HCL Technologies Ltd
HCLTECHHCL Technologies Ltd's earnings have outrun its stock. EPS grew −4.3% in a year against a −22.3% price move.
The sharpest disagreement: Foreign institutions moved −3.5 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced.
The price is in a downtrend (20 weeks in) while the P/E sits at the 50th percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +20.3% year on year, and 130% of the last 3 years' profit arrived as cash. What settles it: whether the register turns back in the story’s favour.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
HCL Technologies Ltd trades at ₹1,204, in a downtrend and 20 weeks into that stage. That is −11.7% against its own 200-day average. It sits at 25% of a 52-week range of ₹1,034 to ₹1,707. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 1 straight week.
Today the stock is in a downtrend — week 20 of stage 4, confirmed. At ₹1,204 it trades −11.7% versus its 200-day average and sits at 25% of its 52-week range (₹1,034–₹1,707).
Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +193% while the NIFTY 500 moved +274% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 1 straight week — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 50th percentile of its own range.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
HCL Technologies Ltd trades at 19.0× P/E, mid-range by its own standards (50th percentile). Its long-run median P/E is 19.0×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 19.0× is mid-range by its own standards (50th percentile), against a long-run median of 19.0× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved −4.3% against a −22.3% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 5y, of the +3.7%/yr price move, ~+9.7%/yr came from earnings growth and ~−6.0 pp from the multiple (compressing); over 10y, of the +12.9%/yr price move, ~+9.4%/yr came from earnings growth and ~+3.5 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.
The PEG ratio and its quarterly curve, which only the second data source carries, are not drawn on this page: its second data source reports in USD, not rupees, so nothing from it can be placed on this crore axis. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.
Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
HCL Technologies Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE holding at 30.0% — the per-curve reads carry the story. The read is built from 8 quarters across 4 curves, on partial evidence.
Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.
Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.
A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +11.2% | +8.7% | +11.5% | +15.4% |
| Profit | −4.3% | +3.9% | +8.3% | +11.5% |
| EPS | −4.3% | +3.9% | +8.4% | +11.9% |
| Share price | −22.3% | +1.5% | +3.7% | +12.9% |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
52.8/100 — rank 25 of 63 in IT - Software · 77% evidence confidence
HCL Technologies Ltd scores 52.8 out of 100 against the 63 companies it is compared with in IT - Software, ranking 25. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 12.8 + 18.6 + 9.6 + 11.8 = 52.8. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Revenue Revenue is the top line: everything the company billed its customers in the period.
HCL Technologies Ltd reported ₹34,579 Cr of revenue in the Jun 26 quarter, +13.9% year on year. That is the 11th straight quarter of year-on-year growth. Over 10 years it has compounded at 15.4% a year. The last full year, FY26, came in at ₹1,30,144 Cr. The last four reported quarters add to ₹1,34,374 Cr.
HCL Technologies Ltd reported ₹34,579 Cr of revenue in the Jun 26 quarter, +13.9% year on year. That is the 11th straight quarter of year-on-year growth. Over 10 years it has compounded at 15.4% a year. The last full year, FY26, came in at ₹1,30,144 Cr. The last four reported quarters add to ₹1,34,374 Cr.
FY26 revenue came in at ₹1,30,144 Cr (+11.2% on the year), capping 10 years at 15.4% compound. The latest quarter (Jun 26) printed ₹34,579 Cr, +13.9% year on year — the 11th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +12.5% growth against the decade's 15.4% — the current year is running slower than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +12.6% over the last 4 quarters against +9.7%/yr over the last 8 — stabilising; TTM profit +2.6% vs +3.0%/yr — stabilising.
→ Revenue grew — did margins hold as it scaled? Next: 20.0% this quarter (+0.0 pp YoY).
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
HCL Technologies Ltd's operating margin is 20.0% in the Jun 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 21.0% to 27.0%. The current quarter is running below every full year in that window.
HCL Technologies Ltd's operating margin is 20.0% in the Jun 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 21.0% to 27.0%. The current quarter is running below every full year in that window.
The latest quarter's operating margin is 20.0%, +0.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 21.0%–27.0%.
Why the margin moved: operating margin went +0.0 pp year on year while gross margin went −0.8 pp — the gain came mostly from the gross line: input costs and pricing.
→ Margins held — did that reach the bottom line? Next: profit +20.3% in the latest quarter.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
HCL Technologies Ltd earned ₹4,626 Cr of net profit in the Jun 26 quarter, +20.3% year on year. It is the 2nd consecutive quarter of growth. Full-year FY26 profit was ₹16,652 Cr. The 10-year compound rate is 11.5%. That is 13.4% of the quarter's revenue. The same quarter a year earlier earned ₹3,844 Cr.
HCL Technologies Ltd earned ₹4,626 Cr of net profit in the Jun 26 quarter, +20.3% year on year. It is the 2nd consecutive quarter of growth. Full-year FY26 profit was ₹16,652 Cr. The 10-year compound rate is 11.5%. That is 13.4% of the quarter's revenue. The same quarter a year earlier earned ₹3,844 Cr.
Jun 26 profit was ₹4,626 Cr, +20.3% year on year — the 2nd consecutive quarter of growth. On the full year, FY26 printed ₹16,652 Cr (−4.3%), and the 10-year compound rate is 11.5%.
Why profit moved: revenue contributed +13.9% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.
Pace comparison, last four quarters: profit +3.4% vs revenue +12.5%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.
→ Profit rose — but did the cash follow? Next: 130% of the last 3 years' profit arrived as cash.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 130% of HCL Technologies Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹19,975 Cr of operating cash against ₹16,652 Cr of profit. After ₹5,563 Cr of capital spending, ₹14,412 Cr was left as free cash.
FY26: operating cash of ₹19,975 Cr against reported profit of ₹16,652 Cr, leaving free cash of ₹14,412 Cr after ₹5,563 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 130% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 130%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle.
Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.
→ So follow the cash to where it goes. Next: a 88-day cycle and ₹15,392 Cr of building.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
HCL Technologies Ltd's cash conversion cycle runs 88 days in FY26, up from 85 days in FY21. Capital spending ran ₹15,392 Cr over the last 3 years. At FY26 sales of ₹1,30,144 Cr each day of that cycle holds about ₹357 Cr, so roughly ₹31,377 Cr sits inside the business at any moment.
FY26: debtors at 88 days (an asset-light business — no inventory to speak of) — for a full cycle of 88 days, looser than FY21's 85.
In money terms: at FY26 sales of ₹1,30,144 Cr, each day of the cycle holds about ₹357 Cr — so the 88-day loop keeps roughly ₹31,377 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹15,392 Cr over the last 3 fiscal years against ₹12,612 Cr of depreciation — building somewhat ahead of wear-and-tear. Capital work-in-progress stands at ₹142 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.
→ Does all this activity actually earn its cost of capital? Next: ROCE is 30%.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
HCL Technologies Ltd earns a ROCE of 30% in FY26. That is up from a trough of 25% in FY22. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 12.8% net margin on 1.13× asset turns.
FY26 ROCE is 30%, recovered from a FY22 trough of 25% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 12.8% net margin × 1.13× asset turns × 1.53× balance-sheet leverage ≈ 22.1% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.
The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its second data source reports in USD, not rupees, so nothing from it can be placed on this crore axis. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.07.
Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.
HCL Technologies Ltd carries ₹5,215 Cr of borrowings against ₹75,165 Cr of equity in FY26, a debt-to-equity of 0.07. Operating profit covers the interest bill 31×. Over 5 years borrowings went from ₹6,864 Cr to ₹5,215 Cr. Capital spending ran ₹15,392 Cr across the last 3 of those years.
FY26: borrowings of ₹5,215 Cr against equity of ₹75,165 Cr — a debt-to-equity of 0.07. Operating profit covers the interest bill 31×. Over 5 years borrowings went from ₹6,864 Cr to ₹5,215 Cr while capital spending ran ₹15,392 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.
The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its second data source reports in USD, not rupees, so nothing from it can be placed on this crore axis. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
→ Who owns this, and are they adding or leaving? Next: Foreign institutions cut 3.5 points over 8 quarters.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Foreign institutions cut 3.5 points of HCL Technologies Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 14.9% of the company. Domestic institutions moved +3.0 points over the same window, to 18.8%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Foreign institutions: −3.5 points over 8 quarters to 14.9%; Domestic institutions: +3.0 points over 8 quarters to 18.8%; Promoters: +0.1 points over 8 quarters to 60.9%.
Why the register moved: rotation — foreign institutions −3.5 points against domestic institutions +3.0 points over 8 quarters, with promoters holding steady — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.
→ One last check: does the safety math agree? Next: the balance-sheet safety line.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
HCL Technologies Ltd: the Z-score is withheld — it comes from the second data source this page could not reconcile, and a solvency score is not worth printing on a number two sources dispute. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.
The safety line in one sentence: the Z-score is withheld — it comes from the second data source this page could not reconcile, and a solvency score is not worth printing on a number two sources dispute.
| Company | P/E | Mkt cap | Revenue | EPS | ROCE | Stage |
|---|---|---|---|---|---|---|
| HCL Technologies Ltd this page | 19.0× | ₹3.4L Cr | Mixed | |||
| Tata Consultancy Services Ltd | 15.2× | ₹8.2L Cr | Consistent | |||
| Infosys Ltd | 13.6× | ₹4.2L Cr | Consistent | |||
| Wipro Ltd | 13.3× | ₹1.8L Cr | Topping out | |||
| Tech Mahindra Ltd | 28.7× | ₹1.5L Cr | Topping out | |||
| LTM Ltd | 21.6× | ₹1.2L Cr | Consistent | |||
| Coforge Ltd | 40.0× | ₹65,726 Cr | Mixed | |||
| Mphasis Ltd | 22.6× | ₹43,674 Cr | Consistent | |||
| Hexaware Technologies Ltd | 23.0× | ₹33,719 Cr | No read | |||
| IDream Film Infrastructure Company Ltd | — | ₹17,180 Cr | No read | |||
| Zensar Technologies Ltd | 15.1× | ₹11,511 Cr | Turning around | |||
| Sonata Software Ltd | 15.8× | ₹8,079 Cr | Mixed | |||
| Tanla Platforms Ltd | 14.9× | ₹7,954 Cr | Turning around | |||
| Birlasoft Ltd | 14.8× | ₹7,896 Cr | Turning around | |||
| Seshaasai Technologies Ltd | 23.6× | ₹6,221 Cr | No read | |||
| ASM Technologies Ltd | 103.0× | ₹6,206 Cr | No read | |||
| AvenuesAI Ltd | 20.2× | ₹5,700 Cr | Mixed | |||
| Mastek Ltd | 12.0× | ₹5,242 Cr | Consistent | |||
| Datamatics Global Services Ltd | 20.3× | ₹4,856 Cr | Topping out | |||
| Aurionpro Solutions Ltd | 21.0× | ₹4,562 Cr | Mixed | |||
| Moschip Technologies Ltd | 141.0× | ₹4,508 Cr | Mixed | |||
| Capillary Technologies India Ltd | 128.0× | ₹3,790 Cr | — | — | — | — |
| TechNVision Ventures Ltd | 984.0× | ₹3,563 Cr | No read | |||
| Cigniti Technologies Ltd | 11.4× | ₹3,472 Cr | Mixed | |||
| 63 Moons Technologies Ltd | — | ₹3,264 Cr | No read | |||
| ASM Technologies Ltd | 52.8× | ₹3,220 Cr | No read | |||
| TechNVision Ventures Ltd | 14,485.0× | ₹3,187 Cr | No read | |||
| R Systems International Ltd | 12.6× | ₹2,909 Cr | Turning around | |||
| Sasken Technologies Ltd | 48.1× | ₹2,765 Cr | Improving | |||
| BLS E-Services Ltd | 44.6× | ₹2,565 Cr | Mixed | |||
| Silver Touch Technologies Ltd | 71.0× | ₹2,538 Cr | Turning around | |||
| Saksoft Ltd | 16.3× | ₹2,231 Cr | Mixed | |||
| Blue Cloud Softech Solutions Ltd | 31.2× | ₹1,889 Cr | Mixed | |||
| Hypersoft Technologies Ltd | 440.0× | ₹1,798 Cr | No read | |||
| Kody Technolab Ltd | 104.0× | ₹1,748 Cr | — | — | — | — |
| IZMO Ltd | 34.8× | ₹1,653 Cr | Improving | |||
| NINtec Systems Ltd | 50.3× | ₹1,610 Cr | Mixed | |||
| Dynacons Systems & Solutions Ltd | 18.6× | ₹1,580 Cr | Mixed | |||
| Magellanic Cloud Ltd | 13.6× | ₹1,568 Cr | Mixed | |||
| InfoBeans Technologies Ltd | 18.0× | ₹1,526 Cr | Mixed |
Frequently asked questions
What is HCL Technologies Ltd's share price today?
HCL Technologies Ltd trades at ₹1,204, −22.3% over the past year. The company is valued at ₹3,44,907 Cr. The stock sits at 25% of its 52-week range of ₹1,034–₹1,707, −11.7% versus its 200-day average. On the tape, the price is in a downtrend, 20 weeks in. — as of 24 July 2026.
What were HCL Technologies Ltd's latest quarterly results?
HCL Technologies Ltd reported revenue of ₹34,579 Cr and net profit of ₹4,626 Cr for the Jun 26 quarter. Revenue rose 13.9% and profit rose 20.3% year on year. Earnings per share were ₹17.04. The operating margin was 20.0%, 0.0 pp higher than a year earlier. — as of 24 July 2026.
What is HCL Technologies Ltd's revenue?
HCL Technologies Ltd reported revenue of ₹34,579 Cr in the Jun 26 quarter, +13.9% year on year. For the full FY26 fiscal year, revenue was ₹1,30,144 Cr (+11.2%). Over the last 10 years revenue compounded at 15.4% a year. — as of 24 July 2026.
What is HCL Technologies Ltd's profit?
HCL Technologies Ltd earned ₹4,626 Cr of net profit in the Jun 26 quarter, +20.3% year on year — the 2nd straight quarter of growth. Full-year FY26 profit was ₹16,652 Cr. The operating margin ran 20.0% in the latest quarter. — as of 24 July 2026.
What is HCL Technologies Ltd's market cap?
HCL Technologies Ltd's market capitalisation is ₹3,44,907 Cr at a share price of ₹1,204. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.
What is HCL Technologies Ltd's P/E ratio?
HCL Technologies Ltd trades at a P/E of 19.0×, at the 50th percentile of its own 10-year range, against a long-run median of 19.0×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.
Does HCL Technologies Ltd pay a dividend?
Yes — HCL Technologies Ltd's dividend payout was 88% of profit in FY26, and it recorded a payout in each of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.
Is HCL Technologies Ltd overvalued?
On its own history, HCL Technologies Ltd looks mid-range against its own history: its P/E of 19.0× sits at the 50th percentile of its 10-year range (long-run median 19.0×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.
Is HCL Technologies Ltd growing?
Yes — HCL Technologies Ltd is growing: latest-quarter revenue +13.9% year on year, profit +20.3%, and the margin +0.0 pp at 20.0%. The 10-year compound rates are 15.4% (revenue) and 11.5% (profit). The earnings engine currently reads: improving — as of 24 July 2026.
How is HCL Technologies Ltd performing?
HCL Technologies Ltd is in a downtrend, 20 weeks in. Its latest quarter's revenue rose 13.9% and profit rose 20.3% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 1 week. This describes what the data did, not a rating. — as of 24 July 2026.
What stage is HCL Technologies Ltd in?
Mixed — no clean majority across the growth curves, ROCE holding at 30.0% — the per-curve reads carry the story. The read comes from the last 12 quarters of growth (revenue growth +12.6% latest, profit growth +2.6% latest, eps growth +2.6% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.
Is HCL Technologies Ltd in an uptrend?
No — the price is in a downtrend (week 20 of stage 4), trading −11.7% versus its 200-day average and at 25% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.
Is HCL Technologies Ltd beating the market?
On recent form, yes — HCL Technologies Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 1 straight week, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.3 years the stock moved +193% against the NIFTY 500's +274% — behind the index over the full window. — as of 24 July 2026.
Will HCL Technologies Ltd's share price go up?
This page publishes no price forecast for HCL Technologies Ltd. What it measures instead: the share price is ₹1,204, the price is in a downtrend 20 weeks in. Its P/E of 19.0× sits at the 50th percentile of its own 10-year range. — as of 24 July 2026.
Who owns HCL Technologies Ltd?
Promoters hold 60.9% of HCL Technologies Ltd, foreign institutions 14.9%, domestic institutions 18.8% and the public 5.1% (latest quarter). The biggest move on the register over the last two years: Foreign institutions cut 3.5 points over 8 quarters. — as of 24 July 2026.
Does HCL Technologies Ltd have too much debt?
No — HCL Technologies Ltd's debt-to-equity is 0.07, and operating profit covers the interest bill 31×. FY26 borrowings were ₹5,215 Cr against equity of ₹75,165 Cr. The returns on this page are earned, not borrowed — as of 24 July 2026.
What is HCL Technologies Ltd's capex?
HCL Technologies Ltd spent ₹15,392 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹5,563 Cr, with ₹142 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.
What is HCL Technologies Ltd's cash flow?
HCL Technologies Ltd generated ₹19,975 Cr of operating cash flow in FY26 and ₹14,412 Cr of free cash flow after ₹5,563 Cr of capital spending. Reported profit that year was ₹16,652 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.
Is HCL Technologies Ltd's profit real cash?
Yes — over the last 3 fiscal years, 130% of HCL Technologies Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹19,975 Cr against reported profit of ₹16,652 Cr. The cash then goes into a mix of the working-capital cycle and capacity. Cash-flow resolution is annual — as of 24 July 2026.
Where is HCL Technologies Ltd in its business cycle?
HCL Technologies Ltd's FY26 operating margin was 21.0%, against a 13-year band of 21.0%–27.0%: the low end of its own band, which is where recoveries start when they come. The latest quarter ran 20.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.
What could break the HCL Technologies Ltd story?
The sharpest disagreement: Foreign institutions moved −3.5 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.
Is HCL Technologies Ltd a stock worth studying right now?
This is not investment advice. The machine read: HCL Technologies Ltd's earnings have outrun its stock. EPS grew −4.3% in a year against a −22.3% price move. The sharpest open question: whether the register turns back in the story’s favour. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.