HCL Technologies Limited (HCLTECH) fair value: what the stock is really worth
As of Sep 25, 2026: fair value of HCL Technologies Limited ₹1,771, price ₹1,259, upside +40.6%, quality 78 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? Yes
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HCL Technologies Limited
HCLTECH · BSEUndervalued, solidFair Value upside is positive and quality is strong.
What runs behind every stock
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range ₹744.65 – ₹1,860 · fair‑value band ₹1,174 – ₹2,989 · the ₹1,259 price screens below the ₹1,771 fair value. Dashed = 300-day average. As of Sep 27, 2026.
Company profile
HCL Technologies Limited offers software development, business process outsourcing, and infrastructure management services worldwide. It operates through IT and Business Services; Engineering and R&D Services; and HCL Software segments.
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HCL Technologies Limited offers software development, business process outsourcing, and infrastructure management services worldwide. It operates through IT and Business Services; Engineering and R&D Services; and HCL Software segments. It offers digital business services, which includes digital consulting, data and AI, application development, maintenance, and modernization, software as a service, automation and integration, and enterprise application; and digital foundation services including digital foundation consulting and workplace, hybrid cloud, cybersecurity, network, intelligent operator, and unified services management services. The company provides digital process operations, such as lending solution, supply chain management, finance and accounting, digital and content, and cognitive automation; and engineering and R&D services, which includes digital engineering, manufacturing operation, product engineering, and industry verticals. It offers CloudSMART, an adaptive portfolio of solutions enabling continuous modernization; IoT WoRKS, which offers digital transformation services; Career Shaper, earning and assessment platform for driving talent transformation; and HCLTech X, a cloud based digital platform that integrates content, commerce, and engagement tools. The company also provides engineering services and solutions for software, embedded, mechanical; modernized software products; and artificial intelligence solutions. It serves aerospace and defense, energy and utilities, manufacturing, public sector, telecom, media and entertainment, captive business services, technology, mining and natural resources, retail, consumer goods, life sciences and healthcare, oil and gas, banking, insurance, capital markets, fintech, and financial crime compliance and risk, as well as travel, transport, logistics, and hospitality industries. It has strategic partnership with Intellect Design Arena Ltd. The company was founded in 1976 and is headquartered in Noida, India.
Stock analysis
HCL Technologies Limited (HCLTECH) currently trades at ₹1,259, while our model-based Fair Value estimate is ₹1,771, implying the stock looks roughly 28.9% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹3,109 per share, and 20 of the 26 models we run sit above the ₹1,259 price.
Bear case: the Asset-Based group reads lowest at ₹186.12, and 6 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: ₹1,174 (bear) to ₹2,989 (bull), the price of ₹1,259 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 78/100 (high quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
HCL Technologies Limited reported revenue of ₹1.3T in FY2026 versus ₹11.3B in FY2022, a compound +227.6%/yr. Reported net income was ₹166B in FY2026, compounding +210.9%/yr from FY2022. FY2022 was a trough year, so the rate overstates the trend.
Key figures
Market cap ₹3.4T (≈ $35.6B) · P/E ratio 19.6 · P/S ratio 2.51 · EPS (TTM) ₹64.23 · Dividend yield 0.0% · Net margin 12.8% · Return on equity 24.1% · Return on assets (EBIT) 28.5%.
What moves the price
The share trades about 25% below its 52-week high and 22% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at 44% fair-value upside, at 41%, HCLTECH screens richer than that median.
Fair Value models
All 26 models by family
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Set up alert →Quality Score breakdown
Of which business quality 75 · Market factors (momentum, volatility) 51
Revenue & earnings trend
Growth Forecast
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Compare HCL Technologies Limited with another stock
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Context: sector, industry, market
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Indian Stocks
- Valuation of the India market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Information Technology Services stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| International Business Machines Corporation IBM | $227.06 | $186.56 | −18% |
| Accenture plc ACN | $176.11 | $305.06 | +73% |
| Tata Consultancy Services Limited TCS | ₹2,082 | ₹2,993 | +44% |
| Infosys Limited INFY | ₹1,000 | ₹1,689 | +69% |
| Cognizant Technology Solutions Corporation CTSH | $57.33 | $138.62 | +142% |
| Broadridge Financial Solutions, Inc BR | $163.77 | $159.88 | −2% |
| Fidelity National Information Services, Inc FIS | $35.41 | $32.72 | −8% |
| Wipro Limited WIPRO | ₹164.02 | ₹287.86 | +76% |
| CDW Corporation CDW | $135.43 | $165.54 | +22% |
| 532755 532755 | ₹1,546 | ₹745.69 | −52% |
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Key figures of HCL Technologies Limited
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