Strong Q2 performance, services guidance upgrade positive for HCLTech

HCL Technologies posts steady Q2FY26 growth with $2.6B net new deals, AI revenue hitting $400M, and margin at 17.4%, while EPS stays flat at Rs 15.6

HCLTechnologies’ (HCLTech) Q2FY26 performance was strong across most parameters.

 

Revenues grew 2.4 per cent sequentially on a constant currency basis with the core services segment up 2.5 per cent.

 

In software, growth was better in annuity revenues, such as subscriptions and support, though perpetual licences dragged.

 

Margins were at 17.4 per cent. Net new deal wins were $2.6 billion, up 16 per cent year-on-year (Y-o-Y) ($1.8 billion in Q1FY26) with two large deals.

 

The growth in top 10 accounts was below the overall company growth at 1.5 per cent quarter-on-quarter (Q-o-Q).

 

The earnings per share (EPS), at ₹15.6, was flat