# HCL Technologies (NSE: HCLTECH) share analysis

Canonical: https://vestmind.in/stocks/hcl-technologies  
Source: VestCall by Vestmind, price as of 14 October 2026.

> HCL Technologies (NSE: HCLTECH) was trading at ₹1,335.9 on 14 October 2026. VestCall scores its business health 65/100 (adequate). On valuation, the price sits in the “Fairly Valued” zone (₹1,297.59 – ₹1,340.42) — inside the modelled fair-value range. This is a reading of the evidence, not a buy or sell recommendation.

## Valuation zones

| Zone | Price band | Meaning |
| --- | --- | --- |
| Deeply Discounted | ₹1,153.47 – ₹1,235 | Furthest below the modelled fair-value range |
| Attractive Valuation | ₹1,235 – ₹1,297.59 | Below the modelled fair-value range |
| Fairly Valued (current) | ₹1,297.59 – ₹1,340.42 | Inside the modelled fair-value range |
| Valuation Premium | ₹1,340.42 and above | Above the modelled fair-value range |

## The case for and against

- Supports — Capital Allocation 100/100
- Supports — Shareholding Quality 85/100
- Supports — Business Quality 84/100
- Supports — Financial Strength 69/100
- Supports — Management Stability 67/100
- Needs proof — Growth 29/100

## Key ratios

| Ratio | HCL Technologies | Sector median |
| --- | --- | --- |
| P/E | 16.79x | — |
| P/B | 1.93x | — |
| P/S | 0.38x | — |
| Return on equity (ROE) | 64.3% | — |
| Return on capital employed (ROCE) | 85.3% | — |
| Operating margin | 16.8% | — |
| Net margin | 12.6% | — |
| Current ratio | 1.49x | — |

## Bull, base and bear case (model outputs, not forecasts)

| Scenario | Modelled CAGR | Weight | Assumption |
| --- | --- | --- | --- |
| Bear | −3.2% | 22% | Growth decelerates to 0.8% and the multiple de-rates toward the cohort's trough. |
| Base | +5.6% | 53% | Earnings compound near the measured 5.6% and the multiple drifts toward its quality-adjusted warranted level. |
| Bull | +12.1% | 25% | Growth holds at 8.6% and the market pays the full premium the measured quality supports. |

## Questions

### Is HCL Technologies overvalued or undervalued?

At ₹1,335.9, HCL Technologies sits in VestCall’s “Fairly Valued” zone (₹1,297.59 – ₹1,340.42): inside the modelled fair-value range. Its valuation scores 80/100 (fair) against Unclassified peers. Zones describe where the price sits against modelled value; they are not an instruction to buy or sell.

### Is HCL Technologies fundamentally strong?

VestCall scores HCL Technologies’s business health 65/100 (adequate). The strongest measured pillars are capital allocation and shareholding quality. The ones that need proof are growth. Each pillar is computed from reported financials, and a pillar whose inputs were not reported is excluded rather than scored as zero.

### What is HCL Technologies’s P/E ratio?

HCL Technologies trades at a P/E of 16.79x, on VestCall’s latest read. A multiple only means something against the business it buys: the quality-adjusted fair value on this page weighs it against HCL Technologies’s returns and growth.

### What are the risks of investing in HCL Technologies?

The review triggers VestCall watches for HCL Technologies are: return on equity falls below the quality floor (roe below 15%); revenue growth falls below the thesis floor (revenue cagr below 8%); promoter holding drops materially (promoter holding below 57.88%, 3 points under the Mar 2026 filing). On the fundamentals, growth is the weakest measured pillar at 29/100. A trigger is a named condition that would change the reading, published so the case against the stock is as visible as the case for it.

### Is this a recommendation to buy or sell HCL Technologies?

No. VestCall states where HCL Technologies’s price sits against modelled value, what supports the case and what would break it, with every figure sourced. It does not issue buy, sell or hold calls or price targets. Vestmind is not a SEBI-registered investment adviser or research analyst, and nothing on this page is personalised investment advice.

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Vestmind is not a SEBI-registered investment adviser or research analyst. This is research for information, not a recommendation or personalised investment advice.