HCL Technologies has delivered a Q4 performance that, while mostly in line with expectations, In Q4 HCl Tech's Net Profit Rises by 8.1% To ₹4,307 Crore;While Revenue Rises by 6.7% and Company Maintained FY26 Revenue Growth Guidance at 2.0% to 5.0%

Here's What Brokerages Says on HCl Tech's Q4 Results 

J.P. Morgan: Upgrade to Overweight, TP Rs 1750

J.P. Morgan has taken a bullish stance, upgrading the stock to "Overweight" with a target price of Rs 1750. They view the Q4 results as refreshingly in line, especially given the continued macro volatility. Most notably, they highlight that HCL Tech’s FY26 guidance has not been dented by post-tariff challenges. J.P. Morgan also emphasizes that the company's services have performed on par or ahead of the fastest-growing peers for three years running.

Jefferies: Hold, TP Cut to Rs 1490

Jefferies maintains a “Hold” rating but has trimmed the target price to Rs 1490. They acknowledge the Q4 performance as in line and appreciate the company’s relatively stronger FY26 growth guidance of 2%–5% in constant currency terms. However, Jefferies remains cautious, noting that HCL Tech expects ongoing pressure on discretionary spends across verticals,

Nomura: Buy, TP Rs 1670

Nomura remains confident in HCL Tech, retaining a “Buy” rating with a target of Rs 1670. While Q4 growth marginally missed estimates, strong deal wins were a standout positive. The firm views HCL Tech’s FY26 guidance as more favorable than that of peers and points out management’s caution around the potential spillover of tariff-related uncertainty into other sectors

Citi: Neutral, TP Rs 1510

Citi has taken a more measured approach, keeping a “Neutral” stance and setting a target price of Rs 1510. They describe Q4 and FY26 guidance as largely in line and relatively decent given the current macro environment. 

HCL Tech's Q4 results have managed to hold ground in a tricky macroeconomic setting. While some brokerages are taking a wait-and-watch approach, others are optimistic about the company’s consistent performance and strong deal wins. 

Disclaimer:

The views and target prices mentioned in this article are based on publicly available brokerage reports and are intended for informational purposes only. They do not constitute investment advice or recommendations.