HCL Technologies Q4 FY26 Results: Consolidated PAT Up 4.2% to ₹4,488 Crore — HCL Technologies Q4 FY27 Guidance 1-4% CC Disappoints, Stock Drops 10%, Dividend ₹24/Share

April 22, 2026
Posted by: sachet
Category: News

HCL Technologies Q4 FY26 results are out — and the market reaction was sharply negative. The HCL Technologies Q4 FY26 consolidated net profit rose 4.20% year-on-year to ₹4,488 crore from ₹4,307 crore in HCL Technologies Q4 FY25. HCL Technologies Q4 revenue from operations grew 12.34% YoY to ₹33,981 crore from ₹30,246 crore in the year-ago period. On a sequential basis, HCL Technologies Q4 PAT rose 10.1% from ₹4,076 crore in Q3 FY26, and HCL Technologies Q4 revenue grew 0.32% QoQ from ₹34,257 crore. The HCL Technologies Q4 EBIT margin came in at 17.2% — below analyst estimates of 17.5–18.5%. The board declared an interim dividend of ₹24 per equity share (face value ₹2) for FY2026-27, with a record date of April 25, 2026 and payment date of May 5, 2026.

The market reaction to HCL Technologies Q4 FY26 results was severe: shares fell approximately 10% on April 22, 2026. The disappointment was driven not by the HCL Technologies Q4 numbers themselves, but by the cautious FY27 guidance. HCL Technologies Q4 management guided FY27 company revenue growth of 1-4% in constant currency — significantly below the 5%+ that analysts had expected. The HCL Technologies Q4 CEO and MD C. Vijayakumar cited a volatile demand environment, reduced discretionary spend, and two client-specific ramp-down situations as drivers of the HCL Technologies Q4 cautious FY27 outlook.

Track HCL Technologies Q4 and all results on Univest.

Table of Contents

HCL Technologies Q4 FY26 — Financial Results Table

Metric	Q3 FY26	Q4 FY25 (Base)	Q4 FY26 (Actual)
Revenue from Ops	₹34,257 Cr	₹30,246 Cr	₹33,981 Cr (+12.3% YoY)
Net Profit (PAT)	₹4,076 Cr	₹4,307 Cr	₹4,488 Cr (+4.2% YoY)
QoQ Revenue Growth	—	—	+0.32% QoQ
QoQ PAT Growth	—	—	+10.1% QoQ
EBIT Margin	—	~18%	17.2% (below estimates)
FY26 Revenue	—	FY25: ₹1,16,954 Cr	₹1,30,144 Cr (+11.2% YoY)
FY26 PAT	—	FY25: ₹17,390 Cr	₹16,642 Cr (↓4.3%)
FY27 Guidance	—	—	1-4% CC growth (cautious)
Interim Dividend	—	—	₹24/share FY27, Record Apr 25

Source: HCL Technologies Q4 FY26 consolidated audited results, EquityBulls, Upstox, APAC Media, BSE/NSE filing April 21, 2026.

HCL Technologies Q4: FY27 Guidance — The Key Negative

The HCL Technologies Q4 FY27 guidance of 1-4% constant currency revenue growth is the central negative from these results. The wide guidance band for HCL Technologies Q4 FY27 outlook reflects genuine uncertainty. HCL Technologies Q4 management flagged three specific concerns: (1) general macro uncertainty from US tariff environment and geopolitical volatility; (2) reduced enterprise discretionary IT spend as clients become more cautious; and (3) two client-specific ramp-downs that will create revenue headwinds in FY27. The HCL Technologies Q4 cautious tone differs from peers — TCS Q4 was relatively more sanguine about demand, though it too flagged uncertainty.

The HCL Technologies Q4 EBIT margin of 17.2% came in at the lower end of the company’s guidance band. For the full year FY26, HCL Technologies Q4 and full-year EBIT margin was within the guided 17-18% range. However, the HCL Technologies Q4 guidance for FY27 margin of 17.5-18.5% (CC basis, a slight lift from FY26) suggests management expects some margin recovery even in the cautious revenue growth scenario — driven by operational efficiency and cost discipline.

HCL Technologies Q4: Products Business Seasonality

HCL Technologies Q4 performance is structurally different from pure-play IT services peers because of its significant Products and Platforms (P&P) segment — a portfolio of software products including IBM Lotus/Domino, HCL Volt MX, and HCL Commerce. The HCL Technologies Q4 P&P segment typically sees Q4 seasonality where annual renewals are concentrated, followed by a sharp Q1 dip. This HCL Technologies Q4 pattern was expected, but the magnitude of the Q4 P&P revenue decline weighed on HCL Technologies Q4 consolidated constant currency growth, which came in at 3.9% YoY CC — near the bottom of the FY26 guidance range of 4.5-5%.

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HCL Technologies Q4 FY26: Conclusion

HCL Technologies Q4 FY26 results are a mixed bag — the quarterly numbers (4.2% PAT growth, 12.3% revenue growth) are acceptable, but the FY27 guidance of 1-4% CC is the story. HCL Technologies Q4 market reaction (−10%) reflects the guidance disappointment, not the HCL Technologies Q4 quarterly performance per se. The ₹24 interim dividend for FY27 is a positive shareholder return signal. For long-term investors, HCL Technologies Q4 decline brings the stock to more reasonable valuations — but FY27 execution on client ramp-ups and P&P revenue stabilisation will be crucial watchpoints.

For more Q4 FY26 results, visit Univest Blogs.

HCL Technologies Q4 FY26 — Frequently Asked Questions

1. What was HCL Technologies Q4 FY26 PAT?

HCL Technologies Q4 FY26 consolidated PAT was ₹4,488 crore — up 4.20% YoY from ₹4,307 crore in HCL Technologies Q4 FY25, and up 10.1% QoQ from ₹4,076 crore in Q3 FY26.

2. What was HCL Technologies Q4 FY26 revenue?

HCL Technologies Q4 FY26 revenue from operations was ₹33,981 crore — up 12.34% YoY from ₹30,246 crore in HCL Technologies Q4 FY25.

3. What is HCL Technologies Q4 FY27 guidance?

HCL Technologies Q4 FY27 guidance is 1-4% constant currency (CC) revenue growth — significantly below analyst expectations of 5%+. HCL Technologies Q4 management cited macro uncertainty, reduced discretionary spend, and two client ramp-downs as reasons for the cautious HCL Technologies Q4 FY27 outlook.

4. What is the HCL Technologies Q4 dividend?

The HCL Technologies Q4 board declared an interim dividend of ₹24 per equity share (face value ₹2) for FY2026-27. Record date: April 25, 2026. Payment date: May 5, 2026.

5. Why did HCL Technologies Q4 stock fall 10%?

HCL Technologies Q4 stock fell approximately 10% on April 22 primarily due to the disappointing FY27 guidance of 1-4% CC growth — well below street estimates of 5%+. The HCL Technologies Q4 quarterly numbers themselves were reasonable but the guidance concerned investors.

6. What is HCL Technologies Q4 EBIT margin?

HCL Technologies Q4 FY26 EBIT margin was 17.2% — below analyst estimates of 17.5–18.5% for the quarter. Full year FY26 EBIT margin was within the guided 17-18% band.

7. When did TCS announce Q4 FY26 results?

TCS Q4 FY26 results were declared on April 9, 2026. TCS reported revenue of ₹70,698 crore (+9.6% YoY) and strong deal wins in Q4 FY26.

8. Is HCL Technologies Q4 a buy after the 10% fall?

HCL Technologies Q4 stock decline brings valuations down to ~17x FY27 estimated earnings — more reasonable than pre-result levels. The HCL Technologies Q4 FY27 guidance range (1-4%) is wide and cautious. If macro stabilises and client ramp-ups resume, HCL Technologies Q4 valuation is attractive. Consult a SEBI-registered financial advisor before investing.

Disclaimer: Investment in the share market is subject to risk. This article is for informational and educational purposes only. All financial data sourced from publicly available NSE/BSE filings and news sources (Upstox, EquityBulls, FreePressJournal). Verify all numbers before investing. Consult a SEBI-registered advisor before making investment decisions.