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Consolidated Standalone

HCL Tech.

₹1512.4 -13.9 | 0.9%

Market Cap ₹410415 Cr.

Stock P/E 23.6

P/B 5.8

Current Price ₹1512.4

Book Value ₹ 262.6

Face Value 2

52W High ₹2011

Dividend Yield 3.97%

52W Low ₹ 1304

Edit Ratio

HCL Tech. Research see more...

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HCL Technologies Ltd.

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Equity Research Report - HCL Technologies Limited

Overview Inc. Year: 1991Industry: IT - Software

HCL Technologies Limited is an primarily India-based technology company. The Company gives its services and products via 3 enterprise segments: IT and Business Services (ITBS), Engineering and R&D Services (ERS) and Products & Platforms (P&P). ITBS phase provides a portfolio of IT and commercial enterprise services, along with software, infrastructure and digital procedure operations and virtual transformation offerings enabled by way of virtual and analytics, IoTWoRKs, cloud native and cybersecurity solutions together with merchandise developed within those corporations. ERS section gives engineering offerings and solutions across software program, embedded, mechanical, very large-scale integration (VLSI) and platform engineering that support the end-to-end lifecycle of merchandise, inclusive of both hardware and software program across various industries. P&P section offers modernized software program products to global customers for their technology and industry-precise necessities.

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HCL Tech. Share Price

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Peer Comparison

HCL Tech. Quarterly Results

#(Fig in Cr.) Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025
Net Sales 26296 26672 28446 28499 28057 28862 29890 30246 30349 31942
Other Income 344 365 370 416 1103 456 477 449 456 415
Total Income 26640 27037 28816 28915 29160 29318 30367 30695 30805 32357
Total Expenditure 20931 20743 21659 22382 22264 22493 23030 23764 24314 25397
Operating Profit 5709 6294 7157 6533 6896 6825 7337 6931 6491 6960
Interest 86 156 140 171 191 131 166 156 209 215
Depreciation 927 1010 1143 1093 998 1007 1039 1040 1093 1043
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 4696 5128 5874 5269 5707 5687 6132 5735 5189 5702
Provision for Tax 1165 1295 1523 1274 1448 1450 1538 1426 1345 1466
Profit After Tax 3531 3833 4351 3995 4259 4237 4594 4309 3844 4236
Adjustments 3 -1 -1 -9 -2 -2 -3 -2 -1 -1
Profit After Adjustments 3534 3832 4350 3986 4257 4235 4591 4307 3843 4235
Adjusted Earnings Per Share 13 14.1 16 14.7 15.7 15.6 16.9 15.9 14.2 15.6

HCL Tech. Profit & Loss

#(Fig in Cr.) Jun 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 36701 31136 47568 50569 60427 70676 75379 85651 101456 109913 117055 122427
Other Income 1140 866 1078 1224 953 619 950 1071 1362 1513 2493 1797
Total Income 37842 32002 48646 51793 61380 71295 76329 86722 102818 111426 119548 124224
Total Expenditure 28230 24482 37189 39330 46511 53390 55354 65125 78832 85733 91559 96505
Operating Profit 9612 7520 11457 12463 14869 17905 20975 21597 23986 25693 27989 27719
Interest 91 74 89 69 174 505 511 319 353 553 644 746
Depreciation 404 410 828 1383 2073 3420 4611 4326 4145 4173 4084 4215
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 9117 7041 10542 11024 12622 13980 15853 16951 19488 20967 23261 22758
Provision for Tax 1815 1439 1936 2302 2502 2923 4684 3428 4643 5257 5862 5775
Profit After Tax 7302 5602 8606 8722 10120 11057 11169 13523 14845 15710 17399 16983
Adjustments 15 1 0 -1 0 0 -24 -24 6 -8 -9 -7
Profit After Adjustments 7317 5602 8606 8721 10120 11057 11145 13499 14851 15702 17390 16976
Adjusted Earnings Per Share 26 19.9 30.2 31.4 37.3 40.7 41 49.7 54.7 57.8 64.1 62.6

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 6% 11% 11% 12%
Operating Profit CAGR 9% 9% 9% 11%
PAT CAGR 11% 9% 9% 9%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -17% 13% 12% 13%
ROE Average 25% 24% 23% 25%
ROCE Average 34% 31% 30% 31%

HCL Tech. Balance Sheet

#(Fig in Cr.) Jun 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 24224 27391 32949 36386 41366 51267 59913 61914 65405 68263 69655
Minority's Interest 82 211 173 0 103 154 169 92 -7 8 18
Borrowings 168 737 383 338 2977 2848 3828 3923 2111 2223 70
Other Non-Current Liabilities 36 -638 -730 -645 -625 2590 3720 3153 3219 5526 6698
Total Current Liabilities 15676 9828 11335 10107 12299 23730 17383 18775 21431 22726 28039
Total Liabilities 40186 37530 44110 46186 56120 80589 85013 87857 92159 98746 104480
Fixed Assets 8275 9716 15235 18753 22888 37490 37145 35077 34619 35063 36172
Other Non-Current Assets 3133 2832 2412 2875 3510 4679 4817 4739 3963 4352 6199
Total Current Assets 28778 24982 26463 24558 29722 38420 43051 48041 53577 59331 62109
Total Assets 40186 37530 44110 46186 56120 80589 85013 87857 92159 98746 104480

HCL Tech. Cash Flow

#(Fig in Cr.) Jun 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 1027 1356 733 1321 1657 5901 3760 6521 10510 9065 9441
Cash Flow from Operating Activities 5539 3823 8995 8328 8971 13359 19618 16900 18009 22448 22261
Cash Flow from Investing Activities -2014 -2189 -3833 -2283 -3073 -12374 -5730 1477 -3931 -6723 -4914
Cash Flow from Financing Activities -3140 -2237 -4517 -5714 -1471 -3168 -11192 -14508 -15881 -15464 -18561
Net Cash Inflow / Outflow 385 -603 645 331 4427 -2183 2696 3869 -1803 261 -1214
Closing Cash & Cash Equivalent 1339 733 1321 1699 5901 3760 6521 10510 9065 9441 8245

HCL Tech. Ratios

# Jun 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 26.02 19.86 30.2 31.37 37.34 40.73 41.05 49.72 54.7 57.83 64.05
CEPS(Rs) 27.4 21.31 33.1 36.35 44.99 53.32 58.12 65.74 69.94 73.23 79.13
DPS(Rs) 30 16 24 12 8 10 10 42 48 52 60
Book NAV/Share(Rs) 85.72 96.97 115.54 130.84 152.62 188.83 220.67 227.74 239.47 249.08 255.56
Core EBITDA Margin(%) 23.08 21.37 21.82 22.23 23.03 24.46 26.57 23.96 22.3 22 21.78
EBIT Margin(%) 25.09 22.85 22.35 21.94 21.18 20.49 21.71 20.16 19.56 19.58 20.42
Pre Tax Margin(%) 24.84 22.61 22.16 21.8 20.89 19.78 21.03 19.79 19.21 19.08 19.87
PAT Margin (%) 19.9 17.99 18.09 17.25 16.75 15.64 14.82 15.79 14.63 14.29 14.86
Cash Profit Margin (%) 21 19.31 19.83 19.98 20.18 20.48 20.93 20.84 18.72 18.09 18.35
ROA(%) 19.91 14.42 21.08 19.32 19.78 16.18 13.49 15.65 16.49 16.46 17.12
ROE(%) 33.62 21.77 28.55 25.17 26.04 23.87 20.09 22.22 23.41 23.69 25.4
ROCE(%) 40.53 26.67 34.29 31.48 31.02 28.42 27.23 26.63 29.71 31.13 33.54
Receivable days 60.77 83.58 61.47 64.74 64.47 66.72 67.29 62.09 73.72 84.73 80.08
Inventory Days 1.39 2.47 2.07 1.62 0.79 0.47 0.45 0.54 0.7 0.69 0.5
Payable days 157.1 344.5 336.89 231.53 239.21 293.59 311.38 522.19 794.17 1247.24 1086.9
PER(x) 17.7 20.5 14.46 15.45 14.57 10.72 23.96 23.4 19.86 26.68 24.84
Price/Book(x) 5.37 4.2 3.78 3.7 3.56 2.31 4.46 5.11 4.54 6.2 6.23
Dividend Yield(%) 3.26 1.97 2.75 1.24 0.74 2.29 1.02 3.61 4.42 3.37 3.77
EV/Net Sales(x) 3.28 3.42 2.44 2.6 2.38 1.68 3.48 3.59 2.78 3.65 3.53
EV/Core EBITDA(x) 12.52 14.17 10.12 10.54 9.67 6.63 12.49 14.22 11.77 15.61 14.75
Net Sales Growth(%) 14.18 -15.16 52.78 6.31 19.49 16.96 6.65 13.63 18.45 8.34 6.5
EBIT Growth(%) 14.65 -22.74 49.43 4.37 15.35 13.2 12.97 5.54 14.89 8.46 11.08
PAT Growth(%) 12.2 -23.29 53.63 1.37 16.03 9.26 1.01 21.08 9.78 5.83 10.75
EPS Growth(%) 11.93 -23.67 52.04 3.89 19.04 9.06 0.8 21.12 10.02 5.73 10.75
Debt/Equity(x) 0.03 0.04 0.02 0.02 0.1 0.1 0.07 0.06 0.03 0.03 0.03
Current Ratio(x) 1.84 2.54 2.33 2.43 2.42 1.62 2.48 2.56 2.5 2.61 2.22
Quick Ratio(x) 1.83 2.52 2.31 2.41 2.41 1.62 2.47 2.55 2.49 2.6 2.21
Interest Cover(x) 100.93 96.27 119.45 160.77 73.54 28.68 32.02 54.14 56.21 38.92 37.12
Total Debt/Mcap(x) 0.01 0.01 0 0 0.03 0.04 0.01 0.01 0.01 0.01 0.01

HCL Tech. Shareholding Pattern

# Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025
Promoter 60.81 60.81 60.81 60.81 60.81 60.81 60.81 60.81 60.81 60.81
FII 18.98 18.8 19.42 19.65 18.45 18.67 19.38 19.14 18.56 16.64
DII 15.35 15.64 15.14 14.98 15.79 15.79 15.23 15.47 16.21 17.83
Public 4.85 4.75 4.62 4.56 4.95 4.72 4.57 4.57 4.42 4.72
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 24%
  • Debtor days have improved from 1247.24 to 1086.9days.
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Stock is trading at 5.8 times its book value.
  • The company has delivered a poor profit growth of 9% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

HCL Tech. News

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