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HCLTech Q4 Review: Result A Miss; FY26 Guidance Remains Sector-Leading — Dolat Capital Cuts Target Price
Noting easing valuations, Dolat Capital revises HCLTech's rating to ‘Accumulate’ from 'Reduce'.
23 Apr 2025, 09:18 AM IST 
HCLTech Ltd. reported revenue of $3,498 million, down 0.8% in constant currency due to weak Software biz and base effect of deal completion in Retail CPG vertical. (Photo: HCLTech)
Noting deterioration in the macro environment due to tariff related disruption and accounting for FY26 guidance, Dolat Capital lowers HCLTech's revenue estimates for FY26E/FY27 by 3.6%/4.8%. Margin levers to be limited due to modest top-line growth, and we lower OPM estimates by 13bps/12bps. Overall, earnings have been lowered by 3%/3.6%.
