HCL Tech Share Price: Brokerages struck a cautious tone on HCL Technologies after the IT major delivered a mixed Q4FY26 performance and issued a softer-than-expected FY27 growth outlook, prompting multiple target price cuts and earnings downgrades. While the company reported a 4.2 per cent YoY rise in consolidated profit and double-digit revenue growth, constant-currency revenue declined sequentially, margins weakened and deal wins remained muted amid macro uncertainty, telecom spending slowdown and SAP-related client exits. Analysts flagged client‑specific challenges, AI‑led pricing deflation and narrowing growth premium versus peers as near-term headwinds, with several trimming revenue and EPS estimates and questioning valuation comfort despite stable margin guidance. Against this backdrop of muted growth visibility and fading differentiation, broker target prices on HCL Technologies now range from Rs 1,340 to Rs 1,760, with revised targets largely skewed lower.
Motilal Oswal On HCL Tech
HDFC Sec on HCL Technologies
Goldman Sachs on HCL Technologies
Morgan Stanley on HCL Technologies
HCL Technologies reported a 4.20 per cent year-on-year (YoY) increase in its consolidated profit to Rs 4,488 crore in the January-March quarter against Rs 4,307 crore posted in the same quarter of the previous financial year. Sequentially, the IT company’s profit rose by 10.11 per cent from Rs 4,076 crore reported in Q3 FY26.
The consolidated INR revenue from operations in Q4 FY26 was at Rs 33,981 crore, marking an YoY growth of 12.35 per cent. It stood at Rs 30,246 crore in Q4 FY25.
In constant currency (CC), the company’s revenue surged by 2.4 per cent YoY but declined 3.3 per cent on QoQ basis. In dollar, the revenue increased 5.3 per cent YoY but slipped 2.9 per cent QoQ to $3,682 million in Q4 FY26.
HCL Tech’s EBIT in the quarter under review stood at Rs 5,620 crore versus Rs 5,442 crore reported in Q4 FY25 and Rs 6,285 crore in Q3 FY26 representing a decline of 10.6 per cent QoQ and growth of 3.3% YoY. EBIT margin, excluding restructuring at 17.7 per cent in the reporting quarter.
