DAM CAPITAL ON HCL TECHNOLOGIES ; BUY | TP ₹1,400

• Revenue grew 2.3% QoQ in constant currency, below estimate of 2.8%. • EBIT margin expanded 130 bps QoQ to 18.2%, ahead of expectations. • New bookings remained strong at $3.3 billion, up 27% YoY. • FY27 revenue guidance narrowed to 2.5–4.0% YoY CC from 1–4%; services guidance narrowed to 3.0–4.0% from 1.5–4.5%. • Organic revenue growth midpoint remains broadly unchanged. • $1.14 billion mega deal expected to contribute to revenue only from Q1FY28. • FY27/FY28/FY29 EPS estimates raised by 1.3%/0.4%/0.9%. • Target price based on 18x FY28E EPS.

HCL TECHNOLOGIES LTD

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