Buy HCL Technologies; target of Rs 2200: Motilal Oswal

Motilal Oswal is bullish on HCL Technologies recommended buy rating on the stock with a target price of Rs 2200 in its research report dated January 12, 2026.

Broker Research

January 13, 2026 / 11:00 IST

Buy

Motilal Oswal's research report on HCL Technologies

HCL Technologies (HCLT) reported 3QFY26 revenue of USD3.8b, up 4.2% QoQ CC, above our estimate of 2.3% QoQ CC growth. EBIT margin came in at 18.6% vs. our estimate of 18.1%. New deal TCV stood at USD3.0b (up 43.5% YoY). For FY26, revenue growth guidance was changed to 4-4.5% YoY in CC (vs 3-5% earlier). Services revenue growth is expected to be between 4.75% and 5.25% (vs. 4–5% earlier). EBIT margin guidance was maintained at 17-18%. 3Q adj. PAT rose 13.3% QoQ and 4.5% YoY to INR48b (vs. our est. of INR48b). For 9MFY26, revenue/EBIT grew 10.8%/5.0%, while adj. PAT declined 1.6% YoY in INR terms.

Outlook

We expect revenue/EBIT/adj. PAT to grow 12.3%/7.4%/9.0% YoY in 4QFY26. HCLT remains the fastest-growing largecap company, and we like its all-weather portfolio, which continues to outperform in an uncertain demand environment. We reiterate our BUY rating on HCLT with a TP of INR2,200, implying a 32% potential upside.

For all recommendations report, click here