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HCL Technologies
SectorInformation Technology
HCL Technologies Limited is a global IT services company that provides a range of software services, business process outsourcing, and infrastructure services. The company focuses on digital technology transformation and operates in three main segments: IT and Business Services, Engineering and R&D Services, and HCL Software. HCL Technologies serves various industries including Financial Services, Manufacturing, Life Sciences, Healthcare, Public Services, Retail, Oil & Gas, Energy, Utilities, Travel, Transportation, Logistics, Telecom, Government, Media, Publishing, and Entertainment. The company has a global presence with numerous subsidiaries and associates, and has made several strategic acquisitions and partnerships to expand its capabilities and market reach.
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The Quarter story
The two most recent quarterly results, compared side-by-side.
HCL Tech delivers steady profit growth and strong deal wins, though cash reserves took a hit.
Net Income rose from ₹4,235 Cr in Q2 FY26 to ₹5,132 Cr in Q2 FY27 — profitability is improving.
Cash and Cash Equivalents fell from ₹9,488 Cr in Q2 FY26 to ₹1,048 Cr in Q2 FY27 — liquid assets have dropped significantly.
Bookings grew from $2,569 Mn in Q2 FY26 to $3,258 Mn in Q2 FY27 — deal momentum is strong.
Engineering & R&D EBIT Margin fell from 17.5% in Q2 FY26 to 15.2% in Q2 FY27 — margins in this segment are under pressure.
IT & Business Services EBIT Margin increased from 16.3% in Q2 FY26 to 18.6% in Q2 FY27 — core operations are efficient.
FCF/NI ratio fell from 125% in Q2 FY26 to 87% in Q2 FY27 — cash conversion efficiency has declined.
Number of Clients [$10M+] grew from 258 in Q2 FY26 to 291 in Q2 FY27 — large client base is expanding.
Unbilled Receivables rose from ₹6,741 Cr in Q2 FY26 to ₹9,420 Cr in Q2 FY27 — pending billings are increasing.
Revenue [Advanced AI] grew from $100 Mn in Q2 FY26 to $219 Mn in Q2 FY27 — new tech offerings are gaining traction.
Company insights, generated from the most recent coverage.
HCLTech's FY27 constant-currency guidance of just 2.5–4% growth does not justify an AI-driven valuation premium on revenue alone — the multiple rests on mix and margin, not top-line.
HCLTech carries a 20.2x P/E premium to TCS on the fastest disclosed AI ramp ($876m annualised, +78% YoY). Its RSI at 51.4 means it has run far less than peers, so the AI premium is intact and not yet technically stretched.
HCLTech's Forward Deployed Engineer Academy builds tracks aligned to OpenAI, Anthropic, AWS, Google and NVIDIA — hiring is tied to named hyperscaler partnerships rather than generic digital skilling, making its talent plan directly deal-linked.