HCLTech share jumps; brokerages raise target amid strong Q3 revenue

HCL Technologies Ltd (HCLTech) opened strong on Tuesday, touching an intraday high of Rs 1,697.60, up 1.84 per cent from its previous close of Rs 1,667. However, the stock later corrected and was trading at Rs 1,656, down 0.70 per cent from the previous close.

HCLTech share

The stock opened at Rs 1,685, saw a high of Rs 1,697.60, and a low of Rs 1,656 during the session. HCLTech’s market capitalization stands at Rs 4.49 lakh crore, while its 52-week high and low are Rs 2,012.20 and Rs 1,302.75, respectively.

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Q3FY26 consolidated results

HCLTech reported revenue of Rs 33,872 crore for Q3FY26, up 6.0 per cent quarter-on-quarter (QoQ) from Rs 31,942 crore. The revenue also exceeded estimates of Rs 33,299 crore. In dollar terms, revenue stood at $380 million, up 2 per cent from $373 million in the previous quarter.

The company’s EBIT rose 14 per cent QoQ to Rs 6,285 crore, higher than estimates of Rs 6,072 crore. Operating margins remained stable at 18.6 per cent, compared with 17.2 per cent in the previous quarter.

Profit after tax and one-time impact

HCLTech reported PAT of Rs 4,082 crore, down 3.6 per cent from Rs 4,236 crore in Q2FY26 and below estimates of Rs 4,805 crore. The decline was partly due to a one-time impact of Rs 956 crore related to the labour code. Employee benefit expenses increased to Rs 18,867 crore from Rs 18,301 crore in the previous quarter.

Interim dividend

The board declared an interim dividend of Rs 12 per equity share of Rs 2 each, marking its 92nd consecutive quarter of dividend payments. The record date for the dividend is 16 January, and the payment date is 27 January 2026.

Operational highlights

HCLTech’s advanced AI revenue grew 19.9 per cent QoQ to $146 million. Total employee strength stood at 226,379, with a net addition of 261 during the quarter. The LTM attrition rate fell to 12.4 per cent from 13.2 per cent in Q3FY25. Total contract value (TCV) of new deal wins rose 17 per cent QoQ to $3,006 million.

FY26 guidance

The company revised its FY26 consolidated revenue guidance to 4–4.5 per cent in constant currency terms, narrowing the earlier 3–5 per cent band. For the services business, CC revenue growth guidance was raised to 4.75–5.25 per cent from 4–5 per cent. Margin guidance was retained at 17–18 per cent.

HCLTech share price target 2025

Morgan Stanley: Maintain Equal Weight, target raised to Rs 1,760 from Rs 1,680.

Goldman Sachs: Maintain Neutral, target raised to Rs 1,720 from Rs 1,680.