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Last Updated: April 2, 2026, 3:01 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 532281 | NSE: HCLTECH

HCL Technologies Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹1,170.55Overvalued by 13.55%vs CMP ₹1,354.00

P/E (21.4) × ROE (25.0%) × BV (₹263.00) × DY (3.99%)

₹754.94Overvalued by 44.24%vs CMP ₹1,354.00
MoS: -79.4% (Negative)Confidence: 68/100 (Moderate)Models: All 9: Overvalued
ModelCategoryValueWeightSignal
PE-ROEEarnings₹1,217.9522%Over (-10%)
Graham NumberEarnings₹599.1316%Over (-55.8%)
Earnings PowerEarnings₹461.5313%Over (-65.9%)
DCFCash Flow₹765.4713%Over (-43.5%)
Net Asset ValueAssets₹262.487%Over (-80.6%)
EV/EBITDAEnterprise₹1,065.039%Over (-21.3%)
Earnings YieldEarnings₹606.607%Over (-55.2%)
ROCE CapitalReturns₹569.649%Over (-57.9%)
Revenue MultipleRevenue₹646.845%Over (-52.2%)
Consensus (9 models)₹754.94100%Overvalued
Key Drivers: Wide model spread (₹262–₹1,218) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 4.0%

*Investments are subject to market risks

Investment Snapshot

69
HCL Technologies Ltd scores 69/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health92/100 · Strong
ROCE 31.6% ExcellentROE 25.0% ExcellentD/E 0.06 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money45/100 · Moderate
FII holding down -2.94% (6mo) SellingDII holding up 2.93% MF buyingPromoter holding at 60.8% Stable
Earnings Quality60/100 · Moderate
OPM stable around 22% SteadyWorking capital: 17 days (improving) Efficient
Quarterly Momentum50/100 · Moderate
Revenue (4Q): +10% YoY GrowingProfit (4Q): -4% YoY Declining
Industry Rank80/100 · Strong
P/E 21.4 vs industry 98.1 Cheaper than peersROCE 31.6% vs industry 14.9% Above peers3Y sales CAGR: 11% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:01 am

Market Cap 3,67,539 Cr.
Current Price 1,354
Intrinsic Value₹754.94
High / Low 1,780/1,276
Stock P/E21.4
Book Value 263
Dividend Yield3.99 %
ROCE31.6 %
ROE25.0 %
Face Value 2.00
PEG Ratio5.28

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for HCL Technologies Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
HCL Technologies Ltd 3,67,539 Cr. 1,354 1,780/1,27621.4 2633.99 %31.6 %25.0 % 2.00
Wipro Ltd 2,00,517 Cr. 191 273/18615.1 81.65.75 %19.5 %16.6 % 2.00
Tech Mahindra Ltd 1,37,619 Cr. 1,404 1,854/1,20928.6 2813.20 %18.6 %14.6 % 5.00
LTIMindtree Ltd 1,35,243 Cr. 4,559 6,430/3,80226.1 7891.43 %27.6 %21.5 % 1.00
Persistent Systems Ltd 79,650 Cr. 5,049 6,599/4,14944.3 4530.69 %30.4 %24.1 % 5.00
Industry Average17,316.11 Cr418.4898.13120.780.77%14.90%21.00%6.77

All Competitor Stocks of HCL Technologies Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 26,70026,60626,29626,67228,44628,49928,05728,86229,89030,24630,34931,94233,872
Expenses 20,33520,74320,93120,74321,65922,38222,26422,49323,03023,76424,31425,39726,460
Operating Profit 6,3655,8635,3655,9296,7876,1175,7936,3696,8606,4826,0356,5457,412
OPM % 24%22%20%22%24%21%21%22%23%21%20%20%22%
Other Income 2604533443653704161,103456477449456415-571
Interest 1169486156140171191131166156209215205
Depreciation 1,1371,0279271,0101,1431,0939981,0071,0391,0401,0931,0431,127
Profit before tax 5,3725,1954,6965,1285,8745,2695,7075,6876,1325,7355,1895,7025,509
Tax % 24%23%25%25%26%24%25%26%25%25%26%26%26%
Net Profit 4,0963,9813,5313,8334,3513,9954,2594,2374,5944,3093,8444,2364,082
EPS in Rs 15.0914.6813.0214.1216.0314.6915.6915.6116.9215.8714.1615.6115.02

Last Updated: February 5, 2026, 5:39 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 8:46 am

MetricJun 2014Jun 2015Mar 2016n n 9mMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 32,14436,70131,13647,56850,56960,42770,67675,37985,651101,456109,913117,055126,409
Expenses 24,10828,21524,48237,17839,32346,50153,36055,33165,12278,82885,71591,55199,935
Operating Profit 8,0358,4866,65410,39011,24613,92617,31620,04820,52922,62824,19825,50426,474
OPM % 25%23%21%22%22%23%24%27%24%22%22%22%21%
Other Income 6771,1268711,0691,2309435899271,0671,3581,4952,485749
Interest 11491748969174505511319353553644785
Depreciation 6814044108281,3832,0733,4204,6114,3264,1454,1734,0844,303
Profit before tax 7,9179,1177,04110,54211,02412,62213,98015,85316,95119,48820,96723,26122,135
Tax % 18%20%20%18%21%20%21%30%20%24%25%25%
Net Profit 6,5287,3425,6028,6068,72210,12011,05711,16913,52314,84515,71017,39916,471
EPS in Rs 23.2526.0219.8630.1631.3237.3140.7541.0749.7454.7357.8664.0860.66
Dividend Payout % 11%58%40%40%19%11%25%24%84%88%90%94%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)1.35%16.03%9.26%1.01%21.08%9.78%5.83%10.75%
Change in YoY Net Profit Growth (%)0.00%14.68%-6.77%-8.25%20.06%-11.30%-3.95%4.92%

HCL Technologies Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 8 years from 2017-2018 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:14%
5 Years:11%
3 Years:11%
TTM:7%
Compounded Profit Growth
10 Years:10%
5 Years:9%
3 Years:9%
TTM:3%
Stock Price CAGR
10 Years:12%
5 Years:16%
3 Years:15%
1 Year:-19%
Return on Equity
10 Years:24%
5 Years:23%
3 Years:24%
Last Year:25%

Last Updated: September 5, 2025, 5:50 am

Balance Sheet

Last Updated: December 4, 2025, 1:21 am

MonthJun 2014Jun 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 140281282285278271543543543543543543543
Reserves 19,41023,94327,10932,66436,10841,09550,72459,37061,37164,86267,72069,11270,706
Borrowings 1,0186481,0905825574,1957,9866,8646,3434,7945,7586,2766,780
Other Liabilities 9,41210,37210,85912,23111,04612,78823,56619,27020,66423,05124,98528,54930,544
Total Liabilities 29,98035,24539,34145,76247,98958,34982,81986,04788,92193,25099,006104,480108,573
Fixed Assets 7,4448,2759,71615,23518,75322,88837,49037,14535,07734,61935,06336,17236,628
CWIP 5315526114483202354003121294010859106
Investments 6628696981,3062,6602,3057,0666,8626,3515,4957,1377,5646,265
Other Assets 21,34325,54828,31528,77326,25632,92137,86341,72847,36453,09656,69860,68565,574
Total Assets 29,98035,24539,34145,76247,98958,34982,81986,04788,92193,25099,006104,480108,573

Reserves and Borrowings Chart

Cash Flow

MonthJun 2014Jun 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 6,4575,5393,8238,9958,3288,97113,35919,61816,90018,00922,44822,261
Cash from Investing Activity + -4,842-2,088-2,208-3,890-2,236-3,256-12,332-5,6651,597-3,573-6,608-4,896
Cash from Financing Activity + -1,308-3,140-2,237-4,517-5,714-1,471-3,168-11,192-14,508-15,881-15,464-18,561
Net Cash Flow 307311-6235883784,244-2,1412,7613,989-1,445376-1,196
Free Cash Flow 5,9784,3383,0745,1843,0075,53711,53017,86515,34516,56521,43221,178
CFO/OP 98%86%79%106%95%83%92%115%99%96%110%104%

Free Cash Flow

MonthJun 2014Jun 2015Mar 2016n n 9mMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow7.00-640.006.00-572.00-546.009.0010.0014.0014.0018.0019.0019.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthJun 2014Jun 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 656591647071738588928581
Inventory Days
Days Payable
Cash Conversion Cycle 656591647071738588928581
Working Capital Days 82562385844144844433117
ROCE %45%40%28%34%31%31%27%26%25%28%30%32%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 60.82%60.82%60.82%60.82%60.82%60.82%60.82%60.82%60.82%60.82%60.82%60.82%
FIIs 18.92%18.98%18.80%19.42%19.65%18.45%18.67%19.38%19.15%18.56%16.64%16.21%
DIIs 15.28%15.33%15.62%15.12%14.95%15.77%15.78%15.21%15.44%16.17%17.80%18.37%
Government 0.02%0.02%0.02%0.02%0.02%0.02%0.02%0.04%0.04%0.04%0.04%0.04%
Public 4.74%4.63%4.54%4.40%4.35%4.65%4.53%4.42%4.37%4.24%4.41%4.26%
Others 0.23%0.23%0.21%0.21%0.21%0.28%0.18%0.13%0.18%0.16%0.30%0.30%
No. of Shareholders 9,40,0799,09,3598,79,1208,52,9028,55,9609,50,1478,75,1648,68,7358,80,7228,85,8359,29,2358,82,505

Shareholding Pattern Chart

No. of Shareholders

HCL Technologies Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Parag Parikh Flexi Cap Fund 23,460,156 2.97 3977.921,315,8822026-02-23 06:20:0410.06%
HDFC Flexi Cap Fund 18,000,000 3.13 3052.08N/AN/AN/A
HDFC Balanced Advantage Fund 10,072,008 1.6 1707.81N/AN/AN/A
HDFC Focused Fund 7,450,000 4.8 1263.227,258,8922025-12-14 03:50:102.63%
ICICI Prudential Balanced Advantage Fund 5,530,457 1.33 937.745,820,9572026-02-23 00:30:02-4.99%
SBI Balanced Advantage Fund 4,320,701 1.82 732.62N/AN/AN/A
ICICI Prudential Technology Fund 4,103,783 4.51 695.844,857,7502026-02-23 06:20:04-15.52%
Aditya Birla Sun Life Flexi Cap Fund 4,103,703 2.82 695.825,791,2562025-12-08 01:35:30-29.14%
Kotak Flexicap Fund 3,900,000 1.17 661.28N/AN/AN/A
Nippon India Large Cap Fund 3,600,927 1.22 610.57N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 2.002.002.002.002.00
Basic EPS (Rs.) 64.1657.9954.8549.7741.07
Diluted EPS (Rs.) 64.0957.8654.7949.7741.07
Cash EPS (Rs.) 79.1373.2369.9465.7558.12
Book Value[Excl.RevalReserv]/Share (Rs.) 256.56251.46240.88228.38221.30
Book Value[Incl.RevalReserv]/Share (Rs.) 256.56251.46240.88228.38221.30
Revenue From Operations / Share (Rs.) 431.14404.84373.69315.47277.64
PBDIT / Share (Rs.) 103.0994.6388.3579.5577.26
PBIT / Share (Rs.) 88.0579.2673.0863.6160.27
PBT / Share (Rs.) 85.6877.2371.7862.4458.39
Net Profit / Share (Rs.) 64.0857.8654.6849.8141.14
NP After MI And SOA / Share (Rs.) 64.0557.8354.7049.7241.05
PBDIT Margin (%) 23.9123.3723.6425.2127.82
PBIT Margin (%) 20.4219.5719.5520.1621.70
PBT Margin (%) 19.8719.0719.2019.7921.03
Net Profit Margin (%) 14.8614.2914.6315.7814.81
NP After MI And SOA Margin (%) 14.8514.2814.6315.7614.78
Return on Networth / Equity (%) 24.9623.0022.7021.8018.60
Return on Capital Employeed (%) 30.8427.9227.5624.5823.78
Return On Assets (%) 16.4715.7315.8915.1612.93
Long Term Debt / Equity (X) 0.000.030.030.060.06
Total Debt / Equity (X) 0.030.030.030.060.06
Asset Turnover Ratio (%) 1.141.140.640.580.51
Current Ratio (X) 2.212.612.502.562.48
Quick Ratio (X) 2.212.602.492.552.47
Inventory Turnover Ratio (X) 736.190.000.000.000.00
Dividend Payout Ratio (NP) (%) 93.4689.6787.5084.3829.22
Dividend Payout Ratio (CP) (%) 75.6970.8468.4063.9020.67
Earning Retention Ratio (%) 6.5410.3312.5015.6270.78
Cash Earning Retention Ratio (%) 24.3129.1631.6036.1079.33
Interest Coverage Ratio (X) 43.4646.4667.9567.7041.05
Interest Coverage Ratio (Post Tax) (X) 28.0229.4143.0543.3922.86
Enterprise Value (Cr.) 412962.93401190.95282423.30307290.53262115.68
EV / Net Operating Revenue (X) 3.533.652.783.593.48
EV / EBITDA (X) 14.7515.6111.7714.2312.50
MarketCap / Net Operating Revenue (X) 3.693.812.913.693.54
Retention Ratios (%) 6.5310.3212.4915.6170.77
Price / BV (X) 6.206.144.515.104.46
Price / Net Operating Revenue (X) 3.693.812.913.693.54
EarningsYield 0.040.030.050.040.04

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

HCL Technologies Ltd. is a Public Limited Listed company incorporated on 12/11/1991 and has its registered office in the State of Delhi, India. Company's Corporate Identification Number(CIN) is L74140DL1991PLC046369 and registration number is 046369. Currently Company is involved in the business activities of Computer programming, consultancy and related activities. Company's Total Operating Revenue is Rs. 51105.00 Cr. and Equity Capital is Rs. 543.00 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
IT Consulting & Software806, Siddharth, New Delhi Delhi 110019Contact not found
Management
NamePosition Held
Mr. Shiv NadarChairman Emeritus
Ms. Roshni Nadar MalhotraNon Exe. Non Ind Chairperson
Mr. C VijayakumarManaging Director & CEO
Mr. Shikhar MalhotraNon Exe.Non Ind.Director
Mr. Thomas SieberInd. Non-Executive Director
Ms. Nishi VasudevaInd. Non-Executive Director
Mr. Deepak KapoorInd. Non-Executive Director
Mr. Simon John EnglandInd. Non-Executive Director
Ms. Vanitha NarayananInd. Non-Executive Director
Ms. Lee Fang ChewInd. Non-Executive Director
Ms. Bhavani BalasubramanianInd. Non-Executive Director

FAQ

What is the intrinsic value of HCL Technologies Ltd and is it undervalued?

As of 07 April 2026, HCL Technologies Ltd's intrinsic value is ₹754.94, which is 44.24% lower than the current market price of ₹1,354.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (25.0 %), book value (₹263), dividend yield (3.99 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of HCL Technologies Ltd?

HCL Technologies Ltd is trading at ₹1,354.00 as of 07 April 2026, with a FY2026-2027 high of ₹1,780 and low of ₹1,276. The stock is currently near its 52-week low. Market cap stands at ₹3,67,539 Cr..

How does HCL Technologies Ltd's P/E ratio compare to its industry?

HCL Technologies Ltd has a P/E ratio of 21.4, which is below the industry average of 98.13. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is HCL Technologies Ltd financially healthy?

Key indicators for HCL Technologies Ltd: ROCE of 31.6 % indicates efficient capital utilization; ROE of 25.0 % shows strong shareholder returns. Dividend yield is 3.99 %.

Is HCL Technologies Ltd profitable and how is the profit trend?

HCL Technologies Ltd reported a net profit of ₹17,399 Cr in Mar 2025 on revenue of ₹117,055 Cr. Compared to ₹13,523 Cr in Mar 2022, the net profit shows an improving trend.

Does HCL Technologies Ltd pay dividends?

HCL Technologies Ltd has a dividend yield of 3.99 % at the current price of ₹1,354.00. This is a relatively attractive yield for income-seeking investors.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in HCL Technologies Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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