Company File · BSE 532281 · Latest filing Q2 FY27
Standalone = this company only. Consolidated = including its subsidiaries.
HCL Technologies Ltd
Data as of 19 Oct 2026 close · BSE · Latest results Q2 FY27
ISIN INE860A01027 · HCLTECH · Information Technology › IT - Software
About the business
What does HCLTech do? HCL Technologies is one of India's largest IT services companies. It provides software services, IT infrastructure management, engineering & research services, & also sells its own software products. Its clients are mostly large companies in the US & Europe across banking, manufacturing, technology & healthcare.
Price & valuation · BSE close, 19 Oct 2026
Usual 30.1×
Below its usual level
- Sales growth
- +11.7%
- Profit growth
- +61.9%
- Op. margin
- 28.9%
- P/E
- 22.6×
- Usual P/E
- 30.1×
- Price/book
- 13.3×
- ROCE
- 51.4%
- ROE
- 45.2%
- Debt/equity
- 0.03×
- Promoter
- 60.88%
- Pledged
- 0.00%
From the latest earnings call · Jul to Sep 2026 · transcript filed 15 Oct 2026
HCLTech delivered Jul–Sep 2026 with 2.3% sequential & 2.6% revenue growth, while Advanced AI services scaled to $219 million (up 78% from a year earlier) & became a key margin driver. Management raised FY27 growth guidance to 2.5-4% & maintained EBIT margin guidance at 17.5-18.5%, supported by record first-half bookings of $3.3 billion & strong AI-led demand.
Guidance on this call: total revenue growth, services revenue growth & EBIT margin. The numbers are in the full notes, with Premium.
Is it expensive, and is it a good business?
Key ratios
In short Priced below its own usual level (P/E without one-offs 22.6× vs 30.1×), earns high returns on capital (ROCE 51.4%) and has modest borrowings (debt to equity 0.03×).
What you pay Valuation
Leaving out one-off items, buyers pay about ₹23 for every ₹1 the company earned per share over the last year. Below its 1-year median of 30.1×.
Leaves out one-off charges of ₹6,681 crore over the last 12 months (profit before tax & those items, taxed at 25%); P/E on reported profit 28.
Latest BSE close ÷ last four quarters' EPS without one-off items: profit before tax & exceptional items, taxed at 25%, for the company's own shareholders, on the share count behind its reported EPS. Used when one-off items come to more than a quarter of 12-month pre-tax profit. As of 19th October 2026.
The share price is 13.3 times the accounting value of each share. Above its 1-year median of 12.8×.
Latest BSE close ÷ book value per share (equity ÷ shares) on the latest balance-sheet date. As of 19th October 2026.
The market values the company at 6.5 times its yearly sales.
Market value ÷ last 12 months' revenue. As of 19th October 2026.
The whole business (shares plus debt, minus cash) is valued at about 20.9 years of its operating profit.
Enterprise value ÷ last 12 months' EBITDA. As of 19th October 2026.
The P/E of 22.6 divided by EPS growth of 32.8% (the last four quarters vs the four before, without one-off items). Below 1 is often read as cheap for the growth; above 2 as expensive.
P/E ÷ 12-month EPS growth in % (the last four quarters vs the four before; when those are not all held, the latest financial year vs the year before). Growth above 100% counts as 100%; left blank when EPS fell or was below ₹1 a share a year earlier. Without one-off items when either year has large ones, as for the P/E. As of 19th October 2026.
The company paid ₹60.00 a share in the last 12 months (4 payouts), 4.36% of today's share price.
Dividends per share with an ex-date in the last 12 months (restated for any split or bonus since) ÷ the latest BSE close. As of 19th October 2026.
How well it uses money Returns & strength
Each ₹100 of shareholders' money and debt earned about ₹51.4 before interest & tax.
Last 12 months' profit before interest & tax ÷ average (equity + borrowings). As of 30th September 2026.
For every ₹100 of shareholders' money, the company earned about ₹45.2 in a year.
Last 12 months' profit after tax (continuing operations where reported) ÷ average equity. As of 30th September 2026.
The money actually tied up in running the business (leaving out spare cash) earned about 50.8% after tax.
Last 12 months' operating profit after tax (profit before interest & tax × (1 − effective tax rate)) ÷ average invested capital (equity + borrowings − cash & bank balances). As of 30th September 2026.
Every ₹1 of assets generated about ₹1.25 of sales in a year.
Last 12 months' revenue ÷ average total assets. As of 30th September 2026.
Operating profit covered interest costs about 79 times.
Last 12 months' profit before interest & tax ÷ finance costs. As of 30th September 2026.
For every ₹1 of shareholders' money, it has borrowed ₹0.03.
Borrowings ÷ shareholders' equity on the latest balance-sheet date. As of 30th September 2026.
Who owns it Ownership & more
The founders or parent group own 60.88% of the company.
Promoter & promoter group shareholding from the latest shareholding pattern filed with BSE. As of 30th June 2026.
Promoter holding rose by 0.02 percentage points last quarter.
Latest quarter's promoter holding minus the previous quarter's. As of 30th June 2026.
Promoter holding, quarter by quarter
- Jun 202660.88%
- Mar 202660.86%
- Dec 202560.81%
- Sep 202560.81%
Promoters reported no pledged shares.
Promoter group shares pledged ÷ all the promoter group's shares, from the shareholding pattern filed with BSE each quarter (other encumbrances, such as non-disposal undertakings, are not counted). As of 30th June 2026.
Pledged, quarter by quarter
- Jun 20260.00%
- Mar 20260.00%
- Dec 20250.00%
- Sep 20250.00%
After paying for new plant & equipment, operations left ₹11,394 crore of cash.
Cash from operations − spending on plant & equipment, latest full year. As of 31st March 2026.
Free cash flow, year by year
- FY26₹11,394 Cr
- FY25₹15,530 Cr
Each share has a face (nominal) value of ₹2. It matters for dividends quoted as a percentage, not for valuation.
Face value per share as BSE lists it today.
About 271.37 crore shares were in issue.
BSE's count of listed shares (BSE's market cap ÷ its price), so splits, bonuses & new shares since the latest results are included. As of 19th October 2026.
Your ratios
Ratios you added. Your choices are remembered on this device.
The stock market values the company at about ₹3,73,672 crore.
Latest BSE close × BSE's count of listed shares. As of 19th October 2026.
Buying the whole business, including its debt and keeping its cash, would cost about ₹3,71,611 crore.
Market value + borrowings − cash & bank balances. As of 19th October 2026.
The company reported ₹13,409 crore of profit over the last four quarters.
Sum of the last four quarters' reported profit after tax. As of 30th September 2026.
Each share earned about ₹49.54 over the last year.
Sum of the last four quarters' basic EPS. Uses earnings per share from continuing operations, so a one-off gain from selling a business does not flatter it. As of 30th September 2026.
Each share is backed by about ₹104 of net assets on the books.
Shareholders' equity ÷ shares. As of 30th September 2026.
About ₹26.9 of every ₹100 of sales was left after running costs & depreciation.
Operating profit after depreciation (EBIT) ÷ revenue over the last four quarters, the way IT companies report their operating margin. As of 30th September 2026.
About ₹27.9 of every ₹100 of sales became profit last quarter.
Profit after tax ÷ revenue for the latest quarter. As of 30th September 2026.
Sales were 11.7% higher than a year earlier.
Latest quarter's revenue vs the same quarter last year. As of 30th September 2026.
Profit was 61.9% higher than a year earlier.
Latest quarter's profit after tax vs the same quarter last year (continuing operations when a one-off discontinued item exists). As of 30th September 2026.
Short-term assets cover short-term bills 1.45 times.
Current assets ÷ current liabilities. As of 30th September 2026.
Customers take about 83 days to pay.
Trade receivables ÷ last 12 months' revenue × 365. As of 30th September 2026.
Stock on hand equals about 0 days of sales.
Inventories ÷ last 12 months' revenue × 365. As of 30th September 2026.
43.1% of pre-tax profit came from other income (interest, dividends, gains).
Other income ÷ profit before tax, last 12 months. As of 30th September 2026.
Each ₹1 of profit brought in ₹1.59 of operating cash.
Latest full year's cash from operations ÷ profit after tax. As of 31st March 2026.
Cash exceeds borrowings by ₹2,061 crore.
Cash & bank balances − borrowings. As of 30th September 2026.
The company paid about 12.3% of its pre-tax profit as tax.
Tax expense ÷ profit before tax (continuing operations), last 12 months. As of 30th September 2026.
Everything the company owns earned 29.0% in a year.
Last 12 months' profit ÷ average total assets. As of 30th September 2026.
Operating profit before interest, depreciation & tax was ₹17,809 crore.
Revenue − expenses + finance costs + depreciation, last four quarters. As of 30th September 2026.
Needs five financial years of cash flows.
Sum over five financial years of (cash from operations − capital expenditure).
The company spent ₹735 crore on plant & equipment.
Purchase of property, plant & equipment, latest full year. As of 31st March 2026.
Borrowings stood at ₹906 crore.
Current + non-current borrowings. As of 30th September 2026.
Foreign institutions own 14.90%.
Foreign institutional holding from the latest shareholding pattern. As of 30th June 2026.
Domestic institutions own 18.78%.
Domestic institutional holding (mutual funds, insurers, banks, pension funds). As of 30th June 2026.
The highest price in the last year was ₹1,770.
Highest intraday BSE price in the last 12 months (raw, not adjusted). As of 3rd February 2026.
The lowest price in the last year was ₹1,030.
Lowest intraday BSE price in the last 12 months (raw, not adjusted). As of 1st July 2026.
The share price moved -7.9% over the last year.
Close today ÷ close a year ago − 1 (raw prices, dividends not included). As of 19th October 2026.
About 121% of the last year's earnings per share was paid out as dividends.
Dividends per share with an ex-date in the last 12 months ÷ the last four quarters' EPS. As of 30th September 2026.
Needs four financial years of results (three years of growth).
Compound annual growth in revenue over three financial years.
Needs four financial years of results (three years of growth).
Compound annual growth in profit after tax over three financial years.
Tap the i beside any ratio for a plain explanation.
How these are worked out
Price-based ratios use the latest BSE close (19th October 2026). Share count 271.37 crore, from paid-up capital in the 19th October 2026 filing. Figures are standalone.
What you pay: Higher numbers mean you pay more for each rupee the company earns or owns.
How well it uses money: Higher returns mean each rupee in the business earns more. Lower debt means less strain.
Who owns it: A steady promoter stake with nothing pledged is a calm sign.
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Last 4 quarters ₹ crore · Standalone
| ₹ crore | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|
| Revenue from operations | 15,239 | 12,890 | 14,337 | 15,445 |
| EBITDA | 5,390 | 3,264 | 4,158 | 4,997 |
| Operating profit after depreciation (EBIT) | 4,760 | 2,709 | 3,629 | 4,471 |
| Operating margin | 31.2% | 21.0% | 25.3% | 28.9% |
| One-off items | −948.0 | −5,733 | – | – |
| Profit after tax | 2,982 | -900.0 | 7,025 | 4,302 |
| Profit after tax without one-offs | 3,693 | 3,400 | 7,025 | 4,302 |
| Basic EPS (₹) | 11.02 | -3.33 | 25.96 | 15.89 |
Operating margin is after depreciation, the way IT companies report it.
One-off items: exceptional items reported separately in the filing. Profit without one-offs takes them out after tax at 25%.
Latest filings BSE
Corporate announcements 32
- 16 Oct 2026Grant Of Restricted Stock Units ('Rsus')
- 12 Oct 2026Date of payment of Dividend
- 12 Oct 2026Corporate Action-Board approves Dividend
Quarterly results 4
- 12 Oct 2026Press Release / Media Release
- 12 Oct 2026Unaudited Financial Results For The Quarter And Half-Year Ended September 30, 2026.
- 12 Oct 2026Board Meeting Outcome for Outcome Of Board Meeting
Conference calls 5
- 15 Oct 2026Earnings Call TranscriptOpens the call notes & transcript
- 12 Oct 2026Audio Recording Of The Conference Call Held On October 12, 2026
- 5 Oct 2026Conference Call On The Financial Results For The Quarter Ended September 30, 2026
Investor presentations 0
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