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HCL Technologies Limited HCLTECH.NS

IN · National Stock Exchange of India · XNSE · stock · Technology · website

HCL Technologies Limited statistics & valuation

Market cap$3.66T
P / E22.0×
P / S2.8×
P / B4.9×
P / FCF19.7×
Dividend yield3.99%
Net margin12.8%
Return on equity22.1%
FCF margin14.3%
Net cash$30.0B
Enterprise value$8.5B
Earnings yield EBIT/EV11.2%
Return on capital48.3%
Graham number -54.6%$619.29

Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($619.29); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
14.60% 14.30% 14.90% 12.80% 2023202420252026
Gross margin (%)
42.50% 47.50% 47.30% 47.00% 2023202420252026
Operating margin (%)
33.00% 31.50% 31.30% 31.40% 2023202420252026
Return on equity (%)
22.70% 23.00% 25.00% 22.10% 2023202420252026
Shares outstanding
2.71B 2.71B 2.71B 2.71B 2023202420252026
Net debt ($)
-$42.71B -$36.85B -$19.47B -$29.97B 2023202420252026
Share buybacks ($)
$0 $0 $6.76B $7.11B 2023202420252026
Return on assets (%)
15.90% 15.70% 16.50% 14.30% 2023202420252026
Free cash flow margin (%)
16.10% 19.50% 18.10% 14.30% 2023202420252026
Debt / equity (×)
0.07× 0.08× 0.09× 0.07× 2023202420252026
EPS ($)
$54.79 $57.86 $64.09 $61.36 2023202420252026

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

HCL Technologies Limited trades at about 22.2× earnings — near its 10-year norm (10-year range 19.4×–24.5×, median 23.6×).

19.4× 24.5×

Shaded band = 10-year range (19.4×–24.5×); dot = today's 22.2×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2026FY2025FY2024FY2023
Gross margin47.0%47.3%47.5%42.5%
Operating margin31.4%31.3%31.5%33.0%
Net margin12.8%14.9%14.3%14.6%
FCF margin14.3%18.1%19.5%16.1%
Return on assets14.3%16.5%15.7%15.9%
Return on equity22.1%25.0%23.0%22.7%
Debt / equity0.00×0.00×0.03×0.03×
Current ratio2.222.222.612.50

Computed from company filings · IN · as of 2026-03-31. Figures in USD. Facts plus Stocktoria's own computed scores — not investment advice.