Hold HCL Technologies; target of Rs 1590: ICICI Securities

ICICI Securities recommended hold rating on HCL Technologies with a target price of Rs 1590 in its research report dated January 13, 2026.

Broker Research

January 13, 2026 / 12:41 IST

hold

ICICI Securities research report on HCL Technologies

HCLT reported a beat on revenue, with growth of 4.2% QoQ CC (I-Sec: 2.2%, Cons: 2.8%) led by strong growth in its software products business aided by seasonal strength and continued healthy traction in ER&D and IT services despite seasonal headwinds from furloughs. HCLT also reported strong deal TCV at USD 3bn, up 17% QoQ/43.5% YoY, with its highest-ever ACV component. TTM’s TCV growth of 21% YoY positions the company well to potentially report highest growth among large-cap peers in FY27 too. Management notes that traditional discretionary spending has slowed, but opportunities are emerging in newer pockets like managing AI infrastructure and AI engineering services.

Outlook

We maintain HOLD with a TP of INR 1,590, based on 21x one-year forward P/E for services business and 18x for product business.

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