HCL Technologies Ltd
HCL Technologies Q3 FY26 earnings call: Revenue & Margins
Q3 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Confident in continued growth trajectory, backed by two outstanding recent quarters and a strong pipeline (Page 22). HCLTech remains confident in its growth trajectory, having delivered two outstanding quarters with strong bookings and pipeline (Page 22).
From HCL Technologies Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Confident in continued growth trajectory, backed by two outstanding recent quarters and a strong pipeline (Page 22).
- Full-year services revenue growth guidance raised to 4.75%-5.25% in constant currency; company-level guidance at 4%-4.5% (Page 13).
- Organic services growth expected to be strong if no further macroeconomic negatives, though precise future growth will be clearer after fiscal year-end (Page 19).
- Growth fueled by AI-led transformation, especially in software development, data lifecycle management, and AI-driven legacy modernization, expected to become significant over next 2-3 years (Pages 15, 20).
- Strong bookings momentum with $3 billion net new bookings this quarter and $10.4 billion over last 4 quarters; moving average quarterly booking around $2.5 billion anticipated (Pages 20, 4).
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Profitability & Margins
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Capital Expenditure Plans
- HCLTech is actively investing in AI Factory services, collaborating with top technology companies to implement and scale AI data centers, indicating significant capital allocation toward AI infrastructure.
- The company highlights investments in Physical AI, including custom silicon development for edge inferencing and compute for AI training, which are substantial growth vectors in engineering services.
- HCLTech has launched OEM-aligned joint offerings with major technology providers like Dell, HPE, Cisco, NVIDIA, AWS, Azure, and GCP, reinforcing strategic investments in AI and cloud ecosystems.
- The recent acquisition of the Telco Solutions Business from Hewlett Packard Enterprise (HPE) underlines strategic expansion and capital deployment in telecom service provider industry IP and product engineering capabilities.
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Top-ranked in IT - Software
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
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Order Book & Pipeline
- HCLTech reported strong net new bookings of $3 billion in the recent quarter, marking a 17% QoQ and 43% YoY growth.
- Over the last 4 quarters, net new bookings totaled $10.4 billion.
- Management indicated that quarterly bookings can be volatile ("spiky").
- The company expects a moving average of about $2.5 billion in new bookings per quarter in the near term.
- The strong pipeline and bookings, alongside two outstanding recent quarters, support management's confidence in the growth trajectory.
- Large deals, including AI-led service transformation projects, are contributing significantly to bookings.
- The company closed $3 billion in bookings last quarter and $2.5 billion the quarter before.
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HCL Technologies Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹34.0K Cr, net profit ₹4.5K Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What HCL Technologies's management said in earlier quarters
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Frequently Asked Questions
What were HCL Technologies Ltd Q3 FY26 results?
Confident in continued growth trajectory, backed by two outstanding recent quarters and a strong pipeline (Page 22). HCLTech remains confident in its growth trajectory, having delivered two outstanding quarters with strong bookings and pipeline (Page 22).
What is HCL Technologies Ltd share price analysis?
HCL Technologies Ltd currently shows a neutral. The stock trades at a P/E of 20.4 with a market cap of ₹369,058 Cr. Investors should review the full earnings analysis for detailed insights.
Is HCL Technologies Ltd planning capital expenditure?
HCLTech is actively investing in AI Factory services, collaborating with top technology companies to implement and scale AI data centers, indicating significant capital allocation toward AI infrastructure.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.