Financials HCL Technologies Limited

Equities

HCLTECH

INE860A01027

IT Services & Consulting

Market Closed - NSE India S.E. Other stock markets 05:19:41 11/07/2025 pm IST			5-day change	1st Jan Change
1,638.30 ^INR	-1.53%		-4.30%	-14.56%

10/07	TCS revenue falls short as tariffs cast shadow on client spending	RE
10/07	TCS revenue falls short as tariffs cast shadow on client spending	RE

Projected Income Statement: HCL Technologies Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	7,64,137	8,74,825	10,14,560	10,99,130	11,70,550	12,45,969	13,43,121	14,43,591
Change	-	14.49%	15.97%	8.34%	6.5%	6.44%	7.8%	7.48%
EBITDA ¹	2,03,631	2,09,524	2,26,280	2,42,000	2,55,040	2,72,760	2,95,968	3,14,714
Change	-	2.89%	8%	6.95%	5.39%	6.95%	8.51%	6.33%
EBIT ¹	1,63,211	1,65,314	1,84,830	2,00,270	2,14,200	2,29,661	2,50,806	2,70,823
Change	-	1.29%	11.81%	8.35%	6.96%	7.22%	9.21%	7.98%
Interest Paid ¹	-2,804	-3,063	-3,530	-5,530	-6,440	-6,426	-6,210	-6,347
Earnings before Tax (EBT) ¹	1,63,970	1,72,964	1,94,880	2,09,670	2,32,610	2,45,582	2,70,204	2,90,250
Change	-	5.49%	12.67%	7.59%	10.94%	5.58%	10.03%	7.42%
Net income ¹	1,26,223	1,37,684	1,48,510	1,57,020	1,73,900	1,83,650	2,01,474	2,16,424
Change	-	9.08%	7.86%	5.73%	10.75%	5.61%	9.71%	7.42%
Announcement Date	23/04/21	21/04/22	20/04/23	26/04/24	22/04/25	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4
Net sales ¹	1,76,955	1,84,084	1,91,303	2,02,467	2,03,640	2,09,733	2,20,648	2,28,071	2,34,640	2,46,860	2,63,458	2,66,060	2,62,960	2,66,720	2,84,460	2,84,990	2,80,570	2,88,620	2,98,900	3,02,460	3,03,037	3,09,013	3,21,058	3,22,282	3,25,800	3,34,289	3,47,165	3,55,234
Change	-	4.03%	3.92%	5.84%	0.58%	2.99%	5.2%	3.36%	2.88%	5.21%	6.72%	0.99%	-1.17%	1.43%	6.65%	0.19%	-1.55%	2.87%	3.56%	1.19%	0.19%	1.97%	3.9%	0.38%	1.09%	2.61%	3.85%	2.32%
EBITDA ¹	45,316	49,033	53,958	52,759	49,823	49,113	51,733	50,817	49,750	54,250	62,941	58,630	53,870	59,440	67,580	61,110	57,930	63,690	68,600	64,820	63,085	66,835	74,003	70,068	69,622	70,817	80,570	81,100
Change	-	8.2%	10.04%	-2.22%	-5.56%	-1.42%	5.33%	-1.77%	-2.1%	9.05%	16.02%	-6.85%	-8.12%	10.34%	13.69%	-9.57%	-5.2%	9.94%	7.71%	-5.51%	-2.68%	5.94%	10.73%	-5.32%	-0.64%	1.72%	13.77%	0.66%
EBIT ¹	36,325	39,773	43,793	41,238	39,906	39,749	41,929	40,911	39,920	44,270	51,652	48,360	44,600	49,340	56,150	50,180	47,950	53,620	58,210	54,420	52,840	56,747	62,330	58,703	58,231	59,203	67,739	68,052
Change	-	9.49%	10.11%	-5.83%	-3.23%	-0.39%	5.48%	-2.43%	-2.42%	10.9%	16.68%	-6.37%	-7.78%	10.63%	13.8%	-10.63%	-4.44%	11.82%	8.56%	-6.51%	-2.9%	7.39%	9.84%	-5.82%	-0.8%	1.67%	14.42%	0.46%
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	38,365	41,126	45,038	37,296	41,867	41,861	43,929	43,456	43,370	45,840	53,033	51,950	46,896	51,280	58,740	52,690	57,070	56,870	61,320	57,350	56,749	61,172	66,724	63,023	65,297	65,568	70,957	71,896
Change	-	7.19%	9.51%	-17.19%	12.26%	-0.01%	4.94%	-1.08%	-0.2%	5.7%	15.69%	-2.04%	-9.73%	9.35%	14.55%	-10.3%	8.31%	-0.35%	7.82%	-6.47%	-1.05%	7.79%	9.08%	-5.55%	3.61%	0.41%	8.22%	1.32%
Net income ¹	29,023	31,132	39,454	24,844	32,631	33,128	39,990	36,164	32,830	34,890	40,363	39,830	35,340	38,320	43,500	39,860	42,570	42,350	45,910	43,070	42,208	45,536	50,397	47,826	48,952	49,154	53,196	53,900
Change	-	7.27%	26.73%	-37.03%	31.34%	1.52%	20.71%	-9.57%	-9.22%	6.27%	15.69%	-1.32%	-11.27%	8.43%	13.52%	-8.37%	6.8%	-0.52%	8.41%	-6.19%	-2%	7.88%	10.68%	-5.1%	2.35%	0.41%	8.22%	1.32%
Announcement Date	17/07/20	16/10/20	15/01/21	23/04/21	19/07/21	14/10/21	14/01/22	21/04/22	12/07/22	12/10/22	12/01/23	20/04/23	12/07/23	12/10/23	12/01/24	26/04/24	12/07/24	14/10/24	13/01/25	22/04/25	-	-	-	-	-	-	-	-

¹INR in Million

Estimates

Forecast Balance Sheet: HCL Technologies Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-1,17,055	-1,81,963	-1,78,380	-2,14,370	-2,24,860	-2,91,647	-3,43,510	-3,73,354
Change	-	-55.45%	1.97%	-20.18%	-4.89%	-29.7%	-17.78%	-8.69%
Announcement Date	23/04/21	21/04/22	20/04/23	26/04/24	22/04/25	-	-	-

¹INR in Million

Estimates

Cash Flow Forecast: HCL Technologies Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	19,646	16,802	16,610	10,480	11,080	33,226	34,016	34,975
Change	-	-14.48%	-1.14%	-36.91%	5.73%	199.88%	2.38%	2.82%
Free Cash Flow (FCF) ¹	1,75,442	1,55,751	1,63,480	2,14,000	2,11,530	1,77,720	2,00,597	2,13,845
Change	-	-11.22%	4.96%	30.9%	-1.15%	-15.98%	12.87%	6.6%
Announcement Date	23/04/21	21/04/22	20/04/23	26/04/24	22/04/25	-	-	-

¹INR in Million

Estimates

Forecast Financial Ratios: HCL Technologies Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	26.65%	23.95%	22.3%	22.02%	21.79%	21.89%	22.04%	21.8%
EBIT Margin (%)	21.36%	18.9%	18.22%	18.22%	18.3%	18.43%	18.67%	18.76%
EBT Margin (%)	21.46%	19.77%	19.21%	19.08%	19.87%	19.71%	20.12%	20.11%
Net margin (%)	16.52%	15.74%	14.64%	14.29%	14.86%	14.74%	15%	14.99%
FCF margin (%)	22.96%	17.8%	16.11%	19.47%	18.07%	14.26%	14.94%	14.81%
FCF / Net Income (%)	138.99%	113.12%	110.08%	136.29%	121.64%	96.77%	99.56%	98.81%
Profitability
ROA	14.62%	15.35%	16.27%	16.26%	16.94%	16.82%	17.79%	17.9%
ROE	22.07%	22.08%	23.32%	23.49%	25.22%	25.95%	27.33%	28.28%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	2.57%	1.92%	1.64%	0.95%	0.95%	2.67%	2.53%	2.42%
CAPEX / EBITDA (%)	9.65%	8.02%	7.34%	4.33%	4.34%	12.18%	11.49%	11.11%
CAPEX / FCF (%)	11.2%	10.79%	10.16%	4.9%	5.24%	18.7%	16.96%	16.36%
Items per share
Cash flow per share ¹	71.89	63.62	66.47	82.72	82.61	87.58	86.27	91.25
Change	-	-11.51%	4.48%	24.45%	-0.13%	6.02%	-1.5%	5.77%
Dividend per Share ¹	10	44	48	52	60	60.97	64.36	68.79
Change	-	340%	9.09%	8.33%	15.38%	1.62%	5.56%	6.87%
Book Value Per Share ¹	188.6	229.4	240.9	252.1	256.1	261.5	273.8	288.6
Change	-	21.67%	5%	4.63%	1.61%	2.1%	4.71%	5.41%
EPS ¹	46.51	50.76	54.79	57.86	64.09	67.47	73.95	78.97
Change	-	9.14%	7.94%	5.6%	10.77%	5.27%	9.61%	6.79%
Nbr of stocks (in thousands)	27,13,665	27,08,165	27,07,345	27,07,958	27,10,269	27,08,911	27,08,911	27,08,911
Announcement Date	23/04/21	21/04/22	20/04/23	26/04/24	22/04/25	-	-	-