HCL Technologies: Announces investment in Sarvam AI

Research evidence excerpt

HCL Technologies: Announces investment in Sarvam AI

Update

June 15, 2026 04:21 PM GMT

Morgan Stanley India Company Private Limited+MHCL Technologies | Asia Pacific Gaurav Rateria

Equity Analyst

Announces investment in Gaurav.Rateria@morganstanley.comSulabh Govila, CFA +91 22 6118-2237

Sulabh.Govila@morganstanley.com +91 22 6118-2249

Sarvam AI Shreshtha Chopra

Research Associate

Shreshtha.Chopra@morganstanley.com +91 22 6118-2227

Key Takeaways Sakshi Rana

Investment in Sarvam AI may provide HCLTech a strategic advantage around the Sakshi.Rana@morganstanley.com +91 22 6118-1002

theme of sovereign AI with governments and regulated enterprises globally.

With a minority stake, the financial impact will be limited for HCLT.

What's new. HCLTech announced on June 15 an all-cash investment of Rs14.27bn in

Sarvam AI (Axonwise Private Limited) for a 10.46% equity stake at a post-money HCL Technologies (HCLT.NS, HCLT IS)

valuation of US$1.5bn. The transaction is expected to close within 2 weeks of India Technology | India

signing. Stock Rating Equal-weight

Industry View In-Line

Sarvam AI, incorporated in July 2023, builds across training and inference Price target Rs1,410.00

Shr price, close (Jun 15, 2026) Rs1,119.30

infrastructure, frontier models across text and other modalities, and AI products for 52-Week Range Rs1,780.10-1,089.50

enterprises, developers, and government. It reported revenue of Rs451mn in FY26 Sh out, dil, curr (mn) 2,711

Mkt cap, curr (mn) Rs3,034,969

(Rs15mn in FY25). The investment in Sarvam AI will enable HCLTech to 1) develop EV, curr (mn) Rs2,773,429

industry and client-specific language models and AI solutions for global clients, Avg daily trading value (mn) Rs4,778

enabling differentiated enterprise AI solutions with compelling price-to-