Strong Start, Softer Road Ahead | UNPF

研报英文原文证据摘录

Strong Start, Softer Road Ahead | UNPF

India | Computer Services & IT Consulting

HCL Technologies EquityJulyResearch13, 2026

TARGET | ESTIMATE CHANGEStrong Start, Softer Road Ahead | UNPF

HCLTech's June 2026 results beat estimates, and order bookings were RATING UNDERPERFORM

healthy. However, despite the 1Q beat, unchanged growth guidance of 1-4% PRICE INR1,224.00^

suggests a softer road ahead. We raise our estimates by 1%, mainly on FX PRICE TARGET | % TO PT INR1,070 (INR1,165) |

assumptions, and expect HCLT to deliver 4%/7% CAGR in organic revenues/ -13%

52W HIGH-LOW INR1,770.00 - INR1,030.00

EPS over FY27-29. Weaker growth expectations should weigh on HCLT's

FLOAT (%) | ADV MM (USD) 38.7% | 60.61

18% PE premium vs Infosys, despite a similar growth outlook. Maintain

MARKET CAP INR3.3T | $34.8B

UNPF with a revised PT of Rs1,070.

TICKER HCLT IN

^Prior trading day's closing price unless otherwise

All-round beat: HCLT's Jun-26 (1QFY27) revenues, at US$3.7bn, down 0.5% QoQcc, beat noted.

estimates. EBIT margins at 16.9%, up 40bps QoQ, were broadly in line with estimates, with

restructuring costs having a ~60bps impact on margins in 1Q. Profit, at Rs46bn, up 20% YoY,

also beat estimates due to an operating performance beat. FY (Mar) CHANGE TO JEFe JEF vs CONS

2027 2028 2027 2028

Service revenues surprise positively: HCLT's services segment revenues, down 0.7% QoQcc, REV NA NA NA NA

beat estimates due to higher-than-expected revs in the IT&BS segment (flat QoQcc). The ER&D EPS <1% +1% +1% +1%

Segment was down 3.7% QoQcc on weak discretionary IT Spend, especially in the Telecom

and Tech verticals. Strong growth in retail and BFS verticals offset the drag from the Telecom 2027 (INR) Q1 Q2 Q3 Q4 FY

and Tech verticals. EPS -- -- -- -- 72.50

PREV 71.80