HCLTech Shares Upgraded To 'Add' By Dolat Capital Post Inline Q2 Results — Check Target Price

HCLTech raised its IT services growth guidance to 4–5% CC, while maintaining overall revenue growth guidance at 3–5% in CC (positive for Services, but implies decline in Software biz for FY26)..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. .Dolat Capital Report.HCLTech Ltd. reported rev of $3,644 million, up 2.4% QoQ in constant currency (in-line) driven by modest recovery in select verticals. The IT/ER&D/Software biz. saw positive sequential movement of 2.6%/2.2%/0.5% QoQ. Management indicated no material change in overall demand environment. The company raised its IT services growth guidance to 4–5% CC, while maintaining overall revenue growth guidance at 3–5% in CC (positive for Services, but implies decline in Software biz for FY26).Operating profit margin improved by 110 bps to 17.5%; Ebit margin guidance retained at 17–18% (our estimate at 16.9%). Revenue commentary shows no signs of concern but lacks any revenue thrust either, while OPM recovery is likely to be slow, given wage hike pressure in Q3. Factoring this, we lower our FY26E/FY27E earnings by 3.7%/2.6% (FY28E introduced). However, given recent sharp correction, we have now revised our rating to ‘Accumulate’ with an unchanged target price of Rs 1,700, valued at 23x of FY28E earnings..Click on the attachment to read the full report:.HCLTech Q2 Results Review — Strong Bookings Underpin Revenue Visibility Says Systematix Maintaining 'Hold' .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 Shares Upgraded To 'Add' By Dolat Capital Post Inline Q2 Results — Check Target Price

On recent sharp stock correction, Dolat Capital upgrades HCLTech to 'Add'

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