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HCL Technologies (HCLTECH) INR

At a glance: strengths & risks
✓Revenue growing (+11%)✓Net cash balance sheet✗Margins compressing (24%→21%)✗Pricier than own history (EV/EBITDA 25.5 vs avg 13.6)

Sector: IT services

IN_HCLTECH

Price chart

1 351.4 INRDay 2.99%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
1 351.4 INR · 2.99%
Market cap
3667.3 bn INR

Growth

Δ revenue y/y
13.9%
Δ EBITDA y/y
11.4%

Multiples

P/E (LTM)
42.2x
3y avg: 22.5x
P/B (FY)
4.9x
P/E (ann.)
19.8x
EV/EBITDA (LTM)
25.5x
3y avg: 13.6x
EV/EBITDA (ann.)
12.4x

Cash return

Dividend yield
4.4%
FCF yield (LTM)
5.1%

Value creation

fundamental value/yr, % of market cap
Value created / year
+9.2%
↓ details

Liquidity

Daily turnover (listing)
5.4 bln INR

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B INR, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB INROperating profitB INRD&AB INREBITDAB INRNet profitB INROperating CFB INRCapex + M&AB INRAssetsB INREquityB INRROE (annualized)Net debtB INRSource
2026-06-30Q2 2026 (3M)PARTIAL345.8
y/y 13.9%
61.9
y/y 14.7%
10.4
y/y -4.9%
72.3
y/y 11.4%
46.2
y/y 20.3%
27.4-3.4—
y/y —
—
y/y —
—≈ -80.5—
2026-03-31FY 2026 (12M)OK—
y/y 11.2%
—
y/y -3.9%
—
y/y 6.6%
—
y/y -2.4%
—
y/y -4.3%
——1162.6
y/y 10.2%
751.6
y/y 7.9%
—-80.5—
2025-12-31Q4 2025 (3M)PARTIAL338.7
y/y —
57.1
y/y —
11.3
y/y —
68.4
y/y —
40.8
y/y —
58.6-3.0—
y/y —
—
y/y —
—≈ -59.3—
2025-06-30Q2 2025 (3M)PARTIAL303.5
y/y —
54.0
y/y —
10.9
y/y —
64.9
y/y —
38.4
y/y —
37.5-3.8—
y/y —
—
y/y —
—≈ -59.3—
2025-03-31FY 2025 (12M)OK1170.5
y/y 6.5%
239.1
y/y 11.1%
40.8
y/y -2.1%
279.9
y/y 8.9%
173.9
y/y 10.8%
222.6-11.11055.4
y/y 5.8%
696.5
y/y 2.0%
25.2%-59.3—
2024-03-31FY 2024 (12M)OK1099.1
y/y 8.3%
215.2
y/y 8.5%
41.7
y/y 0.7%
256.9
y/y 7.1%
157.0
y/y 5.7%
224.5-10.5997.8
y/y 6.8%
682.6
y/y 4.4%
23.5%-71.1—
2023-03-31FY 2023 (12M)OK1014.6
y/y —
198.4
y/y —
41.5
y/y —
239.9
y/y —
148.5
y/y —
180.1-16.6934.1
y/y —
654.0
y/y —
—-68.1—

Revenue & EBITDA

RevenueEBITDA

Quarterly values (INR mln)

0250 000500 000750 0001 000 0002023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Year-over-year change

0%5%10%15%2023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Cash flow

FCF (INR mln)

050 000100 000150 0002023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Net debt / cash (INR mln)

-100 000-80 000-60 000-40 000-20 00002023 q12023 q42024 q12024 q42025 q12025 q22025 q42026 q12026 q22026 q4

Profit and cash

Worth a look
In a typical year of 2022–2026 operating cash flow came to 1.25x of reported net profit; after capex, 1.13x.
year20222023202420252026
cash flow / profit1.25x1.21x1.43x1.28x1.20x
accruals, % of assets—-3.4%-6.8%-4.6%-2.9%
Last twelve months (to 2026-03-31): 1.20x of profit came back as operating cash flow.
net debt / EBITDA -0.3x · capex 0.3x of depreciation
● Capex is 34% of depreciation - the asset base is being consumed faster than replaced.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +9.2%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (72 310 − 64 910) × 3.82
28 242
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (3 667 254 + -80 530) ÷ 275 970
13.0x
3. Target multiple
(Current EV/EBITDA + 11) ÷ 2
= (13.0 + 11) ÷ 2
12.0x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 21 210 + 0 + 0 − 0
0
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (28 242 × 12.0 + 0) ÷ 3 667 254
+9.2%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • dividends/buybacks not in data - balance cash flow uses net-debt change only
  • net-cash rise stripped: net debt fell while EBITDA declined and no share dilution measured (likely equity raise / recapitalisation)

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +11% vs +6% the year before — a +4.7 pp move. 3-year CAGR +9%.
revenue growth by year: 2024 +8% · 2025 +6% · 2026 +11%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-07-1712 INREx-dividend: 12 INR per sharePaidYahoo Finance (ex-div)
2026-04-2424 INREx-dividend: 24 INR per sharePaidYahoo Finance (ex-div)
2026-01-1612 INREx-dividend: 12 INR per sharePaidYahoo Finance (ex-div)
2025-10-1712 INREx-dividend: 12 INR per sharePaidYahoo Finance (ex-div)
2025-07-1812 INREx-dividend: 12 INR per sharePaidYahoo Finance (ex-div)
2025-04-2818 INREx-dividend: 18 INR per sharePaidYahoo Finance (ex-div)
2025-01-1718 INREx-dividend: 18 INR per sharePaidYahoo Finance (ex-div)
2024-10-2212 INREx-dividend: 12 INR per sharePaidYahoo Finance (ex-div)
2024-07-2312 INREx-dividend: 12 INR per sharePaidYahoo Finance (ex-div)
2024-05-0718 INREx-dividend: 18 INR per sharePaidYahoo Finance (ex-div)
2024-01-1912 INREx-dividend: 12 INR per sharePaidYahoo Finance (ex-div)
2023-10-2012 INREx-dividend: 12 INR per sharePaidYahoo Finance (ex-div)
2023-07-2010 INREx-dividend: 10 INR per sharePaidYahoo Finance (ex-div)
2023-04-2818 INREx-dividend: 18 INR per sharePaidYahoo Finance (ex-div)
2023-01-1910 INREx-dividend: 10 INR per sharePaidYahoo Finance (ex-div)
2022-10-1910 INREx-dividend: 10 INR per sharePaidYahoo Finance (ex-div)
2022-07-1910 INREx-dividend: 10 INR per sharePaidYahoo Finance (ex-div)
2022-04-2818 INREx-dividend: 18 INR per sharePaidYahoo Finance (ex-div)
2022-01-2010 INREx-dividend: 10 INR per sharePaidYahoo Finance (ex-div)
2021-10-2110 INREx-dividend: 10 INR per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of HCL Technologies (HCLTECH) — from primary filings.

Frequently asked questions

What is HCL Technologies (HCLTECH)'s P/E ratio?
HCL Technologies (HCLTECH) trades at a P/E of 42.2x (price to trailing 12-month earnings).
What is HCL Technologies (HCLTECH)'s EV/EBITDA?
HCL Technologies (HCLTECH) trades at 25.5x EV/EBITDA.
What is HCL Technologies (HCLTECH)'s P/B ratio?
HCL Technologies (HCLTECH) trades at a P/B of 4.9x.
What is HCL Technologies (HCLTECH)'s dividend yield?
HCL Technologies (HCLTECH)'s trailing 12-month dividend yield is 4.4%.
What is HCL Technologies (HCLTECH)'s return on equity (ROE)?
HCL Technologies (HCLTECH)'s ROE is 23.9%.
What is HCL Technologies (HCLTECH)'s market capitalization?
HCL Technologies (HCLTECH)'s market cap is 3667.3 bn INR.

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