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![sourabhwadhwa22 Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1554483840043094017.png) Mr. Wadhwa [@sourabhwadhwa22](/creator/twitter/sourabhwadhwa22) on x XXX followers
Created: 2025-07-15 06:22:34 UTC

BROKERAGE REPORT ON HCL

#BrokerageHouseviews 

HCL TECHNOLOGIES

#Jefferies 
Upgrade To Buy Call
Target Price At Rs 1850/Sh
Q1 Revenue Beat But Profit Missed On Sharp Margin Decline
FY26 Growth Guidance Raised To 3–5%, Highest Among Top-5 IT Firms
Investments To Drive Superior Growth & Premium Valuation

#Citi 
Neutral Call
Target Price At Rs 1,650/Sh
Q1 Was Mixed With Flattish IT Svcs Revenue & XXX bps Margin Decline QoQ
HCL Software Revenue Down X% YoY Indicating Weak Performance
No Demand Deterioration Seen; BFSI & Tech Improving, Others Weak
Sector Growth Challenged, Highlighting Need For Investments & Margin Risk

#CLSA 
Outperform Call
Target Price At Rs 1,867/Sh
Q1 CC Revenue Declined XXX% QoQ In Seasonally Weak Quarter
FY26 CC Revenue Growth Guidance Raised To 3–5% From 2–5%

#Nuvama 
Downgrade To Hold Call
Target Cut To Rs 1,630/Sh
Posted Mixed Q1FY26 With Revenue Down XXX% CC QoQ To $XXXXX m, Slightly Above Estimate
TCV Weak At $XXXXX m, Down XX% QoQ & X% YoY

#Nomura 
Buy Call
Target Price At Rs 1,810/Sh
Surprise Margin Guidance Cut For FY26 Despite Revenue Beat In Mixed Q1
Margin Guidance Lowered By 100bps To 17–18% For FY26, Reversal Expected In FY27
FY26E Revenue Guidance Raised To 3–5% From 2–5%


XX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1945006054007283981/c:line.svg)

**Related Topics**
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[hcl technologies](/topic/hcl-technologies)

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