, 2026
HCL Technologies Limited has granted a total of 25,260 restricted stock units (RSUs) to selected employees under its 2021 and 2024 RSU plans, with 601 RSUs allotted to one employee under the 2021 plan and 24,659 RSUs to five employees of the compa...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.