HCLTech Q2 Review — Robust Earnings Led By Broad-Based Revenue Growth; ICICI Securities Upgrades To 'Hold'

HCLTech was able to close two large deals in Q2 FY26 which got delayed in Q1. Management expects strong correlation between new bookings and revenue growth observed with 1-2 quarter lag..NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .ICICI Securities Report.HCLTech Ltd. reported a strong beat on revenue driven by broad-based growth across key verticals. Key highlights of Q2 FY26 result include:HCLTech has quantified ‘Advance AI’ revenue of $100 million for Q2 (3% of overall revenue on annualised basis),it acknowledged the deflationary impact in renewal deals with a reduction in overall annual contract value in five out of 10 large deals. Management is proactively transforming its business model, investing in AI to retain growth leadership,HCLTech is gaining share in financial services, HCLTech's AI strategy is rooted in an asset-light framework centered on IP creation and service transformation, which will preserve its current capital structure. .We raise EPS by 2.3%/2.1%/1.6% for FY26/27/28E led by an increase in revenue growth. Upgrade to Hold (from Reduce) with a revised target price of Rs 1,430, based on 20x one-year forward PE for services business and 18x for product business..Click on the attachment to read the full report:.HCLTech Q2 Results Review — Motilal Oswal Maintains 'Buy' Post A Standout Quarter, Sees 20% Potential Upside.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

HCLTech Q2 Review — Robust Earnings Led By Broad-Based Revenue Growth; ICICI Securities Upgrades To 'Hold'

ICICI Securities Upgrade HCLTech stock to Hold from Reduce and revises target price post Q2 results

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