The IT giant HCL Technologies reported its quarterly earnings for the fourth quarter of the financial year 2024-25. The share price of HCL Technologies rose 7.4% to an intra-day high of Rs 1,588. The brokerage houses are bullish on the stock as the company sees limited impact on its business from tariffs.
Nomura on HCL Technologies: cuts target price by 9.2%
Nomura cut the target price by 9.2% to Rs 1,670 from Rs 1,840 as the management noted that it expects the impact of tariff-induced uncertainty to spill over to other sectors beyond the directly impacted sectors of retail and manufacturing with a quarter’s lag. While discretionary demand has turned soft in the wake of macro uncertainty, the company’s management believes it may accelerate the need for cost take-out projects by clients. The broker retained its ‘Buy’ call on the stock.
Jefferies on HCL Technologies: Cuts target price
The brokerage house Jefferies retained its Hold rating on the stock, with a target price of Rs 1,490. The earnings for the reporting quarter were in line, but deal wins stole the show with stronger growth guidance for FY26 at 2%-5% YoY in constant currency terms. Jefferies also reiterated that the management has seen limited impact of tariffs on its business thus far, and it expects pressures on discretionary spend across verticals.
JPMorgan on HCL Technologies: upgrade to Overweight
The brokerage firm has upgraded its rating on HCLTech to ‘Overweight’ with a target price of Rs 1,750. It believes that the company’s quarterly earnings were ‘refreshingly’ in line with estimates, and FY26 guidance has not been impacted by post-tariff macros. “The company’s services segment has now performed ahead or at parity with the fastest growing scale peers for 3 years in a row.
Nuvama on HCL Technologies: Upgrade to Buy
Nuvama has upgraded the stock to a ‘Buy’ rating from ‘Hold’ while maintaining its target price of Rs 1,700. The company’s FY26 revenue growth guidance (2%–5% in constant currency YoY) was slightly better than expectations and its peer Infosys (0%–3%), with a reasonably required CQGR (0.3%–1.5%). The broker maintained its FY26-27 estimates and continues to value the company at a price-to-earnings multiple of 23 for FY27. “The stock has corrected sharply (-23% CYTD) and now offers a highly attractive 4.2% dividend yield,” said Nuvama.
HCLTech Q4 results
IT services company HCL Technologies has reported a net profit of Rs 4,307 crore in the fourth quarter of FY25, a growth of 8% YoY compared with Rs 3,986 crore in the corresponding quarter of the last fiscal. Its revenue from operations rose 6% YoY to Rs 30,246 crore in Q4FY25. Also, the company declared an interim dividend of Rs 18 per share for the financial year 2025-26 with April 28 as the record date, which will be paid out on May 06.