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Motilal Oswal Report
HCLTech Ltd.'s shares remained in focus after domestic brokerage firm Motilal Oswal Financial Services reiterated its 'Buy' rating on the stock and has kept its estimates unchanged, but raised its target price to Rs 1,450 from Rs 1,290, implying an upside potential of about 19% from current levels.
The brokerage continues to maintain HCLTech as its preferred pick in the large-cap IT space.
The brokerage highlighted that it continues to like HCLTech's all-weather portfolio. Its investments in Sarvam and the AI data center business strengthen its long-term AI positioning.
The brokerage now expect HCLTech to deliver a USD revenue CAGR of ~4%/INR PAT CAGR of 12.0% over FY26–28, with Ebit margins of ~17.8%.
Client-specific issues in key verticals such as telecom have reduced HCLTech's growth premium in FY27E. That said, a potentially strong exit as well as continued strong deal wins could restore the gap in FY28E.
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