Q2FY26 revenue came in at INR 3,19,420 Mn. (+5.2% QoQ /+10.7% YoY), ahead of our estimates (+4.2%), driven by broad-based growth across IT & Business Services and ER&D, software segment grew 0.5 % QoQ but declined 3.7 % YoY CC as the company continues its shift toward subscription and support revenues. USD Revenue stood at 3,644 Mn. (2.4% QoQ CC/ +4.6% YoY CC), performed better than our expectations of -0.1% QoQ CC growth.
OutlookWe estimate revenue/earnings CAGR of 8.8%/5.4% over FY25-FY27E. The stock is currently trading at 22.3x FY27E. We value HCL Tech at a P/E multiple of 22x to Sep’27 EPS. Accordingly, We upgrade our “HOLD” rating to “ACCUMULATE” on the stock.
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