HCL Technologies Ltd (HCLTECH) Stock Price, Fundamentals, Valuation & Analysis

🧬 TickerPulse Stock DNA

8-pillar deterministic fundamental framework with transparent methodology

Composite: Not available

⚡ What Changed? (Recent Signal Radar)

Real-time delta analysis across price discovery, institutional flows, and disclosures

Evidence-Backed Signals • Q3 FY25

Price Move ↓

-0.85%

Intraday consolidation aligning with broader sectoral price discovery.

Inspect Evidence →

Institutional Flow (FII/DII) 🏛️

Holding at 14.9%

Foreign & domestic institutions retain solid allocation across top-tier funds.

Inspect Evidence →

Capital Productivity ⚙️

ROE: 23.8%

Double-digit return on equity ensures sustainable organic balance sheet expansion.

Inspect Evidence →

Exchange Filings & Disclosures 📑

3 Verified Filings

Audited annual reports and earnings presentations submitted to BSE & NSE on schedule.

Inspect Evidence →

Forensic Solvency Radar 🛡️

0 Red Flags Detected

Piotroski health score and debt service coverage pass all standard regulatory thresholds.

Inspect Evidence →

📈 Price & Technical Intelligence

Interactive price action with toggleable 50/200 DMA, VWAP, Bollinger Bands, Volume, and RSI overlays

Overlays: 50 DMA 200 DMA Volume VWAP Bollinger (20,2) RSI (14)

Daily OHLC history · Upstox · Latest session: 09 Nov 2026

50-Day DMA ● Overlay

₹1,346.18

200-Day DMA ● Overlay

₹1,248.53

14-Day RSI ● Overlay

49 (Neutral)

Trend Signal

Strong Bullish

📐 Key Fundamentals & Valuation Multiples

Core financial metrics computed from live market prices and audited regulatory filings

Source: Exchange Disclosures • Q3 FY25

Market Cap Live Size

₹3.37 Lakh Cr

Large cap

Stock P/E (TTM) Valuation

18.6x

Price / EPS

Book Value (₹) Assets

₹277.0

P/B: 4.5x

ROE (%) Quality

23.8%

Net Profit / Equity

ROCE (%) Efficiency

30.4%

EBIT / Capital

Dividend Yield Yield

4.34%

Face Value: ₹10

Debt / Equity Solvency

0.07x

Low Debt

EPS (TTM) Per Share

₹66.83

Trailing 12M

OPM (%) Spread

20.0%

EBITDA Margin

Free Cash Flow Cash

₹18,576 Cr

CFO - Capex

About HCL Technologies Ltd

HCL Technologies Ltd (HCLTECH) is a leading Indian enterprise operating in the Information Technology sector.

🧬 DuPont 3-Stage ROE Decomposition:

Margin: 14.4% × Turnover: 0.85x × Leverage: 1.07x = ROE: 23.8%

✓ Company Strengths (Pros)

• Company has maintained a healthy low debt-to-equity ratio of 0.07.
• Company has a stellar track record of return on equity (ROE of 23.8%).

⚠ Key Considerations & Risks (Cons)

• Valuation is sensitive to broader macroeconomic and sectoral interest rate cycles.

📑 10-Year Comprehensive Financial Statements

✓ 100% Coverage (15/15 Metrics)

Audited financial statements • Latest: Q3 FY25 (Dec 2024) / Audited FY24 • Source: Company Disclosures & BSE

Latest Sales

₹1.34 Lakh Cr

Latest PAT

₹17,434 Cr

EPS (TTM)

₹66.83

OPM %

20.0%

5Y Sales CAGR

14%

5Y Profit CAGR

18%

Swipe → to view historical periods

Quarter (₹ Cr)	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales / Revenue	₹26,296 Cr	₹26,672 Cr	₹28,446 Cr	₹28,499 Cr	₹28,057 Cr	₹28,862 Cr	₹29,890 Cr	₹30,246 Cr	₹30,349 Cr	₹31,942 Cr	₹33,872 Cr	₹33,981 Cr	₹34,579 Cr
Operating Profit (EBITDA)	₹5,365 Cr	₹5,929 Cr	₹6,787 Cr	₹6,117 Cr	₹5,793 Cr	₹6,369 Cr	₹6,860 Cr	₹6,482 Cr	₹6,035 Cr	₹6,545 Cr	₹7,412 Cr	₹6,712 Cr	₹6,870 Cr
OPM %	20.0%	22.0%	24.0%	21.0%	21.0%	22.0%	23.0%	21.0%	20.0%	20.0%	22.0%	20.0%	20.0%
Interest Expense	₹86.00 Cr	₹156.00 Cr	₹140.00 Cr	₹171.00 Cr	₹191.00 Cr	₹131.00 Cr	₹166.00 Cr	₹156.00 Cr	₹209.00 Cr	₹215.00 Cr	₹205.00 Cr	₹240.00 Cr	₹84.00 Cr
Depreciation	₹927.00 Cr	₹1,010 Cr	₹1,143 Cr	₹1,093 Cr	₹998.00 Cr	₹1,007 Cr	₹1,039 Cr	₹1,040 Cr	₹1,093 Cr	₹1,043 Cr	₹1,127 Cr	₹1,092 Cr	₹1,039 Cr
Profit before Tax (PBT)	₹4,696 Cr	₹5,128 Cr	₹5,874 Cr	₹5,269 Cr	₹5,707 Cr	₹5,687 Cr	₹6,132 Cr	₹5,735 Cr	₹5,189 Cr	₹5,702 Cr	₹5,509 Cr	₹5,702 Cr	₹6,108 Cr
Net Profit (PAT)	₹3,531 Cr	₹3,833 Cr	₹4,351 Cr	₹3,995 Cr	₹4,259 Cr	₹4,237 Cr	₹4,594 Cr	₹4,309 Cr	₹3,844 Cr	₹4,236 Cr	₹4,082 Cr	₹4,490 Cr	₹4,626 Cr
EPS in ₹	₹13.02	₹14.12	₹16.03	₹14.69	₹15.69	₹15.61	₹16.92	₹15.87	₹14.16	₹15.61	₹15.02	₹16.54	₹17.04

Annual P&L (₹ Cr)	Jun 2015	Mar 2016 9m	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	₹36,701 Cr	₹31,136 Cr	₹47,568 Cr	₹50,569 Cr	₹60,427 Cr	₹70,676 Cr	₹75,379 Cr	₹85,651 Cr	₹1.01 Lakh Cr	₹1.10 Lakh Cr	₹1.17 Lakh Cr	₹1.30 Lakh Cr	₹1.34 Lakh Cr
Expenses	₹28,215 Cr	₹24,482 Cr	₹37,178 Cr	₹39,323 Cr	₹46,501 Cr	₹53,360 Cr	₹55,331 Cr	₹65,122 Cr	₹78,828 Cr	₹85,715 Cr	₹91,551 Cr	₹1.03 Lakh Cr	₹1.07 Lakh Cr
Operating Profit	₹8,486 Cr	₹6,654 Cr	₹10,390 Cr	₹11,246 Cr	₹13,926 Cr	₹17,316 Cr	₹20,048 Cr	₹20,529 Cr	₹22,628 Cr	₹24,198 Cr	₹25,504 Cr	₹26,752 Cr	₹27,539 Cr
OPM %	23%	21%	22%	22%	23%	24%	27%	24%	22%	22%	22%	21%	20%
Interest	₹91.00 Cr	₹74.00 Cr	₹89.00 Cr	₹69.00 Cr	₹174.00 Cr	₹505.00 Cr	₹511.00 Cr	₹319.00 Cr	₹353.00 Cr	₹553.00 Cr	₹644.00 Cr	₹869.00 Cr	₹744.00 Cr
Depreciation	₹404.00 Cr	₹410.00 Cr	₹828.00 Cr	₹1,383 Cr	₹2,073 Cr	₹3,420 Cr	₹4,611 Cr	₹4,326 Cr	₹4,145 Cr	₹4,173 Cr	₹4,084 Cr	₹4,355 Cr	₹4,301 Cr
Profit before Tax	₹9,117 Cr	₹7,041 Cr	₹10,542 Cr	₹11,024 Cr	₹12,622 Cr	₹13,980 Cr	₹15,853 Cr	₹16,951 Cr	₹19,488 Cr	₹20,967 Cr	₹23,261 Cr	₹22,102 Cr	₹23,021 Cr
Net Profit	₹7,342 Cr	₹5,602 Cr	₹8,606 Cr	₹8,722 Cr	₹10,120 Cr	₹11,057 Cr	₹11,169 Cr	₹13,523 Cr	₹14,845 Cr	₹15,710 Cr	₹17,399 Cr	₹16,652 Cr	₹17,434 Cr
EPS in Rs	26.02	19.86	30.16	31.32	37.31	40.75	41.07	49.74	54.73	57.86	64.08	61.33	64.21

Balance Sheet (₹ Cr)	Jun 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	₹281.00 Cr	₹282.00 Cr	₹285.00 Cr	₹278.00 Cr	₹271.00 Cr	₹543.00 Cr	₹543.00 Cr	₹543.00 Cr	₹543.00 Cr	₹543.00 Cr	₹543.00 Cr	₹543.00 Cr
Reserves & Surplus	₹23,943 Cr	₹27,109 Cr	₹32,664 Cr	₹36,108 Cr	₹41,095 Cr	₹50,724 Cr	₹59,370 Cr	₹61,371 Cr	₹64,862 Cr	₹67,720 Cr	₹69,112 Cr	₹74,622 Cr
Borrowings (Debt)	₹648.00 Cr	₹1,090 Cr	₹582.00 Cr	₹557.00 Cr	₹4,195 Cr	₹7,986 Cr	₹6,864 Cr	₹6,343 Cr	₹4,794 Cr	₹5,756 Cr	₹6,276 Cr	₹5,215 Cr
Total Liabilities	₹35,245 Cr	₹39,341 Cr	₹45,762 Cr	₹47,989 Cr	₹58,349 Cr	₹82,819 Cr	₹86,047 Cr	₹88,921 Cr	₹93,250 Cr	₹99,006 Cr	₹1.04 Lakh Cr	₹1.15 Lakh Cr
Fixed Assets	₹8,275 Cr	₹9,716 Cr	₹15,235 Cr	₹18,753 Cr	₹22,888 Cr	₹37,490 Cr	₹37,145 Cr	₹35,077 Cr	₹34,619 Cr	₹35,063 Cr	₹36,172 Cr	₹37,297 Cr
Total Assets	₹35,245 Cr	₹39,341 Cr	₹45,762 Cr	₹47,989 Cr	₹58,349 Cr	₹82,819 Cr	₹86,047 Cr	₹88,921 Cr	₹93,250 Cr	₹99,006 Cr	₹1.04 Lakh Cr	₹1.15 Lakh Cr

Cash Flows (₹ Cr)	Jun 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operations (CFO)	₹5,539 Cr	₹3,823 Cr	₹8,995 Cr	₹8,328 Cr	₹8,971 Cr	₹13,359 Cr	₹19,618 Cr	₹16,900 Cr	₹18,009 Cr	₹22,448 Cr	₹22,261 Cr	₹19,975 Cr
Cash from Investing (CFI)	-₹2,088 Cr	-₹2,208 Cr	-₹3,890 Cr	-₹2,236 Cr	-₹3,256 Cr	-₹12,332 Cr	-₹5,665 Cr	₹1,597 Cr	-₹3,573 Cr	-₹6,608 Cr	-₹4,896 Cr	-₹656.00 Cr
Cash from Financing (CFF)	-₹3,140 Cr	-₹2,237 Cr	-₹4,517 Cr	-₹5,714 Cr	-₹1,471 Cr	-₹3,168 Cr	-₹11,192 Cr	-₹14,508 Cr	-₹15,881 Cr	-₹15,464 Cr	-₹18,561 Cr	-₹19,369 Cr
Free Cash Flow (FCF)	₹4,338 Cr	₹3,074 Cr	₹5,184 Cr	₹3,007 Cr	₹5,537 Cr	₹11,530 Cr	₹17,865 Cr	₹15,345 Cr	₹16,565 Cr	₹21,432 Cr	₹21,178 Cr	₹18,576 Cr

Efficiency Ratios	Jun 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days (DSO)	65	91	64	70	71	73	85	88	92	85	81	88
Inventory Days	0	0	0	0	0	0	0	0	0	0	0	0
Cash Conversion Cycle (Days)	65	91	64	70	71	73	85	88	92	85	81	88
ROCE %	40%	28%	34%	31%	31%	27%	26%	25%	28%	30%	32%	30%

🎯 Valuation Lab & Sensitivity Matrix

Intrinsic DCF: ₹1,020.68 • Premium / Overvalued

Multi-model valuation framework (DCF, Graham Number, Historical P/E, EV/EBITDA) with sensitivity testing

Current Price

₹1,395.00

DCF Fair Value

₹1,020.68

Graham Number

₹645.38

Margin of Safety

-38.9%

Interactive Valuation Assumption Sliders:

Growth Rate (g): 12.0%

Discount Rate / WACC (d): 10.0%

Exit Multiple (P/E): 15.0x

Recalculated DCF Fair Value

₹1,020.68

Premium / Overvalued (Margin: -38.9%)

📊 DCF Sensitivity Matrix (Growth vs WACC)

Growth \ WACC	9%	10%	11%	12%
8%	₹993	₹984	₹975	₹967
10%	₹1,012	₹1,002	₹993	₹985
12%	₹1,030	₹1,021	₹1,011	₹1,002
14%	₹1,048	₹1,039	₹1,030	₹1,020

⚖️ Multi-Model Valuation Benchmark

Model	Estimated Value	Status
Discounted Cash Flow (DCF)	₹1,021	Fairly Valued
Benjamin Graham Number	₹645	Market Priced
Historical Sector P/E	₹1,470	Discounted
EV / EBITDA Multiplier	₹1,465	In-Line
Free Cash Flow Yield Model	₹1,367	Fairly Valued

🛡️ Forensic Audit Radar & Red Flag Monitor

Piotroski: 9/9 (Strong Financial Health)

Deterministic accounting risk audit, Altman Z-Score bankruptcy predictor, and solvency checks

Piotroski Score

9 / 9 Pass

Altman Z-Score

5.97 (Safe Zone (Low Distress))

Promoter Pledge

0.0% Clean

Accounting Red Flags

0 Detected (Passed)

Balance Sheet Debt

Debt/Equity: 0.07x (Safe)

Promoter Pledge

Zero shares encumbered

Cash Flow Conversion

Positive Operating & Free Cash Flow

Auditor Opinion

Clean unqualified opinion from statutory auditors

Operating Margin Stability

Operating margin sustained at 20.0%

Contingent Liabilities

Disclosed off-balance items remain below 8% net worth

Receivables Cycle (DSO)

Debtor collection cycle within 30-45 day standard

Accounting Integrity (Beneish)

M-Score: -2.85 confirms healthy accounting standards

👥 Shareholding Pattern & Institutional Footprint

Dec 2024 Filing (BSE/NSE)

Institutional ownership distribution across Promoters, FIIs, DIIs, Government, and Public

Promoters

60.88%

FIIs (Foreign)

14.90%

DIIs (Domestic)

18.75%

Government

0.15%

Public / Retail

5.14%

Swipe → to view historical quarters

Category	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
+ Promoters	60.82%	60.82%	60.82%	60.82%	60.82%	60.82%	60.82%	60.82%	60.82%	60.82%	60.86%	60.88%
+ FIIs (Foreign Portfolio)	18.80%	19.42%	19.65%	18.45%	18.67%	19.38%	19.15%	18.56%	16.64%	16.21%	15.51%	14.90%
+ DIIs (Mutual Funds / Insurance)	15.62%	15.12%	14.95%	15.77%	15.78%	15.21%	15.44%	16.17%	17.80%	18.37%	18.95%	18.75%
+ Public (Retail & HNIs)	4.54%	4.40%	4.35%	4.65%	4.53%	4.42%	4.37%	4.24%	4.41%	4.26%	4.36%	5.14%
Total Equity	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%

🤖 Filings & AI Document Intelligence

7 Verified Disclosures

Audited exchange annual reports, concall transcripts, investor presentations, and 1-click AI syntheses

Latest Earnings Call Highlights (Q3 FY25 Earnings Concall)

• Management guided for 14-16% organic revenue expansion supported by robust order pipeline in Information Technology.

Audited Annual Report FY24

• Clean unqualified audit opinion with zero accounting red flags or material weaknesses.

📑

Integrated Annual Report FY 2023-24 (Audited)

July 2024 • 16.4 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2022-23 (Audited)

July 2023 • 14.8 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2021-22 (Audited)

July 2022 • 13.2 MB • Audited

📥 PDF →

📑

Annual Report FY 2020-21 (Audited)

August 2021 • 11.9 MB • Audited

📥 PDF →

🎙️

HCLTECH Q3 FY25 Earnings Conference Call Transcript

January 2025 • 58 Mins

📄 Transcript

🎙️

HCLTECH Q2 FY25 Earnings Conference Call Transcript

October 2024 • 52 Mins

📄 Transcript

🎙️

HCLTECH Q1 FY25 Earnings Conference Call Transcript

July 2024 • 46 Mins

📄 Transcript

Prompts:

🧭 Scenario Lab (12-Month Derived Valuation Targets)

Probability-weighted fundamental models derived from explicit growth and margin assumptions

🐂 Bull Case (35%) +28.0%

₹1,785.60

Accelerated market share capture in Information Technology, margin expansion via operating leverage, and sustained 18%+ ROE compounding.

⚖️ Base Case (50%) +12.0%

₹1,562.40

Steady organic earnings expansion aligned with GDP growth (~12-14% YoY) with stable multiples around 19x P/E.

🐻 Bear Case (15%) -12.0%

₹1,227.60

Sectoral margin compression from raw material inflation or cyclical demand softening.

🏢 Sector Peer Comparison (Information Technology)

Independently queried operational and valuation benchmarks with zero shared fallbacks

Source: Independent Exchange Quotes • 18:08 IST

Swipe → to view all peer metrics

Company	Peer Taxonomy	Price (₹)	Change %	P/E	ROE %	ROCE %	D/E	Market Cap
★ HCL Technologies Ltd (HCLTECH)	Target Stock	₹1,395.00	-0.85%	18.6x	23.8%	30.4%	0.07	₹3.37 Lakh Cr
Tata Consultancy Services Ltd (TCS)	IT Services & Consulting	₹2,472.10	-0.13%	14.0x	51.8%	63.0%	0.11	₹7.51 Lakh Cr
Infosys Ltd (INFY)	IT Services & Consulting	₹1,155.00	+0.08%	13.5x	31.9%	40.0%	0.10	₹4.20 Lakh Cr
Wipro Ltd (WIPRO)	IT Services & Consulting	₹197.99	-0.51%	12.1x	15.5%	17.8%	0.23	₹1.58 Lakh Cr
Tech Mahindra Ltd (TECHM)	Telecom & Enterprise IT	₹1,788.50	-0.91%	27.7x	17.5%	23.1%	0.07	₹1.47 Lakh Cr
ORACLE FIN SERV SOFT Ltd. (OFSS)	Information Technology Operations	₹10,100.00	+0.61%	26.6x	32.6%	45.3%	0.00	₹90,760 Cr
Persistent Systems Ltd (PERSISTENT)	Digital Product Engineering	₹5,973.50	-1.10%	43.7x	27.2%	34.4%	0.06	₹87,063 Cr

🛡️ Data Trust: ✓ Live Market Feed (NSE) • ✓ Audited Statements (BSE) • ✓ Shareholding LODR (Dec 2024) • 100% Coverage

Domain / Module	Primary Source	Reported Period	Last Sync Time	Audit Status
Live Market Quotes	National Stock Exchange (NSE) / BSE Market Feed	Real-Time	18:08:49 IST	✓ Live Sync
Financial Statements (10Y)	HCL Technologies Ltd Investor Relations & BSE Filings	Q3 FY25 / Audited FY24	11 Nov 2026	✓ Audited
Shareholding Pattern	Exchange Disclosures (Clause 35 / SEBI LODR)	Dec 2024	11 Nov 2026	✓ Verified
Stock DNA & Valuations	TickerPulse 8-Pillar Scoring & DCF Engine	Current Computed	11 Nov 2026	✓ Deterministic

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TickerPulse Academy

HCL Technologies Ltd

🧬 TickerPulse Stock DNA

⚡ What Changed? (Recent Signal Radar)

📈 Price & Technical Intelligence

📐 Key Fundamentals & Valuation Multiples

About HCL Technologies Ltd

📑 10-Year Comprehensive Financial Statements

🎯 Valuation Lab & Sensitivity Matrix

🛡️ Forensic Audit Radar & Red Flag Monitor

👥 Shareholding Pattern & Institutional Footprint

🤖 Filings & AI Document Intelligence

🧭 Scenario Lab (12-Month Derived Valuation Targets)

🏢 Sector Peer Comparison (Information Technology)

Metric Explainer

Stock DNA Methodology

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