LKP Research cuts HCL Tech stock rating to Hold at INR 1,360 target

Published on 10/14/2026 at 08:33 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Q2 revenue rose 11.5 percent year over year. HCL Tech stock costs INR 1,336.50 on October 14, 2026, up 0.79 percent versus the NSE close.

Analyst target and quarterly growth

LKP Research downgraded HCL Technologies to Hold and kept its INR 1,360 target on October 13, 2026.
Revenue reached INR 356.2 billion in the second quarter of fiscal 2027, up 11.5 percent year over year.
HCL Tech stock was at INR 1,336.50 on NSE on October 14, 2026 at 12:02 p.m. IST, up 0.79 percent from the NSE close.
Market capitalization was INR 3,616.3 billion and the price-to-earnings ratio was 19.76 on October 14, 2026.

HCL Tech, INE860A01027, Illustration mit AI erstellt.

LKP Research downgraded HCL Technologies from Buy to Hold and kept its INR 1,360 target in a report dated October 13, 2026, according to Moneycontrol. The target lies 1.76 percent above the NSE price of INR 1,336.50 on October 14, 2026. The stock was trading at INR 1,336.50 on NSE at 12:02 p.m. IST, up 0.79 percent from the NSE close of INR 1,326.00.

Target gap stays narrow

The rating change reflects a mixed second-quarter picture. LKP Research cited healthy services growth and stronger margins, but also softer revenue growth and weakness in HCL Software; it valued the company at 17 times estimated fiscal 2028 earnings per share, according to Moneycontrol.

Revenue reaches INR 356.2 billion

HCLTech reported INR 356.2 billion of revenue for the second quarter of fiscal 2027, up 11.5 percent year over year and 3.0 percent quarter over quarter. Net income reached INR 51.32 billion, up 21.2 percent year over year, while the EBIT margin expanded 131 basis points quarter over quarter to 18.2 percent, according to the company release dated October 12, 2026, from HCLTech.

Advanced AI revenue reached USD 219.0 million in the quarter, up 78.0 percent year over year in constant currency. New bookings totaled USD 3.3 billion, up 27.0 percent year over year, while the company set fiscal 2027 revenue growth guidance at 2.5 percent to 4.0 percent in constant currency, according to HCLTech.

Stock remains below yearly high

At INR 1,336.50, the NSE price stood 24.92 percent below the 52-week high of INR 1,780.10 and 29.76 percent above the 52-week low of INR 1,030.00 on October 14, 2026. Trading volume was 4,071,141 shares, 37.66 percent above the average volume of 2,957,386 shares.

Valuation and peer comparison

HCL Technologies had a market capitalization of INR 3,616.3 billion and a price-to-earnings ratio of 19.76 on October 14, 2026. HCLTech also announced an interim dividend of INR 12.00 per share for the second quarter of fiscal 2027 in its October 12 release.

Comparison with peers

HCL Tech (NSE, INR): plus 0.79 percent, P/E 19.76, market capitalization INR 3,616.3 billion.
Tata Consultancy Services (NSE, INR): plus 1.57 percent, P/E 16.15, market capitalization INR 8,339.7 billion.
Infosys (NSE, INR): plus 2.34 percent, P/E 14.68, market capitalization INR 4,402.5 billion.

Trading stays near INR 1,336.50

The LKP target leaves a 1.76 percent gap above the NSE price, while the stock remains 24.92 percent below its yearly high. HCL Technologies guided to fiscal 2027 revenue growth of 2.5 percent to 4.0 percent in constant currency and an EBIT margin of 17.5 percent to 18.5 percent.

Market context: Market report BSE Sensex.