HCL Tech is a leading global IT services company, which is ranked amongst the top five Indian IT services companies in terms of revenues. Since its inception into the global landscape after its IPO in 1999, HCL Tech has focused on transformational outsourcing, and offers an integrated portfolio of services including software-led IT solutions, remote infrastructure management, engineering and R&D services and BPO. The company leverages its extensive global offshore infrastructure and network of offices in 46 countries to provide multi-service delivery in key industry verticals.
HCLTech is a global IT services company offering software-led IT solutions, remote infrastructure management, engineering and R&D services, and BPO. It leverages its extensive global offshore infrastructure and network of offices to deliver multi-service solutions across key industry verticals.
HCLTech's growth is fueled by its strong AI strategy, robust deal wins ($3 billion bookings in Q3 FY26), and strategic acquisitions like HPE's Telco business and CSG's Jaspersoft, enhancing its engineering and AI capabilities. The company is also focusing on key growth markets with leadership changes in India, MEA.
The company reported strong net new bookings totaling $3 billion in Q3 FY26, a 43% year-on-year increase, reflecting the highest Annual Contract Value (ACV) bookings in four years and strong client demand for its services.
Despite strong revenue performance and raised guidance, HCLTech reported a year-on-year decline in Profit After Tax (PAT) for Q3 FY26, attributed to a βΉ956 crore one-time charge related to new labor codes. The company also noted a slight YoY decrease in EBIT margin due to restructuring expenses.
HCLTech held its Q3 FY26 earnings conference call on January 12, 2026. Investors anticipate the announcement of Q4 FY26 results, typically scheduled for April 2026.
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | TCS | 3192.50 | 22.60 | 1155074.44 | 1.88 | 10720.00 | 6.69 | 67087.00 | 4.87 | 64.63 | 260802.00 | 26.88 | 51117.86 | 13208.17 | 10.85 | 32.07 | 0.10 |
| 2. | Infosys | 1599.80 | 22.48 | 648665.77 | 2.69 | 6666.00 | 10.79 | 45479.00 | 8.90 | 37.50 | 173173.00 | 23.67 | 28858.41 | 7540.41 | 7.81 | 18.62 | 0.11 |
| 3. | HCL Technologies | 1668.50 | 36.90 | 452775.02 | 3.24 | 2982.00 | 4.42 | 15239.00 | 14.80 | 43.08 | 55573.00 | 32.76 | 12271.74 | 3681.74 | 14.52 | 23.15 | 0.03 |
| 4. | Wipro | 260.20 | 20.21 | 272868.83 | 2.31 | 3262.40 | 1.17 | 22697.30 | 1.77 | 19.51 | 89654.90 | 19.82 | 13500.00 | 3246.20 | 3.19 | 10.82 | 0.19 |
| 5. | LTIMindtree | 6030.50 | 36.72 | 178797.84 | 1.08 | 1381.20 | 12.00 | 10394.30 | 10.19 | 27.63 | 39667.50 | 17.06 | 4869.10 | 1401.10 | 7.64 | 15.83 | 0.10 |
| 6. | Tech Mahindra | 1588.50 | 34.70 | 155628.73 | 2.83 | 1201.70 | -4.45 | 13994.90 | 5.12 | 18.56 | 54015.70 | 14.34 | 4485.00 | 1194.50 | 5.66 | 9.04 | 0.07 |
| 7. | Persistent Systems | 6274.00 | 59.44 | 98972.35 | 0.56 | 471.47 | 45.07 | 3580.72 | 23.59 | 30.44 | 13218.70 | 18.28 | 1665.16 | 471.47 | 13.73 | 16.84 | 0.06 |
Figures in Cr.
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Sales
|
11,424 | 12,398 | 11,637 | 11,451 | 12,059 | 12,531 | 12,077 | 11,784 | 12,615 | 13,274 | 13,432 | 13,073 | 13,829 | 15,239 |
|
YOY Sales Growth %
|
16.74% | 16.28% | 9.43% | 5.86% | 5.56% | 1.07% | 3.78% | 2.91% | 4.61% | 5.93% | 11.22% | 10.94% | 9.62% | β |
|
Expenses
|
7,471 | 7,842 | 7,670 | 7,769 | 7,745 | 7,694 | 8,034 | 8,086 | 7,994 | 8,287 | 9,022 | 8,900 | 9,597 | 9,849 |
|
Material Cost %
|
0.23% | 0.61% | 0.24% | 0.32% | 0.32% | 0.12% | 0.46% | 0.38% | 0.29% | 0.2% | 0.29% | 0.27% | 0.16% | 0.2% |
|
Employee Cost %
|
42.88% | 41.14% | 44.16% | 45.28% | 43.99% | 41.28% | 43.9% | 45.87% | 43.61% | 42.55% | 43.63% | 46.25% | 45.57% | 42.54% |
|
Operating Profit
|
3,953 | 4,556 | 3,967 | 3,682 | 4,314 | 4,837 | 4,043 | 3,698 | 4,621 | 4,987 | 4,410 | 4,173 | 4,232 | 5,390 |
|
OPM %
|
35% | 37% | 34% | 32% | 36% | 39% | 33% | 31% | 37% | 38% | 33% | 32% | 31% | 35% |
|
Other Income
|
184 | 288 | 225 | 262 | 252 | 261 | 301 | 321 | 284 | 344 | 285 | 344 | 325 | -657 |
|
Exceptional items
|
β | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -948 |
|
Other income normal
|
184 | 288 | 225 | 262 | 252 | 261 | 301 | 321 | 284 | 344 | 285 | 344 | 325 | 291 |
|
Interest
|
33 | 33 | 34 | 29 | 33 | 29 | 34 | 47 | 30 | 38 | 41 | 73 | 78 | 63 |
|
Depreciation
|
560 | 686 | 599 | 506 | 583 | 678 | 604 | 571 | 559 | 613 | 577 | 571 | 560 | 630 |
|
Profit before tax
|
3,544 | 4,125 | 3,559 | 3,409 | 3,950 | 4,391 | 3,706 | 3,401 | 4,316 | 4,680 | 4,077 | 3,873 | 3,919 | 4,040 |
|
Tax %
|
23% | 23% | 20% | 24% | 25% | 24% | 25% | 27% | 25% | 25% | 25% | 25% | 32% | 26% |
|
Net Profit
|
2,741 | 3,196 | 2,844 | 2,596 | 2,966 | 3,349 | 2,763 | 2,479 | 3,216 | 3,526 | 3,045 | 2,888 | 2,657 | 2,982 |
|
EPS in Rs
|
10.1 | 11.78 | 10.48 | 9.57 | 10.93 | 12.34 | 10.18 | 9.14 | 11.85 | 12.99 | 11.22 | 10.64 | 9.79 | 10.99 |
| Jun 2014 | Jun 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Sales
|
16,497 | 17,153 | 13,435 | 19,318 | 22,073 | 26,012 | 32,666 | 35,673 | 40,638 | 46,276 | 48,118 | 51,105 | 55,573 |
|
Sales Growth %
|
β | β | β | β | β | β | β | β | β | β | β | β | β |
|
Expenses
|
9,186 | 10,294 | 8,299 | 11,465 | 12,734 | 15,594 | 19,902 | 21,238 | 25,526 | 30,033 | 31,242 | 33,389 | 37,368 |
|
Material Cost %
|
β | β | β | β | β | β | β | β | β | β | β | β | β |
|
Raw material cost
|
β | β | β | β | β | β | β | β | β | β | β | β | β |
|
Change in inventory
|
β | β | β | β | β | β | β | β | β | β | β | β | β |
|
Manufacturing Cost %
|
β | β | β | β | β | β | β | β | β | β | β | β | β |
|
Employee Cost %
|
β | β | β | β | β | β | β | β | β | β | β | β | β |
|
Other Cost %
|
β | β | β | β | β | β | β | β | β | β | β | β | β |
|
Operating Profit
|
7,311 | 6,860 | 5,136 | 7,853 | 9,339 | 10,418 | 12,764 | 14,435 | 15,112 | 16,243 | 16,876 | 17,716 | 18,205 |
|
OPM %
|
44% | 40% | 38% | 41% | 42% | 40% | 39% | 40% | 37% | 35% | 35% | 35% | 33% |
|
Other Income
|
659 | 1,200 | 968 | 956 | 702 | 805 | 613 | 965 | 880 | 1,031 | 1,076 | 1,234 | 297 |
|
Exceptional items
|
β | β | β | β | β | β | β | β | β | β | β | β | β |
|
Other income normal
|
β | β | β | β | β | β | β | β | β | β | β | β | β |
|
Interest
|
82 | 61 | 46 | 55 | 23 | 16 | 240 | 177 | 109 | 127 | 125 | 156 | 255 |
|
Depreciation
|
491 | 300 | 277 | 478 | 893 | 1,276 | 1,959 | 2,813 | 2,615 | 2,431 | 2,371 | 2,320 | 2,338 |
|
Profit before tax
|
7,398 | 7,699 | 5,782 | 8,276 | 9,125 | 9,931 | 11,178 | 12,410 | 13,268 | 14,716 | 15,456 | 16,474 | 15,909 |
|
Tax %
|
19% | 18% | 18% | 17% | 19% | 18% | 20% | 30% | 18% | 22% | 24% | 26% | β |
|
Net Profit
|
5,985 | 6,346 | 4,719 | 6,873 | 7,362 | 8,185 | 8,969 | 8,743 | 10,874 | 11,459 | 11,674 | 12,266 | 11,572 |
|
Exceptional items AT
|
β | β | β | β | β | β | β | β | β | β | β | β | β |
|
Profit excl Excep
|
β | β | β | β | β | β | β | β | β | β | β | β | β |
|
Profit for PE
|
β | β | β | β | β | β | β | β | β | β | β | β | β |
|
Profit for EPS
|
β | β | β | β | β | β | β | β | β | β | β | β | β |
|
EPS in Rs
|
21.37 | 22.57 | 16.73 | 24.09 | 26.44 | 30.17 | 33.05 | 32.22 | 40.07 | 42.23 | 43.02 | 45.2 | 42.64 |
|
Dividend Payout %
|
12% | 66% | 48% | 50% | 23% | 13% | 30% | 31% | 105% | 114% | 121% | 133% | β |
| Jun 2014 | Jun 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Equity Capital
|
140 | 281 | 282 | 285 | 278 | 271 | 543 | 543 | 543 | 543 | 543 | 543 | 543 |
|
Reserves
|
15,613 | 19,125 | 21,214 | 25,688 | 27,285 | 30,168 | 37,003 | 43,010 | 42,048 | 40,561 | 38,927 | 34,397 | 30,632 |
|
Borrowings
|
569 | 41 | 42 | 45 | 48 | 50 | 1,018 | 943 | 880 | 799 | 914 | 1,041 | 982 |
|
Long term Borrowings
|
27 | 27 | 28 | 31 | 33 | 32 | 160 | 207 | 164 | 51 | 26 | 11 | 6 |
|
Short term Borrowings
|
29 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 62 | 140 | 27 | 15 | 10 |
|
Lease Liabilities
|
β | β | β | β | β | β | β | β | β | β | β | β | β |
|
Other Borrowings
|
512 | 13 | 13 | 14 | 15 | 18 | 21 | 18 | 0 | 0 | 0 | 0 | β |
|
Other Liabilities
|
5,493 | 5,469 | 5,050 | 6,353 | 5,207 | 6,967 | 15,274 | 10,865 | 9,952 | 11,457 | 11,923 | 16,522 | 14,411 |
|
Trade Payables
|
392 | 469 | 454 | 485 | 544 | 2,367 | 2,272 | 2,707 | 2,213 | 2,783 | 2,344 | 3,873 | 3,626 |
|
Advance from Customers
|
17 | 30 | 17 | 23 | 25 | 51 | 58 | 57 | 58 | 101 | 43 | 57 | β |
|
Other liability items
|
5,083 | 4,970 | 4,579 | 5,845 | 4,638 | 4,549 | 12,944 | 8,101 | 7,681 | 8,573 | 9,536 | 12,592 | 10,785 |
|
Total Liabilities
|
21,814 | 24,915 | 26,588 | 32,371 | 32,818 | 37,456 | 53,838 | 55,361 | 53,423 | 53,360 | 52,307 | 52,503 | 46,568 |
|
Fixed Assets
|
2,449 | 3,064 | 2,816 | 7,989 | 10,428 | 11,235 | 22,643 | 20,905 | 19,524 | 17,935 | 16,333 | 16,218 | 15,561 |
|
Land
|
240 | 353 | 48 | 48 | 48 | 67 | 348 | 334 | 392 | 387 | 383 | 379 | β |
|
Building
|
1,689 | 2,028 | 2,091 | 2,491 | 2,736 | 2,901 | 3,804 | 3,772 | 3,897 | 3,870 | 4,096 | 4,261 | β |
|
Plant Machinery
|
878 | 1,053 | 1,080 | 1,172 | 1,246 | 1,329 | 1,416 | 1,433 | 1,481 | 1,459 | 1,477 | 1,523 | β |
|
Equipments
|
176 | 191 | 194 | 210 | 231 | 264 | 276 | 279 | 287 | 278 | 286 | 305 | β |
|
Furniture & fittings
|
β | β | β | β | β | β | β | β | β | β | β | β | β |
|
Vehicles
|
87 | 97 | 104 | 108 | 117 | 124 | 140 | 141 | 139 | 155 | 201 | 214 | β |
|
Intangible Assets
|
2 | 2 | 18 | 4,773 | 7,523 | 8,860 | 13,724 | 13,947 | 14,010 | 14,009 | 14,047 | 15,429 | 11,519 |
|
Other fixed assets
|
0 | 0 | 0 | 170 | 170 | 151 | 6,323 | 6,434 | 6,441 | 6,441 | 6,405 | 6,415 | β |
|
Gross Block
|
4,921 | 5,687 | 5,585 | 11,282 | 14,625 | 16,500 | 28,973 | 29,042 | 29,908 | 30,354 | 30,715 | 32,493 | β |
|
Accumulated Depreciation
|
2,472 | 2,622 | 2,769 | 3,293 | 4,197 | 5,265 | 6,330 | 8,137 | 10,384 | 12,419 | 14,382 | 16,275 | β |
|
CWIP
|
518 | 544 | 582 | 411 | 298 | 212 | 311 | 245 | 79 | 21 | 22 | 29 | 53 |
|
Investments
|
4,116 | 4,125 | 3,974 | 4,724 | 6,198 | 5,810 | 11,039 | 11,646 | 11,096 | 10,159 | 11,841 | 12,317 | 10,795 |
|
Other Assets
|
14,731 | 17,182 | 19,215 | 19,247 | 15,894 | 20,199 | 19,845 | 22,565 | 22,724 | 25,245 | 24,111 | 23,939 | 20,159 |
|
Inventories
|
16 | 84 | 129 | 90 | 40 | 18 | 15 | 18 | 23 | 35 | 25 | 12 | 11 |
|
Trade receivables
|
3,224 | 3,578 | 4,085 | 4,418 | 5,427 | 6,245 | 7,525 | 5,217 | 11,147 | 12,913 | 12,158 | 14,685 | 3,382 |
|
Receivables under 6m
|
3,250 | 3,583 | 4,228 | 4,538 | 5,557 | 6,370 | 7,770 | 5,434 | 4,172 | 4,710 | 11,841 | 14,535 | β |
|
Receivables over 6m
|
152 | 108 | 0 | 0 | 0 | 0 | 0 | 0 | 7,171 | 8,390 | 475 | 276 | β |
|
Prow for Doubtful
|
β | β | β | β | β | β | β | β | β | β | β | β | β |
|
Cash Equivalents
|
7,911 | 8,829 | 8,663 | 7,962 | 2,325 | 6,273 | 1,294 | 5,056 | 4,849 | 6,231 | 7,629 | 4,439 | 3,823 |
|
Loans & Advances
|
β | β | β | β | β | β | β | β | β | β | β | β | β |
|
Other Assets items
|
β | β | β | β | β | β | β | β | β | β | β | β | β |
|
Total Assets
|
21,814 | 24,915 | 26,588 | 32,371 | 32,818 | 37,456 | 53,838 | 55,361 | 53,423 | 53,360 | 52,307 | 52,503 | 46,568 |
| Jun 2014 | Jun 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Cash from Operating Activity
|
6,147 | 5,336 | 3,154 | 6,995 | 6,339 | 8,676 | 9,911 | 15,765 | 10,591 | 13,538 | 15,282 | 15,991 |
|
Profit from operations
|
7,389 | 6,970 | 5,249 | 8,068 | 9,532 | 10,523 | 12,821 | 14,585 | 15,316 | 16,419 | 16,956 | 17,780 |
|
Receivables
|
-560 | -343 | -535 | -127 | -994 | -820 | -1,305 | 2,296 | -1,414 | -1,693 | 677 | -2,599 |
|
Inventory
|
67 | -68 | -24 | 38 | 50 | 22 | 9 | -1 | 16 | -12 | 10 | 17 |
|
Payables
|
0 | 0 | -20 | -66 | 48 | 1,831 | -97 | 424 | -2,319 | 389 | -425 | 1,507 |
|
Loans Advances
|
6 | -77 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|
Other WC items
|
479 | 304 | -452 | 668 | -572 | -802 | 188 | 811 | 1,274 | 967 | 675 | 1,991 |
|
Working capital changes
|
-8 | -184 | -1,032 | 513 | -1,468 | 231 | -1,205 | 3,530 | -2,443 | -349 | 937 | 916 |
|
Direct taxes
|
-1,234 | -1,450 | -1,063 | -1,586 | -1,725 | -2,078 | -1,705 | -2,350 | -2,282 | -2,532 | -2,611 | -2,705 |
|
Cash from Investing Activity
|
-4,665 | -1,783 | -763 | -2,656 | -934 | 972 | -11,148 | -4,534 | 2,215 | -804 | -2,339 | 1,017 |
|
Fixed assets purchased
|
-605 | -1,059 | -464 | -3,300 | -4,354 | -2,326 | -941 | -817 | -780 | -806 | -393 | -461 |
|
Fixed assets sold
|
60 | 8 | 0 | 0 | 15 | 14 | 12 | 132 | 33 | 213 | 14 | 22 |
|
Investments purchased
|
-7,410 | -7,775 | -6,423 | -10,183 | -19,514 | -23,188 | -35,073 | -20,320 | -32,048 | -34,013 | -41,123 | -43,064 |
|
Investments sold
|
7,345 | 7,800 | 6,597 | 9,889 | 18,180 | 23,718 | 30,454 | 20,728 | 32,685 | 35,098 | 39,710 | 42,765 |
|
Interest received
|
489 | 810 | 638 | 837 | 476 | 468 | 257 | 585 | 504 | 454 | 567 | 801 |
|
Redeemp Cnce of Shares
|
β | β | β | β | β | β | β | β | β | β | β | β |
|
Acquisition of companies
|
0 | 0 | 0 | 0 | 0 | 0 | -399 | -887 | -16 | 0 | 0 | 0 |
|
Other investing items
|
-5,099 | -1,016 | -380 | 675 | 5,388 | 195 | -3,750 | -2,623 | 120 | -2,440 | -1,732 | 981 |
|
Cash from Financing Activity
|
-1,398 | -3,360 | -2,699 | -4,112 | -5,547 | -5,335 | -1,997 | -9,649 | -12,775 | -13,267 | -14,480 | -17,253 |
|
Redemption of debentures
|
0 | -500 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|
Proceeds from borrowings
|
40 | 443 | 15 | 22 | 19 | 18 | 374 | 143 | 77 | 108 | 347 | 377 |
|
Repayment of borrowings
|
-96 | -470 | -14 | -39 | -16 | -16 | -252 | -99 | -447 | -142 | -485 | -404 |
|
Interest paid fin
|
-73 | -19 | -4 | -27 | -5 | -4 | -11 | -4 | -5 | -17 | -11 | -3 |
|
Dividends paid
|
-1,118 | -2,385 | -2,251 | -3,385 | -1,691 | -1,099 | -1,357 | -3,256 | -11,389 | -12,995 | -14,073 | -16,250 |
|
Financial liabilities
|
0 | 0 | 0 | 0 | 0 | 0 | -198 | -217 | -207 | -221 | -258 | -297 |
|
Other financing items
|
-185 | -439 | -446 | -683 | -3,854 | -4,234 | -553 | -6,216 | -804 | 0 | 0 | -676 |
|
Net Cash Flow
|
85 | 192 | -308 | 227 | -142 | 4,313 | -3,234 | 1,582 | 31 | -533 | -1,537 | -245 |
| Jun 2014 | Jun 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Debtor Days
|
71 | 76 | 111 | 83 | 90 | 88 | 84 | 53 | 100 | 102 | 92 | 105 |
|
Inventory Days
|
β | β | β | β | β | β | β | β | β | β | β | β |
|
Days Payable
|
β | β | β | β | β | β | β | β | β | β | β | β |
|
Cash Conversion Cycle
|
71 | 76 | 111 | 83 | 90 | 88 | 84 | 53 | 100 | 102 | 92 | 105 |
|
Working Capital Days
|
4 | 37 | 108 | 63 | 104 | 57 | 19 | 62 | 62 | 52 | 35 | 23 |
|
ROCE %
|
54% | 43% | 30% | 35% | 34% | 34% | 33% | 30% | 30% | 34% | 38% | 43% |
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