Mumbai: On April 23, shares of HCL Technologies jumped over 6 per cent after the company announced its results for the March quarter. The stock reached Rs 1,571.10, making it the top performer on the Nifty 50 index for the day.
Quarterly Results Match Expectations
HCLTech's Q4 results were in line with what the market expected. Revenue in constant currency terms dropped slightly by 0.8 per cent from the previous quarter. However, compared to last year, it grew by 2.9 per cent.
The company’s guidance for full-year revenue growth in constant currency stands at 2–5 per cent, higher than Infosys’s 0–3 per cent range. HCLTech also maintained its EBITA margin guidance between 18 per cent and 19 per cent.
Mixed Views from Analysts
Out of 46 analysts, 22 recommend buying the stock, 16 suggest holding it, and 8 recommend selling. While some are cautious due to global uncertainties, others see good value in the stock.
Brokerage firm Nuvama upgraded its rating from ‘Hold’ to ‘Buy’ and set a target price of Rs 1,700. They said the stock now offers a high dividend yield of 4.2 per cent and called it attractive after a sharp 23 per cent fall earlier in 2025.
Foreign Brokerages Take a Balanced View
Citi has a ‘Neutral’ rating and set its target price at Rs 1,510. It called the Q4 results “decent” and said that the environment remains uncertain. Citi also noted that HCLTech’s growth could average 0 per cent across FY26.
Morgan Stanley has an ‘Equal-weight’ rating with a target of Rs 1,600. It expects organic growth of 1–4 per cent and sees EBIT margins in line with company forecasts.
Strong Past and Future Potential
HCLTech has shown the highest revenue growth among large-cap Indian IT firms for the past three years. Based on the company’s own guidance, this trend may continue in FY26 as well.
Despite its recent fall, the long-term outlook appears positive to several experts, who believe the stock could perform well going forward.
