Preview | HCL Tech Q4 results 2026 expectations: Profit, sales, margin, FY27 guidance - Things to watch

The Noida-based HCL Technologies Ltd is likely to report a 8-13 per cent rise in net profit for the March quarter on 13-17 per cent rise in net sales. Margin for the quarter is seen contracting 80-100 basis points (bps) on year-on-year (YoY) basis. All eyes would be on the revenue and margin guidance for FY27, outlook on services and ERD business and deal pipeline. 

Axis Securities expects HCL Tech to report 9.8 per cent YoY rise in net profit at Rs 4,730 crore on 17 per cent YoY rise in sales at Rs 35,388 crore. It sees Ebit margin at 17.6 per cent, down 43 bps YoY.
Sequentially, the fall in margin will be higher at 99 basis points on account of wage hike impact and normalisation in growth within the software business, the brokerage said.

All eyes on FY25 guidance, interim dividend
HDFC Institutional Equities, which sees HCL Tech to guide for guidance for 3-5 per cent growth based on deal wins and AI leadership, sees profit rising 12.6 per cent YoY to Rs 4,850 crore on 13.8 per cent rise in sales at Rs 34,416 crore. 

"HCL Tech is likely to guide to 3-5 per cent overall revenue growth, supported by its services mix and large deal ramp-ups. We expect service revenue growth in 4-6 per cent band. HCL Tech might raise its EBIT margin guidance band by around 50 bps to 17.5-18.5 per cent from 17-18 per cent in FY2026E," said Kotak Institutional Equities. 

Along with the quarterly earnings, HCL Tech will  also consider payment of interim dividend for the financial year 2026-27. "The aforesaid items relating to the financial results and the payment of interim dividend shall be considered by the Board on April 21, 2026," it said in a stock exchange filing.

5 things to watch
Kotak expects investor to focus on pace of new revenues pools possible with GenAI that can offset revenue deflation. It believes investors would want to know how the company has baked in recent deterioration in macro in the guidance. Investors may track profitability in cost take-out and vendor consolidation deals. They may also want to hear about GenAI risks to products business. Lastly, they may focus on he  kind of demand environment required for growth to accelerate to high single digit, Kotak said. 

Nuvama Institutional Equities expects HCL Tech to report 7.6 per cent YoY rise in net profit at Rs 4,636.50 crore for the March quarter on 13.1 per cent YoY jump in sales at Rs 34,204 crore. Ebit margin is seen at 17.2 per cent, down 80 bps over 18 per cent in the year-ago quarter. 

"HCL Tech shall report a revenue decline of 1.6 per cent QoQ in CC and 1.2 per cent QoQ in dollar terms, primarily driven by P&P (down 17 per cent QoQ). Services segment is likely to report 0.4 per cent CC QoQ growth. EBIT margin likely to decline 130bp QoQ, impacted by software business seasonality, wage hike and restructuring expense," Nuvama said. 
This brokerage expects HCL tech to provide FY27 revenue growth guidance of 3–6 per cent constant currency (CC) in IT Services and margin guidance of 17.5–18.5 per cent.