ICICI Securities has maintained a Reduce rating on HCL Technologies Limited with a revised target price of Rs 1,090, valuing the services business at 15x FY28E earnings and the products business at 10x, despite healthy quarterly revenue growth and strong margins.

HCL Technologies Limited said the US government's suspension of the PERM permanent labour certification programme will not materially affect its workforce plans or client engagements, with HR head Ram Sundararajan citing its relatively small number of PERM filings in recent years and its expanded US local hiring strategy.

HCL Technologies added 6,136 freshers in the September quarter, with about 15% placed in its elite engineer category, and is launching an enterprise-wide forward-deployed engineering academy with training tracks aligned to OpenAI, Anthropic, Amazon Web Services, Google, Nvidia and Microsoft. The company plans to hire 10,000-11,000 freshers in FY27, reported total headcount of 230,339 as of September 30, and reported Advanced AI revenue of $219 million in Q2, up 28.4% sequentially and 78% year-on-year in constant currency.

HCL Technologies Limited reported Q2FY27 consolidated net profit of Rs 5,132 crore, up 21.2% year-on-year, and revenue of Rs 35,620 crore, up 11.5% year-on-year, with EBIT margin at 18.2%. The company raised its FY27 constant-currency revenue growth guidance to 2.5-4% from 1-4% and retained margin guidance at 17.5-18.5%, backed by $3.24 billion in net new deal wins including a mega AI deal from Mercedes-Benz, and declared an interim dividend of Rs 12 per share.

HCL Technologies Limited reported consolidated net profit of Rs 5,132 crore for Q2 FY27, up 21% from Rs 4,235 crore a year ago, with revenue from operations up 12% to Rs 35,620 crore, and its board declared a second interim dividend of Rs 12 per share for 2026-27 with record date October 16 and payment date October 26, 2026.

HCL Technologies Limited has partnered with Anthropic to accelerate enterprise adoption of Agentic AI with a focus on safety, cybersecurity and governance, establishing a dedicated business unit with a centre of excellence to build industry solutions embedding Anthropic products including Claude, Cowork and Claude Code.

HCL Technologies Limited is scheduled to report Q2FY27 results on October 12, with PL Capital, Motilal Oswal and Nuvama expecting 2.4-3% sequential constant-currency revenue growth, including contribution from Jaspersoft and HPE Telco business, EBIT margin expansion of 70-120 basis points to around 18.1%, and 15.9-21.3% year-on-year profit growth.

HCL Technologies Limited is scheduled to announce its second-quarter FY2027 results for the quarter ended September 30, 2026 on October 12, 2026 after Indian market close. Its shares traded higher on Friday ahead of the announcement, quoted 3.05% higher at Rs 1216.80 on BSE, while the company has paid dividends of Rs 54, Rs 60 and Rs 52 per share in FY26, FY25 and FY24 respectively.

HCL Technologies Limited, referred to as HCL in the source, was named by US Secretary of Labor Keith Sonderling among major IT firms to be suspended from a US skilled-worker permanent residency programme over alleged fraud.

HCL Technologies Limited on October 8 announced a portfolio of 20 in-house Industry AI Solutions spanning banking, healthcare, manufacturing and other sectors, citing client gains including 60% faster invoice processing, over 90% faster response times and 70% lower operating costs for VisionX, up to 44% faster product launches for SmartTwin, and 40-50% faster pharmacovigilance processing.