Jefferies has maintained a Buy rating on HCLTech with a target price of ₹1,850, compared to the current market price of ₹1,484.10. The brokerage, sharing takeaways from its recent non-deal roadshow (NDR), said management remains confident of achieving 3–5% revenue growth in FY26 despite a steady demand environment.
AI-led engagements are becoming a central part of the company’s transformation agenda, with HCL Tech expecting higher client wallet share to offset productivity gains from AI adoption. The company has also accelerated investments in artificial intelligence and sales go-to-market initiatives.
While these investments are expected to weigh on margins in FY26, Jefferies believes margins will normalize in FY27, aided by improved operating leverage and higher-value project wins.
Disclaimer: The above views are those of Jefferies. This update is for news reporting purposes only and does not constitute investment advice.
