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HCL Technologies Ltd.
HCLTECHLarge CapNSEBSE
Information Technology · Information Technology
₹1,308.10up 26.10up 2.04 percentas of 28 Aug 2026
Book value ₹275.39Div yield 4.59%
Key metrics
- Market Cap
- 3,55,218.76 ₹ cr
- P/E
- 21.45 x
- P/B
- 4.75 x
- ROE
- 18.05%
- ROCE
- 19.95%
- Debt to Equity
- 0.42 x
- Net Margin
- 16.95%
- Dividend Yield
- 4.59%
- Revenue Growth (YoY)
- 13.94%
Observations
Mechanical observations generated from stored data, not analysis or opinion. Each one names the threshold that produced it — the ROCE check below uses 20%, a fixed default rather than a value tailored to this company.
- ROCE above 20% in each of the last 3 financial years (2023-2024, 2024-2025, 2025-2026).
- Revenue grew year-on-year in each of the last 3 years.
- Net margin declined year-on-year in 2 of the last 3 years.
- Promoter holding 60.9% (pledge data not available).
- Debt-to-equity 0.42 — above the Information Technology median of 0.32.
HCLTECH
₹1,308.10up 2.04 percent
EOD Synced: 28 Aug 2026 18:30 ISTOverview & Live Price Chart
Executive Investment Verdict & Quality Synthesis
Autonomous V2Multi-dimensional quantitative synthesis across capital efficiency, forensic accounting, intrinsic valuation, and ownership governance.
Factual Quantitative Consensus
1. Capital Efficiency & MoatHigh ROCE Compounder
25.39%ROCE
ROE: 22.14%·P/B: 4.75x
2. Forensic Health & SolvencyPiotroski 7/9 · Strong Health
7/9Piotroski Score
Altman: 7.2 (Safe Zone)
3. Valuation & DCF Spread+36.5% Margin of Safety
₹1,786DCF Fair Value
CMP: ₹1,308.1
4. Ownership & GovernanceClean Promoter Holding
60.88%Promoter Stake
Pledged: 0.0%·Inst: 23.94%
Institutional Factor Scores
QVGM Factor Grade Matrix
Institutional Multi-Factor Profile (QVGM)
Composite 0–100 percentile ranks normalized across all 500 universe constituents
Rank #21 of 31 in Information TechnologyQVGM 51/100
Quality (Q)66
ROE, ROCE, Margins & Cash Conversion
Value (V)64
P/E, P/B, EV/EBITDA vs Sector Benchmarks
Growth (G)32
3Y Sales & EPS Compounded Growth
Momentum (M)35
Relative Strength & Trend Position
TheScreener Radar™ 5-Pillar Quantitative Scorecard
Holistic quantitative radar evaluating fundamental quality, valuation multiples, balance sheet health, growth, and price momentum
Sector Rank:Rank #21 of 31 in Information Technology
Valuation
Moderate64/100
P/E Ratio:21.45x
P/B Ratio:4.75x
Dividend Yield:4.59%
P/E, P/B, EV/EBITDA & Dividend Yield relative to 5Y medians and sector
Growth
Weak32/100
3Y Sales CAGR:—
3Y PAT CAGR:—
Quarterly YoY:+12.4%
3-Year Compounded Sales & Net Profit Growth trajectory
Profitability
Moderate66/100
ROE:22.1%
ROCE:25.4%
OPM %:—
Return on Equity (ROE), ROCE & Operating Margin efficiency
Solvency & Health
Strong78/100
Piotroski F-Score:7/9
Altman Z-Score:7.17
Debt / Equity:0.00
Balance Sheet strength, Altman Z-Score & Piotroski F-Score checklist
Momentum
Weak35/100
1Y Return:—
RSI (14):54.2
From 52W High:—
1-Year Relative Strength vs NIFTY 500, RSI-14 & 52W High distance
Quantitative Drivers & Growth Analysis
52-week corridor, deep valuation multiples, compounded CAGR trajectory, and institutional flow shifts
52-Week Low₹1,034.20
From 52W High-24.37%
52-Week High₹1,729.60
Valuation MultiplesCash Flow & Yield
PEG Ratio3.81
Earnings Yield18.63%
Price / FCF819.10
FCF Yield0.12%
Payout Ratio24.62%
Net-Net Ratio-2.55
Solvency & SafetyPiotroski & Altman
Piotroski F-Score7/9
Altman Z-Score7.17
Graham Number₹1,228.76
1Y Flow & Margin ShiftsTrailing 12M
FII Stake:▼ 0.60%
DII Stake:▼ 0.18%
OPM Margin:▼ 2.31%
Net Margin:▼ 2.07%
Compounded Annual Growth Rate (CAGR Matrix)
Historical Fundamental Trajectory| Metric | QoQ Shift | YoY Shift | 1Y CAGR | 3Y CAGR | 5Y CAGR |
|---|---|---|---|---|---|
| Revenue Growth | ▲ +1.76% | ▲ +13.94% | 11.18% | 8.65% | 11.54% |
| Net Profit Growth | ▲ +3.03% | ▲ +20.32% | -4.30% | 3.87% | 8.35% |
| EPS Growth | ▲ +3.14% | ▲ +20.40% | 2.46% | 5.62% | 9.26% |
Intrinsic Valuation Models & DCF Sensitivity
Institutional DCF & Intrinsic Valuation Studio — HCLTECH
2-Stage Discounted Cash Flow, Reverse DCF Implied Growth, and Benjamin Graham & Peter Lynch valuation benchmarks.
DCF Intrinsic Fair Value
₹1,927.1
Verdict:Undervalued (+47.3%)
Benjamin Graham Number
₹631.7
-51.7% vs CMPPeter Lynch Fair Value
₹320.1
-75.5% vs CMPReverse DCF Implied Growth
11.7% CAGR
Modest Expectations (High Margin of Safety)Valuation Spectrum PositioningCMP: ₹1,308.1
₹0 (Distress)CMP: ₹1,308DCF: ₹1,927Graham: ₹632
Scenario Calibration & Sensitivity Levers
Tune Discount Rate (WACC), 5-Year Growth, and Terminal Value to model bear, base, and bull cases.
Discount Rate (WACC)11.5%
Cost of Capital Hurdle
5-Year FCF Growth CAGR20.4%
Assumed stage-1 cash flow expansionTerminal Growth Rate4.5%
Long-term perpetual GDP growth rate5-Year Projected Cash Flow Schedule (₹ Cr)
| Projection Period | Growth Rate | Projected FCF | Discount Factor | Present Value |
|---|---|---|---|---|
| Year 1 | 20.4% | ₹22,338 | 0.8969 | ₹20,034 |
| Year 2 | 20.4% | ₹26,895 | 0.8044 | ₹21,633 |
| Year 3 | 20.4% | ₹32,381 | 0.7214 | ₹23,360 |
| Year 4 | 20.4% | ₹38,987 | 0.6470 | ₹25,224 |
| Year 5 | 20.4% | ₹46,940 | 0.5803 | ₹27,238 |
2D Sensitivity Matrix (WACC vs Terminal Growth Rate)
Click any cell to apply WACC & terminal growth scenario. Values in ₹ / share.| WACC \ g(Terminal) | 3.0% | 4.0% | 4.5% | 5.0% | 6.0% |
|---|---|---|---|---|---|
| 10.0% | ₹2028 +55% | ₹2309 +77% | ₹2488 +90% | ₹2703 +107% | ₹3294 +152% |
| 11.0% | ₹1757 +34% | ₹1960 +50% | ₹2085 +59% | ₹2231 +71% | ₹2611 +100% |
| 11.5% | ₹1645 +26% | ₹1821 +39% | ₹1927 +47% | ₹2050 +57% | ₹2363 +81% |
| 12.0% | ₹1546 +18% | ₹1699 +30% | ₹1790 +37% | ₹1895 +45% | ₹2157 +65% |
| 13.0% | ₹1378 +5% | ₹1496 +14% | ₹1565 +20% | ₹1643 +26% | ₹1833 +40% |
Discounted cash flow (DCF) and valuation models are quantitative projections based on user-supplied assumptions — not a forecast, not a guarantee of future performance, and not SEBI-registered investment advice. Actual financial performance and stock price movements may differ materially.
New to intrinsic valuation models? Learn how Discounted Cash Flow and Terminal Growth rates work.Read DCF Academy Guide →
Valuation history
P/E21.45current
ReportedComputed, approximate
P/B4.75current
ReportedComputed, approximate
The dashed line is computed from historical close price divided by the most recently reported annual EPS or book value — not IndianAPI's own figure, which only ever gives a single current reading with no history behind it. Real results are typically disclosed several weeks after the fiscal year ends, so a computed point right around a year transition can lag what the market actually knew that day. The solid line is the real reported figure.
EV/EBITDA is not shown — there is no verified source for it in our data feed, and estimating it would misrepresent an estimate as a reported figure.
| Date | P/E | P/B |
|---|---|---|
| 31 Aug 2026 | 21.45 | 4.75 |
Analyst Consensus, Price Targets & Forecasts
Analyst Consensus & Recommendations
Aggregated institutional equity research ratings · 31 Aug 2026
Hold(3.03 / 5)
Strong Buy:2
Buy:9
Hold:17
Sell:8
Strong Sell:3
Coverage: 39 contributing analystsScale: 1 (Strong Buy) – 5 (Strong Sell)
Ratings shown are third-party analyst estimates compiled from institutional brokers. They do not constitute investment advice.
Risk Profile & Volatility
Statistical return volatility classification · 31 Aug 2026
Balanced risk
Low RiskModerate RiskHigh Risk
Annualised Standard Deviation:34.22%
Analyst Price Targets
12-month forward price consensus · 31 Aug 2026
Upside: -3.45%
Mean Target₹1,263.00vs CMP ₹1,308.10
High Target₹1,682.00+28.6% max upside
Low Target₹900.00-31.2% downside
Median Target₹1,282.0038 estimates
Low: ₹900.00Mean: ₹1,263.00High: ₹1,682.00
Mean Target Current Price (₹1,308.10)
Price targets are third-party analyst estimates compiled from institutional brokers. They do not constitute investment advice.
Forward Financial Forecasts & Consensus Estimates
Institutional broker consensus estimates and forward earnings trajectory
FY2024EConsensus
Mean Estimate
₹14.69
Low:—
High:—
FY2024EConsensus
Mean Estimate
₹16.03
Low:—
High:—
FY2024EConsensus
Mean Estimate
₹13.03
Low:—
High:—
FY2024EConsensus
Mean Estimate
₹14.13
Low:—
High:—
FY2025E21 Analysts
Mean Estimate
₹15.88
Low:—
High:—
FY2025E20 Analysts
Mean Estimate
₹15.61
Low:—
High:—
FY2025EConsensus
Mean Estimate
₹15.69
Low:—
High:—
FY2025E20 Analysts
Mean Estimate
₹16.93
Low:—
High:—
FY2026E18 Analysts
Mean Estimate
₹14.17
Low:—
High:—
FY2026E13 Analysts
Mean Estimate
₹15.15
Low:—
High:—
FY2026E13 Analysts
Mean Estimate
₹16.56
Low:—
High:—
FY2026E16 Analysts
Mean Estimate
₹15.61
Low:—
High:—
FY2027E9 Analysts
Mean Estimate
₹19.24
Low:₹17.00
High:₹19.00
FY2027E10 Analysts
Mean Estimate
₹17.65
Low:₹16.00
High:₹18.00
FY2027E11 Analysts
Mean Estimate
₹17.06
Low:—
High:—
FY2027E10 Analysts
Mean Estimate
₹18.23
Low:₹17.00
High:₹19.00
FY2028E4 Analysts
Mean Estimate
₹19.77
Low:₹19.00
High:₹19.00
FY2028E4 Analysts
Mean Estimate
₹18.74
Low:₹18.00
High:₹18.00
FY2028E4 Analysts
Mean Estimate
₹18.36
Low:₹17.00
High:₹19.00
FY2028E4 Analysts
Mean Estimate
₹19.12
Low:₹18.00
High:₹19.00
FY2029E1 Analysts
Mean Estimate
₹19.64
Low:₹19.00
High:₹19.00
| Period / Fiscal Year | Consensus Mean | Bull Case (High) | Bear Case (Low) | Brokers |
|---|---|---|---|---|
| FY2024 Forecast | ₹14.69 | — | — | — |
| FY2024 Forecast | ₹16.03 | — | — | — |
| FY2024 Forecast | ₹13.03 | — | — | — |
| FY2024 Forecast | ₹14.13 | — | — | — |
| FY2025 Forecast | ₹15.88 | — | — | 21 |
| FY2025 Forecast | ₹15.61 | — | — | 20 |
| FY2025 Forecast | ₹15.69 | — | — | — |
| FY2025 Forecast | ₹16.93 | — | — | 20 |
| FY2026 Forecast | ₹14.17 | — | — | 18 |
| FY2026 Forecast | ₹15.15 | — | — | 13 |
| FY2026 Forecast | ₹16.56 | — | — | 13 |
| FY2026 Forecast | ₹15.61 | — | — | 16 |
| FY2027 Forecast | ₹19.24 | ₹19.00 | ₹17.00 | 9 |
| FY2027 Forecast | ₹17.65 | ₹18.00 | ₹16.00 | 10 |
| FY2027 Forecast | ₹17.06 | — | — | 11 |
| FY2027 Forecast | ₹18.23 | ₹19.00 | ₹17.00 | 10 |
| FY2028 Forecast | ₹19.77 | ₹19.00 | ₹19.00 | 4 |
| FY2028 Forecast | ₹18.74 | ₹18.00 | ₹18.00 | 4 |
| FY2028 Forecast | ₹18.36 | ₹19.00 | ₹17.00 | 4 |
| FY2028 Forecast | ₹19.12 | ₹19.00 | ₹18.00 | 4 |
| FY2029 Forecast | ₹19.64 | ₹19.00 | ₹19.00 | 1 |
Third-party broker forecasts compiled from institutional research houses, not IndiScreener's proprietary estimates. Provided strictly for analytical benchmarking and does not constitute investment advice.
Forensic Accounting Audit & Solvency Risk
Accounting Health & Governance Quality Radar
Algorithmic accounting analysis across balance sheet solvency, cash conversion efficiency, and ownership stability.
Clean Governance & Solvency
Financial Strengths & Catalysts
5 Factors- •Company has delivered a high Return on Equity (ROE) of 22.1%.
- •Company maintains conservative leverage with D/E of 0.07x.
- •Company has reduced borrowings by 16.9% over the last fiscal year.
- •Strong cash generation: Operating Cash Flow is 120.0% of reported Net Profit.
- •High promoter holding of 60.9% with zero encumbrance / pledge.
Risk Factors & Watchouts
0 WatchoutsClean profile: No major debt, leverage, or working capital red flags detected.
Forensic Accounting & Health Audit
Piotroski F-Score, Altman Z-Score Distress Model & Beneish Earnings Manipulation Checks
Piotroski F-Score7 / 9
● Strong (High Quality)
Altman Z-Score7.17
● Safe Zone
Negligible risk of financial distress over the next 2 years.
Beneish M-Score-2.52
● Low Risk (Clean Accounting)
Cash flows closely match reported earnings with conservative accruals.
Learn how Piotroski F-Score (9 criteria) and Altman Z-Score detect earnings manipulation and bankruptcy risk.Read Forensic Guide →
10-Year Financial Statements & DuPont ROE
Financial Statements
consolidated · amounts in ₹ Crores
Accounting Flow:
Wall Street Cash Flow & Free Cash Flow (FCF) Cascade
FY26 (2025-2026)3-Stage institutional flow from reported earnings to owner Free Cash Flow and capital allocation
FCF Conversion Rate (FCF / PAT)
111.5%Elite Cash Quality (>100%)
Measures how much reported accounting profit turns into real liquid cash.
Free Cash Flow Margin
14.3%of Gross Revenue
Liquid cash retained per ₹100 of top-line revenue generated.
CapEx Reinvestment Rate
7.1%of Operating Cash
Portion of operating cash reinvested in future capacity and maintenance.
Reported Net Profit (PAT)₹16,642 CrInflow
16,642
+ D&A Non-Cash Charge₹4,355 CrAdd-back
4,355
Working Capital Adjustment-₹1,022 Cr- Tied Up
1,022
= Operating Cash Flow (CFO)₹19,975 CrOperating Cash
19,975
- Capital Expenditures (CapEx)-₹1,422 CrReinvestment
1,422
= Free Cash Flow (FCF)₹18,553 CrFree Cash Flow
18,553
- Dividends & Debt Repayment-₹3,661 CrCapital Return
3,661
= Net Change in Cash₹14,892 CrNet Balance
14,892
Multi-Year Historical FCF vs Reported PAT Trajectory:
Free Cash Flow (FCF) Reported Net Profit (PAT)
| Metric | 2015-201631 Mar 2016 | 2016-201731 Mar 2017 | 2017-201831 Mar 2018 | 2018-201931 Mar 2019 | 2019-202031 Mar 2020 | 2020-202131 Mar 2021 | 2021-202231 Mar 2022 | 2022-202331 Mar 2023 | 2023-202431 Mar 2024 | 2024-202531 Mar 2025 | 2025-202631 Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | ₹65,072.00 | ₹70,676.00 | ₹75,379.00 | ₹85,651.00 | ₹1.01 L | ₹1.10 L | ₹1.17 L | ₹1.30 L |
| Operating profit | — | — | — | ₹13,014.40 | ₹13,911.00 | ₹15,437.00 | ₹16,204.00 | ₹18,483.00 | ₹20,027.00 | ₹21,994.00 | ₹21,441.00 |
| OPM | — | — | — | 20.00% | 19.68% | 20.48% | 18.92% | 18.22% | 18.22% | 18.79% | 16.47% |
| Net profit | — | — | — | ₹8,321.00 | ₹11,057.00 | ₹11,145.00 | ₹13,500.00 | ₹14,851.00 | ₹15,702.00 | ₹17,390.00 | ₹16,642.00 |
| EPS | — | — | — | 30.66 | 40.75 | 41.11 | 49.73 | 54.33 | 57.85 | 62.48 | 64.02 |
| Net margin | — | — | — | 12.79% | 15.64% | 14.79% | 15.76% | 14.64% | 14.29% | 14.86% | 12.79% |
| ROE | — | — | — | 21.14% | 21.57% | 18.60% | 21.80% | 22.71% | 23.00% | 24.97% | 22.14% |
| ROCE | 28.00% | 34.00% | 31.00% | 24.91% | 23.51% | 22.43% | 23.06% | 25.68% | 25.99% | 28.38% | 25.39% |
| Debt / equity | — | — | — | 0.33 | 0.16 | 0.11 | 0.10 | 0.07 | 0.08 | 0.09 | 0.07 |
Compounded growth (CAGR)
| Metric | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|
| Revenue | 11.18% | 8.65% | 11.54% | — |
| Net profit | -4.30% | 3.87% | 8.35% | — |
| EPS | 2.46% | 5.62% | 9.26% | — |
Each column only appears when 11 real reported years actually support it — never extrapolated from fewer.
Balance sheet
| Metric | 2015-2016 | 2016-2017 | 2017-2018 | 2018-2019 | 2019-2020 | 2020-2021 | 2021-2022 | 2022-2023 | 2023-2024 | 2024-2025 | 2025-2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | — | — | — | ₹71,579.20 | ₹82,906.00 | ₹86,194.00 | ₹89,033.00 | ₹93,411.00 | ₹99,777.00 | ₹1.06 L | ₹1.16 L |
| Total liabilities | — | — | — | ₹32,210.64 | ₹31,639.00 | ₹26,281.00 | ₹27,119.00 | ₹28,006.00 | ₹31,514.00 | ₹35,889.00 | ₹41,093.00 |
| Total equity | — | — | — | ₹39,368.56 | ₹51,267.00 | ₹59,913.00 | ₹61,914.00 | ₹65,405.00 | ₹68,263.00 | ₹69,655.00 | ₹75,165.00 |
| Total debt | — | — | — | ₹12,884.26 | ₹7,986.00 | ₹6,501.00 | ₹6,343.00 | ₹4,786.00 | ₹5,756.00 | ₹6,276.00 | ₹5,215.00 |
| Cash | — | — | — | ₹8,589.50 | ₹4,004.00 | ₹3,606.00 | ₹7,782.00 | ₹5,267.00 | ₹8,506.00 | ₹5,329.00 | ₹4,065.00 |
| Current assets | — | — | — | ₹32,210.64 | ₹38,420.00 | ₹43,052.00 | ₹48,041.00 | ₹53,577.00 | ₹59,331.00 | ₹62,109.00 | ₹70,542.00 |
| Current liabilities | — | — | — | ₹17,894.80 | ₹23,730.00 | ₹17,383.00 | ₹18,775.00 | ₹21,431.00 | ₹22,726.00 | ₹28,039.00 | ₹31,826.00 |
| Inventory | — | — | — | ₹6,507.20 | ₹222.00 | ₹189.00 | ₹274.00 | ₹332.00 | ₹287.00 | ₹245.00 | ₹343.00 |
| Receivables | — | — | — | ₹7,808.64 | ₹18,548.00 | ₹18,079.00 | ₹21,364.00 | ₹26,416.00 | ₹26,797.00 | ₹27,169.00 | ₹33,336.00 |
| Payables | — | — | — | ₹5,856.48 | ₹2,139.00 | ₹2,380.00 | ₹2,920.00 | ₹2,973.00 | ₹2,917.00 | ₹3,466.00 | ₹4,226.00 |
| Net PP&E | — | — | — | ₹28,631.68 | ₹8,542.00 | ₹8,364.00 | ₹8,046.00 | ₹7,748.00 | ₹7,909.00 | ₹7,576.00 | ₹8,309.00 |
| Retained earnings | — | — | — | ₹29,526.42 | ₹48,512.00 | ₹56,418.00 | ₹58,508.00 | ₹60,847.00 | ₹62,588.00 | ₹63,263.00 | ₹65,178.00 |
Cash flow
| Metric | 2015-2016 | 2016-2017 | 2017-2018 | 2018-2019 | 2019-2020 | 2020-2021 | 2021-2022 | 2022-2023 | 2023-2024 | 2024-2025 | 2025-2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | — | — | — | ₹10,401.25 | ₹13,359.00 | ₹19,618.00 | ₹16,900.00 | ₹18,009.00 | ₹22,448.00 | ₹22,261.00 | ₹19,975.00 |
| Capital expenditure | — | — | — | ₹3,904.32 | ₹-1,866.00 | ₹-1,904.00 | ₹-1,645.00 | ₹-1,661.00 | ₹-1,048.00 | ₹-1,108.00 | ₹-1,422.00 |
| Free cash flow | — | — | — | ₹6,496.93 | ₹11,493.00 | ₹17,714.00 | ₹15,255.00 | ₹16,348.00 | ₹21,400.00 | ₹21,153.00 | ₹18,553.00 |
| OCF / net profit | — | — | — | 1.25 | 1.21 | 1.76 | 1.25 | 1.21 | 1.43 | 1.28 | 1.20 |
| FCF / Capex intensity | — | — | — | 0.06 | 2.64 | 2.53 | 1.92 | 1.64 | 0.95 | 0.95 | 1.09 |
Income statement detail
| Metric | 2015-2016 | 2016-2017 | 2017-2018 | 2018-2019 | 2019-2020 | 2020-2021 | 2021-2022 | 2022-2023 | 2023-2024 | 2024-2025 | 2025-2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross profit | — | — | — | ₹22,775.20 | ₹58,076.00 | ₹63,069.00 | ₹71,264.00 | ₹83,999.00 | ₹92,561.00 | ₹98,688.00 | ₹1.08 L |
| Cost of revenue | — | — | — | ₹42,296.80 | ₹12,600.00 | ₹12,310.00 | ₹14,387.00 | ₹17,457.00 | ₹17,352.00 | ₹18,367.00 | ₹21,712.00 |
| EBITDA | — | — | — | ₹14,315.84 | ₹17,331.00 | ₹19,932.00 | ₹20,530.00 | ₹22,628.00 | ₹24,200.00 | ₹26,078.00 | ₹25,796.00 |
| Income before tax | — | — | — | ₹11,066.93 | ₹13,980.00 | ₹15,853.00 | ₹16,952.00 | ₹19,488.00 | ₹20,967.00 | ₹23,261.00 | ₹22,102.00 |
| Interest expense | — | — | — | ₹3,253.60 | — | — | — | — | — | — | — |
| Tax expense | — | — | — | ₹2,745.93 | ₹2,923.00 | ₹4,684.00 | ₹3,428.00 | ₹4,643.00 | ₹5,257.00 | ₹5,862.00 | ₹5,450.00 |
| D&A | — | — | — | ₹2,602.88 | ₹3,420.00 | ₹4,495.00 | ₹4,326.00 | ₹4,145.00 | ₹4,173.00 | ₹4,084.00 | ₹4,355.00 |
| EBITDA margin | — | — | — | 22.00% | 24.52% | 26.44% | 23.97% | 22.30% | 22.02% | 22.28% | 19.82% |
Financial ratios
| Metric | 2015-2016 | 2016-2017 | 2017-2018 | 2018-2019 | 2019-2020 | 2020-2021 | 2021-2022 | 2022-2023 | 2023-2024 | 2024-2025 | 2025-2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current ratio | — | — | — | 1.80 | 1.62 | 2.48 | 2.56 | 2.50 | 2.61 | 2.22 | 2.22 |
| Quick ratio | — | — | — | 1.44 | 1.61 | 2.47 | 2.54 | 2.48 | 2.60 | 2.21 | 2.21 |
| Interest coverage | — | — | — | 4.00 | — | — | — | — | — | — | — |
| Inventory days | — | — | — | 45.00 | 6.43 | 5.60 | 6.95 | 6.94 | 6.04 | 4.87 | 5.77 |
| Receivable days | 91.00 | 64.00 | 70.00 | 35.00 | 95.79 | 87.54 | 91.04 | 95.03 | 88.99 | 84.72 | 93.49 |
| Payable days | — | — | — | 40.00 | 61.96 | 70.57 | 74.08 | 62.16 | 61.36 | 68.88 | 71.04 |
| Cash conversion cycle | 91.00 | 64.00 | 70.00 | 40.00 | 40.26 | 22.58 | 23.91 | 39.82 | 33.67 | 20.71 | 28.22 |
| Working capital days | 62.00 | 38.00 | 58.00 | 44.00 | 14.00 | 48.00 | 44.00 | 43.00 | 31.00 | 17.00 | 23.00 |
| Fixed asset turnover | — | — | — | 2.27 | 8.27 | 9.01 | 10.65 | 13.09 | 13.90 | 15.45 | 15.66 |
| ROA | — | — | — | 11.62% | 13.34% | 12.93% | 15.16% | 15.90% | 15.74% | 16.48% | 14.31% |
| ROIC | — | — | — | 19.06% | 19.91% | 17.32% | 21.38% | 21.69% | 22.90% | 23.30% | 21.17% |
| Gross margin | — | — | — | 35.00% | 82.17% | 83.67% | 83.20% | 82.79% | 84.21% | 84.31% | 83.32% |
DuPont 3-Stage ROE Factor Decomposition
Deconstructing Return on Equity into Profitability, Asset Efficiency, and Financial Leverage
Balanced Return EngineFY2025-2026
Net marginProfitability
12.79%
Net Profit generated per ₹100 of revenue (Profitability)
×
Asset turnoverEfficiency
1.12
Revenue generated per ₹1 of total assets (Capital Efficiency)
×
Equity multiplierLeverage
1.55
Total assets supported per ₹1 of shareholder equity (Leverage)
=
Implied DuPont ROEFinal Output
22.14%
Reported: 22.14%
Explore the 3-Stage DuPont Formula: Net Margin × Asset Turnover × Leverage Multiplier.Read DuPont Guide →
Corporate Actions, Dividends & Capital Changes
Chronological Corporate Actions Registry
Historical stock splits, bonus shares, rights issues, and corporate schemes
| Year | Execution Date | Action Type | Ratio / Term |
|---|---|---|---|
| 2026 | 17 Jul 2026 | dividend | 600% |
| 25 Apr 2026 | dividend | 1200% | |
| 17 Jan 2026 | dividend | 600% | |
| 2025 | 17 Oct 2025 | dividend | 600% |
| 18 Jul 2025 | dividend | 600% | |
| 28 Apr 2025 | dividend | 900% | |
| 17 Jan 2025 | dividend | 600% | |
| 17 Jan 2025 | dividend | 300% | |
| 2024 | 22 Oct 2024 | dividend | 600% |
| 23 Jul 2024 | dividend | 600% | |
| 07 May 2024 | dividend | 900% | |
| 20 Jan 2024 | dividend | 600% | |
| 2023 | 20 Oct 2023 | dividend | 600% |
| 20 Jul 2023 | dividend | 500% | |
| 28 Apr 2023 | dividend | 900% | |
| 20 Jan 2023 | dividend | 500% | |
| 2022 | 20 Oct 2022 | dividend | 500% |
| 20 Jul 2022 | dividend | 500% | |
| 29 Apr 2022 | dividend | 900% | |
| 22 Jan 2022 | dividend | 500% | |
| 2021 | 23 Oct 2021 | dividend | 500% |
| 28 Jul 2021 | dividend | 300% | |
| 01 May 2021 | dividend | 500% | |
| 01 May 2021 | dividend | 300% | |
| 23 Jan 2021 | dividend | 200% | |
| 2020 | 24 Oct 2020 | dividend | 200% |
| 16 Sept 2020 | dividend | 100% | |
| 25 Jul 2020 | dividend | 100% | |
| 27 Jan 2020 | dividend | 100% | |
| 2019 | 07 Dec 2019 | bonus | 1:1 |
| 01 Nov 2019 | dividend | 100% | |
| 17 Aug 2019 | dividend | 100% | |
| 17 Aug 2019 | dividend | 100% | |
| 17 May 2019 | dividend | 100% | |
| 17 May 2019 | dividend | 100% | |
| 06 Feb 2019 | dividend | 100% | |
| 06 Feb 2019 | dividend | 100% | |
| 2018 | 31 Oct 2018 | dividend | 100% |
| 31 Oct 2018 | dividend | 100% | |
| 06 Aug 2018 | dividend | 100% | |
| 06 Aug 2018 | dividend | 100% | |
| 10 May 2018 | dividend | 100% | |
| 10 May 2018 | dividend | 100% | |
| 30 Jan 2018 | dividend | 100% | |
| 2017 | 02 Nov 2017 | dividend | 100% |
| 04 Aug 2017 | dividend | 100% | |
| 25 May 2017 | dividend | 300% | |
| 02 Feb 2017 | dividend | 300% | |
| 2016 | 29 Oct 2016 | dividend | 300% |
| 11 Aug 2016 | dividend | 300% | |
| 06 May 2016 | dividend | 300% | |
| 28 Jan 2016 | dividend | 300% | |
| 2015 | 26 Oct 2015 | dividend | 250% |
| 10 Aug 2015 | dividend | 250% | |
| 27 Apr 2015 | dividend | 200% | |
| 20 Mar 2015 | bonus | 1:1 | |
| 05 Feb 2015 | dividend | 400% | |
| 2014 | 23 Oct 2014 | dividend | 300% |
| 06 Aug 2014 | dividend | 600% | |
| 23 Apr 2014 | dividend | 200% | |
| 23 Jan 2014 | dividend | 200% | |
| 2013 | 20 Dec 2013 | dividend | 300% |
| 23 Oct 2013 | dividend | 100% | |
| 23 Apr 2013 | dividend | 100% | |
| 22 Jan 2013 | dividend | 100% | |
| 2012 | 23 Oct 2012 | dividend | 100% |
| 23 Oct 2012 | dividend | 200% | |
| 24 Apr 2012 | dividend | 100% | |
| 23 Jan 2012 | dividend | 100% | |
| 2011 | 25 Oct 2011 | dividend | 100% |
| 25 Oct 2011 | dividend | 100% | |
| 25 Oct 2011 | dividend | 100% | |
| 26 Apr 2011 | dividend | 100% | |
| 25 Jan 2011 | dividend | 100% | |
| 2010 | 26 Oct 2010 | dividend | 75% |
| 26 Oct 2010 | dividend | 50% | |
| 27 Apr 2010 | dividend | 50% | |
| 01 Feb 2010 | dividend | 50% | |
| 2009 | 04 Dec 2009 | dividend | 50% |
| 03 Nov 2009 | dividend | 50% | |
| 27 Apr 2009 | dividend | 50% | |
| 29 Jan 2009 | dividend | 100% | |
| 2008 | 24 Oct 2008 | dividend | 300% |
| 22 Apr 2008 | dividend | 100% | |
| 24 Jan 2008 | dividend | 100% | |
| 2007 | 04 Dec 2007 | dividend | 100% |
| 24 Oct 2007 | dividend | 100% | |
| 24 Apr 2007 | dividend | 100% | |
| 16 Mar 2007 | bonus | 1:1 | |
| 22 Jan 2007 | dividend | 200% | |
| 2006 | 06 Dec 2006 | dividend | 200% |
| 23 Oct 2006 | dividend | 200% | |
| 26 Apr 2006 | dividend | 200% | |
| 25 Jan 2006 | dividend | 200% |
Dividend Intelligence & Capital Return History
Historical cash payout track record across 25 dividend distributions
Latest Year DPS:₹48.00
Yield on CMP:3.67%
3Y Dividend CAGR:-1.4%
Annual Dividend Payout Progression (Per Share)Total Cumulative DPS: ₹296.00
₹48.0
2026
₹60.0
2025
₹54.0
2024
₹50.0
2023
₹48.0
2022
₹36.0
2021
| Ex-Date | Amount (Per Share) | Dividend Type |
|---|---|---|
| 17 Jul 2026 | ₹12.00 | Interim |
| 24 Apr 2026 | ₹24.00 | Interim |
| 16 Jan 2026 | ₹12.00 | Interim |
| 17 Oct 2025 | ₹12.00 | Interim |
| 18 Jul 2025 | ₹12.00 | Interim |
| 28 Apr 2025 | ₹18.00 | Interim |
| 17 Jan 2025 | ₹12.00 | Interim |
| 17 Jan 2025 | ₹6.00 | Special |
| 22 Oct 2024 | ₹12.00 | Interim |
| 23 Jul 2024 | ₹12.00 | Interim |
| 07 May 2024 | ₹18.00 | Interim |
| 19 Jan 2024 | ₹12.00 | Interim |
| 20 Oct 2023 | ₹12.00 | Interim |
| 20 Jul 2023 | ₹10.00 | Interim |
| 28 Apr 2023 | ₹18.00 | Interim |
| 19 Jan 2023 | ₹10.00 | Interim |
| 19 Oct 2022 | ₹10.00 | Interim |
| 19 Jul 2022 | ₹10.00 | Interim |
| 28 Apr 2022 | ₹18.00 | Interim |
| 20 Jan 2022 | ₹10.00 | Interim |
| 21 Oct 2021 | ₹10.00 | Interim |
| 27 Jul 2021 | ₹6.00 | Interim |
| 29 Apr 2021 | ₹6.00 | Interim |
| 29 Apr 2021 | ₹10.00 | Special |
| 21 Jan 2021 | ₹4.00 | Interim |
Industry Peer Group & Valuation Spread
Compare valuation multiples and market cap relative to sector competitors
Information TechnologyCompare Peers in Studio
Market Cap3,55,218.76 ₹ cr
Beats 94% of 35 industry peers · median 16,695.36 ₹ cr
P/E21.45 x
Beats 30% of 33 industry peers · median 26.39 x
P/B4.75 x
Beats 55% of 33 industry peers · median 4.43 x
ROE18.05%
Beats 49% of 35 industry peers · median 18.18%
ROCE19.95%
Beats 49% of 35 industry peers · median 22.68%
Debt to Equity0.42 x
Beats 63% of 35 industry peers · median 0.32 x
Net Margin16.95%
Beats 86% of 35 industry peers · median 14.01%
Dividend Yield4.59%
Beats 97% of 29 industry peers · median 1.61%
Revenue Growth (YoY)13.94%
Beats 32% of 34 industry peers · median 17.76%
| Company | Market Cap ▼ | P/E | P/B |
|---|---|---|---|
| ₹8.41 L | 17.22 | 7.90 | |
Infosys Ltd.INFY | ₹4.64 L | 15.55 | 4.84 |
Wipro Ltd.WIPRO | ₹1.77 L | 14.40 | 2.14 |
Tech Mahindra Ltd.TECHM | ₹1.59 L | 30.28 | 5.43 |
LTM Ltd.LTM | ₹1.39 L | 26.39 | 5.51 |
Peers are chosen strictly by industry classification. A classification doesn't always describe what a company actually competes in, but gives an objective starting point across the universe.
Regulatory Filings & Market Intelligence
Corporate Filings & Document Vault
SEBI LODR VerifiedAudited Annual Reports, Investor Decks, Earnings Concall Transcripts, and Board Resolutions for HCL Technologies Ltd. (HCLTECH)
Indexed Documents7 Filings
Latest Disclosure08 Aug 2026
Secretarial Filing08 Aug 2026
HCL Technologies Ltd: Intimation under Regulation 30 of SEBI (LODR) Regulations, 2015
Press Release29 Jul 2026
HCL Technologies Ltd: Press Release: Business Updates and New Strategic Initiatives
AGM / EGM03 Jul 2026
HCL Technologies Ltd: Notice of Annual General Meeting and Record Date for Dividend
Corporate Action29 Jun 2026
HCL Technologies Ltd: Recommendation of Final Dividend for the Financial Year 2025-26
Concall Transcript22 May 2026
HCL Technologies Ltd: Transcript of Earnings Conference Call with Institutional Investors
Investor Deck29 Jan 2026
HCL Technologies Ltd: Investor Presentation on Q4 Financial Results and Growth Outlook
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For informational and educational purposes only. Not investment advice. Data may be delayed or incomplete. Consult a SEBI-registered investment adviser before making investment decisions.