Nuvama Institutional Equities has upgraded HCL Technologies to a ‘Buy’, raising the target price to ₹1,700 after Q4 results came in largely in line with expectations. Revenue stood at USD 3,498 million, down 0.8% in constant currency QoQ, while EBIT margin was 18%, down 150 basis points sequentially.
The standout highlight was the strong deal TCV of USD 2,995 million, marking a 43% QoQ and 31% YoY surge, boosting confidence in the company’s medium-term outlook. HCLT’s FY26 revenue growth guidance of 2–5% CC was seen as slightly ahead of expectations, with a manageable CQGR requirement of 0.3–1.5%.
Nuvama believes that the recent correction presents an attractive entry point, with the stock offering upside as execution improves.
Disclaimer: The above views are of the broker’s and not the author or the publication’s. Please make any and every investment decision after consulting your financial advisor.
