Fundamentals scanner
Every ratio from the Fundamental Analysis track, computed on a real company and annotated with what the number actually means. Then the three financial statements, so you can do the cash-flow check yourself.
HCL Technologies
TechnologyBullish- Market cap
- ₹3,67,984 Cr
- P/E
- 21.2x
- ROE
- 24.1%
- Debt / equity
- 0.07
What the company does
HCL Technologies Limited provides IT and business services, engineering, research and development services, software products, and IP-led offerings. It operates through IT and Business Services, Engineering and R&D Services, and HCL Software segments. The company provides application development, management, modernization, and testing services, as well as commercial applications; automation services, including digital integration, business process management, robotic process automation for intelligent automation, and low- and no-code services; digital process operations, such as customer experience management, hyper intelligent automation, supply chain management, finance and accounting, marketing operations and content, and human resource services; and data and AI services that consist of strategy and advisory, modernize data, simplify insights, and scale AI. It also offers commercial applications for sales, accounting, finance, HR, inventory, and manufacturing operations; cybersecurity services; systems engineering, simulation process and data management, manufacturing engineering, supplier collaboration, and digital thread and twin, as well as application, service, and product lifecycle management; and HCLTech Career Shaper, a learning and assessment platform. In addition, the company provides cloud engineering, digital platform engineering, digital commerce and manufacturing, silicon platform solutions, 5G engineering, SemiCloud, and AITech services; and IT enablement and service desk, unified communication and collaboration, workplace assessment and automation, mobility, and cloud office services. Further, it offers intelligent operations, internet of things, marketing services, operational technology, product engineering, supply chain, unified service management, and enterprise network solutions. The company has a strategic partnership with Cisco Systems, Inc. to launch a Fluid Contact Center solution that features AI and cloud-enabled capabilities to help enterprises transform customer engagement. The company was founded in 1976 and is headquartered in Noida, India.
Valuation — what you are paying
How the price compares to earnings, assets and cash generation.
- P/E (trailing)21.2xFair
You are paying 21.2 years of current profit for each share. The earnings yield is 4.7%.
- P/B (price to book)5.0xFair
The market values the company at 5.0× its accounting net worth. High is normal for asset-light businesses and unusual for banks.
- EV / EBITDA1316.4xWeak
This is the only common multiple that accounts for debt — it is what an actual acquirer would look at, because they would inherit the borrowings.
- Dividend yield4.41%Strong
Pays 4.41% of the current price out each year. Remember that yield rises when price falls — check the dividend is covered by cash flow.
Profitability — is this a good business?
Returns on capital and margins, the numerical shadow of a moat.
- Return on equity24.1%Strong
Earns ₹24.1 of profit a year for every ₹100 of shareholders' money. Always check how much of this comes from leverage rather than the business.
- Return on assets13.3%Strong
ROE and ROA are reasonably close, so the returns come largely from the business itself rather than from borrowing.
- Operating margin16.9%Fair
Keeps ₹16.9 of operating profit from every ₹100 of sales. Compare only against companies in the same industry.
- Net margin13.0%Strong
Sustained high net margins are evidence that something is stopping competitors from competing the profits away.
Financial strength — can it survive a bad year?
Leverage and liquidity. This is where fragility shows up first.
- Debt to equity0.07Strong
A conservative balance sheet that can absorb a downturn without a crisis.
- Current ratio2.22Strong
Short-term obligations are comfortably covered by short-term assets.
- Total debt₹54.80 CrNo data
Against cash of ₹259.00 Cr. Net debt is what matters, not gross borrowings.
- Free cash flow₹181.30 CrStrong
Generates cash after paying for the capital spending needed to keep running. This is the money genuinely available to owners.
Growth — is it getting bigger?
Revenue and earnings momentum, and how the two compare.
- Revenue growth (yoy)+3.0%Weak
Ask where the growth came from: more volume, higher prices, or an acquisition. They are very different in quality.
- Earnings growth (yoy)+8.4%Fair
Profits are growing faster than sales — margins are expanding, which is the sign of genuine operating leverage.
- Revenue (TTM)₹1476.90 CrNo data
EBITDA of ₹279.40 Cr and operating cash flow of ₹213.50 Cr.
- PEG ratio2.39Weak
P/E divided by expected growth. Only as reliable as that growth forecast, which is usually optimistic.
Financial statements
Reported figures, most recent year first. All values in rupees.
| FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Revenue | ₹1,30,144 Cr | ₹1,17,055 Cr | ₹1,09,913 Cr | ₹1,01,456 Cr |
| Cost of revenue | ₹0.00 | ₹0.00 | ₹0.00 | ₹0.00 |
| Gross profit | ₹0.00 | ₹0.00 | ₹0.00 | ₹0.00 |
| Operating expenses | ₹0.00 | ₹0.00 | ₹0.00 | ₹0.00 |
| Operating income | — | — | — | — |
| Interest expense | — | — | — | — |
| Pre-tax income | — | — | — | — |
| Tax | ₹0.00 | ₹0.00 | ₹0.00 | ₹0.00 |
| Net profit | ₹16642.00 Cr | ₹17390.00 Cr | ₹15702.00 Cr | ₹14851.00 Cr |