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HCL Technologies Q2 FY27 Share Price & Earnings Call Analysis

₹1,403.90+0.24% today
Market cap
₹3.81L Cr
P/E
20.02
ROE
23.81%
PEG
3.59
Price to sales
2.77
Debt to equity
0.08
52W high / low
₹1,730 / ₹1,034
Sales growth (5Y)
11.54%
EBITDA margin
20.60%
Net profit margin
13.26%
Promoter holding
60.88%
Sales (last year)
₹1.38L Cr

Guidance scorecard · Q2 FY27 call

What HCL Technologies's management guided
and where it ranks in IT - Software

Revenue0–10%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookRising

RevenueQ2 FY27 call

0–10%
  • FY27 revenue growth guidance is 2.5% to 4% at the company level, with Services business expected at 3% to 4% growth.
  • Advanced AI services are a key growth driver, with annualized revenue of $876 million, growing 78% YoY and 28.4% sequentially.
  • New deal bookings reached $3.3 billion in Q2, up 27% YoY, signaling strong pipeline and momentum.
  • Services business growth is broad-based across verticals like Retail, CPG, Financial Services, and geographies (USA, RoW).

2 more points from HCL Technologies's call on revenue

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Full Q2 FY27 analysis

MarginsQ2 FY27 call

Flat

See what HCL Technologies said on margins — free account, 30 seconds.

Full Q2 FY27 analysis

CapexQ2 FY27 call

Planned
  • HCL Technologies announced the acquisition of HPE's Telco Solutions Group, adding differentiated IP across OSS and 5G subscriber data management.
  • These strategic investments support future growth in AI capabilities, IP, and talent expansion, alongside enhanced service delivery.
Full Q2 FY27 analysis

FundraisingQ2 FY27 call

See what HCL Technologies said on fundraising — free account, 30 seconds.

Full Q2 FY27 analysis

Order bookQ2 FY27 call

Rising
  • HCL Technologies reported new deal bookings of $3.3 billion in Q2 FY27, up 27% YoY and 35% sequentially.
  • This marks the second-highest bookings quarter in their history and the strongest first half bookings ever.
  • The pipeline remains strong and balanced across service lines, verticals, and geographies.
  • Demand is healthy and driven by AI, cloud, data, cybersecurity, and application modernization priorities.
  • AI was a central theme in every large deal won this quarter.

2 more points from HCL Technologies's call on the order book

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Full Q2 FY27 analysis
Full IT - Software ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in IT - Software
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. CapitalNumbersGood growth
    3
See all potential multibaggersWhere does HCL Technologies rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

IT - Software companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹569 Cr34.7
240%+Flat₹336 Cr7.3
3CapitalNumbers20–40%Up 2%+₹181 Cr9.2
420–40%Up 2%+₹159 Cr11.5
520–40%Up 0–2%₹1,826 Cr28.5
620–40%Flat₹4,341 Cr84.7

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HCL Technologies announcements

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Financials of HCL Technologies

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of HCL Technologies

Quarterly Results

Quarter-by-quarter operating performance

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales +26,60626,29626,67228,44628,49928,05728,86229,89030,24630,34931,94233,87233,981
Expenses +20,74320,93120,74321,65922,38222,26422,49323,03023,76424,31425,39726,46027,269
Operating Profit5,8635,3655,9296,7876,1175,7936,3696,8606,4826,0356,5457,4126,712
OPM %22%20%22%24%21%21%22%23%21%20%20%22%20%
Other Income +4533443653704161,103456477449456415-571322
Interest9486156140171191131166156209215205240
Depreciation1,0279271,0101,1431,0939981,0071,0391,0401,0931,0431,1271,092
Profit before tax5,1954,6965,1285,8745,2695,7075,6876,1325,7355,1895,7025,5095,702
Tax %23%25%25%26%24%25%26%25%25%26%26%26%21%
Net Profit +3,9813,5313,8334,3513,9954,2594,2374,5944,3093,8444,2364,0824,490
EPS in Rs14.6813.0214.1216.0314.6915.6915.6116.9215.8714.1615.6115.0216.54

Financials of HCL Technologies

Profit & Loss

Annual income statement trend

Jun 2015Mar 2016 9mMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales +36,70131,13647,56850,56960,42770,67675,37985,651101,456109,913117,055130,144
Expenses +28,21524,48237,17839,32346,50153,36055,33165,12278,82885,71591,551103,392
Operating Profit8,4866,65410,39011,24613,92617,31620,04820,52922,62824,19825,50426,752
OPM %23%21%22%22%23%24%27%24%22%22%22%21%
Other Income +1,1268711,0691,2309435899271,0671,3581,4952,485574
Interest91748969174505511319353553644869
Depreciation4044108281,3832,0733,4204,6114,3264,1454,1734,0844,355
Profit before tax9,1177,04110,54211,02412,62213,98015,85316,95119,48820,96723,26122,102
Tax %20%20%18%21%20%21%30%20%24%25%25%25%
Net Profit +7,3425,6028,6068,72210,12011,05711,16913,52314,84515,71017,39916,652
EPS in Rs26.0219.8630.1631.3237.3140.7541.0749.7454.7357.8664.0861.33
Dividend Payout %58%40%40%19%11%25%24%84%88%90%94%88%

Financials of HCL Technologies

Balance Sheet

Capital structure and asset base

Jun 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital281282285278271543543543543543543543
Reserves23,94327,10932,66436,10841,09550,72459,37061,37164,86267,72069,11274,622
Borrowings +6481,0905825574,1957,9866,8646,3434,7945,7586,2765,215
Other Liabilities +10,37210,85912,23111,04612,78823,56619,27020,66423,05124,98528,54935,878
Total Liabilities35,24539,34145,76247,98958,34982,81986,04788,92193,25099,006104,480116,258
Fixed Assets +8,2759,71615,23518,75322,88837,49037,14535,07734,61935,06336,17237,379
CWIP552611448320235400312129401085960
Investments8696981,3062,6602,3057,0666,8626,3515,4957,1377,5647,090
Other Assets +25,54828,31528,77326,25632,92137,86341,72847,36453,09656,69860,68571,729
Total Assets35,24539,34145,76247,98958,34982,81986,04788,92193,25099,006104,480116,258

Financials of HCL Technologies

Cash Flows

Operating, investing and financing cash movement

Jun 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +5,5393,8238,9958,3288,97113,35919,61816,90018,00922,44822,26119,975
Cash from Investing Activity +-2,088-2,208-3,890-2,236-3,256-12,332-5,6651,597-3,573-6,608-4,896-1,473
Cash from Financing Activity +-3,140-2,237-4,517-5,714-1,471-3,168-11,192-14,508-15,881-15,464-18,561-19,369
Net Cash Flow311-6235883784,244-2,1412,7613,989-1,445376-1,196-867
Free Cash Flow4,3383,0745,1843,0075,53711,53017,86515,34516,56521,43221,17818,576
CFO/OP86%79%106%95%83%92%115%99%96%110%104%90%

Financials of HCL Technologies

Ratios

Working capital efficiency and return ratios

Jun 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days659164707173858892858166
Inventory Days
Days Payable
Cash Conversion Cycle659164707173858892858166
Working Capital Days256238584414484443311743
ROCE %40%28%34%31%31%27%26%25%28%30%32%31%

Guidance history

How HCL Technologies's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q2 FY27 call →0–10%FlatPlanned—Rising
Q1 FY27 call →0–10%FlatPlanned—Rising
Q4 FY26 call →0–10%Down 0–2%Planned—Rising
Q3 FY26 call →0–10%FlatPlanned—Rising

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

31out of 100

Momentum score · price trend

31 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−9.9%50%
Last 6 months+17.1%72%
Last 3 months+3.8%70%

The price is 29.6% below its all-time high of ₹1,995.1 (10 Jan 2025). Stocks more than 20% below their peak have their score halved, so 63 became 31.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For HCL Technologies: 0.4 × 50 + 0.4 × 72 + 0.2 × 70 = 63, halved to 31 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What HCL Technologies's management said in earlier quarters

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