HCLTech Q2 Results Preview: Margin Seen Improving; H-1B Visa Fee, Deal Wins In Focus

HCLTech is expected to post steady sequential growth in the July–September quarter, with analysts tracking its margin expansion and the potential cost impact from the recent H-1B visa fee hike. The company will announce its Q2 FY26 results on Oct. 13.

The US government’s decision to impose a $100,000 charge on new H-1B visa petitions has drawn close scrutiny from the IT sector. While TCS remains one of the largest visa users, peers such as HCLTech could also face higher onsite costs as the rule takes effect.

Analysts expect HCLTech to report a modest improvement in EBIT margin and maintain its FY26 revenue guidance, with deal momentum and discretionary spending trends remaining key watch points.

• Revenue seen 4% higher at Rs 31,472 crore versus Rs 30,341 crore

• Net profit seen 10% higher at Rs 4,236 crore versus Rs 3,852 crore

• EBIT seen 8% higher at Rs 5343 crore versus Rs 4947 crore

• EBIT Margin seen 16.47% versus 16.30%

Here's what analysts are expecting from HCLTech's Q2 results:

• Sequential revenue growth expected in Q2; deal closures deferred from Q1 may support performance.

• FY26 revenue growth guidance lower end may rise 50 basis points to 3.5%–5%.

• EBIT margin seen expanding with topline growth; FY26 margin guidance likely unchanged at 17%–18%.

• Headcount expected to increase in line with revenue.

• Revenue expected to grow 1.1% QoQ in constant currency, led by BFSI, hi-tech and deal ramp-ups.

• Cross-currency tailwind of 40 basis points expected.

• EBIT margin may expand 80 basis points QoQ on reversal of Q1 one-offs, partly offset by restructuring.

• FY26 growth guidance likely retained at 3–5%; analysts will monitor deal wins, discretionary spending, and H-1B visa fee impact.

• Constant currency revenue growth seen at 1.9%, driven by engineering, FSI, and hi-tech verticals.

• EBIT margin to expand about 80 bps, including 30–40 basis points restructuring charges.

• Key monitorables: FY26 guidance revision, outlook on IT services, ER&D, and products business deal wins.

• Revenue seen up 1.2% QoQ in constant currency in a seasonally weak quarter.

• Large deal closure may lift total wins beyond the usual $2–2.5 billion.

• EBIT margin expected to rise 20 bps QoQ, supported by restructuring and sales investments.

• Focus areas include discretionary spend trends, cost takeout projects, and BFSI outlook amid US macro uncertainty.

• Revenue growth expected at 2% QoQ in constant currency, including 40 basis points cross-currency benefit.

• Margin to improve by around 70 basis points, helped by a higher share of product revenue and the rupee depreciation, partly offset by restructuring costs.

• Analysts expect a possible upward tweak in revenue guidance midpoint and track ER&D and discretionary spend outlook.