Deven Choksey's research report on HCL Technologies
Q1FY26 revenue came in at INR 3,03,490 Mn. (+0.3% QoQ /+8.2% YoY), in-line with our estimates (+1.8%), driven continued growth traction across Financial services, Technology and Telecom segments. USD Revenue stood at 3,545 Mn. (- 0.8% QoQ CC/ +3.7% YoY CC), performed better than our expectations of -1.9% QoQ CC growth.
Outlook
We have rolled forward our valuation to Jun’27 estimates. We value HCL Tech at 23.0x Jun’27 EPS (at +1 SD to 7-year avg NTM P/E), implying a target price of INR 1,693. HCL Tech is currently trading at a 1-year fwd. P/E of 24.0x (in-line with its 1- year Avg. NTM P/E). We reiterate our “HOLD” rating on the stock.
For all recommendations report, click here
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
