HCL Technologies Ltd
HCLTECHHCL Technologies Ltd's stock has fallen further than its earnings. EPS fell 4.3% in a year while the price moved −17.8%.
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 (28 weeks in) while the P/E sits at the 45th percentile of its own 11-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 ₹1,206, in a downtrend and 28 weeks into that stage. That is −10.3% against its own 200-day average. It sits at 26% 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 9 straight weeks.
Today the stock is in a downtrend — week 28 of stage 4, confirmed. At ₹1,206 it trades −10.3% versus its 200-day average and sits at 26% of its 52-week range (₹1,034–₹1,707).
Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +193% while the NIFTY 500 moved +267% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 9 straight weeks — 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.
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 18.0× P/E, mid-range by its own standards (45th percentile). Its long-run median P/E is 19.1×, measured across 10.5 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 18.0× is mid-range by its own standards (45th percentile), against a long-run median of 19.1× measured over 10.5 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 −17.8% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 5y, of the +0.1%/yr price move, ~+9.6%/yr came from earnings growth and ~−9.5 pp from the multiple (compressing); over 10y, of the +11.9%/yr price move, ~+9.4%/yr came from earnings growth and ~+2.5 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.
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 | −17.8% | −1.5% | +0.1% | +11.9% |
4-Factor Sector Score
48.2/100 — rank 37 of 64 in IT - Software · 82% evidence confidence
HCL Technologies Ltd scores 48.2 out of 100 against the 64 companies it is compared with in IT - Software, ranking 37. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 12.2 + 19 + 9 + 8 = 48.2. 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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 | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Coforge LtdCOFORGE | 76.3/100Favorable setup100% evidence | LEADER | 30.0/35 Revenue 35.7% · PAT 66.5% · OPM change 3 pp 100% evidence | 15.6/25 ROCE 23.5% · OPM 19% 100% evidence | 12.3/20 P/E 42.7× · PEG 0.57 100% evidence | 18.4/20 RS sector 13.3% · RS bench 20.1% · 1Y 11.3%12 of 12 weeks ahead 100% evidence |
| Exact sum: 30 + 15.6 + 12.3 + 18.4 = 76.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 2Silver Touch Technologies LtdSILVERTUC | 70.0/100Favorable setup93% evidence | FADING | 30.2/35 Revenue 21.1% · PAT 86.4% · OPM change 8 pp 100% evidence | 17.4/25 ROCE 29.8% · OPM 22% 100% evidence | 10.3/20 P/E 46.4× · PEG 1.11 65% evidence | 12.1/20 RS sector 6.1% · RS bench 14.1% · 1Y 120.3%9 of 12 weeks ahead 100% evidence |
| Exact sum: 30.2 + 17.4 + 10.3 + 12.1 = 70 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 3Sahana Systems LtdSAHANA | 68.7/100Favorable setup70% evidence | TURNING | 21.5/35 Revenue 100% · PAT 100% · OPM change -3 pp 48% evidence | 19.9/25 ROCE 39.8% · OPM 29% 95% evidence | 13.4/20 P/E 14.1× · PEG — 50% evidence | 13.9/20 RS sector -5.2% · RS bench 15.9% · 1Y -24.3%3 of 12 weeks ahead 100% evidence |
| Exact sum: 21.5 + 19.9 + 13.4 + 13.9 = 68.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4ASM Technologies Ltd526433 | 68.2/100Favorable setup69% evidence | BREAKING OUT | 27.9/35 Revenue 67.8% · PAT 89.5% · OPM change 2 pp 95% evidence | 16.1/25 ROCE 27% · OPM 23% 76% evidence | 8.6/20 P/E 138× · PEG — 15% evidence | 15.6/20 RS sector 5.7% · RS bench 97.1% · 1Y 94%10 of 10 weeks ahead 70% evidence |
| Exact sum: 27.9 + 16.1 + 8.6 + 15.6 = 68.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5NINtec Systems LtdNINSYS | 65.0/100Favorable setup80% evidence | FADING | 20.0/35 Revenue 21.6% · PAT 18.8% · OPM change 4.2 pp 95% evidence | 21.9/25 ROCE 54% · OPM 25.9% 95% evidence | 9.3/20 P/E 39.3× · PEG — 15% evidence | 13.8/20 RS sector 29.6% · RS bench 37.6% · 1Y 57.1%9 of 12 weeks ahead 100% evidence |
| Exact sum: 20 + 21.9 + 9.3 + 13.8 = 65 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 6String Metaverse Ltd534535 | 63.4/100Mixed-positive evidence82% evidence | BASING | 27.2/35 Revenue 100% · PAT 100% · OPM change 0 pp 95% evidence | 15.7/25 ROCE 41.6% · OPM 11% 76% evidence | 14.8/20 P/E 8.2× · PEG — 50% evidence | 5.7/20 RS sector -48% · RS bench -35.6% · 1Y -70.4%1 of 12 weeks ahead 100% evidence |
| Exact sum: 27.2 + 15.7 + 14.8 + 5.7 = 63.4 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -48% and the one-year return is -70.4%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 7Cigniti Technologies LtdCIGNITITEC | 63.3/100Mixed-positive evidence73% evidence | 23.4/35 Revenue 14% · PAT 96.1% · OPM change 2 pp 56% evidence | 16.2/25 ROCE 34.1% · OPM 18% 75% evidence | 16.2/20 P/E 11.4× · PEG 0.61 100% evidence | 7.5/20 RS sector -10.2% · RS bench -15% · 1Y -19.7%0 of 12 weeks ahead to 2026-05-17 70% evidence | |
| Exact sum: 23.4 + 16.2 + 16.2 + 7.5 = 63.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8Tech Mahindra LtdTECHM | 63.2/100Mixed-positive evidence94% evidence | BREAKING OUT | 21.1/35 Revenue 10.9% · PAT 14.3% · OPM change 3 pp 100% evidence | 16.3/25 ROCE 23.1% · OPM 17% 100% evidence | 10.6/20 P/E 28.4× · PEG 0.76 100% evidence | 15.2/20 RS sector 14.8% · RS bench 4% · 1Y 4.3%8 of 11 weeks ahead 70% evidence |
| Exact sum: 21.1 + 16.3 + 10.6 + 15.2 = 63.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 9TAC Infosec LtdTAC | 63.0/100Mixed-positive evidence66% evidence | TURNING | 25.6/35 Revenue 76.4% · PAT 59.4% · OPM change 1.6 pp 71% evidence | 20.9/25 ROCE 38.1% · OPM 48.2% 95% evidence | 9.5/20 P/E 35.7× · PEG — 15% evidence | 7.0/20 RS sector -13.2% · RS bench -15.4% · 1Y -14.4%4 of 10 weeks ahead 70% evidence |
| Exact sum: 25.6 + 20.9 + 9.5 + 7 = 63 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 10Sasken Technologies LtdSASKEN | 61.6/100Mixed-positive evidence100% evidence | FADING | 30.7/35 Revenue 67.8% · PAT 67.4% · OPM change 4 pp 100% evidence | 8.1/25 ROCE 9.9% · OPM 9% 100% evidence | 10.4/20 P/E 36.7× · PEG 0.68 100% evidence | 12.4/20 RS sector 9.5% · RS bench 16.6% · 1Y 25%8 of 12 weeks ahead 100% evidence |
| Exact sum: 30.7 + 8.1 + 10.4 + 12.4 = 61.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 11Softtech Engineers LtdSOFTTECH | 60.8/100Mixed-positive evidence80% evidence | TURNING | 25.2/35 Revenue 35.8% · PAT 100% · OPM change -0.1 pp 95% evidence | 12.1/25 ROCE 6.2% · OPM 27.2% 95% evidence | 8.7/20 P/E 124× · PEG — 15% evidence | 14.8/20 RS sector 19.9% · RS bench 27.6% · 1Y 13.7%6 of 12 weeks ahead 100% evidence |
| Exact sum: 25.2 + 12.1 + 8.7 + 14.8 = 60.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12Datamatics Global Services LtdDATAMATICS | 60.7/100Mixed-positive evidence94% evidence | ASLEEP | 21.0/35 Revenue 13.1% · PAT 1.9% · OPM change 4 pp 100% evidence | 15.9/25 ROCE 20.4% · OPM 20% 100% evidence | 10.6/20 P/E 17.7× · PEG 0.69 100% evidence | 13.2/20 RS sector 9.6% · RS bench -3.3% · 1Y -21.3%5 of 10 weeks ahead 70% evidence |
| Exact sum: 21 + 15.9 + 10.6 + 13.2 = 60.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 13IZMO LtdIZMO | 60.6/100Mixed-positive evidence81% evidence | FADING | 24.1/35 Revenue 24.7% · PAT 10.2% · OPM change 8 pp 95% evidence | 14.2/25 ROCE 12.6% · OPM 25% 95% evidence | 6.6/20 P/E 25.3× · PEG — 50% evidence | 15.7/20 RS sector 29% · RS bench 7.6% · 1Y 20.9%8 of 10 weeks ahead 70% evidence |
| Exact sum: 24.1 + 14.2 + 6.6 + 15.7 = 60.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 14Danlaw Technologies India Ltd532329 | 59.9/100Mixed-positive evidence67% evidence | TURNING | 21.8/35 Revenue 24.1% · PAT 34.5% · OPM change 0.8 pp 95% evidence | 15.5/25 ROCE 27.6% · OPM 13.4% 76% evidence | 10.2/20 P/E 32× · PEG — 50% evidence | 12.4/20 RS sector — · RS bench 93% · 1Y —4 of 4 weeks ahead 25% evidence |
| Exact sum: 21.8 + 15.5 + 10.2 + 12.4 = 59.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 15Expleo Solutions LtdEXPLEOSOL | 59.6/100Mixed-positive evidence81% evidence | TURNING | 20.9/35 Revenue 10.4% · PAT 39.4% · OPM change 4 pp 95% evidence | 15.8/25 ROCE 24.2% · OPM 15% 95% evidence | 13.7/20 P/E 9.4× · PEG — 50% evidence | 9.2/20 RS sector -13.3% · RS bench 1.4% · 1Y -12.8%2 of 10 weeks ahead 70% evidence |
| Exact sum: 20.9 + 15.8 + 13.7 + 9.2 = 59.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 16Hypersoft Technologies Ltd539724 | 59.6/100Mixed-positive evidence67% evidence | FADING | 25.5/35 Revenue 100% · PAT 100% · OPM change 2.9 pp 71% evidence | 11.9/25 ROCE 20.6% · OPM 14% 76% evidence | 8.6/20 P/E 386× · PEG — 15% evidence | 13.6/20 RS sector 40.8% · RS bench 50.5% · 1Y 116.6%10 of 12 weeks ahead 100% evidence |
| Exact sum: 25.5 + 11.9 + 8.6 + 13.6 = 59.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 17InfoBeans Technologies LtdINFOBEAN | 58.9/100Mixed-positive evidence87% evidence | ASLEEP | 26.5/35 Revenue 35.5% · PAT 60.4% · OPM change 0 pp 95% evidence | 16.9/25 ROCE 29.2% · OPM 21% 95% evidence | 9.7/20 P/E 17.6× · PEG — 50% evidence | 5.8/20 RS sector -12.9% · RS bench -6.5% · 1Y 10.4%3 of 12 weeks ahead 100% evidence |
| Exact sum: 26.5 + 16.9 + 9.7 + 5.8 = 58.9 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -12.9% and the one-year return is 10.4%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 18R Systems International LtdRSYSTEMS | 57.5/100Mixed-positive evidence100% evidence | BASING | 18.9/35 Revenue 24.1% · PAT -1% · OPM change 3 pp 100% evidence | 16.5/25 ROCE 19.5% · OPM 18% 100% evidence | 17.7/20 P/E 13.5× · PEG 0.26 100% evidence | 4.4/20 RS sector -28.2% · RS bench -23.7% · 1Y -46.9%0 of 12 weeks ahead 100% evidence |
| Exact sum: 18.9 + 16.5 + 17.7 + 4.4 = 57.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 19Ksolves India LtdKSOLVES | 57.3/100Mixed-positive evidence87% evidence | ASLEEP | 17.8/35 Revenue 16% · PAT 16.7% · OPM change 3.9 pp 95% evidence | 20.7/25 ROCE 131% · OPM 30.3% 95% evidence | 13.8/20 P/E 16.5× · PEG — 50% evidence | 5.0/20 RS sector -16.6% · RS bench -10.9% · 1Y -19.3%0 of 12 weeks ahead 100% evidence |
| Exact sum: 17.8 + 20.7 + 13.8 + 5 = 57.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 20BLS E-Services LtdBLSE | 56.8/100Mixed-positive evidence75% evidence | LEADER | 18.1/35 Revenue 71.2% · PAT 9.4% · OPM change 0 pp 95% evidence | 10.3/25 ROCE 16.4% · OPM 7% 76% evidence | 9.0/20 P/E 48.9× · PEG — 15% evidence | 19.4/20 RS sector 41.8% · RS bench 50.4% · 1Y 75.9%12 of 12 weeks ahead 100% evidence |
| Exact sum: 18.1 + 10.3 + 9 + 19.4 = 56.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 21Subex LtdSUBEXLTD | 56.5/100Mixed-positive evidence65% evidence | BREAKING OUT | 24.4/35 Revenue 2.8% · PAT 100% · OPM change 13 pp 95% evidence | 10.3/25 ROCE 12.8% · OPM 19% 95% evidence | 9.4/20 P/E 36.2× · PEG — 15% evidence | 12.4/20 RS sector — · RS bench 80.4% · 1Y —9 of 9 weeks ahead 25% evidence |
| Exact sum: 24.4 + 10.3 + 9.4 + 12.4 = 56.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 22Saksoft LtdSAKSOFT | 55.7/100Mixed-positive evidence100% evidence | BREAKING OUT | 17.9/35 Revenue 8.2% · PAT 13% · OPM change 0 pp 100% evidence | 15.6/25 ROCE 25.5% · OPM 18% 100% evidence | 13.5/20 P/E 14.5× · PEG 0.6 100% evidence | 8.7/20 RS sector -16% · RS bench -10.8% · 1Y -30.5%12 of 12 weeks ahead 100% evidence |
| Exact sum: 17.9 + 15.6 + 13.5 + 8.7 = 55.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 23Infosys LtdINFY | 55.1/100Mixed-positive evidence82% evidence | ASLEEP | 18.1/35 Revenue 11.2% · PAT 11.1% · OPM change 0 pp 95% evidence | 20.1/25 ROCE 40% · OPM 24% 76% evidence | 14.0/20 P/E 13.5× · PEG — 50% evidence | 2.9/20 RS sector -26.2% · RS bench -21.2% · 1Y -28.2%0 of 12 weeks ahead 100% evidence |
| Exact sum: 18.1 + 20.1 + 14 + 2.9 = 55.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 24LTM LtdLTM | 54.4/100Mixed-positive evidence100% evidence | BREAKING OUT | 17.1/35 Revenue 13.9% · PAT 10% · OPM change 1 pp 100% evidence | 17.9/25 ROCE 29.6% · OPM 18% 100% evidence | 10.7/20 P/E 22.6× · PEG 1.18 100% evidence | 8.7/20 RS sector -17.1% · RS bench -11.7% · 1Y -17.7%5 of 12 weeks ahead 100% evidence |
| Exact sum: 17.1 + 17.9 + 10.7 + 8.7 = 54.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 25AvenuesAI LtdCCAVENUE | 53.6/100Mixed-positive evidence93% evidence | BREAKING OUT | 20.9/35 Revenue 100% · PAT 43.8% · OPM change -2.3 pp 100% evidence | 5.0/25 ROCE 7.7% · OPM 3.7% 100% evidence | 14.8/20 P/E 19.2× · PEG 0.37 65% evidence | 12.9/20 RS sector -4.7% · RS bench 1.7% · 1Y 0.7%12 of 12 weeks ahead 100% evidence |
| Exact sum: 20.9 + 5 + 14.8 + 12.9 = 53.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 26Xchanging Solutions LtdXCHANGING | 53.6/100Mixed-positive evidence81% evidence | TURNING | 18.6/35 Revenue 8.4% · PAT 13.2% · OPM change 1 pp 95% evidence | 15.5/25 ROCE 18% · OPM 34% 95% evidence | 13.6/20 P/E 11.4× · PEG — 50% evidence | 5.9/20 RS sector -24.4% · RS bench -11.2% · 1Y -30.2%1 of 10 weeks ahead 70% evidence |
| Exact sum: 18.6 + 15.5 + 13.6 + 5.9 = 53.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 27Blue Cloud Softech Solutions LtdBLUECLOUDS | 53.0/100Mixed-positive evidence74% evidence | 22.0/35 Revenue 41.1% · PAT 36.2% · OPM change 10 pp 95% evidence | 12.4/25 ROCE 14.2% · OPM 20% 95% evidence | 9.6/20 P/E 27.6× · PEG — 15% evidence | 9.0/20 RS sector -3.8% · RS bench -8.7% · 1Y -33.2%1 of 12 weeks ahead 70% evidence | |
| Exact sum: 22 + 12.4 + 9.6 + 9 = 53 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 28TechNVision Ventures LtdTECHNVISN | 52.9/100Mixed-positive evidence74% evidence | ASLEEP | 25.9/35 Revenue 23.4% · PAT 100% · OPM change 2.9 pp 95% evidence | 5.5/25 ROCE 12.9% · OPM 5.2% 95% evidence | 8.5/20 P/E 1002× · PEG — 15% evidence | 13.0/20 RS sector 32.1% · RS bench -14% · 1Y -20.6%0 of 9 weeks ahead 70% evidence |
| Exact sum: 25.9 + 5.5 + 8.5 + 13 = 52.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 29Seshaasai Technologies LtdSTYL | 52.3/100Mixed-positive evidence73% evidence | BREAKING OUT | 12.6/35 Revenue 6.7% · PAT 20.6% · OPM change 0 pp 100% evidence | 17.1/25 ROCE 27.7% · OPM 23% 100% evidence | 12.6/20 P/E 23.7× · PEG 0.81 65% evidence | 10.0/20 RS sector — · RS bench — · 1Y -9.1%10 of 10 weeks ahead 0% evidence |
| Exact sum: 12.6 + 17.1 + 12.6 + 10 = 52.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 30Tanla Platforms LtdTANLA | 52.2/100Mixed-positive evidence94% evidence | ASLEEP | 14.4/35 Revenue 13.2% · PAT 9.9% · OPM change 0 pp 100% evidence | 16.5/25 ROCE 26.3% · OPM 16% 100% evidence | 13.1/20 P/E 12.5× · PEG 1.21 100% evidence | 8.2/20 RS sector -12% · RS bench -5.7% · 1Y -23.7%6 of 10 weeks ahead 70% evidence |
| Exact sum: 14.4 + 16.5 + 13.1 + 8.2 = 52.2 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 31Tata Consultancy Services LtdTCS | 50.6/100Mixed-positive evidence100% evidence | TURNING | 10.0/35 Revenue 7.7% · PAT 1.1% · OPM change -1 pp 100% evidence | 22.5/25 ROCE 63% · OPM 26% 100% evidence | 11.9/20 P/E 14.8× · PEG 1.85 100% evidence | 6.2/20 RS sector -21.5% · RS bench -16.2% · 1Y -27.8%0 of 12 weeks ahead 100% evidence |
| Exact sum: 10 + 22.5 + 11.9 + 6.2 = 50.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 32Capillary Technologies India LtdCAPILLARY | 50.4/100Mixed-positive evidence63% evidence | ASLEEP | 27.4/35 Revenue 27.8% · PAT 135.8% · OPM change 5.8 pp 100% evidence | 4.1/25 ROCE 3.4% · OPM 15.7% 100% evidence | 8.9/20 P/E 71.8× · PEG — 15% evidence | 10.0/20 RS sector — · RS bench — · 1Y —0 of 10 weeks ahead 0% evidence |
| Exact sum: 27.4 + 4.1 + 8.9 + 10 = 50.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 33RNIT AI Solutions LtdAUTOPALIND | 50.4/100Thin evidence · provisional55% evidence | BREAKING OUT | 16.9/35 Revenue 56.7% · PAT 71.3% · OPM change -0.6 pp 95% evidence | 14.6/25 ROCE 20.2% · OPM 35.3% 76% evidence | 8.9/20 P/E 68× · PEG — 15% evidence | 10.0/20 RS sector — · RS bench — · 1Y —5 of 12 weeks ahead 0% evidence |
| Exact sum: 16.9 + 14.6 + 8.9 + 10 = 50.4 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 34Birlasoft LtdBSOFT | 50.3/100Mixed-positive evidence100% evidence | ASLEEP | 19.7/35 Revenue 1.4% · PAT 21.1% · OPM change 4 pp 100% evidence | 13.0/25 ROCE 21.2% · OPM 16% 100% evidence | 14.6/20 P/E 13.2× · PEG 0.62 100% evidence | 3.0/20 RS sector -26% · RS bench -20.6% · 1Y -25%0 of 12 weeks ahead 100% evidence |
| Exact sum: 19.7 + 13 + 14.6 + 3 = 50.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 35Mphasis LtdMPHASIS | 49.0/100Mixed-negative evidence94% evidence | FADING | 15.0/35 Revenue 13.7% · PAT 9.9% · OPM change -1 pp 100% evidence | 17.3/25 ROCE 22.1% · OPM 18% 100% evidence | 6.0/20 P/E 22.6× · PEG 2.19 100% evidence | 10.7/20 RS sector 0% · RS bench -7% · 1Y -18%3 of 10 weeks ahead 70% evidence |
| Exact sum: 15 + 17.3 + 6 + 10.7 = 49 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. | ||||||
| 36Hexaware Technologies LtdHEXT | 48.9/100Mixed-negative evidence94% evidence | FADING | 14.2/35 Revenue 13% · PAT 1.2% · OPM change 4 pp 100% evidence | 17.8/25 ROCE 30.1% · OPM 16% 100% evidence | 10.7/20 P/E 21.4× · PEG 0.81 100% evidence | 6.2/20 RS sector -21.4% · RS bench -14.7% · 1Y -31.1%6 of 10 weeks ahead 70% evidence |
| Exact sum: 14.2 + 17.8 + 10.7 + 6.2 = 48.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 37HCL Technologies Ltdthis pageHCLTECH | 48.2/100Mixed-negative evidence82% evidence | BREAKING OUT | 12.2/35 Revenue 12.6% · PAT 2.6% · OPM change 0 pp 95% evidence | 19.0/25 ROCE 30.4% · OPM 20% 76% evidence | 9.0/20 P/E 18× · PEG — 50% evidence | 8.0/20 RS sector -18.3% · RS bench -12.7% · 1Y -15%7 of 12 weeks ahead 100% evidence |
| Exact sum: 12.2 + 19 + 9 + 8 = 48.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 38Mastek LtdMASTEK | 47.9/100Mixed-negative evidence82% evidence | FADING | 13.8/35 Revenue 6% · PAT 5% · OPM change 0 pp 95% evidence | 13.3/25 ROCE 17.7% · OPM 15% 76% evidence | 12.6/20 P/E 11.5× · PEG — 50% evidence | 8.2/20 RS sector -16.4% · RS bench -11.1% · 1Y -33.2%4 of 12 weeks ahead 100% evidence |
| Exact sum: 13.8 + 13.3 + 12.6 + 8.2 = 47.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 39Dynacons Systems & Solutions LtdDSSL | 47.2/100Mixed-negative evidence87% evidence | ASLEEP | 16.8/35 Revenue 10.5% · PAT 16.2% · OPM change 3 pp 95% evidence | 15.4/25 ROCE 29.8% · OPM 13% 95% evidence | 8.1/20 P/E 15.9× · PEG — 50% evidence | 6.9/20 RS sector -7% · RS bench -0.5% · 1Y 9%6 of 12 weeks ahead 100% evidence |
| Exact sum: 16.8 + 15.4 + 8.1 + 6.9 = 47.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 40Zensar Technologies LtdZENSARTECH | 46.6/100Mixed-negative evidence100% evidence | ASLEEP | 15.6/35 Revenue 8% · PAT 15.3% · OPM change 0 pp 100% evidence | 13.6/25 ROCE 22.8% · OPM 15% 100% evidence | 14.3/20 P/E 12.2× · PEG 1.11 100% evidence | 3.1/20 RS sector -33% · RS bench -28.6% · 1Y -45.2%0 of 12 weeks ahead 100% evidence |
| Exact sum: 15.6 + 13.6 + 14.3 + 3.1 = 46.6 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 41Unicommerce eSolutions LtdUNIECOM | 46.6/100Mixed-negative evidence74% evidence | ASLEEP | 14.4/35 Revenue 38.4% · PAT 18.1% · OPM change -8.1 pp 95% evidence | 16.5/25 ROCE 21.1% · OPM 10.6% 95% evidence | 9.1/20 P/E 44.1× · PEG — 15% evidence | 6.6/20 RS sector -14.5% · RS bench -19.2% · 1Y -44.1%0 of 10 weeks ahead 70% evidence |
| Exact sum: 14.4 + 16.5 + 9.1 + 6.6 = 46.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 42XT Global Infotech LtdXTGLOBAL | 46.5/100Mixed-negative evidence61% evidence | 18.4/35 Revenue 85.4% · PAT 29.4% · OPM change -6.6 pp 53% evidence | 9.4/25 ROCE 7.5% · OPM 9.5% 71% evidence | 9.1/20 P/E 40.8× · PEG — 50% evidence | 9.6/20 RS sector -1% · RS bench -12.7% · 1Y -21.9%2 of 12 weeks ahead to 2026-03-29 70% evidence | |
| Exact sum: 18.4 + 9.4 + 9.1 + 9.6 = 46.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 43Wipro LtdWIPRO | 45.0/100Mixed-negative evidence100% evidence | BASING | 12.9/35 Revenue 6.4% · PAT -1.7% · OPM change 0 pp 100% evidence | 15.3/25 ROCE 17.8% · OPM 19% 100% evidence | 13.5/20 P/E 12.5× · PEG 1.4 100% evidence | 3.3/20 RS sector -25.8% · RS bench -20.8% · 1Y -31.3%0 of 12 weeks ahead 100% evidence |
| Exact sum: 12.9 + 15.3 + 13.5 + 3.3 = 45 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 44Excelsoft Technologies LtdEXCELSOFT | 44.3/100Mixed-negative evidence60% evidence | TURNING | 12.0/35 Revenue 26.8% · PAT 4.2% · OPM change -1.8 pp 95% evidence | 12.2/25 ROCE 13.6% · OPM 16.3% 95% evidence | 10.1/20 P/E 18.7× · PEG — 15% evidence | 10.0/20 RS sector — · RS bench — · 1Y —0 of 10 weeks ahead 0% evidence |
| Exact sum: 12 + 12.2 + 10.1 + 10 = 44.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 45Sonata Software LtdSONATSOFTW | 43.1/100Mixed-negative evidence100% evidence | BREAKING OUT | 9.0/35 Revenue 4% · PAT 7.9% · OPM change 0 pp 100% evidence | 13.6/25 ROCE 30.7% · OPM 5% 100% evidence | 13.1/20 P/E 14.7× · PEG 0.81 100% evidence | 7.4/20 RS sector -17.3% · RS bench -12.1% · 1Y -25.9%11 of 12 weeks ahead 100% evidence |
| Exact sum: 9 + 13.6 + 13.1 + 7.4 = 43.1 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 4663 Moons Technologies Ltd63MOONS | 43.1/100Thin evidence · provisional58% evidence | BREAKING OUT | 20.6/35 Revenue 100% · PAT -80% · OPM change 128 pp 71% evidence | 3.4/25 ROCE -3.7% · OPM -52% 76% evidence | 10.0/20 P/E — · PEG — 0% evidence | 9.1/20 RS sector -22.4% · RS bench 28.9% · 1Y -1.6%10 of 11 weeks ahead 70% evidence |
| Exact sum: 20.6 + 3.4 + 10 + 9.1 = 43.1 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 47Magellanic Cloud LtdMCLOUD | 38.9/100Mixed-negative evidence81% evidence | TURNING | 9.6/35 Revenue 13.7% · PAT 6.7% · OPM change -7 pp 95% evidence | 13.9/25 ROCE 19.8% · OPM 28% 95% evidence | 11.9/20 P/E 13.6× · PEG — 50% evidence | 3.5/20 RS sector -54.4% · RS bench -23.4% · 1Y -68%6 of 11 weeks ahead 70% evidence |
| Exact sum: 9.6 + 13.9 + 11.9 + 3.5 = 38.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 48Innovana Thinklabs LtdINNOVANA | 38.7/100Mixed-negative evidence81% evidence | TURNING | 8.7/35 Revenue 26% · PAT -39% · OPM change -32.5 pp 95% evidence | 11.3/25 ROCE 15.8% · OPM 17.6% 95% evidence | 9.0/20 P/E 21.9× · PEG — 50% evidence | 9.7/20 RS sector -0.4% · RS bench -15.1% · 1Y -40.3%0 of 10 weeks ahead 70% evidence |
| Exact sum: 8.7 + 11.3 + 9 + 9.7 = 38.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 49Kellton Tech Solutions LtdKELLTONTEC | 36.2/100Mixed-negative evidence87% evidence | BASING | 10.0/35 Revenue 9.5% · PAT 9.6% · OPM change -1 pp 95% evidence | 9.7/25 ROCE 15% · OPM 11% 95% evidence | 11.9/20 P/E 8× · PEG — 50% evidence | 4.6/20 RS sector -24.3% · RS bench -19.4% · 1Y -45.5%0 of 12 weeks ahead 100% evidence |
| Exact sum: 10 + 9.7 + 11.9 + 4.6 = 36.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 50Aurionpro Solutions LtdAURIONPRO | 36.1/100Mixed-negative evidence93% evidence | ASLEEP | 12.9/35 Revenue 14.8% · PAT 5.1% · OPM change -3 pp 100% evidence | 10.7/25 ROCE 16.3% · OPM 17% 100% evidence | 10.0/20 P/E 18× · PEG 1.39 65% evidence | 2.5/20 RS sector -30.2% · RS bench -25.6% · 1Y -47.2%2 of 12 weeks ahead 100% evidence |
| Exact sum: 12.9 + 10.7 + 10 + 2.5 = 36.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 51Allied Digital Services LtdADSL | 35.5/100Mixed-negative evidence74% evidence | BASING | 14.2/35 Revenue 19.1% · PAT 5.6% · OPM change 0 pp 95% evidence | 6.5/25 ROCE 7.4% · OPM 9% 95% evidence | 10.7/20 P/E 14.6× · PEG — 15% evidence | 4.1/20 RS sector -29.8% · RS bench -24.4% · 1Y -39.4%1 of 10 weeks ahead 70% evidence |
| Exact sum: 14.2 + 6.5 + 10.7 + 4.1 = 35.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 52Mindteck (India) LtdMINDTECK | 32.3/100Adverse evidence87% evidence | ASLEEP | 7.9/35 Revenue -1.8% · PAT 0.3% · OPM change -1.7 pp 95% evidence | 10.4/25 ROCE 15.1% · OPM 7.8% 95% evidence | 11.8/20 P/E 15.3× · PEG — 50% evidence | 2.2/20 RS sector -27.9% · RS bench -23.1% · 1Y -24.6%3 of 12 weeks ahead 100% evidence |
| Exact sum: 7.9 + 10.4 + 11.8 + 2.2 = 32.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 53Moschip Technologies LtdMOSCHIP | 31.1/100Adverse evidence87% evidence | TURNING | 7.7/35 Revenue 8.4% · PAT -33.6% · OPM change -3.9 pp 100% evidence | 7.0/25 ROCE 11% · OPM 8.2% 100% evidence | 3.7/20 P/E 129× · PEG 5.04 65% evidence | 12.7/20 RS sector 1.9% · RS bench 0.9% · 1Y -15.1%3 of 10 weeks ahead 70% evidence |
| Exact sum: 7.7 + 7 + 3.7 + 12.7 = 31.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 54Orient Technologies LtdORIENTTECH | 30.7/100Thin evidence · provisional54% evidence | BASING | 15.1/35 Revenue — · PAT — · OPM change -0.5 pp 19% evidence | 2.4/25 ROCE 8.4% · OPM 6.7% 95% evidence | 9.0/20 P/E 45.6× · PEG — 15% evidence | 4.2/20 RS sector -21.8% · RS bench -16.7% · 1Y -9.4%0 of 12 weeks ahead 100% evidence |
| Exact sum: 15.1 + 2.4 + 9 + 4.2 = 30.7 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 55Quick Heal Technologies LtdQUICKHEAL | 20.4/100Adverse evidence69% evidence | BASING | 6.2/35 Revenue -6.6% · PAT -80% · OPM change -22.1 pp 71% evidence | 1.8/25 ROCE -6% · OPM -39% 95% evidence | 10.0/20 P/E — · PEG — 0% evidence | 2.4/20 RS sector -32.9% · RS bench -29.1% · 1Y -50.2%2 of 12 weeks ahead 100% evidence |
| Exact sum: 6.2 + 1.8 + 10 + 2.4 = 20.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 56Covance Softsol Ltd544361 | 66.8/100Thin evidence · provisional49% evidence | 25.8/35 Revenue 43.5% · PAT 100% · OPM change 19.7 pp 62% evidence | 17.8/25 ROCE 31.4% · OPM 23.1% 76% evidence | 11.1/20 P/E 12.9× · PEG — 15% evidence | 12.1/20 RS sector — · RS bench 48.4% · 1Y — 25% evidence | |
| Exact sum: 25.8 + 17.8 + 11.1 + 12.1 = 66.8 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 57Exato Technologies Ltd544626 | 57.8/100Thin evidence · provisional38% evidence | TURNING | 21.0/35 Revenue — · PAT — · OPM change 3.4 pp 45% evidence | 17.5/25 ROCE 26.8% · OPM 18% 76% evidence | 9.3/20 P/E 40× · PEG — 15% evidence | 10.0/20 RS sector — · RS bench — · 1Y —4 of 4 weeks ahead 0% evidence |
| Exact sum: 21 + 17.5 + 9.3 + 10 = 57.8 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 58Unified Data- Tech Solutions LtdUNIFIED | 56.1/100Thin evidence · provisional36% evidence | 16.9/35 Revenue — · PAT — · OPM change 1 pp 26% evidence | 18.8/25 ROCE 45.2% · OPM 15% 76% evidence | 10.2/20 P/E 18.6× · PEG — 15% evidence | 10.2/20 RS sector — · RS bench -1.2% · 1Y 15.3%0 of 12 weeks ahead 25% evidence | |
| Exact sum: 16.9 + 18.8 + 10.2 + 10.2 = 56.1 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 59Kody Technolab LtdKODYTECH | 54.2/100Thin evidence · provisional48% evidence | BREAKING OUT | 15.2/35 Revenue — · PAT — · OPM change -5 pp 19% evidence | 14.4/25 ROCE 16.8% · OPM 29% 95% evidence | 8.7/20 P/E 125× · PEG — 15% evidence | 15.9/20 RS sector 10.3% · RS bench 61.9% · 1Y 107.4%10 of 10 weeks ahead 70% evidence |
| Exact sum: 15.2 + 14.4 + 8.7 + 15.9 = 54.2 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 60Metalic Technoforge LtdMETA | 53.0/100Thin evidence · provisional27% evidence | 16.2/35 Revenue — · PAT — · OPM change -2 pp 13% evidence | 17.1/25 ROCE 36.1% · OPM 8% 76% evidence | 9.7/20 P/E 25.3× · PEG — 15% evidence | 10.0/20 RS sector — · RS bench — · 1Y -12.7%0 of 12 weeks ahead 0% evidence | |
| Exact sum: 16.2 + 17.1 + 9.7 + 10 = 53 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 61Veefin Solutions LtdVEEFIN | 47.3/100Thin evidence · provisional50% evidence | 17.7/35 Revenue — · PAT — · OPM change -5.1 pp 19% evidence | 10.6/25 ROCE 9.8% · OPM 19.7% 76% evidence | 12.2/20 P/E 27.7× · PEG — 50% evidence | 6.8/20 RS sector -7.2% · RS bench -24.9% · 1Y -40%0 of 12 weeks ahead 70% evidence | |
| Exact sum: 17.7 + 10.6 + 12.2 + 6.8 = 47.3 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 62Trident Techlabs LtdTECHLABS | 45.8/100Thin evidence · provisional40% evidence | 16.0/35 Revenue — · PAT — · OPM change -2 pp 15% evidence | 16.2/25 ROCE 26.7% · OPM 27% 71% evidence | 10.5/20 P/E 14.9× · PEG — 15% evidence | 3.1/20 RS sector -50.2% · RS bench -56.5% · 1Y -72.5%0 of 12 weeks ahead to 2026-03-29 70% evidence | |
| Exact sum: 16 + 16.2 + 10.5 + 3.1 = 45.8 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 63ERP Soft Systems Ltd530909 | 44.2/100Thin evidence · provisional41% evidence | 19.8/35 Revenue 19.1% · PAT 100% · OPM change -1.1 pp 53% evidence | 8.0/25 ROCE 1.6% · OPM 1.7% 57% evidence | 8.8/20 P/E 74.9× · PEG — 15% evidence | 7.6/20 RS sector — · RS bench -47.6% · 1Y -59.7%0 of 12 weeks ahead to 2026-03-29 25% evidence | |
| Exact sum: 19.8 + 8 + 8.8 + 7.6 = 44.2 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 64IDream Film Infrastructure Company Ltd504375 | 38.2/100Thin evidence · provisional35% evidence | TURNING | 12.8/35 Revenue — · PAT 100% · OPM change — 33% evidence | 3.1/25 ROCE -9.2% · OPM -25.8% 76% evidence | 10.0/20 P/E — · PEG — 0% evidence | 12.3/20 RS sector — · RS bench 78% · 1Y —8 of 8 weeks ahead 25% evidence |
| Exact sum: 12.8 + 3.1 + 10 + 12.3 = 38.2 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is HCL Technologies Ltd's share price today?
HCL Technologies Ltd trades at ₹1,206, −17.8% over the past year. The company is valued at ₹3,27,295 Cr. The stock sits at 26% of its 52-week range of ₹1,034–₹1,707, −10.3% versus its 200-day average. On the tape, the price is in a downtrend, 28 weeks in. — as of 11 September 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 11 September 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 11 September 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 11 September 2026.
What is HCL Technologies Ltd's market cap?
HCL Technologies Ltd's market capitalisation is ₹3,27,295 Cr at a share price of ₹1,206. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 2026.
What is HCL Technologies Ltd's P/E ratio?
HCL Technologies Ltd trades at a P/E of 18.0×, at the 45th percentile of its own 11-year range, against a long-run median of 19.1×. This is a comparison with the stock's own history, not a value call — as of 11 September 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 11 September 2026.
Is HCL Technologies Ltd overvalued?
On its own history, HCL Technologies Ltd looks mid-range: its P/E of 18.0× sits at the 45th percentile of its 11-year range (long-run median 19.1×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 11 September 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 11 September 2026.
How is HCL Technologies Ltd performing?
HCL Technologies Ltd is in a downtrend, 28 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 9 weeks. This describes what the data did, not a rating. — as of 11 September 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 11 September 2026.
Is HCL Technologies Ltd in an uptrend?
No — the price is in a downtrend (week 28 of stage 4), trading −10.3% versus its 200-day average and at 26% 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 11 September 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 9 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.5 years the stock moved +193% against the NIFTY 500's +267% — behind the index over the full window. — as of 11 September 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 ₹1,206, the price is in a downtrend 28 weeks in. Its P/E of 18.0× sits at the 45th percentile of its own 11-year range. — as of 11 September 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 11 September 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 11 September 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 11 September 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 11 September 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 11 September 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 11 September 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 11 September 2026.
Is HCL Technologies Ltd a stock worth studying right now?
This is not investment advice. The machine read: HCL Technologies Ltd's stock has fallen further than its earnings. EPS fell 4.3% in a year while the price moved −17.8%. 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 11 September 2026.
Not SEBI Registered !! Not Investment advice !!