{"id":303223,"date":"2026-10-12T17:38:20","date_gmt":"2026-10-12T12:08:20","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=303223"},"modified":"2026-10-12T17:38:20","modified_gmt":"2026-10-12T12:08:20","slug":"hcl-tech-q2-result-2026-dividend-pat-jumps-21-percent-to-rs-5132-crore-revenue-up-11-percent-dividend-rs-12","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/hcl-tech-q2-result-2026-dividend-pat-jumps-21-percent-to-rs-5132-crore-revenue-up-11-percent-dividend-rs-12\/","title":{"rendered":"HCL Tech Q2 Result 2026, Dividend: PAT Jumps 21% to Rs 5,132 Crore, Revenue Up 11% at Rs 35,620 Crore, Rs 12 Dividend, Deal Wins, FY27 Guidance, AI Growth, Segments and What Investors Should Watch"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>HCL Tech Q2 profit: Rs 5,132 cr (+21.2% YoY, +10.9% QoQ). Revenue Rs 35,620 cr (+11.5% YoY, +3.0% QoQ). Dividend Rs 12; record date 16 Oct. Deal wins USD 3,258 mn. FY27 guidance 2.5% to 4% in constant currency. Stock closed Rs 1,220 before results.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">HCL Tech Q2 profit rose 21.2% year on year to Rs 5,132 crore and revenue rose 11.5% to Rs 35,620 crore for the quarter ended 30 September 2026, with an interim dividend of Rs 12 per share and new deal wins of USD 3,258 million. Profit beat one preview that expected about Rs 4,900 crore, while revenue was about 1% below that preview&#8217;s Rs 36,000 crore (my calculation), and net margin improved to about 14.4% from 13.3% (my calculation). FY27 guidance of 2.5% to 4% constant currency revenue growth is far below the 11.5% reported rupee growth, which a weaker rupee has helped, so the guidance is the better guide to underlying growth. The stock closed at Rs 1,220 before the results were announced, so the market reaction is still to come.<\/p>\n<\/p><\/div>\n<p>HCL Tech Q2 profit came in strong on a day when the broader market fell, and the company also announced a dividend with the record date on 16 October. Investors now want to know whether the numbers are as good as the headline suggests.<\/p>\n<p>This guide covers the Q2 FY27 numbers, how they compare with the previous quarter and a year ago, the segments, deal wins, guidance, the AI story, how TCS compares, valuation, and the risks. A separate article covers the dividend in detail.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&#038;utm_medium=hcl-tech-q2-result-2026-dividend-pat-jumps-21-percent-to-rs-5132-crore-revenue-up-11-percent-dividend-rs-12\">Click Here &#8211; Get Free Investment Predictions<\/a><\/strong><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/hcl-tech-q2-result-2026-dividend-pat-jumps-21-percent-to-rs-5132-crore-revenue-up-11-percent-dividend-rs-12\/#HCL_Tech_Q2_Profit_and_Revenue_The_Numbers\" title=\"HCL Tech Q2 Profit and Revenue: The Numbers\">HCL Tech Q2 Profit and Revenue: The Numbers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/hcl-tech-q2-result-2026-dividend-pat-jumps-21-percent-to-rs-5132-crore-revenue-up-11-percent-dividend-rs-12\/#HCL_Tech_Q2_Profit_by_Segment\" title=\"HCL Tech Q2 Profit by Segment\">HCL Tech Q2 Profit by Segment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/hcl-tech-q2-result-2026-dividend-pat-jumps-21-percent-to-rs-5132-crore-revenue-up-11-percent-dividend-rs-12\/#How_HCL_Tech_Q2_Profit_Compares_With_Estimates\" title=\"How HCL Tech Q2 Profit Compares With Estimates\">How HCL Tech Q2 Profit Compares With Estimates<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/hcl-tech-q2-result-2026-dividend-pat-jumps-21-percent-to-rs-5132-crore-revenue-up-11-percent-dividend-rs-12\/#FY27_Guidance_and_Deal_Wins_Behind_the_HCL_Tech_Q2_Profit\" title=\"FY27 Guidance and Deal Wins Behind the HCL Tech Q2 Profit\">FY27 Guidance and Deal Wins Behind the HCL Tech Q2 Profit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/hcl-tech-q2-result-2026-dividend-pat-jumps-21-percent-to-rs-5132-crore-revenue-up-11-percent-dividend-rs-12\/#The_AI_Angle_in_HCL_Tech_Q2_Profit\" title=\"The AI Angle in HCL Tech Q2 Profit\">The AI Angle in HCL Tech Q2 Profit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/hcl-tech-q2-result-2026-dividend-pat-jumps-21-percent-to-rs-5132-crore-revenue-up-11-percent-dividend-rs-12\/#HCL_Tech_Q2_Profit_vs_TCS\" title=\"HCL Tech Q2 Profit vs TCS\">HCL Tech Q2 Profit vs TCS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/hcl-tech-q2-result-2026-dividend-pat-jumps-21-percent-to-rs-5132-crore-revenue-up-11-percent-dividend-rs-12\/#Valuation_After_HCL_Tech_Q2_Profit\" title=\"Valuation After HCL Tech Q2 Profit\">Valuation After HCL Tech Q2 Profit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/hcl-tech-q2-result-2026-dividend-pat-jumps-21-percent-to-rs-5132-crore-revenue-up-11-percent-dividend-rs-12\/#Risks_Around_HCL_Tech_Q2_Profit\" title=\"Risks Around HCL Tech Q2 Profit\">Risks Around HCL Tech Q2 Profit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/hcl-tech-q2-result-2026-dividend-pat-jumps-21-percent-to-rs-5132-crore-revenue-up-11-percent-dividend-rs-12\/#What_to_Watch_Next_for_HCL_Tech_Q2_Profit\" title=\"What to Watch Next for HCL Tech Q2 Profit\">What to Watch Next for HCL Tech Q2 Profit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/hcl-tech-q2-result-2026-dividend-pat-jumps-21-percent-to-rs-5132-crore-revenue-up-11-percent-dividend-rs-12\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/hcl-tech-q2-result-2026-dividend-pat-jumps-21-percent-to-rs-5132-crore-revenue-up-11-percent-dividend-rs-12\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/hcl-tech-q2-result-2026-dividend-pat-jumps-21-percent-to-rs-5132-crore-revenue-up-11-percent-dividend-rs-12\/#What_was_HCL_Tech_Q2_profit_in_FY27\" title=\"What was HCL Tech Q2 profit in FY27?\">What was HCL Tech Q2 profit in FY27?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/hcl-tech-q2-result-2026-dividend-pat-jumps-21-percent-to-rs-5132-crore-revenue-up-11-percent-dividend-rs-12\/#What_was_HCL_Techs_Q2_revenue\" title=\"What was HCL Tech&#8217;s Q2 revenue?\">What was HCL Tech&#8217;s Q2 revenue?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/hcl-tech-q2-result-2026-dividend-pat-jumps-21-percent-to-rs-5132-crore-revenue-up-11-percent-dividend-rs-12\/#What_dividend_did_HCL_Tech_declare\" title=\"What dividend did HCL Tech declare?\">What dividend did HCL Tech declare?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/hcl-tech-q2-result-2026-dividend-pat-jumps-21-percent-to-rs-5132-crore-revenue-up-11-percent-dividend-rs-12\/#What_is_HCL_Techs_FY27_guidance\" title=\"What is HCL Tech&#8217;s FY27 guidance?\">What is HCL Tech&#8217;s FY27 guidance?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/hcl-tech-q2-result-2026-dividend-pat-jumps-21-percent-to-rs-5132-crore-revenue-up-11-percent-dividend-rs-12\/#What_were_the_deal_wins\" title=\"What were the deal wins?\">What were the deal wins?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/hcl-tech-q2-result-2026-dividend-pat-jumps-21-percent-to-rs-5132-crore-revenue-up-11-percent-dividend-rs-12\/#Did_HCL_Tech_Q2_profit_beat_estimates\" title=\"Did HCL Tech Q2 profit beat estimates?\">Did HCL Tech Q2 profit beat estimates?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/hcl-tech-q2-result-2026-dividend-pat-jumps-21-percent-to-rs-5132-crore-revenue-up-11-percent-dividend-rs-12\/#How_did_HCL_Techs_AI_revenue_grow\" title=\"How did HCL Tech&#8217;s AI revenue grow?\">How did HCL Tech&#8217;s AI revenue grow?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/univest.in\/blogs-2\/hcl-tech-q2-result-2026-dividend-pat-jumps-21-percent-to-rs-5132-crore-revenue-up-11-percent-dividend-rs-12\/#Should_I_buy_HCL_Tech_after_Q2_results\" title=\"Should I buy HCL Tech after Q2 results?\">Should I buy HCL Tech after Q2 results?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"HCL_Tech_Q2_Profit_and_Revenue_The_Numbers\"><\/span><strong>HCL Tech Q2 Profit and Revenue: The Numbers<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Item<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Q2 FY27<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Comparison<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Revenue from operations<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 35,620 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 11.5% from Rs 31,942 crore a year earlier; up 3.0% from Rs 34,579 crore in Q1<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Net profit<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 5,132 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 21.2% from Rs 4,235 crore a year earlier; up about 10.9% from Rs 4,626 crore in Q1<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Net margin<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 14.4%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 13.3% a year earlier (my calculation)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">New deal wins (TCV)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">USD 3,258 million<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">As reported by the company<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Dividend<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 12 per share<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Record date 16 October; payment date 26 October<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Market cap<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About Rs 3.32 lakh crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">As of 12 October<\/td>\n<\/tr>\n<\/table>\n<p>One report puts the quarterly rise in HCL Tech Q2 profit at 10.5% and another at 10.94% because of small differences in the base figure. Check the company&#8217;s exchange filing for the exact comparison.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/screeners\">Check the Univest Screener for live data on IT stocks<\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"HCL_Tech_Q2_Profit_by_Segment\"><\/span><strong>HCL Tech Q2 Profit by Segment<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Segment<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Revenue, Q2 FY27<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Note<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">IT and Business Services<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 26,938 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">The largest segment, about three quarters of revenue<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Engineering and R&#038;D Services<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 5,973 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Engineering services<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">HCLSoftware<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 2,815 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Down about 3.7% from Rs 2,923 crore a year earlier (my calculation)<\/td>\n<\/tr>\n<\/table>\n<p>The three segments add to Rs 35,726 crore, about Rs 106 crore more than consolidated revenue, which one report does not explain. It probably reflects inter-segment adjustments, so check the filing. HCLSoftware fell year on year, which is the one weak spot behind the HCL Tech Q2 profit story.<\/p>\n<p style=\"margin-top:24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&#038;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track HCL Tech and IT stocks live.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_HCL_Tech_Q2_Profit_Compares_With_Estimates\"><\/span><strong>How HCL Tech Q2 Profit Compares With Estimates<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Measure<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Estimate in one preview<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Actual<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Difference (my calculation)<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Net profit<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About Rs 4,900 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 5,132 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 4.7% above<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Revenue<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About Rs 36,000 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 35,620 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 1.1% below<\/td>\n<\/tr>\n<\/table>\n<p>The HCL Tech Q2 profit beat came with a small revenue miss, so margins did the work. Other previews had different estimates, and one report said results beat estimates overall.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"FY27_Guidance_and_Deal_Wins_Behind_the_HCL_Tech_Q2_Profit\"><\/span><strong>FY27 Guidance and Deal Wins Behind the HCL Tech Q2 Profit<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li>FY27 revenue growth guidance: 2.5% to 4% in constant currency.<\/li>\n<li>FY27 services growth guidance: 3% to 4% in constant currency.<\/li>\n<li>Q2 EBIT margin guidance: 17.5% to 18.5%, though the actual margin was not in the reports I read.<\/li>\n<li>Deal wins: USD 3,258 million of new total contract value in the quarter.<\/li>\n<li>Advanced AI revenue: up 28.4% quarter on quarter and 78% year on year in constant currency, per the CEO.<\/li>\n<\/ol>\n<p>The gap between 2.5% to 4% guidance and 11.5% reported growth is large, and HCL Tech Q2 profit growth of 21% is far above that guided pace. A weaker rupee lifts rupee revenue for a company that earns in dollars, which is my reading of the gap, so constant currency numbers matter more than the headline.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_AI_Angle_in_HCL_Tech_Q2_Profit\"><\/span><strong>The AI Angle in HCL Tech Q2 Profit<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>HCLTech announced a Global Premier Partnership with Anthropic, setting up a dedicated business unit and a Center of Excellence, and HCLSoftware will embed Anthropic&#8217;s tools in selected enterprise products. Advanced AI revenue grew 78% year on year in constant currency, though the reports I read did not give its size, so it is hard to judge how much it adds to HCL Tech Q2 profit yet.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"HCL_Tech_Q2_Profit_vs_TCS\"><\/span><strong>HCL Tech Q2 Profit vs TCS<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Measure<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">HCL Tech<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">TCS<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Revenue growth, YoY<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">11.5%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 11.2%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Profit growth, YoY<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 21.2%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 14.9%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Market reaction<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Closed Rs 1,220 before results<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rose about 5% on results day<\/td>\n<\/tr>\n<\/table>\n<p>HCL Tech Q2 profit grew faster than TCS profit in the quarter, but TCS has already seen its market reaction. HCL Tech&#8217;s response will show on the next trading day.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Valuation_After_HCL_Tech_Q2_Profit\"><\/span><strong>Valuation After HCL Tech Q2 Profit<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>At a market cap of about Rs 3.32 lakh crore, the stock trades at roughly 16 times HCL Tech Q2 profit annualised (my calculation: Rs 5,132 crore times four). The share price of Rs 1,220 is also well below Rs 1,441 in April 2026, which means the Rs 12 dividend now represents a higher yield. This is a run-rate estimate and not a forecast.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Risks_Around_HCL_Tech_Q2_Profit\"><\/span><strong>Risks Around HCL Tech Q2 Profit<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Weak guidance:<\/strong> A 2.5% to 4% constant currency outlook is modest and leaves little room for a slowdown.<\/p>\n<p><strong>Rupee effect:<\/strong> Part of the 11.5% growth comes from a weaker rupee and could reverse.<\/p>\n<p><strong>HCLSoftware:<\/strong> A year on year decline in this segment is a drag.<\/p>\n<p><strong>Demand:<\/strong> Global client spending and AI-led pricing pressure can hit IT services.<\/p>\n<p><strong>Data gaps:<\/strong> Reports did not give the Q2 EBIT margin, headcount or attrition.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_to_Watch_Next_for_HCL_Tech_Q2_Profit\"><\/span><strong>What to Watch Next for HCL Tech Q2 Profit<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li>The share price reaction on 13 October.<\/li>\n<li>The Q2 EBIT margin against guidance of 17.5% to 18.5%.<\/li>\n<li>Management commentary on FY27 guidance and AI deal pipeline.<\/li>\n<li>The record date of 16 October and payment on 26 October.<\/li>\n<li>Results from Infosys and Wipro for sector comparison.<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>HCL Tech Q2 profit jumped 21% to Rs 5,132 crore on revenue of Rs 35,620 crore with a Rs 12 dividend, but guidance of 2.5% to 4% constant currency growth tempers the headline. The share price reaction and margin detail will matter next. Consult a SEBI-registered advisor before making any decision.<\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).<\/p>\n<\/p><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"What_was_HCL_Tech_Q2_profit_in_FY27\"><\/span><strong>What was HCL Tech Q2 profit in FY27?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Net profit was Rs 5,132 crore, up 21.2% year on year from Rs 4,235 crore and up about 10.9% from Rs 4,626 crore in Q1.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_was_HCL_Techs_Q2_revenue\"><\/span><strong>What was HCL Tech&#8217;s Q2 revenue?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Revenue from operations was Rs 35,620 crore, up 11.5% year on year and 3.0% quarter on quarter.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_dividend_did_HCL_Tech_declare\"><\/span><strong>What dividend did HCL Tech declare?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> An interim dividend of Rs 12 per share, with a record date of 16 October and payment on 26 October 2026.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_HCL_Techs_FY27_guidance\"><\/span><strong>What is HCL Tech&#8217;s FY27 guidance?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Revenue growth of 2.5% to 4% in constant currency, with services growth of 3% to 4%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_were_the_deal_wins\"><\/span><strong>What were the deal wins?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> New deal wins were USD 3,258 million of total contract value in the quarter.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Did_HCL_Tech_Q2_profit_beat_estimates\"><\/span><strong>Did HCL Tech Q2 profit beat estimates?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Profit beat one preview of about Rs 4,900 crore by about 4.7%, while revenue was about 1.1% below that preview&#8217;s Rs 36,000 crore (my calculation).<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_did_HCL_Techs_AI_revenue_grow\"><\/span><strong>How did HCL Tech&#8217;s AI revenue grow?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Advanced AI revenue rose 28.4% quarter on quarter and 78% year on year in constant currency, per the CEO.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Should_I_buy_HCL_Tech_after_Q2_results\"><\/span><strong>Should I buy HCL Tech after Q2 results?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> This article does not constitute investment advice. Share prices react to results. Consult a SEBI-registered financial advisor.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"What was HCL Tech Q2 profit in FY27?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Net profit was Rs 5,132 crore, up 21.2% year on year from Rs 4,235 crore and up about 10.9% from Rs 4,626 crore in Q1.\"}},{\"@type\":\"Question\",\"name\":\"What was HCL Tech's Q2 revenue?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Revenue from operations was Rs 35,620 crore, up 11.5% year on year and 3.0% quarter on quarter.\"}},{\"@type\":\"Question\",\"name\":\"What dividend did HCL Tech declare?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"An interim dividend of Rs 12 per share, with a record date of 16 October and payment on 26 October 2026.\"}},{\"@type\":\"Question\",\"name\":\"What is HCL Tech's FY27 guidance?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Revenue growth of 2.5% to 4% in constant currency, with services growth of 3% to 4%.\"}},{\"@type\":\"Question\",\"name\":\"What were the deal wins?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"New deal wins were USD 3,258 million of total contract value in the quarter.\"}},{\"@type\":\"Question\",\"name\":\"Did HCL Tech Q2 profit beat estimates?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Profit beat one preview of about Rs 4,900 crore by about 4.7%, while revenue was about 1.1% below that preview's Rs 36,000 crore (my calculation).\"}},{\"@type\":\"Question\",\"name\":\"How did HCL Tech's AI revenue grow?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Advanced AI revenue rose 28.4% quarter on quarter and 78% year on year in constant currency, per the CEO.\"}},{\"@type\":\"Question\",\"name\":\"Should I buy HCL Tech after Q2 results?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"This article does not constitute investment advice. Share prices react to results. Consult a SEBI-registered financial advisor.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>HCL Tech Q2 profit jumped 21% to Rs 5,132 crore with a Rs 12 dividend. See revenue, deal wins, guidance, AI growth, segments and risks.<\/p>\n","protected":false},"author":35,"featured_media":303222,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[842],"tags":[11426,11424,11051,11425,1133,11030],"class_list":["post-303223","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-deal-wins","tag-hcl-tech-q2-profit","tag-hcl-tech-q2-results","tag-hcltech-dividend","tag-it-stocks","tag-q2-fy27"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["303222"],"rank_math_title":["HCL Tech Q2 Profit Jumps 21% to Rs 5,132 Crore, Rs 12 Dividend"],"rank_math_description":["HCL Tech Q2 profit jumped 21% to Rs 5,132 crore on revenue of Rs 35,620 crore with a Rs 12 dividend. See deal wins, guidance, AI growth, segments and risks."],"rank_math_focus_keyword":["HCL Tech Q2 profit"],"rank_math_robots":["a:2:{i:0;s:7:\"noindex\";i:1;s:8:\"nofollow\";}"]},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2026\/10\/hcl-tech-q2-result-2026-dividend-pat-jumps-21-to-rs-5-132-crore-revenue-up-11-at.webp","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/303223","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/users\/35"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=303223"}],"version-history":[{"count":1,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/303223\/revisions"}],"predecessor-version":[{"id":303224,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/303223\/revisions\/303224"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/303222"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=303223"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=303223"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=303223"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}