Buy HCL Tech; target of Rs 1035: Reliance Securities

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26 Aug, 2025 12:21

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Reliance Securities research report on HCL TechnologiesHCL Tech (HCLT) posted results largely in-line with our muted expectations, even as back-ended growth recovery, strong bookings and continuity of target margin band are positive takeaways. We remain positive on HCLT based on 1) strong bookings & outstanding book (10% higher), 2) growth acceleration in 2H, 3) margin recoup and 4) attractive valuations (14.5x FY17E). We maintain BUY with Target Price of Rs 1,035.We expect HCLT’s US$ revenue/EPS to grow at 11%/10% CAGR and we’ve factored EBIT% at 20.1%/20.4%/20.9% for FY16E/17E/18E. We marginally adjust our estimates to factor higher growth in 2HFY16E; maintain BUY with Target Price Rs1,035.

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