HCL Technologies (HCLT IN): Hold: 1QFY27 – No bad news is positive news

研报英文原文证据摘录

HCL Technologies (HCLT IN): Hold: 1QFY27 – No bad news is positive news

13 July 2026

HCL Technologies (HCLT IN) Equities IT Services

Hold: 1QFY27 – No bad news is positive news India

◆ 1Q was a non-event, though HCLT reiterated its full-year

MAINTAIN HOLD growth guidance of 1-4%, which was a positive surprise

◆ This suggests incremental AI opportunities can offset AI TARGET PRICE (INR) PREVIOUS TARGET (INR)

deflation, a key worry for investors 1255.00 1255.00

◆ HCLT is trading at a premium to peers, which drives our Hold SHARE PRICE (INR) UPSIDE/DOWNSIDE

rating; TP at INR1,255 (unchanged) 1164.10 +7.8%

(as of 10 Jul 2026)

Standing tall in front of AI deflation: HCLT’s 1Q results came in marginally ahead of

MARKET DATA

estimates, although they were not the standout feature of the quarter. More importantly, Market cap (INRm) 3,149,783 Free float 40%

the company’s reaffirmation of its full-year guidance (1-4%) provides confidence in the Market cap (USDm) 33,041 BBG HCLT IN

3m ADTV (USDm) 62 RIC HCLT.BO

Indian IT sector’s resilience against the AI deflationary impact. While a more cautious

investor may still view 1-4% growth as uninspiring, current valuations had largely priced in FINANCIALS AND RATIOS (INR)

Year to 03/2026a 03/2027e 03/2028e 03/2029e

a scenario of stagnation or even contraction. HSBC EPS 63.89 73.66 79.40 84.56

HSBC EPS (prev) 63.89 73.62 78.51 82.49

Against this backdrop, TCS’s confidence in a 2Q recovery, together with HCLT’s implied Change (%) 0.0 0.1 1.1 2.5

growth trajectory for 2Q-4Q, is a positive surprise suggesting incremental AI opportunities Consensus EPS 64.14 72.18 77.05 79.64

PE (x) 18.2 15.8 14.7 13.8

can offset the AI deflation. Bookings were good for HCLT, and pipeline is strong as well, Dividend yield (%) 5.2 5.3 5.8 5.8