HCLTECH

HCL Tech reported revenue of $3,498 million, down 0.8% in CC terms, nearly in line with our estimate of $3,502 million. EBIT margin contracted by ~150bps q-o-q to 18%, missing our estimate of 18.3%. New deal win TCV was strong at $3 billion, up 43% q-o-q/31% y-o-y. Management has provided revenue growth guidance of 2-5% in CC terms, while maintaining EBIT margin at 18-19% for FY26 .Company is well-positioned for industry-leading growth among Tier-1 supported by strong deal bookings, a robust all-weather portfolio, and an all-time high deal pipeline. We maintain BUY with a revised PT of Rs. 1,730 (valued at 23x FY27E EPS). At CMP, the stock trades at 21.6/19.7x its FY26/27E EPS.