KOTAK SECURITIES ON HCL TECH ; REDUCE | TP ₹1,220 | EARLIER TP ₹1,200

• Margins surprised positively, but products business disappointed; valuations remain full. • Healthy services growth was offset by weakness in products. • FY27 organic revenue growth guidance revised to 1.6–3.1% from 1–4% earlier. • Mega deals helped drive a rebound in bookings.

HCL TECHNOLOGIES LTD

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