HCL Technologies Limited (HCLTECH) Fair Value & Analysis
Technology · IN · Market cap ₹3.3T
Fair value as of: Jul 20, 2026
From 26 valuation models · updated 18 days ago
Share price +15.3% over the past month.
A solid business, currently priced close to our fair value.
What matters now
- The price sits close to our fair value, market and models broadly agree here, little valuation tension.
- A fairly wide model range (₹922.59 to ₹1,736) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 20, 2026.
How to read this chart
60‑month range ₹727.46 – ₹1,855 · fair‑value band ₹922.59 – ₹1,736 · the ₹1,335 price screens above the ₹1,230 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 20, 2026.
Analysis
HCL Technologies Limited (HCLTECH) currently trades at ₹1,335, while our model-based Fair Value estimate is ₹1,230, implying the stock looks roughly 7.9% fairly valued today. We read business quality at 67/100 (solid quality), in the Technology sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, HCL Technologies Limited generated revenue of ₹14.7B at a net margin of 12.8%. Revenue grew 5.3% year over year. It earns a return on equity of 23.4%. The balance sheet holds a net cash position of ₹182B. Fundamentals as of Jul 20, 2026
Our scenario range runs from ₹922.59 (bear case) to ₹1,736 (bull case); at ₹1,335, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 24% below its 52-week high and 21% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -25% fair-value upside, at -8%, HCLTECH screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 26 models by family
Widest divergence: Growth Earnings (₹2,774) versus Asset-Based (₹186.12). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 20, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 73 · Market factors (momentum, volatility) 47
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
HCL Technologies Limited provides IT and business services, engineering, research and development services, software products, and IP-led offerings. It operates through IT and Business Services, Engineering and R&D Services, and HCL Software segments.
Full company description
HCL Technologies Limited provides IT and business services, engineering, research and development services, software products, and IP-led offerings. It operates through IT and Business Services, Engineering and R&D Services, and HCL Software segments. The company provides application development, management, modernization, and testing services, as well as commercial applications; automation services, including digital integration, business process management, robotic process automation for intelligent automation, and low- and no-code services; digital process operations, such as customer experience management, hyper intelligent automation, supply chain management, finance and accounting, marketing operations and content, and human resource services; and data and AI services that consist of strategy and advisory, modernize data, simplify insights, and scale AI. It also offers commercial applications for sales, accounting, finance, HR, inventory, and manufacturing operations; cybersecurity services; systems engineering, simulation process and data management, manufacturing engineering, supplier collaboration, and digital thread and twin, as well as application, service, and product lifecycle management; and HCLTech Career Shaper, a learning and assessment platform. In addition, the company provides cloud engineering, digital platform engineering, digital commerce and manufacturing, silicon platform solutions, 5G engineering, SemiCloud, and AITech services; and IT enablement and service desk, unified communication and collaboration, workplace assessment and automation, mobility, and cloud office services. Further, it offers intelligent operations, internet of things, marketing services, operational technology, product engineering, supply chain, unified service management, and enterprise network solutions. The company has a strategic partnership with Cisco Systems, Inc. to launch a Fluid Contact Center solution that features AI and cloud-enabled capabilities to help enterprises transform customerengagement. The compa
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
HCL Technologies Limited reported revenue of ₹1.3T in FY2026 versus ₹872B in FY2022, a compound +10.5%/yr. Reported net income was ₹166B in FY2026, compounding +4.9%/yr from FY2022.
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Peer Group
Information Technology Services · 482 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Information Technology Services median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Information Technology Services stocks, each showing price versus our Fair Value estimate (as of Jul 20, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| International Business Machines Corporation IBM | $235.92 | $143.90 | -39% |
| Accenture plc ACNN | 2,460 MXN | 250.95 MXN | -90% |
| Infosys Limited INFY | ₹1,156 | ₹1,457 | +26% |
| Wipro Limited WIPRO | ₹178.43 | ₹226.81 | +27% |
| Tech Mahindra Limited TECHM | ₹1,455 | ₹1,086 | -25% |
| Samsung SDS Co 018260 | 199,300 KRW | 196,390 KRW | -1% |
| Persistent Systems Limited PERSISTENT | ₹5,059 | ₹2,364 | -53% |
| Hyundai Autoever Corporation 307950 | 393,000 KRW | 133,088 KRW | -66% |
| Coforge Limited COFORGE | ₹1,541 | ₹702.84 | -54% |
| LG CNS Co 064400 | 71,100 KRW | 116,932 KRW | +64% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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