HCL Tech Q4 Results Highlights: PAT jumps 4% YoY to ₹4,488 crore; ₹24 dividend announced

“As the global economy pivots to the AI era, we are evolving our all-weather portfolio and empowering our people so that we are nimble in adapting to fast-changing technology cycles and create value for our stakeholders. We continue to invest in creating AI propositions that are well-positioned to leverage emerging long-term growth opportunities.”

— Roshni Nadar Malhotra, Chairperson, HCLTech

HCLTech delivered superior revenue growth of 3.9% in constant currency, 10 bps below our guidance and 17.2% operating margin within our guidance, in a year marked by uncertain demand environment. During the quarter, our performance came below our expectations due to softness in certain parts of our business due to lower discretionary spend and delayed decision making. Our new AI-led service offerings are getting traction in the market and is reflected in annualized Advanced AI revenues crossing $620 million in Q4. Our #1 priority in FY27 is to ensure the company is positioned right to take advantage of AI opportunities for multi decade value creation.

— C Vijayakumar, CEO & Managing Director, HCLTech

• Company Revenue growth expected to be between 1.0% - 4.0% YoY in CC

• Services Revenue growth expected to be between 1.5% - 4.5% YoY in CC

• EBIT margin to be between 17.5% – 18.5%

For the full financial year, revenue was at ₹130,144 crore, up 11.2%. In dollar terms, the figure rose 6% to $14,664 million and in CC terms by 3.9%.

Deal TCV was at $1,936 million in Q4, missing analyst expectations, who had pegged the figure to be around $2-2.5 million.

For Q4 FY26, HCL Tech's LTM attrition declined to 12.5% from 13% on a YoY basis. The total headcount as of March 31, 2026, stood at 227,181, with net additions at 802. During the quarter, the company added 1,712 freshers.

The EBIT for the quarter stood at ₹5,620 crores (16.5% of revenue), down 10.6% QoQ but up 3.3% YoY. Margin excluding restructuring stood at 17.7%.

In constant currency terms, revenue was down 3.3% QoQ but higher by 2.4% YoY. Additionally, the dollar revenue came in at $3,682M, down 2.9% QoQ & up 5.3% YoY.

HCLTech Services CC Revenue was down 0.1% QoQ & up 4.2% YoY. Meanwhile, advanced AI Revenue at $155M, up 6.1% QoQ CC. HCL Software CC Revenue down 14.1% YoY.

Sequentially, the revenue growth was flat as the figure stood at ₹33,872 crore in Q3 FY26 and ₹33,981 crore in Q4 FY26. However, PAT jumped 10% on a QoQ basis.

The revenue was higher by 12.34% to ₹33,981 crore during the quarter under review. The company had posted a revenue of ₹30,246 crore in the same period last year.

The Board of Directors has declared an Interim Dividend of Rs. 24/- per equity share of Rs. 2/- each of the Company for the Financial Year 2026-27. The Record date for the payment of the aforesaid interim dividend shall be April 25, 2026, and the payment date of the said interim dividend shall be May 5, 2026.

HCL Tech posted a 4.20% YoY rise in Q4 net profit (attributable to owners of the company) to ₹4,488 crore. The figure stood at ₹4,307 crore in the same period last year.

HCL Tech shares have lost 11% so far in 2026. It is up 7% in April so far after shedding 3% in March and 18% in February. The IT stock had risen 4% in January.

Service (IT + ER&D) revenue growth is expected to remain decent, supported by deal momentum and no major deflation seen; we expect ~1.5% QoQ CC services growth.

Consol. HCL may decline ~0.9% QoQ CC, mainly due to product seasonality (-23% QoQ), dragging overall growth.

— MOSL

Things to watch out for:

1) FY27 outlook – we expect the company to guide 3-6% CC revenue growth (including Jaspersoft and HPE's Telco solution business), with EBITM guidance of 17.5-18.5%;

2) CY26 IT budget and any impact from increased macro and geopolitical uncertainties on the pace of decision making and tech spending;

3) deal wins, deal pipeline, and pace of deal closures;

4) growth outlook for ER&D and Software businesses;

5) demand outlook for major verticals like BFSI, Manufacturing, Technology, Communications, Retail, and Healthcare;

6) pricing environment;

7) expected impact from AI-led compression on revenue growth and progress on new revenue pools to negate this deflationary impact;

8) update on recent M&As – expected revenue/margin impact and anticipated synergies benefits;

9) progress on AI Force platform deployment across clients; and

10) change in talent strategy and hiring plan with progress in AI

— Emkay Global

Margins are expected to contract by 156bps at 17.0% QoQ led by softer margins in Products & Platforms business and impact of wage hikes carried forward from Q3, said Choice Broking.

Choice Equities expects HCL Tech dollar revenue growth to decline by 1.8% QoQ, with normalisation of Product & Platform Software Revenue (being seasonally strong in Q3). Moreover, the macro headwinds are expected to keep growth in IT software steady. Management had raised FY26 services revenue growth guidance to 4.75–5.25% CC, reflecting improved visibility and execution confidence.

Shares of HCL Technologies ended at ₹1441.55 on the BSE, up 0.92%, ahead of the Q4 results announcement later today. Brokerages see double-digit growth in PAT and revenue.

Axis Securities sees HCL Tech Q4 PAT to rise by 9.8% YoY to ₹4730 crore while revenue is seen growing 17% YoY to ₹35,388 crore. It expects growth to be led by the ER&D business and the Service business.

Equirus expects US$ revenue dip of 1.9% QoQ in CC terms. It expects CC growth of 0.9% QoQ in Services with seasonal QoQ dip in CC terms worth c.25% in P&P segment.