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HCL Tech Q4 Results LIVE: HCL Technologies shares remain in focus ahead of Q4 results announcement. The IT major is slated to announce its March quarter earnings on Tuesday, 21 April. The board will also consider the payment of an interim dividend.

Ahead of Q4 results, HCL Tech share price was trading higher on the BSE amid a positive broader market sentiment.

Brokerages expect HCL Technologies to post around 14-15% year-on-year (YoY) growth in revenue, led by the financial services and hi-tech. Auto vertical is expected to remain soft. Meanwhile, adjusted PAT is seen rising in the range of 6-12% YoY, according to analyst estimates.

Kotak Institutional Equities said that the EBIT margin has an impact of 80 bps from the restructuring charge. Tailwinds of rupee depreciation will likely be offset by headwinds from wage revision (50 bps). It further expects a healthy TCV of deal wins in the $2.5 billion range.

In terms of revenue growth, ICICI Securities sees the company guiding for 4-6% YoY CC organic revenue growth and EBIT margin of 17-18% for FY27. For FY27, absence of employee restructuring costs (~50bps) would be a margin tailwind, which could be offset by headwinds from large deal ramp-up, it said.

KIE said that it expects HCLT to raise the margin guidance band to 17.5-18.5% for FY2027E, up from 17-18% earlier. FY2026 margin guidance band was impacted by 60 bps due to a restructuring charge. In addition, recent rupee depreciation will also aid margins, it added.

Track this space for LIVE updates on HCL Technologies Q4 results

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.

Equirus said that it expects HCL Tech to guide for 3-5% CC US$ Services Sales growth (largely organic with pending closures of other announced M&A) with EBITM guidance of 17.5-18.5% for FY27E.

We expect investor focus on (1) pace of new revenues pools possible with GenAI that can offset revenue deflation, (2) how the company has baked in recent deterioration in macro in the guidance, (3) profitability in cost take-out and vendor consolidation deals, (4) GenAI risks to products business, and (5) kind of demand environment required for growth to accelerate to high single digit.

— Kotak Institutional Equities

ICICI Securities expects the company to guide for 4-6% YoY CC organic revenue growth and EBIT margin of 17-18% for FY27. For FY27, absence of employee restructuring costs (~50bps) would be a margin tailwind, which could be offset by headwinds from large deal ramp-up.

ICICI Securities expects a 66bps QoQ decline in margins as headwinds from employee restructuring costs, wage hikes and lower margins in a seasonally weak software products business are likely to be partially offset by INR depreciation and operating efficiencies.

The USD 473mn 5-year mega deal won in Q3FY26 in consumer vertical is likely to start ramping up from Q1FY27. Contribution from smaller acquisitions (Wobby and Nuance) (completed in Q4FY26) is expected to be non-material. We expect deal TCV of USD 2-2.5bn in Q4, said ICICI Securities.

Seema Srivastava, Senior Research Analyst at SMC Global Securities, said that investment sentiment will largely hinge on management commentary around FY27 guidance, demand visibility, and margin outlook. She further noted that any indication of demand recovery or stronger deal conversion could act as a positive catalyst.

“In this context, long-term investors may consider accumulating the stock on corrections, while a wait-and-watch approach ahead of the results may be more prudent for short-term positioning. However, based on the current outlook, HCLTech does not appear to offer a strong near-term trigger for aggressive or short term buying ahead of its Q4 results,” said Srivastava.

Kotak Institutional Equities expects HCL Technologies to post a 12.3% YoY rise in Q4 adjusted PAT to ₹4,807.5 crore while on a sequential basis, the figure could grow 0.3%. Meanwhile, revenue is seen rising 14.4% YoY and 2.1% QoQ in rupee terms.

Furthermore, it forecasts CC revenue decline of 1.7% and YoY growth of 4.4%. Growth will be led by IT business (+1.1%), offset by seasonal decline in products revenues.

HCL Tech in an exchange filing said, "This is to inform you that a meeting of the Board of Directors of the Company is scheduled to be held on April 20 & 21, 2026 to consider amongst others:

1) Audited Financial Results of the Company for financial year ending March 31, 2026.

2) Payment of Interim dividend for the financial year 2026-27."Saloni Goel has over nine years of experience as a business journalist, with a strong track record of covering the financial markets. Over the course of her career, she has reported extensively on global and domestic equities, IPO market activity, commodities, and broader macroeconomic trends. Her reporting reflects a keen eye for detail, data-driven analysis, and the ability to spot emerging themes early.

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