HCL Technologies
NSE: HCLTECHComputers - Software & Consulting
Share price
₹1,176.90
-0.68% close of 8 Oct 2026
Price-based ratios (P/B, dividend yield, EV/EBITDA) are as of 7 Oct 2026, the close above is 8 Oct 2026.
Business score
How strong the business is, in one number. The parts behind it are in Pro.
77
out of 100 · worked out 8 Oct 2026
Your ratios
The numbers you want to see first. Tap Edit to change them.
Market cap
₹3.20L Cr
P/E ratio
17.6
P/B ratio
4.2
ROCE
30.4%
ROE
23.8%
Dividend yield
4.6%
Price & valuation chart
How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.
Answers
Simple answers to the questions investors ask most, from the company's own numbers.
How fast it has been growing
Sales grew 12.6% over the past year, and 22.6% a year over its longer record. Meanwhile what it keeps of every 100 rupees of sales slipped from 23.0% to 20.5% over the last four years.
Whether it grew faster than its sector
It grew 22.6% a year against a sector median of 14.5% — 8.1 percentage points faster.
Room to re-rate, or risk of de-rating
At 17.6× earnings against a market that pays 23.9× across 2199 companies we can price. Its own industry sits at 14.0×, across 5 companies. It is against its own five-year median of 23.8×, the 1st percentile of its own range.
Whether growth justifies the valuation
Priced at 2.9 times its growth rate, on earnings growth of 6%.
| Profit growth | Price per ₹1 profit | Per 1% growth | |
|---|---|---|---|
| HCL Technologies — this one | 6%/yr | 17.6× | ₹2.9 |
| Tata Consultancy Services | 8%/yr | 14.0× | ₹1.7 |
| Infosys | 8%/yr | 12.9× | ₹1.6 |
| Wipro | 5%/yr | 12.6× | ₹2.5 |
| Tech Mahindra | 1%/yr | 24.9× | ₹24.9 |
| LTIMindtree Limited | 7%/yr | 20.9× | ₹3.0 |
Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
How it compares with its peers
Against companies the exchange files under the same label (Computers - Software & Consulting), it ranks 9 of 53 on returns, 15 of 49 on growth, 17 of 52 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
What makes it hard to beat — and is that still true?
A wide advantage: it earns 30.4% on capital, ahead of 83% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
Whether its growth pays for itself
Yes — Over the last five years it made ₹99593 crore of cash from the business, spent ₹6497 crore on plant and equipment, and returned ₹83783 crore to lenders and shareholders. And the profit is real: of every 100 rupees it reported over 12 years, about 120 arrived as cash (before interest, which is why it can exceed the profit). Its cash comes back faster than it used to: it went from being waiting 44 days for its cash to waiting 23 days for its cash.
Profit reality check
Is the profit real cash? Simple checks on the accounts. Facts only, not advice.
9 of 9 checks clear · 100%
Latest result
What the last results showed. Whether management kept its word is in Pro.
Results are expected soon.
Checklist before you investPRO
Points for and against, in one list.
Key numbers & peers
The main numbers grouped by topic, and how the company compares with similar ones.
Price
- Market cap
- ₹3.20L Cr
- Prev close
- ₹1,176.90
- 52w High
- ₹1,780
- 52w Low
- ₹1,030
- Enterprise value
- ₹3.02L Cr
- Beta
- 0.9
- Price CAGR 1y
- -17.0%
- Price CAGR 3y
- -1.0%
- Price CAGR 5y
- -2.0%
- Price CAGR 10y
- 11.0%
Ratios
- Return on assets
- 14.5%
- PEG ratio
- 2.9
- P/E ratio
- 17.6
- P/B ratio
- 4.2
- EV / EBITDA
- 12.2
- Industry P/E
- 18.1
- ROCE
- 30.4%
- ROCE 5y average
- 29.0%
- ROE
- 23.8%
- Debt / Equity
- 0.1
- Interest coverage
- 26.4
- Dividend yield
- 4.6%
- ROE 3y average
- 24.0%
- ROE last year
- 24.0%
Annual P&L
- Annual revenue
- ₹1.30L Cr
- Annual profit
- ₹16,652 Cr
- Operating margin
- 21.0%
- Net profit margin
- 12.8%
- EBITDA margin
- 20.6%
- Sales growth 3y
- 8.7%
- Sales growth 5y
- 11.5%
- Profit growth 3y
- 6.0%
- Profit growth 5y
- 9.0%
- EPS
- ₹61.3
- Sales growth TTM
- 13.0%
- Profit growth TTM
- 7.0%
- Dividend payout
- 88.0%
Quarter P&L
- Sales latest quarter
- ₹34,579 Cr
- Profit latest quarter
- ₹4,626 Cr
- YoY quarterly sales growth
- 13.9%
- YoY quarterly profit growth
- 20.3%
- OPM latest quarter
- 19.9%
Balance Sheet
- Book Value
- ₹277
- Face Value
- ₹2.0
- Total debt
- ₹5,215 Cr
- Total cash
- ₹23,425 Cr
- Borrowings
- ₹5,215 Cr
- Reserves / Equity
- 137.4
Cash Flow
- Operating cash flow
- ₹19,975 Cr
- Free cash flow
- ₹18,576 Cr
- FCF yield
- 5.5%
- Net cash flow
- -₹50 Cr
Shareholding
- Promoter holding
- 60.9%
- FII holding
- 14.9%
- DII holding
- 18.8%
- Public holding
- 5.1%
Peer comparison
| Company | Price ₹ | P/E | Mkt cap ₹ Cr | Div yield % | Profit qtr ₹ Cr | Profit var % | Sales qtr ₹ Cr | Sales var % | ROCE % |
|---|---|---|---|---|---|---|---|---|---|
| TCS | 2,080.30 | 14.0 | 7,53,388 | 3.08 | 13,420.0 | 8.4 | 72,275.0 | 13.9 | 63.0 |
| Infosys | 992.00 | 12.9 | 4,02,919 | 4.84 | 7,775.0 | 12.3 | 48,211.0 | 14.0 | 40.0 |
| HCL Technologies | 1,185.00 | 17.8 | 3,22,185 | 4.56 | 4,626.0 | 20.3 | 34,579.0 | 13.9 | 30.4 |
| Wipro | 159.60 | 12.0 | 1,58,422 | 6.89 | 3,356.3 | 0.7 | 24,478.6 | 10.6 | 17.8 |
| Tech Mahindra | 1,491.10 | 27.5 | 1,46,297 | 3.42 | 1,486.3 | 28.4 | 15,711.9 | 17.7 | 23.1 |
| LTM | 3,930.00 | 20.8 | 1,16,459 | 1.91 | 1,468.6 | 16.9 | 11,608.0 | 18.0 | 29.6 |
| Persistent Systems | 5,507.00 | 43.7 | 86,920 | 0.73 | 483.0 | 13.7 | 4,303.2 | 29.1 | 34.4 |
| Median | 218.65 | 19.1 | 892 | 0.34 | 10.1 | 13.0 | 85.7 | 17.6 | 22.1 |
Competes with: 3i Infotech Limited, 63 moons technologies limited, Accelya Solutions India Limited, Aurionpro Solutions Limited, BIRLASOFT LIMITED, CG Vak Software & Exports Limited, CSM Technologies Limited, California Software Company Limited, Cambridge Technology Enterprises Limited, Ceinsys Tech Limited, Coforge, Cura Technologies Limited, Cybertech Systems And Software Limited, DRC Systems India Limited, Empower India Limited, Fractal Analytics Limited, GVP Infotech Limited, Happiest Minds Technologies Limited, Hexaware Technologies Limited, InfoBeans Technologies Limited, Infosys, Innovana Thinklabs Limited, Intellect Design Arena Limited, KPIT Technologies Limited, Ksolves India Limited, LTIMindtree Limited, Latent View Analytics Limited, Magellanic Cloud Limited, Mastek Limited, Mindteck (India) Limited, Mphasis, NINtec Systems Limited, Newgen Software Technologies Limited, Orchasp Limited, Persistent Systems, Quintegra Solutions Limited, R. S. Software (India) Limited, Rategain Travel Technologies Limited, Saksoft Limited, SecMark Consultancy Limited, Silver Touch Technologies Limited, Softtech Engineers Limited, Sonata Software Limited, TREJHARA SOLUTIONS LIMITED, Tata Consultancy Services, Tata Elxsi Limited, Tech Mahindra, Trigyn Technologies Limited, Wipro, Xchanging Solutions Limited, Xtglobal Infotech Limited, Zensar Technologies Limited
Quarterly results
Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.
| Line item | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 26,296 | 26,672 | 28,446 | 28,499 | 28,057 | 28,862 | 29,890 | 30,246 | 30,349 | 31,942 | 33,872 | 33,981 | 34,579 |
| Expenses | 20,931 | 20,743 | 21,659 | 22,382 | 22,264 | 22,493 | 23,030 | 23,764 | 24,314 | 25,397 | 26,460 | 27,269 | 27,709 |
| Material Cost | 0 | 0 | 0 | 0 | 0 | ||||||||
| Change in Inventories | -19 | -8 | -69 | -10 | 28 | ||||||||
| Purchases of Stock-in-Trade | 527 | 628 | 841 | 719 | 822 | ||||||||
| Employee Cost | 17,598 | 18,301 | 18,867 | 19,377 | 19,692 | ||||||||
| Other Expenses | 6,208 | 6,476 | 6,821 | 7,183 | 7,167 | ||||||||
| Operating Profit | 5,365 | 5,929 | 6,787 | 6,117 | 5,793 | 6,369 | 6,860 | 6,482 | 6,035 | 6,545 | 7,412 | 6,712 | 6,870 |
| OPM % | 20 | 22 | 24 | 21 | 21 | 22 | 23 | 21 | 20 | 20 | 22 | 20 | 20 |
| Other Income | 344 | 365 | 370 | 416 | 1,103 | 456 | 477 | 449 | 456 | 415 | -571 | 322 | 361 |
| Exceptional items (within Other Income) | 0 | 0 | -956 | 0 | 0 | ||||||||
| Interest | 86 | 156 | 140 | 171 | 191 | 131 | 166 | 156 | 209 | 215 | 205 | 240 | 84 |
| Depreciation | 927 | 1,010 | 1,143 | 1,093 | 998 | 1,007 | 1,039 | 1,040 | 1,093 | 1,043 | 1,127 | 1,092 | 1,039 |
| Profit before tax | 4,696 | 5,128 | 5,874 | 5,269 | 5,707 | 5,687 | 6,132 | 5,735 | 5,189 | 5,702 | 5,509 | 5,702 | 6,108 |
| Tax % | 25 | 25 | 26 | 24 | 25 | 26 | 25 | 25 | 26 | 26 | 26 | 21 | 24 |
| Net Profit | 3,531 | 3,833 | 4,351 | 3,995 | 4,259 | 4,237 | 4,594 | 4,309 | 3,844 | 4,236 | 4,082 | 4,490 | 4,626 |
| EPS in Rs | 13 | 14 | 16 | 15 | 16 | 16 | 17 | 16 | 14 | 16 | 15 | 17 | 17 |
| Diluted EPS in Rs | 14 | 16 | 15 | 17 | 17 |
Profit & loss
Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.
| Line item | Jun 2015 | Mar 2016 9m | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 36,701 | 31,136 | 47,568 | 50,569 | 60,427 | 70,676 | 75,379 | 85,651 | 1,01,456 | 1,09,913 | 1,17,055 | 1,30,144 | 1,34,374 |
| Expenses | 28,215 | 24,482 | 37,178 | 39,323 | 46,501 | 53,360 | 55,331 | 65,122 | 78,828 | 85,715 | 91,551 | 1,03,392 | 1,06,835 |
| Material Cost | 0 | ||||||||||||
| Change in Inventories | -106 | ||||||||||||
| Purchases of Stock-in-Trade | 2,715 | ||||||||||||
| Employee Cost | 74,143 | ||||||||||||
| Other Expenses | 26,640 | ||||||||||||
| Operating Profit | 8,486 | 6,654 | 10,390 | 11,246 | 13,926 | 17,316 | 20,048 | 20,529 | 22,628 | 24,198 | 25,504 | 26,752 | 27,539 |
| OPM % | 23 | 21 | 22 | 22 | 23 | 24 | 27 | 24 | 22 | 22 | 22 | 21 | 20 |
| Other Income | 1,126 | 871 | 1,069 | 1,230 | 943 | 589 | 927 | 1,067 | 1,358 | 1,495 | 2,485 | 574 | 527 |
| Exceptional items (within Other Income) | -956 | ||||||||||||
| Interest | 91 | 74 | 89 | 69 | 174 | 505 | 511 | 319 | 353 | 553 | 644 | 869 | 744 |
| Depreciation | 404 | 410 | 828 | 1,383 | 2,073 | 3,420 | 4,611 | 4,326 | 4,145 | 4,173 | 4,084 | 4,355 | 4,301 |
| Profit before tax | 9,117 | 7,041 | 10,542 | 11,024 | 12,622 | 13,980 | 15,853 | 16,951 | 19,488 | 20,967 | 23,261 | 22,102 | 23,021 |
| Tax % | 20 | 20 | 18 | 21 | 20 | 21 | 30 | 20 | 24 | 25 | 25 | 25 | |
| Net Profit | 7,342 | 5,602 | 8,606 | 8,722 | 10,120 | 11,057 | 11,169 | 13,523 | 14,845 | 15,710 | 17,399 | 16,652 | 17,434 |
| EPS in Rs | 26 | 20 | 30 | 31 | 37 | 41 | 41 | 50 | 55 | 58 | 64 | 61 | 64 |
| Diluted EPS in Rs | 61 | ||||||||||||
| Dividend Payout % | 58 | 40 | 40 | 19 | 11 | 25 | 24 | 84 | 88 | 90 | 94 | 88 |
Compounded growth
Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.
Compounded sales growth
- 10 years
- 15%
- 5 years
- 12%
- 3 years
- 9%
- TTM
- 13%
Compounded profit growth
- 10 years
- 12%
- 5 years
- 9%
- 3 years
- 6%
- TTM
- 7%
Stock price CAGR
- 10 years
- 11%
- 5 years
- -2%
- 3 years
- -1%
- 1 year
- -17%
Return on equity
- 10 years
- 24%
- 5 years
- 23%
- 3 years
- 24%
- Last year
- 24%
Balance sheet
What the company owns and what it owes, at the end of each year. ₹ crore.
| Line item | Jun 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 281 | 282 | 285 | 278 | 271 | 543 | 543 | 543 | 543 | 543 | 543 | 543 |
| Reserves | 23,943 | 27,109 | 32,664 | 36,108 | 41,095 | 50,724 | 59,370 | 61,371 | 64,862 | 67,720 | 69,112 | 74,622 |
| Borrowings | 648 | 1,090 | 582 | 557 | 4,195 | 7,986 | 6,864 | 6,343 | 4,794 | 5,756 | 6,276 | 5,215 |
| Other Liabilities | 10,372 | 10,859 | 12,231 | 11,046 | 12,788 | 23,566 | 19,270 | 20,664 | 23,051 | 24,987 | 28,549 | 34,732 |
| Minority Interest | 32 | |||||||||||
| Total Liabilities | 35,245 | 39,341 | 45,762 | 47,989 | 58,349 | 82,819 | 86,047 | 88,921 | 93,250 | 99,006 | 1,04,480 | 1,15,112 |
| Fixed Assets | 8,275 | 9,716 | 15,235 | 18,753 | 22,888 | 37,490 | 37,145 | 35,077 | 34,619 | 35,063 | 36,172 | 37,297 |
| CWIP | 552 | 611 | 448 | 320 | 235 | 400 | 312 | 129 | 40 | 108 | 59 | 142 |
| Investments | 869 | 698 | 1,306 | 2,660 | 2,305 | 7,066 | 6,862 | 6,351 | 5,495 | 7,137 | 7,564 | 7,090 |
| Other Assets | 25,548 | 28,315 | 28,773 | 26,256 | 32,921 | 37,863 | 41,728 | 47,364 | 53,096 | 56,698 | 60,685 | 70,583 |
| Total Assets | 35,245 | 39,341 | 45,762 | 47,989 | 58,349 | 82,819 | 86,047 | 88,921 | 93,250 | 99,006 | 1,04,480 | 1,16,258 |
Cash flows
Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.
| Line item | Jun 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 5,539 | 3,823 | 8,995 | 8,328 | 8,971 | 13,359 | 19,618 | 16,900 | 18,009 | 22,448 | 22,261 | 19,975 |
| Cash from Investing Activity | -2,088 | -2,208 | -3,890 | -2,236 | -3,256 | -12,332 | -5,665 | 1,597 | -3,573 | -6,608 | -4,896 | -656 |
| Cash from Financing Activity | -3,140 | -2,237 | -4,517 | -5,714 | -1,471 | -3,168 | -11,192 | -14,508 | -15,881 | -15,464 | -18,561 | -19,369 |
| Net Cash Flow | 311 | -623 | 588 | 378 | 4,244 | -2,141 | 2,761 | 3,989 | -1,445 | 376 | -1,196 | -50 |
| Free Cash Flow | 4,338 | 3,074 | 5,184 | 3,007 | 5,537 | 11,530 | 17,865 | 15,345 | 16,565 | 21,432 | 21,178 | 18,576 |
Ratios
How fast customers pay, how long stock sits, and how well capital earns — year by year.
| Line item | Jun 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 65 | 91 | 64 | 70 | 71 | 73 | 85 | 88 | 92 | 85 | 81 | 88 |
| Cash Conversion Cycle | 65 | 91 | 64 | 70 | 71 | 73 | 85 | 88 | 92 | 85 | 81 | 88 |
| Working Capital Days | 25 | 62 | 38 | 58 | 44 | 14 | 48 | 44 | 43 | 31 | 17 | 23 |
| ROCE % | 40 | 28 | 34 | 31 | 31 | 27 | 26 | 25 | 28 | 30 | 32 | 30 |
Price trend
The price as a Renko brick chart: small moves drop out so the bigger path stands out.
Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.
Open interestPRO
Where option traders are positioned on this stock.
Industry numbers
The numbers that matter most in this industry, from the company's own filings.
attrition %
12.70pct
2026-06-30
1 when an audit qualification is filed as repetitive
0.00flag
2026-03-31
the company's own unlisted debt securities in default at period end
0.00cr
2026-06-30
the company's own loans / revolving facilities in default at period end (standalone filing)
0.00cr
2026-06-30
guarantees / comfort given for promoter, promoter group, directors and KMP
0.00cr
2026-03-31
loans outstanding to promoter, promoter group, directors and KMP (governance filing)
0.00cr
2026-03-31
security given for the borrowing of promoter, promoter group, directors and KMP
0.00cr
2026-03-31
FY revenue / permanent employees + workers, same basis (calc)
57,28,648inr
2026-03-31
News
News and filings about HCL Technologies. Open one to see why it matters.
No recent news for this company.
Supply chain
Who it buys from, sells to and competes with — as recorded in our map of company links.
Competes with
- 3i Infotech Limited
- 63 moons technologies limited
- Accelya Solutions India Limited
- Aurionpro Solutions Limited
- BIRLASOFT LIMITED
- CG Vak Software & Exports Limited
- CSM Technologies Limited
- California Software Company Limited
- Cambridge Technology Enterprises Limited
- Ceinsys Tech Limited
- Coforge
- Cura Technologies Limited
- Cybertech Systems And Software Limited
- DRC Systems India Limited
- Empower India Limited
- Fractal Analytics Limited
- GVP Infotech Limited
- Happiest Minds Technologies Limited
- Hexaware Technologies Limited
- InfoBeans Technologies Limited
- Infosys
- Innovana Thinklabs Limited
- Intellect Design Arena Limited
- KPIT Technologies Limited
- Ksolves India Limited
- LTIMindtree Limited
- Latent View Analytics Limited
- Magellanic Cloud Limited
- Mastek Limited
- Mindteck (India) Limited
Buys from
- Consolidated Construction Consortium Limited · IT building construction (Chennai) and cafeteria (Noida). Completed project carried from p…
- Sobha Limited · Contractual/EPC construction (corporate campus/facilities)
About
What the company is, from our own records: where it sits, where it makes things, and what it is made of.
- Sector
- Information Technology
- Industry
- Computers - Software & Consulting
- Classification
- Information Technology › Computers - Software & Consulting
- ISIN
- INE860A01027
Business segments
- IT and Business Services · 74%
- Engineering and R&D Services · 17%
- HCL Software · 10%
News impact
Big market events that reach HCL Technologies, and how the effect spreads.
1 Oct, 15:03 IST · Market event · medium impact
Infosys shares recover from 52-week low after ABN AMRO deal extension
Infosys extended its ABN AMRO bank deal and its shares rose 0.71% to Rs 1001.20 off a 52-week low, helping Infosys holders while rivals and suppliers gain nothing.
Who it hits first
- Infosys, a large software-services firm, extended its deal with Dutch bank ABN AMRO.
- Its shares traded at Rs 1001.20, up 0.71% (Rs 7.10) from the Rs 994.10 previous close, recovering from a 52-week low.
- The pack carries no deal value or tenure, so the size of the retained revenue is unknown.
Who may gain
- Infosys (software services): keeps ABN AMRO revenue and steadies off its 52-week low.
- ABN AMRO (Dutch bank client): keeps its existing vendor instead of a risky switch.
- Infosys shareholders who bought near the 52-week low: up 0.71% on the day.
Along the supply chain
Downstream
ABN AMRO, the Dutch bank client, keeps its vendor; Infosys' listed downstream clients in the pack are two Indian banks, Axis Bank and ICICI Bank, whose own business this Dutch extension does not touch.
Upstream
Vendors that sell to Infosys — its listed suppliers in the pack — see no change, since extending an existing bank deal continues current work rather than placing new orders.
Where demand moves
Business
ABN AMRO keeps buying Infosys software services instead of rebidding the work — demand retained, not new — and no extra work flows to rivals or suppliers from an extension alone.
Capital
Investors nibbled Infosys up 0.71% off its 52-week low; there is no sympathy-buying case for peers since sector readthrough is nil.
How it spreads across sectors
Financial Services
None for the banks: ABN AMRO is not listed here and Infosys' Indian bank clients are untouched by a Dutch extension.
Information Technology
Negligible: a single retained deal lifts only Infosys (+0.71%); rivals gain no business and the pack flags sector readthrough false.
When it plays out
Immediate
Infosys steadies near Rs 1000 over 1-7 days as extension relief offsets the 52-week-low overhang; peers drift on their own news.
Medium term
European bank renewals and client budgets over 1-6 months decide whether Infosys re-rates beyond this relief bounce.
Short term
Without a disclosed deal value, the stock needs quarterly results or fresh wins in 1-4 weeks to extend the recovery.
29 Sept, 00:36 IST · Market event · high impact
Coforge Appoints Akhil Gupta As Chairperson Days After Key Board Exits
Coforge named Akhil Gupta as Chairperson after board exits, which slightly helps Coforge shareholders as leadership steadies and hurts no one directly.
Who it hits first
- Coforge, the mid-sized IT services firm, filled its top board seat by naming Akhil Gupta as Chairperson days after key board exits.
- This appointment aims to calm Coforge investors by showing steady leadership while the firm pushes deeper into AI and enterprise transformation work.
- Rival IT firms such as Infosys, Tata Consultancy Services, HCL Technologies and Tech Mahindra face no direct order or cost change from this board move.
Who may gain
- Coforge shareholders — steadier leadership after board exits supports confidence
- Akhil Gupta — takes the Chairperson role at a large IT firm
Along the supply chain
Downstream
No direct downstream change — Coforge's enterprise customers face no price, delivery or contract shift from a Chairperson change, so downstream demand and timelines stay flat.
Upstream
No direct upstream change — the two firms linked as suppliers to Coforge see no new orders, since a Chairperson hire does not raise tech spending.
Where demand moves
Business
No new business demand is created — a Chairperson appointment moves no IT budgets or outsourcing deals; enterprise clients of Coforge see no change in projects or prices near term.
Capital
Capital steadies around Coforge as a named Chairperson lowers governance worry after board exits, likely drawing modest dip-buying, while rival IT stocks see no capital rotation from this news.
How it spreads across sectors
Information Technology
Near flat — a single firm's board appointment does not move sector budgets, hiring or pricing; only sentiment steadies for Coforge itself.
When it plays out
Immediate
Coforge steadies as investors welcome a named Chairperson; shares likely inch up slightly while rival IT names stay flat.
Medium term
Coforge's AI and enterprise transformation execution decides the payoff; rivals move only on their own deals, not this appointment.
Short term
Focus shifts to who left the board and what Gupta says about AI plans; any further exits would undo the calm.
22 Sept, 19:22 IST · Market event · high impact
Persistent Systems Arm Raises Nagarro Stake To 83.25%, Aims To Delist From Frankfurt Stock Exchange
Persistent Systems is buying more of Nagarro to own 83.25% and delist it, which helps Persistent tighten control while IT rivals see no gain or loss.
Who it hits first
- Persistent Systems, an IT services company, is raising its holding in Nagarro to 83.25% through its arm.
- It plans to remove Nagarro shares from Frankfurt trading (a delist), moving toward full ownership and simpler control.
- The move uses cash for the buyout but lets Persistent fully steer Nagarro and combine its results.
Who may gain
- Persistent Systems gains tighter control and future profit pooling from owning 83.25% of Nagarro.
- Nagarro minority holders may get a buyout offer as part of the Frankfurt delisting.
- IT rivals see no direct benefit since no client work or orders shift to them.
Along the supply chain
Downstream
Downstream, Persistent Systems lists no direct customers in this pack and Nagarro clients face no change, so no downstream demand shifts.
Upstream
Upstream, firms that supply Persistent Systems — SMARTWORKS and UDS for offices and facilities, ZAGGLE for expense tools — get no extra orders because buying shares does not use more office or support services.
Where demand moves
Business
No new business demand is created — this is an ownership change, not a fresh client order, so no extra work flows to Persistent or its peers.
Capital
Capital flows from Persistent to Nagarro minority holders for the extra shares, with mild positive sentiment for Persistent shares and no capital rotation to other IT names.
How it spreads across sectors
Information Technology
Peers like Infosys, TCS and others see no demand change; only light sentiment that Indian IT is consolidating, with no earnings impact.
When it plays out
Immediate
Persistent shares react to the 83.25% stake and delist aim; Nagarro minorities assess the offer.
Medium term
If delisted, Persistent consolidates Nagarro fully; integration progress drives any lasting gain.
Short term
Delist terms, funding and German approvals come into focus; peers drift with the market.
17 Sept, 13:51 IST · Market event · medium impact
'Count your days': US Labor Department ramps up H-1B fraud probe amid increased scrutiny
The US is widening its H-1B visa-fraud crackdown with surprise inspections, raising staffing costs for Indian IT firms like TCS and Infosys, while US rivals hiring locally gain a small edge.
Who it hits first
- US Labour Department widens H-1B fraud probe beyond tech firms, with surprise site inspections and whistleblower tips targeting employers, recruiters and labour brokers.
- Indian IT majors with large US onsite workforces (TCS, Infosys, HCLTech, Wipro, Tech Mahindra, Persistent, Coforge, Mphasis, LTTS) face higher visa-compliance costs and possible deployment delays.
- Severity is modest: no new fee, ban or quota - only broader enforcement of existing rules, playing out over months.
Who may gain
- Large compliant IT firms may gain share if small staffing brokers and body-shops get barred from the H-1B program.
- US-based rivals hiring locally face no such overhang; firms with the highest US localization (TCS, Infosys) are relatively insulated.
Along the supply chain
Downstream
US clients could face minor project delays if onsite staff are pulled for inspection; no major disruption expected.
Upstream
US immigration-law firms and visa-compliance vendors see more business; small Indian staffing subcontractors to big IT firms face audit risk.
Where demand moves
Business
No client demand destroyed yet; risk is onsite staffing friction that could delay project starts or push more work offshore to India delivery centres.
Capital
Visa headlines typically trigger a day or two of foreign-investor selling across big IT stocks (Infosys has 27% FII); money rotates to domestic-facing sectors, with no broad sector derating expected.
How it spreads across sectors
Information Technology
Mild negative overhang on exporters with big US onsite exposure; compliance-cost and sentiment channel, roughly 1-2% stock impact.
Staffing and recruitment
Unlisted labour brokers most at risk if named; listed IT firms are second-order.
When it plays out
Immediate
Headline selling on IT majors for 1-2 sessions, roughly 1-2% downside.
Medium term
If the probe names a major or bars firms, reprice; otherwise fades like prior curbs.
Short term
Watch for named firms in DOL actions and visa-cost commentary in Q2 earnings (October).
15 Sept, 05:00 IST · Market event · medium impact
Global AI-slowdown selloff hammers chipmakers while Infosys and Wipro ADRs surge 6%
Foreign chip stocks crashed on fears that AI spending will slow, but US investors bought Indian software stocks instead — good for Infosys, TCS and Wipro.
Who it hits first
- Indian tier-1 IT (Infosys, TCS, HCLTech, Wipro) opens higher Tuesday on 6% ADR gains made while India slept.
- Chip-exposed names (MosChip, Netweb) face sentiment pressure from the global semiconductor selloff.
- Data-center and cloud plays (ESDS, E2E) sit in the middle: AI fear hurts, digitization demand helps.
Who may gain
- Infosys, TCS, HCLTech, Wipro: direct ADR-led buying plus defensive rotation as foreign investors re-enter.
- Rupee-hedge appeal adds a second tailwind if global fear softens the rupee.
Along the supply chain
Downstream
No direct supply link — software services sell hours and outcomes, not chips; AI tools may even lift their margins.
Upstream
Chip designers and server assemblers see order-pause risk if AI capex slows a quarter.
Where demand moves
Business
US enterprise software budgets hold (services win); AI hardware and chip orders face pause risk (semiconductor chain loses).
Capital
Money exits global AI-hardware trades and rotates into Indian IT services on relative safety and cheaper multiples.
How it spreads across sectors
Consumer Durables
EMS and appliance names barely touched; only chip-adjacent durables wobble.
Information Technology
Tier-1 rallies on ADRs; small SaaS/cloud mixed on AI-fear overhang.
A pattern seen before
Cascade chain
- AI-slowdown calls
- Chip stocks -10%
- Server/AI-hardware order risk
- IT services diverge +6% on ADRs
Pattern name
Semiconductor Cascade
Sectors queried
- Information Technology
- Consumer Durables
When it plays out
Immediate
Tuesday gap-up for large IT (2-4%); chip-exposed small-caps volatile both ways.
Medium term
If AI spending merely pauses, chip and server names rebound; if cut, services pricing power weakens too.
Short term
US enterprise guidance (Accenture, Cognizant) decides whether services rally extends or AI fear spreads to budgets.
Dividends, splits & big trades
Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.
Dividends
| 17 Jul 2026 | interim | ₹12 |
|---|---|---|
| 24 Apr 2026 | interim | ₹24 |
| 16 Jan 2026 | interim | ₹12 |
| 17 Oct 2025 | interim | ₹12 |
| 18 Jul 2025 | interim | ₹12 |
| 28 Apr 2025 | interim | ₹18 |
| 17 Jan 2025 | special | ₹6 |
| 17 Jan 2025 | interim | ₹12 |
Splits, bonuses & buybacks
- daily-prices repair: 9 rows from NSE's archive (replace 1, delete 1, insert 7), 2016-10-30..2026-02-01 (docs/flat_day_repair.md)1× · 30 Oct 2016
Insider trades
| Disclosed | Who | Type | Shares | Value ₹ Cr |
|---|---|---|---|---|
| 8 Oct 2026 | HCL Technologies Stock Options Trust · Designated Person | SELL | 2,101 | 0.26 |
| 1 Oct 2026 | HCL Technologies Stock Options Trust · Designated Person | SELL | 20,374 | 2.53 |
| 1 Oct 2026 | Arjun Sethi · Designated Person | BUY | 8,915 | 1.11 |
| 1 Oct 2026 | Srivatchan Rajaraman · Designated Person | BUY | 5,459 | 0.68 |
| 1 Oct 2026 | Ayut Manubhai Patel · Designated Person | BUY | 3,000 | 0.37 |
| 30 Sep 2026 | HCL Technologies Stock Options Trust · Designated Person | SELL | 7,700 | 0.96 |
| 30 Sep 2026 | Mandar Vasant Patankar · Designated Person | BUY | 3,000 | 0.38 |
| 30 Sep 2026 | Rahul Mohta · Designated Person | BUY | 1,700 | 0.21 |
| 30 Sep 2026 | Sumit Sehgal · Designated Person | BUY | 1,500 | 0.19 |
| 28 Sep 2026 | HCL Technologies Stock Options Trust · Designated Person | SELL | 1,29,059 | 16.39 |
Documents
Annual reports, results presentations and earnings calls, straight from the source.
- Annual report · 2025-2620 Jul 2026
- Earnings call · Q1FY2713 Jul 2026
Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.