HCL Technologies

Revenue up 11.5% YoY to Rs 35620 crore in Q2FY2027

On consolidated basis

Quarter ended September 2026 compared with Quarter ended June 2026.

Net sales (including other operating income) of HCL Technologies has increased 3.01% to Rs 35620 crore.  

Operating profit margin has jumped from 19.87% to 20.99%, leading to 8.84% rise in operating profit to Rs 7,477.00 crore.  Purchase of finished goods cost rose from 2.38% to 2.71%.   Employee cost decreased from 56.99% to 55.64%.   Other expenses fell from 20.74% to 20.67%.   Contract job process charges rose from 14.78% to 15.00%.   

Other income fell 35.18% to Rs 234 crore.  PBIDT rose 6.64% to Rs 7711 crore.  Provision for interest rose 130.95% to Rs 194 crore.  Loan funds remained nil.  

PBDT rose 5.18% to Rs 7517 crore.  Provision for depreciation fell 2.60% to Rs 1012 crore.  

Profit before tax grew 6.50% to Rs 6,505.00 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 1335 crore, compared to Rs 1482 crore.  Effective tax rate was 20.64% compared to 24.26%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 10.99% to Rs 5,132.00 crore.  

Promoters? stake was 60.88% as of 30 September 2026 ,compared to 60.88% as of 30 June 2026 .  

 

 

Quarter ended September 2026 compared with Quarter ended September 2025.

Net sales (including other operating income) of HCL Technologies has increased 11.51% to Rs 35620 crore.  Sales of Engineering and R&D Services segment has gone up 10.23% to Rs 5,978.00 crore (accounting for 16.73% of total sales).  Sales of IT & Business Services segment has gone up 13.70% to Rs 26,938.00 crore (accounting for 75.39% of total sales).  Sales of HCL Software segment has gone down 3.69% to Rs 2,815.00 crore (accounting for 7.88% of total sales).  Inter-segment sales rose Rs 97.00 crore to Rs 111.00 crore.  

Profit before interest, tax and other unallocable items (PBIT) has jumped 16.49% to Rs 6,465.00 crore.  PBIT of Engineering and R&D Services segment fell 4.13% to Rs 905.00 crore (accounting for 14.00% of total PBIT).  PBIT of IT & Business Services segment rose 30.35% to Rs 4,995.00 crore (accounting for 77.26% of total PBIT).  PBIT of HCL Software segment fell 27.00% to Rs 565.00 crore (accounting for 8.74% of total PBIT).  

PBIT margin of Engineering and R&D Services segment fell from 17.41% to 15.14%.  PBIT margin of IT & Business Services segment rose from 16.17% to 18.54%.  PBIT margin of HCL Software segment fell from 26.48% to 20.07%.  Overall PBIT margin rose from 17.32% to 18.09%.  

Operating profit margin has jumped from 20.49% to 20.99%, leading to 14.24% rise in operating profit to Rs 7,477.00 crore.  Purchase of finished goods cost rose from 1.97% to 2.71%.   Employee cost decreased from 57.28% to 55.64%.   Other expenses rose from 20.27% to 20.67%.   Contract job process charges rose from 14.01% to 15.00%.   

Other income fell 43.61% to Rs 234 crore.  PBIDT rose 10.79% to Rs 7711 crore.  Provision for interest fell 9.77% to Rs 194 crore.  Loan funds declined from Rs 6,780.00 crore as of 30 September 2025 to Rs 6,013.00 crore as of 30 September 2026.  Inventories rose to Rs 227.00 crore as of 30 September 2026 from Rs 160.00 crore as of 30 September 2025.  Sundry debtors were higher at Rs 22,799.00 crore as of 30 September 2026 compared to Rs 20,169.00 crore as of 30 September 2025.  Cash and bank balance declined from Rs 23,748.00 crore as of 30 September 2025 to Rs 20,404.00 crore as of 30 September 2026.  Investments declined from Rs 6,265.00 crore as of 30 September 2025 to Rs 4,467.00 crore as of 30 September 2026.  

PBDT rose 11.45% to Rs 7517 crore.  Provision for depreciation fell 2.97% to Rs 1012 crore.  Fixed assets increased to Rs 14,966.00 crore as of 30 September 2026 from Rs 7,836.00 crore as of 30 September 2025.  Intangible assets declined from Rs 28,898.00 crore to Rs 25,514.00 crore.  

Profit before tax grew 14.08% to Rs 6,505.00 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 1335 crore, compared to Rs 1466 crore.  Effective tax rate was 20.64% compared to 25.71%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 21.18% to Rs 5,132.00 crore.  

Equity capital stood at Rs 543.00 crore as of 30 September 2026 to Rs 543.00 crore as of 30 September 2025.  Per share face Value remained same at Rs 2.00.  

Promoters? stake was 60.88% as of 30 September 2026 ,compared to 60.81% as of 30 September 2025 .  

Year-to-date (YTD) results analysis.

Net sales (including other operating income) of HCL Technologies has increased 12.70% to Rs 70199 crore.  Sales of Engineering and R&D Services segment has gone up 10.19% to Rs 11,677.00 crore (accounting for 16.58% of total sales).  Sales of IT & Business Services segment has gone up 14.82% to Rs 52,987.00 crore (accounting for 75.22% of total sales).  Sales of HCL Software segment has gone up 0.45% to Rs 5,775.00 crore (accounting for 8.20% of total sales).  Inter-segment sales rose Rs 202.00 crore to Rs 240.00 crore.  

Profit before interest, tax and other unallocable items (PBIT) has jumped 17.19% to Rs 12,296.00 crore.  PBIT of Engineering and R&D Services segment fell 3.60% to Rs 1,793.00 crore (accounting for 14.58% of total PBIT).  PBIT of IT & Business Services segment rose 30.31% to Rs 9,415.00 crore (accounting for 76.57% of total PBIT).  PBIT of HCL Software segment fell 22.67% to Rs 1,088.00 crore (accounting for 8.85% of total PBIT).  

PBIT margin of Engineering and R&D Services segment fell from 17.55% to 15.35%.  PBIT margin of IT & Business Services segment rose from 15.66% to 17.77%.  PBIT margin of HCL Software segment fell from 24.47% to 18.84%.  Overall PBIT margin rose from 16.79% to 17.46%.  

Operating profit margin has jumped from 20.20% to 20.44%, leading to 14.05% rise in operating profit to Rs 14,347.00 crore.  Purchase of finished goods cost rose from 1.85% to 2.54%.   Employee cost decreased from 57.61% to 56.31%.   Other expenses rose from 20.35% to 20.71%.   Contract job process charges rose from 13.82% to 14.89%.   

Other income fell 31.69% to Rs 595 crore.  PBIDT rose 11.08% to Rs 14942 crore.  Provision for interest fell 34.43% to Rs 278 crore.  Loan funds declined from Rs 6,780.00 crore as of 30 September 2025 to Rs 6,013.00 crore as of 30 September 2026.  Inventories rose to Rs 227.00 crore as of 30 September 2026 from Rs 160.00 crore as of 30 September 2025.  Sundry debtors were higher at Rs 22,799.00 crore as of 30 September 2026 compared to Rs 20,169.00 crore as of 30 September 2025.  Cash and bank balance declined from Rs 23,748.00 crore as of 30 September 2025 to Rs 20,404.00 crore as of 30 September 2026.  Investments declined from Rs 6,265.00 crore as of 30 September 2025 to Rs 4,467.00 crore as of 30 September 2026.  

PBDT rose 12.57% to Rs 14664 crore.  Provision for depreciation fell 3.98% to Rs 2051 crore.  Fixed assets increased to Rs 14,966.00 crore as of 30 September 2026 from Rs 7,836.00 crore as of 30 September 2025.  Intangible assets declined from Rs 28,898.00 crore to Rs 25,514.00 crore.  

Profit before tax grew 15.81% to Rs 12,613.00 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 2817 crore, compared to Rs 2811 crore.  Effective tax rate was 22.40% compared to 25.81%.

Net profit attributable to owners of the company increased 20.77% to Rs 9,756.00 crore.  

Equity capital stood at Rs 543.00 crore as of 30 September 2026 to Rs 543.00 crore as of 30 September 2025.  Per share face Value remained same at Rs 2.00.  

Promoters? stake was 60.88% as of 30 September 2026 ,compared to 60.81% as of 30 September 2025 .  

Cash flow from operating activities decreased to Rs 7,750.00 crore for YTD ended September 2026 from Rs 9,608.00 crore for YTD ended September 2025.  Cash flow used in acquiring fixed assets during the YTD ended September 2026 stood at Rs 999.00 crore, compared to Rs 784.00 crore during the YTD ended September 2025.  

Full year results analysis.

Net sales (including other operating income) of HCL Technologies has increased 11.18% to Rs 130144 crore.  Sales of Engineering and R&D Services segment has gone up 16.37% to Rs 22,063.00 crore (accounting for 16.90% of total sales).  Sales of IT & Business Services segment has gone up 11.17% to Rs 96,095.00 crore (accounting for 73.60% of total sales).  Sales of HCL Software segment has gone up 2.89% to Rs 12,397.00 crore (accounting for 9.50% of total sales).  Inter-segment sales rose Rs 392.00 crore to Rs 411.00 crore.  

Profit before interest, tax and other unallocable items (PBIT) has jumped 4.56% to Rs 22,397.00 crore.  PBIT of Engineering and R&D Services segment rose 8.43% to Rs 3,703.00 crore (accounting for 16.53% of total PBIT).  PBIT of IT & Business Services segment rose 4.01% to Rs 15,390.00 crore (accounting for 68.71% of total PBIT).  PBIT of HCL Software segment rose 2.96% to Rs 3,304.00 crore (accounting for 14.75% of total PBIT).  

PBIT margin of Engineering and R&D Services segment fell from 18.01% to 16.78%.  PBIT margin of IT & Business Services segment fell from 17.12% to 16.02%.  PBIT margin of HCL Software segment rose from 26.63% to 26.65%.  Overall PBIT margin fell from 18.24% to 17.16%.  

Operating profit margin has declined from 21.79% to 20.56%, leading to 4.89% rise in operating profit to Rs 26,752.00 crore.  Purchase of finished goods cost rose from 1.69% to 2.08%.   Employee cost decreased from 57.05% to 56.92%.   Other expenses rose from 19.46% to 20.45%.   Contract job process charges rose from 12.96% to 14.14%.   

Other income fell 38.43% to Rs 1530 crore.  PBIDT rose 1.05% to Rs 28282 crore.  Provision for interest rose 34.94% to Rs 869 crore.  Loan funds declined from Rs 6,276.00 crore as of 31 March 2025 to Rs 5,215.00 crore as of 31 March 2026.  Inventories rose to Rs 239.00 crore as of 31 March 2026 from Rs 133.00 crore as of 31 March 2025.  Sundry debtors were higher at Rs 23,585.00 crore as of 31 March 2026 compared to Rs 19,523.00 crore as of 31 March 2025.  Cash and bank balance rose to Rs 23,425.00 crore as of 31 March 2026 from Rs 21,289.00 crore as of 31 March 2025.  Investments declined from Rs 7,564.00 crore as of 31 March 2025 to Rs 7,090.00 crore as of 31 March 2026.  

PBDT rose 0.25% to Rs 27413 crore.  Provision for depreciation rose 6.64% to Rs 4355 crore.  Fixed assets declined from Rs 14,475.00 crore as of 31 March 2025 to Rs 13,551.00 crore as of 31 March 2026.  Intangible assets increased from Rs 21,756.00 crore to Rs 23,888.00 crore.  

Profit before tax down 0.87% to Rs 23,058.00 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 5450 crore, compared to Rs 5862 crore.  Effective tax rate was 24.66% compared to 25.20%.

Minority interest increased 11.11% to Rs 10.00 crore.  Net profit attributable to owners of the company decreased 4.30% to Rs 16,642.00 crore.  

Equity capital stood at Rs 543.00 crore as of 31 March 2026 to Rs 543.00 crore as of 31 March 2025.  Per share face Value remained same at Rs 2.00.  

Promoters? stake was 60.86% as of 31 March 2026 ,compared to 60.81% as of 31 March 2025 .  

Cash flow from operating activities decreased to Rs 19,975.00 crore for year ended March 2026 from Rs 22,261.00 crore for year ended March 2025.  Cash flow used in acquiring fixed assets during the year ended March 2026 stood at Rs 1,422.00 crore, compared to Rs 1,108.00 crore during the year ended March 2025.  

Guidance:

For FY 2027, constant currency revenue growth is expected to be between 3% to 4% for the services business, and at the company level, the revenue growth is expected to be between 2.5% to 4%. The full year revenue growth guidance now includes inorganic contribution of 62 bps for services and 87 bps for the company.

EBIT margin is expected to be within 17.5% and 18.5% for FY 2027.

Dividend: The board has declared an interim dividend of Rs 12 per share for the quarter.

Management commentary:

Roshni Nadar Malhotra-Chairperson said: ?The accelerating growth in Advanced AI revenue validates our business strategy. Through strategic partnerships and continued investments across the full AI

stack, HCLTech is well-positioned to be a trusted technology partner for enterprises and governments globally?

C Vijayakumar-CEO, said ?We delivered a strong quarter with new bookings of $3.3 billion, up 27% YoY, taking first half bookings to a record high. EBIT margin expanded 131 bps QoQ to 18.2%. Services grew 3.0% QoQ with growth across verticals and geographies, while overall revenue grew 2.3% QoQ. Advanced AI revenue grew 28.4% QoQ and 78.0% YoY in constant currency. Our AI propositions are resonating well with our clients, giving us confidence in our growth trajectory.?

Shiv Walia-Cfo said ?HCLTech delivered Q2 FY27 revenue of Rs 35,620 Crores, up 3.0% QoQ and 11.5% YoY. Our superior revenue growth with improved profitability led to our highest-ever quarterly Net Income of INR 5,132 Crores, up 11.0% QoQ and 21.2% YoY. Our razor-sharp focus on improving our capital efficiency has resulted in LTM ROIC of 41.2% for the company, up 261 bps YoY; and 49.4% for the Services business, up 411 bps YoY respectively.?

HCL Technologies : Consolidated Results

Quarter ended Year to Date Year ended Particulars 202609 202509 Var.(%) 202609 202509 Var.(%) 202603 202503 Var.(%) Net Sales (including other operating income) 35,620.00 31,942.00 11.51 70,199.00 62,291.00 12.70 130,144.00 117,055.00 11.18 OPM (%) 20.99 20.49 50 bps 20.44 20.20 24 bps 20.56 21.79 -123 bps OP 7,477.00 6,545.00 14.24 14,347.00 12,580.00 14.05 26,752.00 25,504.00 4.89 Other Inc. 234.00 415.00 -43.61 595.00 871.00 -31.69 1,530.00 2,485.00 -38.43 PBIDT 7,711.00 6,960.00 10.79 14,942.00 13,451.00 11.08 28,282.00 27,989.00 1.05 Interest 194.00 215.00 -9.77 278.00 424.00 -34.43 869.00 644.00 34.94 PBDT 7,517.00 6,745.00 11.45 14,664.00 13,027.00 12.57 27,413.00 27,345.00 0.25 Depreciation 1012 1043 -2.97 2051 2136 -3.98 4355 4084 6.64 PBT 6,505.00 5,702.00 14.08 12613 10891 15.81 23058 23261 -0.87 Share of Profit/(Loss) from Associates -38 0 - -38 0 - 0 0 - PBT before EO 6467 5702 13.42 12575 10891 15.46 23058 23261 -0.87 EO Income 0 0 - 0 0 - -956 0 - PBT after EO 6467 5702 13.42 12575 10891 15.46 22102 23261 -4.98 Taxation 1335 1466 -8.94 2817 2811 0.21 5450 5862 -7.03 PAT 5132 4236 21.15 9758 8080 20.77 16652 17399 -4.29 Minority Interest (MI) 0 1 - 2 2 0 10 9 11.11 Net profit 5132 4235 21.18 9756 8078 20.77 16642 17390 -4.30 P/(L) from discontinued operations net of tax 0 0 - 0 0 - 0 0 - Net profit after discontinued operations 5132 4235 21.18 9756 8078 20.77 16642 17390 -4.30 EPS (Rs)* 18.91 15.61 21.18 35.95 29.77 20.77 63.98 64.08 -0.16 * EPS is on current equity of Rs 542.73 crore, Face value of Rs 2, Excluding extraordinary items. # EPS is not annualised bps : Basis points EO : Extraordinary items Figures in Rs crore Source: Capitaline Corporate Database

HCL Technologies : Consolidated Segment Results

Quarter ended Year to Date Year ended % of (Total) 202609 202509 Var.(%) % of (Total) 202609 202509 Var.(%) % of (Total) 202603 202503 Var.(%) Sales Software ServicesSoftware Services 0.00 0.00 0.00 - Business Processing Outsourcing 0.00 0.00 0.00 - Networking 0.00 0.00 0.00 - Infrastructure Services 0.00 0.00 0.00 - Engineering and R&D Services 16.73 5,978.00 5,423.00 10.23 16.58 11,677.00 10,597.00 10.19 16.90 22,063.00 18,960.00 16.37 Products & Platforms 0.00 0.00 0.00 - IT & Business Services 75.39 26,938.00 23,693.00 13.70 75.22 52,987.00 46,147.00 14.82 73.60 96,095.00 86,438.00 11.17 HCL Software 7.88 2,815.00 2,923.00 -3.69 8.20 5,775.00 5,749.00 0.45 9.50 12,397.00 12,049.00 2.89 Total Reported Sales 100.00 35,731.00 32,039.00 11.52 100.00 70,439.00 62,493.00 12.72 100.00 130,555.00 117,447.00 11.16 Less: Inter segment revenues   111.00 97.00 14.43   240.00 202.00 18.81   411.00 392.00 4.85 Net Sales 100.00 35,620.00 31,942.00 11.51 100.00 70,199.00 62,291.00 12.70 100.00 130,144.00 117,055.00 11.18 PBIT Software ServicesSoftware Services 0.00 0.00 0.00 - Business Processing Outsourcing 0.00 0.00 0.00 - Networking 0.00 0.00 0.00 - Infrastructure Services 0.00 0.00 0.00 - Engineering and R&D Services 14.00 905.00 944.00 -4.13 14.58 1,793.00 1,860.00 -3.60 16.53 3,703.00 3,415.00 8.43 Products & Platforms 0.00 0.00 0.00 - IT & Business Services 77.26 4,995.00 3,832.00 30.35 76.57 9,415.00 7,225.00 30.31 68.71 15,390.00 14,796.00 4.01 HCL Software 8.74 565.00 774.00 -27.00 8.85 1,088.00 1,407.00 -22.67 14.75 3,304.00 3,209.00 2.96 Total PBIT 100.00 6,465.00 5,550.00 16.49 100.00 12,296.00 10,492.00 17.19 100.00 22,397.00 21,420.00 4.56 Less : Interest 0.00 0.00 - 0.00 0.00 - 0.00 0.00 - Add: Other un-allcoable 2.00 152.00 -98.68 279.00 399.00 -30.08 -295.00 1,841.00 PL PBIT Margin(%) Software ServicesSoftware Services   0.00 0.00 0.00 Business Processing Outsourcing   0.00 0.00 0.00 Networking   0.00 0.00 0.00 Infrastructure Services   0.00 0.00 0.00 Engineering and R&D Services   15.14 17.41 -226.85   15.35 17.55 -219.72   16.78 18.01 -122.78 Products & Platforms   0.00 0.00 0.00 IT & Business Services   18.54 16.17 236.90   17.77 15.66 211.20   16.02 17.12 -110.21 HCL Software   20.07 26.48 -640.86   18.84 24.47 -563.40   26.65 26.63 1.87 PBT 100.00 6,467.00 5,702.00 13.42 100.00 12,575.00 10,891.00 15.46 100.00 22,102.00 23,261.00 -4.98

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