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Motilal Oswal Report
HCLTech Ltd. would most likely outperform its peers on growth. Further, its free cash flow metrics have meaningfully improved recently and are now comparable to both TCS and Infosys.
We believe its current performance warrants a multiple premium to Infosys. We thus maintain our earlier upgraded target multiple of 27 times (~10% premium to Infosys).
We introduce FY27 estimates in the note. Reiterate Buy with a revised target price of Rs 2,000 (based on 27 times Sep'26E earnings per share).
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