HCL Technologies Limited (HCLTECH) Fair Value & Analysis
Technology · IN · Market cap ₹3.3T (≈ $34.5B) · ISIN INE860A01027
What is HCL Technologies Limited really worth?
A solid business, trading 25% below our fair value of ₹1,722.
Strengths
Risks
Fair value as of: Aug 27, 2026
From 26 valuation models · updated 8 days ago
Share price −4.2% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The rarer combination: high quality (74/100) AND below fair value. That earns a closer look rather than a quick verdict.
- The price sits in the lower half of our model range, the side with the larger margin of safety.
- Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 27, 2026.
How to read this chart
60‑month range ₹735.95 – ₹1,855 · fair‑value band ₹1,292 – ₹2,153 · the ₹1,293 price screens below the ₹1,722 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 27, 2026.
Analysis
HCL Technologies Limited (HCLTECH) currently trades at ₹1,293, while our model-based Fair Value estimate is ₹1,722, implying the stock looks roughly 24.9% undervalued today. The Quality Score stands at 74/100 (solid quality), in the Technology sector. Bull case: the Growth Earnings group reads highest at a median of ₹3,109 per share, and 18 of the 26 models we run sit above the ₹1,293 price. Bear case: the Asset-Based group reads lowest at ₹186.12, and 8 of the 26 models stay below the price. Evidence for this calculation is medium.
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. The stock trades on a trailing P/E of 21.1. Fundamentals as of Aug 27, 2026
Our scenario range runs from ₹1,292 (bear case) to ₹2,153 (bull case); at ₹1,293, 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 26% below its 52-week high and 17% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at 69% fair-value upside, at 33%, HCLTECH screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly ₹27.39 per share, which is 1.6 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.
All 26 models by family
Widest divergence: Growth Earnings (₹3,109) versus Asset-Based (₹186.12). Highest evidence: EPV (74).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 73 · Market factors (momentum, volatility) 53
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.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
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.
of which total revenue +12.6 % · buybacks/dilution +0.5 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
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Peer Group
Information Technology Services · 487 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
Strength profile in five axes (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.
Similar stocks
10 more Information Technology Services stocks, each showing price versus our Fair Value estimate (as of Aug 27, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| International Business Machines Corporation IBM | $235.59 | $175.76 | −25% |
| Accenture plc ACN | $189.61 | $334.27 | +76% |
| Tata Consultancy Services Limited TCS | ₹2,302 | ₹3,473 | +51% |
| Infosys Limited INFY | ₹1,156 | ₹1,958 | +69% |
| Fiserv, Inc FI | C$5.13 | C$8.07 | +57% |
| Wipro Limited WIT | $1.83 | $3.51 | +92% |
| Fidelity National Information Services, Inc FIS | $41.34 | $19.28 | −53% |
| Cognizant Technology Solutions Corporation CTSH | $64.04 | $132.01 | +106% |
| Capgemini SE CAP | €109.45 | €222.79 | +104% |
| CDW Corporation CDW | $153.92 | $179.36 | +17% |
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