HCL Technologies

HCLTECH · Software & Programming · INE860A01027

Analyst mean 2.98 · 40 analysts · 47% bullish

₹1,344.30

Close 2026-07-31 · Balanced risk

Reading the Statements forensic interpretation

What the numbers mean when read together — computed from the filings, not a score.

Operating cash flow backs the profit

Operating cash flow is 115% of trailing profit — the earnings are converting to cash, not just accruals.

Full read

Last operating cash flow ₹19,975 cr against trailing net profit ₹17,434 cr. A ratio at or above ~0.9 means reported profit is showing up as real cash.

Profit growing with revenue

Both revenue and profit grew over the last year (12.6% and 2.6%) — growth is translating to the bottom line.

Full read

Trailing revenue ₹134,374 cr, trailing profit ₹17,434 cr. Profit growing at least as fast as revenue indicates operating leverage or pricing power.

Generates free cash

Free cash flow is positive and consistent — the business funds itself after capex.

Full read

Latest free cash flow ₹18,576 cr. Negative in only 0 of 12 years. A self-funding business needs less external capital and dilutes less.

Price & Valuation 10-year, split-adjusted

Markers show corporate actions (splits, bonus, dividends). Prices are split-adjusted so the series is continuous.

Valuation & Quality

Valuation

P/E (TTM) 16.7x

P/B 4.76x

P/S 2.66x

PEG 5.33

P/FCF 90.7x

Dividend Yield 4.55%

Leverage

Debt / Equity conservative 0.07

Payout Ratio 56.1%

Returns & Margins

Operating Margin (TTM) 16.6%

Net Margin (TTM) 13%

Return on Equity 23.5%

Implied Growth (Graham) growth the market is pricing in 4.1%

Rule of 40 30.5

Growth 13.9% + Margin 16.6% — below 40

Ownership & Skin in the Game

Promoter60.88% ▲ 0.02

FII14.90%

DII—

Mutual Funds9.04%

Quarterly Financials ₹ cr

Metric	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	28,862	29,890	30,246	30,349	31,942	33,872	33,981	34,579
Expenses	22,493	23,030	23,764	24,314	25,397	26,460	27,269	27,709
Other Income	456	477	449	456	415	-571	322	361
Depreciation	1,007	1,039	1,040	1,093	1,043	1,127	1,092	1,039
Profit before tax	5,687	6,132	5,735	5,189	5,702	5,509	5,702	6,108
Net Profit	4,237	4,594	4,309	3,844	4,236	4,082	4,490	4,626
EPS	15.61	16.92	15.87	14.16	15.61	15.02	16.54	17.04

Balance Sheet ₹ cr, annual

Item	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	543	543	543	543	543	543
Reserves	59,370	61,371	64,862	67,720	69,112	74,622
Borrowings	6,864	6,343	4,794	5,756	6,276	5,215
Fixed Assets	37,145	35,077	34,619	35,063	36,172	37,297
CWIP	312	129	40	108	59	142
Investments	6,862	6,351	5,495	7,137	7,564	7,090
Total Assets	86,047	88,921	93,250	99,006	104,480	115,112

DISCLAIMER: FinMinutes is a financial data and analytics platform, not a SEBI-registered investment adviser. Everything here is for educational and informational purposes. Forensic interpretations are computed from disclosed data and are not recommendations. Do your own due diligence.

HCL Technologies

Reading the Statements forensic interpretation

Price & Valuation 10-year, split-adjusted

Valuation & Quality

Ownership & Skin in the Game

Quarterly Financials ₹ cr

Balance Sheet ₹ cr, annual

Filings, Calls & Ratings