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HCL Tech Share Price Slides Over 2% After Q3 Results: What Should Investors Do Now?
HCL Tech Share Price Slides Over 2% After Q3 Results: What Should Investors Do Now?
HCL Technologies Share Price: Shares of HCL Technologies extended their losses in late morning trade on Tuesday, slipping over 2 percent as investors reacted to a largely cautious set of brokerage views following its Q3 FY26 results.
HCL Tech was trading 2.37 percent lower at Rs 1,628 around 10 am, hovering near the day's low and underperforming a firmer broader market. The stock has now erased its pre-results gains and remains more than 16 percent lower over the past year, a factor that continued to weigh on sentiment despite a strong operational performance. Meanwhile, benchmark indices NSE Nifty and BSE Sensex were trading with moderate gains.
The IT major reported on Monday that its consolidated net profit for the December quarter declined 11 percent year-on-year to Rs 4,076 crore, compared with Rs 4,591 crore in the same period last year.
Revenue from operations in Q3 FY26 rose 13 percent year-on-year to Rs 33,872 crore from Rs 29,890 crore in the corresponding quarter of the previous financial year.
On a sequential basis, net profit slipped nearly 4 percent from Rs 4,235 crore, while revenue increased 6 percent from Rs 31,942 crore in Q2 FY26.
HCL Tech also projected revenue growth of 4 percent to 4.5 percent year-on-year in constant currency for FY26, with services revenue expected to grow between 4.75 percent and 5.25 percent year-on-year in constant currency. The EBIT margin is guided to remain in the range of 17 percent to 18 percent.
The company declared an interim dividend of Rs 12 per equity share for FY26. The record date is January 16, 2026, while the dividend will be paid on January 27, 2026.
What Do Brokerages Say?
Brokerages broadly acknowledged HCL Tech's strong Q3 execution, supported by healthy deal wins, stable margins and a guidance upgrade that places the company at the upper end of the peer growth range. However, most analysts stopped short of turning bullish, citing seasonality risks, valuation comfort and historical return trends as constraints on near-term upside.
Citi maintained a Neutral rating with a target price of Rs 1,700, noting that although forward indicators and the deal pipeline are stronger than peers, the current valuation leaves limited scope for sharp upside.
HSBC and CLSA reiterated Hold ratings. CLSA pointed out that Q4 growth could turn sequentially negative due to seasonal weakness in the products business, a phase during which the stock has historically underperformed.
Prabhudas Lilladher stated that revenue growth exceeded expectations, driven by strong seasonality in HCL Software. The services business also delivered a robust performance despite the impact of holidays and furloughs.
The brokerage expects this services-led growth to sustain in FY27 and FY28, supported by strong order wins and rising AI-related revenues. Accordingly, it raised its constant currency revenue growth estimates by 30 basis points and 20 basis points to 7.0 percent and 7.7 percent for FY27E and FY28E, respectively.
“Despite the margin beat in Q3, we expect some normalisation in Q4, while additional new labour code provisions will also keep margins in check. The stock is currently trading at 22x and 19x FY27E/FY28E EPS. We assign 22x to FY28 EPS to arrive at a target price of Rs 1,910," the brokerage said.
Among brokerages, Nomura stood out with a Buy rating and a target of Rs 1,810, citing confidence in HCL Tech's AI-led, services-driven growth strategy and expectations of margin normalisation in FY27.
HCL Tech shares opened at Rs 1,690.05 on the BSE, touched an intraday high of Rs 1,696 and a low of Rs 1,626.40.
According to Anshul Jain, Head of Research at Lakshmishree, the stock is forming a strong 28-week cup-and-handle pattern, with the handle evolving into a six-week bullish flag, strengthening the technical setup.
Swipe Left For Next Video
Jain said the tight handle reflects controlled supply absorption rather than distribution, while volume patterns suggest institutional accumulation ahead of a directional move.
“If triggered, the move could be aggressive, with an initial upside target near the Rs 1,825 zone. Risk remains contained within the handle, while a failure to clear Rs 1,695 would keep the stock range-bound," he said.
Source: News18
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