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Indian IT-services and engineering firm known for infrastructure management and enterprise software products.
Indian IT-services and engineering firm known for infrastructure management and enterprise software products.
Earns from multi-year outsourcing contracts, often to run clients' infrastructure and applications, plus engineering services for equipment makers and software licences. HCLSoftware grew out of the 2019 purchase of several IBM software products. The Nadar family, led by Roshni Nadar Malhotra, controls it.
In one line: India's DXC Technology / Cognizant.
Moat: narrow (switching costs, scale, process know-how). Sticky infrastructure-management and engineering contracts are embedded deep in client operations.
Headquarters: Noida, India · Founded: 1976 · Employees: 237,098
Size HCL Technologies (HCLTECH.NS) is an India Information Technology company (Information Technology Services) with a market value of $41.4B, the 21st largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,440 on 6 Nov 2026.
Performance Over six months the shares gained 21.7%, against +26.5% for the median peer and 0.0% for the India market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 12.8% over the last twelve months (peer median +10.0%); the operating margin is 17.5% (peer median 13.4%).
Valuation It trades at 19.5× forward earnings against a peer median of 17.1× (8th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 12% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is +0 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 18.3 points above its cost of capital (12.5% WACC).
Next results Next results expected around 8 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹1.38T | ₹1.30T | ₹1.17T | ₹1.10T | ₹1.01T |
| Revenue growth | — | +11% | +6% | +8% | — |
| Gross profit | ₹325B | ₹288B | ₹274B | ₹255B | ₹234B |
| EBITDA | ₹285B | ₹271B | ₹258B | ₹245B | ₹229B |
| Net income | ₹183B | ₹166B | ₹174B | ₹157B | ₹149B |
| Free cash flow | n/a | ₹199B | ₹224B | ₹224B | ₹169B |
| Capital expenditure | n/a | ₹14.2B | ₹11.1B | ₹10.5B | ₹16.6B |
| Total debt | ₹60.1B | ₹52.1B | ₹62.8B | ₹57.6B | ₹47.9B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| HCL Technologies HCLTECH.NS | $41.4B | +22% | +13% | 18% | 19.5× | 11.8% |
| Tata Consultancy Services TCS.NS | $95.7B | +4% | +10% | 25% | 16.2× | 12.0% |
| Infosys INFY.NS | $50.7B | +2% | +6% | 21% | 15.5× | 6.6% |
| Wipro WIPRO.NS | $20.7B | 0% | +8% | 16% | 14.9× | 9.0% |
| Tech Mahindra TECHM.NS | $19.0B | +26% | +14% | 14% | 23.9× | 20.3% |
| Cognizant CTSH | $28.9B | +26% | +5% | -1% | 10.5× | 0.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HCLTECH.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +21.5% | +5.3% | 3rd highest of 21 |
| 6-month return | +21.7% | +26.5% | 9th lowest of 21 |
| Distance from 52-week high | -19.1% | -24.6% | 9th highest of 21 |
| Revenue growth (TTM) | +12.8% | +10.0% | 9th highest of 21 |
| Operating margin | 17.5% | 13.4% | 8th highest of 21 |
| Forward P/E | 19.5× | 17.1× | 8th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 11.8% | 6.1% | 7th most demanding of 19 |
| Growth delivered (Del g) | +11.5% | +8.4% | 6th highest of 19 |
| Hurdle (Req g minus delivered) | +0.3 pp | -1.9 pp | 9th most demanding of 19 |
| ROIC minus cost of capital | +18.3 pp | +7.0 pp | 4th highest of 19 |
| EV / EBITDA | 13.1× | 11.5× | 8th most expensive of 16 |
| Net debt / EBITDA | -0.6× | -0.5× | 7th least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| HCL Technologies HCLTECH.NS | India | $41.4B | +22% | +13% | 18% | 19.5× | 11.8% | +11.5% |
| Workday WDAY | United States | $46.5B | +51% | +14% | 13% | 16.0× | 19.7% | +17.3% |
| Nec 6701.T | Japan | $36.3B | +5% | +7% | 12% | 18.6× | 5.5% | +3.7% |
| Fujitsu 6702.T | Japan | $35.4B | +1% | +4% | 10% | 18.0× | 4.1% | -0.5% |
| Infosys INFY.NS | India | $50.7B | +2% | +6% | 21% | 15.5× | 6.6% | +12.2% |
| Cognizant CTSH | United States | $28.9B | +26% | +5% | -1% | 10.5× | 0.8% | +4.9% |
| Hygon Information Technology 688041.SS | China | $66.0B | -36% | +59% | 19% | 100.6× | n/a | n/a |
| HP Inc. HPQ | United States | $25.7B | +27% | +9% | 7% | 9.5× | -7.0% | -0.4% |
| Capgemini CAP.PA | France | $24.1B | +31% | +6% | 11% | 10.4× | -0.1% | +7.2% |
| Credo Technology CRDO | United States | $22.7B | -36% | +165% | 32% | 16.5× | 47.4% | +86.8% |
| Rubrik RBRK | United States | $21.9B | +70% | +42% | -18% | 215.0× | 36.2% | +27.7% |
| Wipro WIPRO.NS | India | $20.7B | 0% | +8% | 16% | 14.9× | 9.0% | +8.4% |
| Nomura Research Institute 4307.T | Japan | $20.2B | +40% | +8% | 19% | 26.4× | 0.7% | +8.2% |
| CDW CDW | United States | $19.6B | +51% | +11% | 7% | 12.9× | 2.6% | +4.0% |
| Fortinet FTNT | United States | $87.3B | +4% | +20% | 33% | 31.6× | 22.4% | +21.3% |
| Tech Mahindra TECHM.NS | India | $19.0B | +26% | +14% | 14% | 23.9× | 20.3% | +8.5% |
| Tata Consultancy Services TCS.NS | India | $95.7B | +4% | +10% | 25% | 16.2× | 12.0% | +10.2% |
| Cloudflare NET | United States | $95.7B | +37% | +34% | -8% | 168.8× | n/a | n/a |
| CGI GIB-A.TO | Canada | $17.2B | +27% | +6% | 17% | 12.2× | -12.0% | +5.5% |
| OBIC 4684.T | Japan | $16.6B | +46% | +13% | 67% | 30.3× | 4.6% | +10.0% |
| CACI International CACI | United States | $13.6B | +27% | +10% | 10% | 17.6× | 7.3% | +9.6% |