HCL Tech Shares Slide Over 2% Post Q3 Results Amid Cautious Brokerage Views

(HCL Tech) extended losses, falling more than 2% in early to mid-morning trade on Tuesday, despite a solid operational performance in the December quarter (Q3 FY26). The stock was trading around ₹1,628, down approximately 2.37% from the previous close, underperforming the broader market where benchmark indices like the Nifty and Sensex posted moderate gains. This comes after the company reported its results on January 12, 2026. HCL Tech delivered robust revenue growth of 13.3% YoY to ₹33,872 crore, with constant currency (CC) services growth at 5% YoY. The company upgraded its FY26 services revenue guidance to 4.75-5.25% CC (implying strong Q4 momentum despite seasonality) while maintaining overall revenue guidance at 4-4.5% CC and EBIT margins at 17-18% (excluding one-offs). However, consolidated net profit declined 11% YoY to ₹4,076 crore, primarily due to a one-time ₹956 crore impact from new labour code provisions and restructuring costs. The company also declared an interim dividend of ₹12 per share (record date January 16, payment January 27). Brokerages acknowledged the strong deal wins, margin stability, and upgraded guidance positioning HCL Tech as a top performer among large-cap IT peers. Several raised target prices, with positive notes on its GenAI focus and asset-light strategy.