Valuation HCL Technologies Limited

Equities

HCLTECH

INE860A01027

IT Services & Consulting

Market Closed - NSE India S.E. Other stock markets 04:35:03 17/02/2026 pm IST			5-day change	1st Jan Change
1,482.60 ^INR	+1.42%		-7.45%	-8.67%

13/02	HCLTech launches Fluid Contact Center with Cisco	RE
13/02	Hcl Technologies Limited and Cisco Launch Ai-Powered Fluid Contact Center Solution	CI

Company Valuation: HCL Technologies Limited

Data adjusted to current consolidation scope

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Capitalization ¹	26,66,583	31,51,627	29,38,146	41,79,869	43,16,104	40,11,400	-	-
Change	-	18.19%	-6.77%	42.26%	3.26%	-7.06%	-	-
Enterprise Value (EV) ¹	25,49,528	29,69,664	27,59,766	39,65,499	40,91,244	37,64,694	36,93,057	36,80,633
Change	-	16.48%	-7.07%	43.69%	3.17%	-7.98%	-1.9%	-0.34%
P/E ratio	21.1x	22.9x	19.8x	26.7x	24.8x	23.5x	20.2x	18.5x
PBR	5.21x	5.05x	4.5x	6.12x	6.22x	5.7x	5.49x	5.07x
PEG	-	2.51x	2.49x	4.77x	2.3x	-16.27x	1.3x	2.04x
Capitalization / Revenue	3.49x	3.6x	2.9x	3.8x	3.69x	3.1x	2.86x	2.67x
EV / Revenue	3.34x	3.39x	2.72x	3.61x	3.5x	2.91x	2.63x	2.45x
EV / EBITDA	12.5x	14.2x	12.2x	16.4x	16x	13.9x	12.3x	11.4x
EV / EBIT	15.6x	18x	14.9x	19.8x	19.1x	16.7x	14.5x	13.3x
EV / FCF	14.5x	19.1x	16.9x	18.5x	19.3x	23.4x	18.2x	16.6x
FCF Yield	6.88%	5.24%	5.92%	5.4%	5.17%	4.26%	5.5%	6.02%
Dividend per Share ²	10	14	48	52	60	56.31	64.47	69.24
Rate of return	1.02%	1.2%	4.42%	3.37%	3.77%	3.8%	4.35%	4.67%
EPS ²	46.51	50.76	54.79	57.86	64.09	63.16	73.3	79.94
Distribution rate	21.5%	27.6%	87.6%	89.9%	93.6%	89.1%	88%	86.6%
Net sales ¹	7,64,137	8,74,825	10,14,560	10,99,130	11,70,550	12,95,884	14,01,627	15,04,886
EBITDA ¹	2,03,631	2,09,524	2,26,280	2,42,000	2,55,040	2,70,171	2,99,240	3,23,040
EBIT ¹	1,63,211	1,65,314	1,84,830	2,00,270	2,14,200	2,25,611	2,54,318	2,77,584
Net income ¹	1,26,223	1,37,684	1,48,510	1,57,020	1,73,900	1,72,627	1,99,254	2,17,426
Net Debt ¹	-1,17,055	-1,81,963	-1,78,380	-2,14,370	-2,24,860	-2,46,706	-3,18,343	-3,30,767
Reference price ²	982.65	1,163.75	1,085.25	1,543.55	1,592.50	1,482.60	1,482.60	1,482.60
Nbr of stocks (in thousands)	27,13,665	27,08,165	27,07,345	27,07,958	27,10,269	27,05,652	-	-
Announcement Date	23/04/21	21/04/22	20/04/23	26/04/24	22/04/25	-	-	-

¹INR in Million²INR

Estimates

P/E ratio, Detailed evolution

Sector Comparison:

Add to a list 0 selected To use this feature you must be a member Log in Sign up	P/E (Y)	EV / Sales (Y)	EV / EBITDA (Y)	Dividend Yield (Y)	Capi.($)
HCL TECHNOLOGIES LIMITED	23.14x	2.84x	13.61x	3.92%	4.36TCr
IBM	29.23x	4.3x	15.35x	2.56%	25TCr
ACCENTURE PLC	16.66x	1.79x	9.54x	2.9%	14TCr
TATA CONSULTANCY SERVICES LTD.	19.35x	3.55x	13.06x	4.48%	11TCr
AUTOMATIC DATA PROCESSING, INC.	19.32x	3.32x	11.36x	3.05%	8.54TCr
SNOWFLAKE INC.	-46.58x	12.85x	94.25x	-.--%	6.24TCr
INFOSYS LIMITED	19.59x	2.93x	12.42x	3.63%	6.08TCr
RELX PLC	19.17x	4.79x	11.98x	3.07%	5.37TCr
FUJITSU LIMITED	15.34x	1.73x	11.69x	0.79%	4.33TCr
NEC CORPORATION	22.51x	1.53x	10.78x	0.78%	3.65TCr
Average	13.77x	3.96x	20.41x	2.52%	8.77TCr
Weighted average by Cap.	17.12x	3.94x	18.51x	2.73%