The tech sector continues to be in focus. HCLTech is the big stock to watch out for. The company will be declaring its fourth quarter earnings today.  The revenue outlook from the embedded AI initiatives is one of the big monitorable this quarter. In the light of the AI revenue reported by Wipro and TCS last week, this is the key focus area for the street. 

Apart from that, investors are also going to watch out for the management commentary on deal wins, outlook and the hiring expectations amid a weak rupee environment.

HCLTech Q4FY26 results date and time

As already reported, the HCLTech Q4FY26 results are likely to be announced after market close on April 21. The board commenced its two-day meeting on April 20 and the results are set to be announced at 6 pm today. 

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HCLTech Q4FY26 preview: Recovery expected in IT Services

Most brokerages expect HCLTech to report modest revenue growth in constant currency terms. According to BNP Paribas, the low base could help though the sequential improvement in revenue is likely to be moderate. 

Speaking on the broader IT services revenue across sectors, BNP Paribas pointed out that “while the overall demand commentary remains steady QoQ, telecom and tech verticals are showing signs of a recovery while manufacturing, retail & CPG, and healthcare verticals should remain muted.”

HCLTech Q4FY26 preview: Impact of rupee depreciation

Moreover, experts estimate that currency tailwinds could offer an earnings cushion for tech majors.  The IT Services sector is expected to see moderate Q4FY26 growth due to weak demand and ongoing macro uncertainties, with clients focusing on cost optimisation

BNP Paribas expects EBIT margins of tech companies across their coverage “to largely hold steady or expand.” This is mainly on the back of the rupee’s weakness against the US dollar through the Q4. However, they added that for HCLTech along with LTIMindtree and MphasiS,  margins may moderate. 

Growth in BFSI and Healthcare is expected to partially offset muted performance in other verticals. 

HCLTech Q4FY26 preview: Middle impact risk

Some industry observers suggested that near-term recovery could be delayed by geopolitical tension, impacting deal closures and tech spending. Going forward, management commentary and macro trends will be key monitorable. 

The impact of the ongoing tension across the Middle East is another key factor for the tech companies to watch out for. According to the analysis by BNP Paribas, HCLTech could potentially guide “3.5% YoY” growth in revenue for FY27. 

For FY27, they pointed out that their guidance assumptions “are not assuming any material impact from the Middle-East conflict and could be at risk.”

Can HCLTech Q4 results signal a turnaround in bearish sentiment

The top‑5 IT services firms consensus earnings growth is close to the historical average for the Nifty. However, what stands out is the big valuation gap, especially after the sharp correction seen in the IT space on Ai-led disruption fear. 
Institutional ownership also remains near all‑time lows in the sector. However, lateral data supports the cyclical recovery reflected by the increased IT hiring activity, optimistic management commentary, healthy cloud revenue growth and favourable currency movement. All eyes are now on HCLTech management’s comments today after the results announcement.