# HCL Technologies (HCLTECH.NSE)

Canonical: https://gigainvestors.com/s/HCLTECH.NSE

Analysis as of: 2026-10-16T07:33:23.717Z. Financial observations: FY2017–FY2026.

Listing currency: INR. Reporting currency: INR.

## Verdict

A wonderful business

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: INR 1,360.00 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.05×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.20×

- FY2018: 0.20×

- FY2019: 0.20×

- FY2020: 0.20×

- FY2021: 0.20×

- FY2022: 0.19×

- FY2023: 0.18×

- FY2024: 0.18×

- FY2025: 0.18×

- FY2026: 0.17×

### moat: pass

- The return floor includes all equity, debt and leases without deducting cash or goodwill. Only a floor above the hurdle establishes a pass.

- Conservative return floor, median: 22.2%

- Conservative return floor, second lowest: 18.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.2%

- ROIC including acquisitions, ten-year median: 27.1%

### economics: pass

- Owner earnings / net income, 5-yr: 1.14×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: INR 891B

- Net income, five-year total: INR 781B

- Return on incremental invested capital: 280.7%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 0.7 pp

- Working capital / revenue, final three-year average: 17.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.20×

- FY2023: 1.17×

- FY2024: 1.20×

- FY2025: 1.09×

- FY2026: 1.07×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks leaned toward cheaper years (informational)

- Per-share earnings: 31.09 to 61.36 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.0%

- Market cap gain: INR 2.39T

- Cumulative retained earnings: INR 424B

- Diluted shares, 5-year annual growth: -0.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 10.2%

- Per-share value change: INR 30.27

- Per-share value, starting three-year median: INR 31.10

- Per-share value, ending three-year median: INR 61.36

- Buybacks concentrated in cheaper years (correlation): 0.90

- Average buyback yield: 1.1%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: INR 1.28T

- ROIC, last three-year median: 48.9%

Chart: Earnings per share; fiscal year observations.

- FY2017: INR 30.16

- FY2018: INR 31.10

- FY2019: INR 37.31

- FY2020: INR 40.75

- FY2021: INR 41.07

- FY2022: INR 49.77

- FY2023: INR 54.79

- FY2024: INR 57.86

- FY2025: INR 64.09

- FY2026: INR 61.36

### accounting: pass

- Sloan accruals: -2.9%

- Receivables to sales index (DSRI): 1.10×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 2.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.20×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.39×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -0.9%

- FY2018: 0.8%

- FY2019: 2.0%

- FY2020: -2.8%

- FY2021: -9.8%

- FY2022: -3.8%

- FY2023: -3.4%

- FY2024: -6.8%

- FY2025: -4.7%

- FY2026: -2.9%

## Holders

## Price story

Down 29% since Dec 2024 · sales +11.2%

Story as of 2026-10-16T09:59:55.951Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales +11.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: INR 476B 

- FY2018: INR 506B 

- FY2019: INR 604B 

- FY2020: INR 707B 

- FY2021: INR 754B 

- FY2022: INR 857B 

- FY2023: INR 1.01T 

- FY2024: INR 1.10T 

- FY2025: INR 1.17T 

- FY2026: INR 1.30T 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in computers software & consulting; annual sales are INR 1.3 trillion.

- Source: https://www.screener.in/company/HCLTECH/consolidated/ (filed 2026-10-16T07:33:23.717Z); FY2026: revenue 1301440000000; operatingIncome 223970000000; margin = operatingIncome / revenue.

### Why customers stay

Margins ranged from 17.2% to 18.3% during 2024–26; it earns 46.7% on its capital.

- Source: https://www.screener.in/company/HCLTECH/consolidated/ (filed 2026-10-16T07:33:23.717Z); FY2024: operatingIncome / revenue = 18.2%.

- Source: https://www.screener.in/company/HCLTECH/consolidated/ (filed 2026-10-16T07:33:23.717Z); FY2025: operatingIncome / revenue = 18.3%.

- Source: https://www.screener.in/company/HCLTECH/consolidated/ (filed 2026-10-16T07:33:23.717Z); FY2026: operatingIncome / revenue = 17.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.717Z); 10-year return on capital observations [[2023,0.3805971605072071],[2024,0.4451714734564425],[2025,0.4885057471264368],[2026,0.5079913508936402]]; median 0.46683861029143964. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 0.9% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://www.screener.in/company/HCLTECH/consolidated/ (filed 2026-10-16T07:33:23.717Z); FY2017: growth capex 0; upkeep 39210000000; owner earnings 55130000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/HCLTECH/consolidated/ (filed 2026-10-16T07:33:23.717Z); FY2018: growth capex 10370228305.455643; upkeep 43069771694.54436; owner earnings 57970228305.45564. Growth capex / owner earnings = 0.1788888643117469.

- Source: https://www.screener.in/company/HCLTECH/consolidated/ (filed 2026-10-16T07:33:23.717Z); FY2019: growth capex 13920000000; upkeep 20730000000; owner earnings 101200000000. Growth capex / owner earnings = 0.13754940711462452.

- Source: https://www.screener.in/company/HCLTECH/consolidated/ (filed 2026-10-16T07:33:23.717Z); FY2020: growth capex 0; upkeep 18660000000; owner earnings 126110000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/HCLTECH/consolidated/ (filed 2026-10-16T07:33:23.717Z); FY2021: growth capex 0; upkeep 19040000000; owner earnings 138520000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/HCLTECH/consolidated/ (filed 2026-10-16T07:33:23.717Z); FY2022: growth capex 0; upkeep 16450000000; cash acquisitions 0; owner earnings 161800000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.screener.in/company/HCLTECH/consolidated/ (filed 2026-10-16T07:33:23.717Z); FY2023: growth capex 0; upkeep 16610000000; cash acquisitions 7060000000; owner earnings 173350000000. Growth capex plus acquisitions / owner earnings = 0.04072685318719354.

- Source: https://www.screener.in/company/HCLTECH/consolidated/ (filed 2026-10-16T07:33:23.717Z); FY2024: growth capex 0; upkeep 10480000000; cash acquisitions 20430000000; owner earnings 188270000000. Growth capex plus acquisitions / owner earnings = 0.10851436766346205.

- Source: https://www.screener.in/company/HCLTECH/consolidated/ (filed 2026-10-16T07:33:23.717Z); FY2025: growth capex 0; upkeep 11080000000; cash acquisitions 19820000000; owner earnings 189130000000. Growth capex plus acquisitions / owner earnings = 0.10479564320837519.

- Source: https://www.screener.in/company/HCLTECH/consolidated/ (filed 2026-10-16T07:33:23.717Z); FY2026: growth capex 0; upkeep 14220000000; cash acquisitions 1590000000; owner earnings 178900000000. Growth capex plus acquisitions / owner earnings = 0.008887646730016768.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.717Z); Dividend observations: [[2017,33860000000],[2018,16910000000],[2019,10990000000],[2020,13570000000],[2021,32560000000],[2022,113910000000],[2023,129950000000],[2024,140730000000],[2025,162500000000],[2026,146180000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1656676_21042026070943_WEB.xml (filed 2026-10-16T07:33:23.717Z); FY2026: cash repurchases 7110000000 INR.

### What the price says

The price is 2.8 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.717Z); Closing price 1360 INR; reporting-to-trading FX 1; FY2026 annual sales per share 479.84832592236506; price multiple 2.834228914700924. FY2026 cash earnings/share 65.96144694147338. Closing-price date 2026-10-15.

## Monthly share-price history (INR per share)

- 2016-11: INR 401.90 per share

- 2016-12: INR 413.98 per share

- 2017-01: INR 405.58 per share

- 2017-02: INR 420.05 per share

- 2017-03: INR 437.38 per share

- 2017-04: INR 407.05 per share

- 2017-05: INR 432.13 per share

- 2017-06: INR 425.45 per share

- 2017-07: INR 446.45 per share

- 2017-08: INR 432.65 per share

- 2017-09: INR 437.40 per share

- 2017-10: INR 427.90 per share

- 2017-11: INR 424.00 per share

- 2017-12: INR 445.25 per share

- 2018-01: INR 493.27 per share

- 2018-02: INR 470.15 per share

- 2018-03: INR 484.30 per share

- 2018-04: INR 526.38 per share

- 2018-05: INR 455.17 per share

- 2018-06: INR 463.13 per share

- 2018-07: INR 482.55 per share

- 2018-08: INR 523.22 per share

- 2018-09: INR 543.90 per share

- 2018-10: INR 527.80 per share

- 2018-11: INR 507.50 per share

- 2018-12: INR 482.17 per share

- 2019-01: INR 502.60 per share

- 2019-02: INR 526.95 per share

- 2019-03: INR 543.72 per share

- 2019-04: INR 591.67 per share

- 2019-05: INR 546.28 per share

- 2019-06: INR 532.33 per share

- 2019-07: INR 517.28 per share

- 2019-08: INR 550.17 per share

- 2019-09: INR 540.30 per share

- 2019-10: INR 581.38 per share

- 2019-11: INR 563.83 per share

- 2019-12: INR 568.10 per share

- 2020-01: INR 591.40 per share

- 2020-02: INR 534.35 per share

- 2020-03: INR 436.40 per share

- 2020-04: INR 543.55 per share

- 2020-05: INR 550.25 per share

- 2020-06: INR 556.85 per share

- 2020-07: INR 705.20 per share

- 2020-08: INR 694.40 per share

- 2020-09: INR 811.60 per share

- 2020-10: INR 841.95 per share

- 2020-11: INR 822.10 per share

- 2020-12: INR 946.15 per share

- 2021-01: INR 914.00 per share

- 2021-02: INR 909.45 per share

- 2021-03: INR 982.65 per share

- 2021-04: INR 898.95 per share

- 2021-05: INR 945.20 per share

- 2021-06: INR 983.50 per share

- 2021-07: INR 1,024.95 per share

- 2021-08: INR 1,182.30 per share

- 2021-09: INR 1,279.55 per share

- 2021-10: INR 1,143.75 per share

- 2021-11: INR 1,138.65 per share

- 2021-12: INR 1,319.10 per share

- 2022-01: INR 1,099.40 per share

- 2022-02: INR 1,126.95 per share

- 2022-03: INR 1,163.75 per share

- 2022-04: INR 1,079.25 per share

- 2022-05: INR 1,040.75 per share

- 2022-06: INR 973.25 per share

- 2022-07: INR 948.40 per share

- 2022-08: INR 938.95 per share

- 2022-09: INR 932.35 per share

- 2022-10: INR 1,041.15 per share

- 2022-11: INR 1,120.80 per share

- 2022-12: INR 1,039.30 per share

- 2023-01: INR 1,122.20 per share

- 2023-02: INR 1,077.60 per share

- 2023-03: INR 1,085.25 per share

- 2023-04: INR 1,064.10 per share

- 2023-05: INR 1,145.10 per share

- 2023-06: INR 1,187.95 per share

- 2023-07: INR 1,116.70 per share

- 2023-08: INR 1,172.15 per share

- 2023-09: INR 1,234.80 per share

- 2023-10: INR 1,276.00 per share

- 2023-11: INR 1,340.90 per share

- 2023-12: INR 1,466.10 per share

- 2024-01: INR 1,576.00 per share

- 2024-02: INR 1,663.85 per share

- 2024-03: INR 1,543.55 per share

- 2024-04: INR 1,366.60 per share

- 2024-05: INR 1,324.10 per share

- 2024-06: INR 1,459.60 per share

- 2024-07: INR 1,642.60 per share

- 2024-08: INR 1,753.25 per share

- 2024-09: INR 1,796.10 per share

- 2024-10: INR 1,766.05 per share

- 2024-11: INR 1,848.05 per share

- 2024-12: INR 1,917.40 per share

- 2025-01: INR 1,725.45 per share

- 2025-02: INR 1,575.05 per share

- 2025-03: INR 1,592.50 per share

- 2025-04: INR 1,567.50 per share

- 2025-05: INR 1,636.60 per share

- 2025-06: INR 1,728.60 per share

- 2025-07: INR 1,467.90 per share

- 2025-08: INR 1,454.80 per share

- 2025-09: INR 1,385.10 per share

- 2025-10: INR 1,541.50 per share

- 2025-11: INR 1,624.20 per share

- 2025-12: INR 1,623.30 per share

- 2026-01: INR 1,695.60 per share

- 2026-02: INR 1,389.10 per share

- 2026-03: INR 1,341.60 per share

- 2026-04: INR 1,199.10 per share

- 2026-05: INR 1,183.80 per share

- 2026-06: INR 1,071.80 per share

- 2026-07: INR 1,346.90 per share

- 2026-08: INR 1,312.20 per share

- 2026-09: INR 1,230.00 per share

- 2026-10: INR 1,360.00 per share

## Annual estimated value (INR per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations