IT services Historical case study · data as of 02 Jul 2026 · published 05 Oct 2026 (95 days later)

HCLTech — 100-point case study

How HCLTech looked on 50 technical and 50 fundamental measures on 02 Jul 2026 — and what happened over the next three months. Education only; not a current view.

Codes	NSE: HCLTECH · BSE: 532281
Close on 02 Jul 2026	₹1,078.10
Market cap then	₹2,92,584 crore
Valuation	P/E 17.6× · P/B 3.89×
Momentum	RSI (14) 39 · 1-year return -37.3%
Next 3 months	+15.3% vs Nifty 50 -7.3% (to 01 Oct 2026)

Scorecard

Technical — 50 points

6 bullish · 16 neutral · 1 caution · 26 bearish — the picture leaned negative.

Fundamental — 50 points

14 bullish · 30 neutral · 0 caution · 5 bearish — the picture leaned positive.

Price chart

Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance

Technical analysis — 50 points

Calculated by code from daily prices up to 02 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Trend

#	Point	Reading	Tag	Commentary
1	Short-term trend (20 days)	slope -0.39%/day	Bearish	Over the last 20 sessions the regression line of closing prices was falling about 0.39% a day — a short-term downtrend. Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2	Medium-term trend (~5 months)	3M return -21.0%	Bearish	The 100-session trend line was down (-0.36%/day) and the stock was -21.0% over three months, so the medium-term picture was bearish. Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3	Long-term trend (1 year)	1Y return -37.3%	Bearish	Compared with a year earlier the price was -37.3%. A weak year for the stock. Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4	Weekly chart trend	10W 1,145.27 / 30W 1,386.17	Bearish	On the weekly chart the stock showed a weekly close below the 10-week average, which sat below the 30-week. Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5	Swing structure (highs/lows)	last highs 1,257.00→1,173.60; lows 1,153.70→1,089.50	Bearish	The two most recent swing points showed lower swing highs and lower swing lows — classic downtrend structure. Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6	ADX (14) — trend strength	25.1	Bearish	ADX at 25.1 shows a trend of moderate strength. ADX measures strength only, not direction. Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7	+DI vs –DI	+DI 16.3 / –DI 36.4	Bearish	–DI was above +DI: sellers had the upper hand in directional movement. Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.

B. Moving averages

#	Point	Reading	Tag	Commentary
8	Price vs 20-day SMA	1,122.61 (-4.0%)	Bearish	Close of 1,078.10 was 4.0% below the 20-day SMA — the short-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
9	Price vs 50-day SMA	1,166.35 (-7.6%)	Bearish	Close of 1,078.10 was 7.6% below the 50-day SMA — the medium-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
10	Price vs 200-day SMA	1,436.17 (-24.9%)	Bearish	Close of 1,078.10 was 24.9% below the 200-day SMA — the long-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
11	9 / 21 EMA crossover	9E 1,092.21 / 21E 1,121.01	Bearish	The 9-day EMA was below the 21-day EMA; the last crossover happened on 22 Apr 2026. Bullish 9-day above 21-day · Bearish 9-day below 21-day · No neutral zone.
12	Golden / death cross (50 vs 200)	no cross in data window	Bearish	The 50-day average was 18.8% below the 200-day. No 50/200 crossover occurred in the data window. Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13	50-day SMA slope	-8.7% in 20 sessions	Bearish	The 50-day average fell 8.7% over the past month — declining. Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14	MA ribbon alignment	1,123 / 1,166 / 1,296 / 1,436	Bearish	The 20/50/100/200-day averages were perfectly stacked bearish (20 < 50 < 100 < 200). Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15	Monthly anchored VWAP	1,058.14 (+1.9%)	Bullish	Anchored to the start of July, the volume-weighted average price was 1,058.14; the close was above it — buyers that month were on average in profit. Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.

C. Momentum

#	Point	Reading	Tag	Commentary
16	RSI (14)	38.7	Bearish	RSI at 38.7 reflected soft, below-average momentum. Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17	RSI divergence (last 40 days)	bullish divergence	Bullish	Comparing the last 20 sessions with the 20 before: bullish divergence: price made a lower low but RSI made a higher low — selling momentum was fading. Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18	MACD line vs signal	MACD -30.41 / signal -25.71	Bearish	MACD was below its signal line — momentum turning or staying negative. Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19	MACD histogram (5-day change)	-0.38 → -4.70	Bearish	The histogram fell over the last five sessions, meaning momentum was weakening. Bullish histogram rising (momentum improving) · Bearish histogram falling (momentum weakening) · No neutral zone.
20	MACD vs zero line	-30.41	Bearish	MACD below zero means the 12-day EMA was below the 26-day EMA — a negative momentum regime. Bullish MACD above zero · Bearish MACD below zero · No neutral zone.
21	Stochastic (14,3,3)	%K 13.2 / %D 11.0	Caution	Slow stochastic at 13.2 was in oversold territory (<20). Bullish between 20 and 80 with %K above %D · Bearish between 20 and 80 with %K below %D · Caution above 80 (overbought) or below 20 (oversold).
22	Williams %R (14)	-66.5	Neutral	%R of -66.5 put the close in the middle of its 14-day range. How to read: Caution above –20 (near the top) or below –80 (near the bottom). Neutral in the middle. This point is never tagged Bullish or Bearish.
23	CCI (20)	-134	Bearish	CCI at -134 signalled an unusually strong downward deviation (<–100). Bullish above +100 (unusually strong upward move) · Bearish below –100 (unusually strong downward move) · Neutral within ±100.
24	Rate of change (10-day)	-7.6%	Bearish	Price changed -7.6% over ten sessions. Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.

D. Volatility

#	Point	Reading	Tag	Commentary
25	Bollinger Band position (%B)	%B 0.18 (bands 1,052.42–1,192.80)	Neutral	%B of 0.18 — inside the bands, lower half. How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26	Bollinger width / squeeze	width 12.5% (56th pct of 6M)	Neutral	Band width was at the 56th percentile of the last six months, a normal level. How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27	ATR (14)	₹33.74 (3.1% of price)	Neutral	A typical day's range was about ₹33.74, or 3.1% of the price — useful for judging how much 'normal noise' to expect. How to read: Information only. A higher % means bigger normal daily swings.
28	Historical volatility (30-day)	31.9% vs 1Y 26.8%	Neutral	Annualised 30-day volatility was 31.9%, close to the one-year level of 26.8%. How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29	Keltner Channel (20, 2×ATR)	1,049.97–1,187.92	Neutral	The close was inside the channel, so no volatility breakout. Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30	Beta vs Nifty 50 (1Y daily)	0.77	Neutral	A beta of 0.77 means the stock tended to move less than the Nifty 50 day to day. How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.

E. Volume & money flow

#	Point	Reading	Tag	Commentary
31	Volume vs 20-day average	last day 1.02× / 5-day 1.23×	Neutral	The final session traded 1.02× its 20-day average volume and the last five sessions averaged 1.23× — heavier than usual participation. How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32	Up-day vs down-day volume (20d)	ratio 1.25	Bullish	Average volume on up days was 1.25× that on down days — accumulation-leaning. Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33	On-Balance Volume (20d)	OBV falling	Bearish	OBV fell over the month while price fell — volume confirmed the price move. Bullish OBV rising · Bearish OBV falling · No neutral zone.
34	Accumulation/Distribution line	rising (20d)	Bullish	The A/D line rose, meaning closes tended to be in the upper part of daily ranges on meaningful volume. Bullish A/D line rising · Bearish A/D line falling · No neutral zone.
35	Chaikin Money Flow (20)	0.12	Bullish	CMF at +0.12 indicated net inflows. Bullish above +0.05 (net inflows) · Bearish below –0.05 (net outflows) · Neutral between –0.05 and +0.05.
36	Money Flow Index (14)	45.6	Neutral	MFI, a volume-weighted RSI, was 45.6. Bullish MFI 55–80 · Bearish MFI 20–45 · Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold).
37	Liquidity (avg daily turnover)	₹408 cr/day	Neutral	About ₹408 crore changed hands per day on average over 20 sessions — liquid. How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.

F. Price levels

#	Point	Reading	Tag	Commentary
38	Support levels (S1/S2/S3)	1,030.00	Neutral	Nearest support (prior swing lows) sat at 1,030.00, 4.7% below the close. How to read: Information only. Levels to watch, not good or bad.
39	Resistance levels (R1/R2/R3)	1,173.60 / 1,198.30 / 1,257.00	Neutral	Nearest resistance (prior swing highs) sat at 1,173.60, 8.9% above the close, then 1,198.30, 1,257.00. How to read: Information only.
40	Monthly pivot points (for next month)	P 1,063.67 \| R1 1,097.33 \| S1 1,044.43	Neutral	Classic pivots from July's high/low/close gave a pivot of 1,063.67; the close was above it. How to read: Information only.
41	Fibonacci retracement (6M swing)	23.6% 1,207 \| 38.2% 1,317 \| 50.0% 1,405 \| 61.8% 1,494	Neutral	Measuring the 6-month fall from 1,780.10 to 1,030.00, the close was nearest the 23.6% retracement at 1,207.02. How to read: Information only.
42	52-week high / low	H 1,780.10 / L 1,030.00	Bearish	The close was 39.4% below the 52-week high and 4.7% above the 52-week low. Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43	Unfilled price gaps (6M)	4 open; latest gap-down 24 Apr at 1,272.00	Neutral	There were 4 unfilled gap(s). The latest, a gap-down on 24 Apr 2026, left an open level at 1,272.00 that price had not revisited. How to read: Information only.

G. Patterns

#	Point	Reading	Tag	Commentary
44	Price structure / chart pattern	falling channel	Bearish	Rule-based pattern scan: falling channel — successive lower highs and lows. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.) Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45	Breakout / breakdown (20-day)	range 1,030.00–1,230.00	Neutral	The close was inside the prior 20-day range of 1,030.00–1,230.00. Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46	Latest candlestick	Bullish marubozu-type candle	Bullish	On 02 Jul the candle opened 1,049.00, ranged 1,048.00–1,082.90 and closed 1,078.10: Bullish marubozu-type candle. Single candles are weak signals on their own. Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47	Ichimoku Cloud	cloud 1,215.78–1,289.15; Tenkan 1,089.35 / Kijun 1,143.50	Bearish	Price was below the cloud and the Tenkan line was below the Kijun line — a bearish Ichimoku setup. Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.

H. Relative strength & summary

#	Point	Reading	Tag	Commentary
48	Relative strength vs Nifty 50	1M -16.2% / 3M -26.9%	Bearish	The stock underperformed the Nifty 50 by 26.9 points over three months and underperformed by 16.2 points over one month. Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49	Relative strength vs Nifty IT	3M -12.3%	Bearish	Against its sector index (Nifty IT) the stock was 12.3 points behind over three months. Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50	Technical summary	6 bullish · 26 bearish · 16 neutral · 1 caution	Bearish	Across the 49 readings the technical picture leaned negative. Levels that mattered: support 1,030.00, resistance 1,173.60. This is a description of the chart on 02 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

Fundamental analysis — 50 points

Uses only results published by 02 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Mar 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 02 Jul 2026 close.

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Valuation

#	Point	Reading	Tag	Commentary
1	P/E (trailing 12 months)	17.6×	Neutral	At ₹1,078.10 the market valued the company at about ₹2,92,584 crore, or 17.6× the ₹16,652 crore profit of the four quarters to Mar 2026. That is a moderate multiple. How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2	Price / Book	3.89×	Neutral	Market cap was 3.89× the Mar 2026 book value (equity + reserves) of ₹75,165 crore. How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3	Price / Sales	2.25×	Neutral	The company was valued at 2.25× its trailing-12-month sales of ₹1,30,144 crore. How to read: Information only.
4	EV / EBITDA (approx.)	11.2×	Neutral	Enterprise value (market cap + ₹5,215 cr borrowings; cash not netted) was 11.2× trailing operating profit of ₹26,704 crore. How to read: Information only. Lower means cheaper relative to operating profit.
5	Earnings yield	5.7%	Neutral	The inverse of P/E: each ₹100 invested bought about ₹5.7 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds. How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6	PEG (P/E ÷ 3-yr profit CAGR)	4.50	Bearish	P/E of 17.6 divided by 3-year profit growth of 3.9% a year gives a PEG of 4.50. Below 1 is often read as growth being cheaply priced; above 2 as expensive. Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7	Dividend yield (trailing 12M)	5.57%	Bullish	Dividends with ex-dates in the 12 months to the snapshot totalled ₹60 a share, a 5.57% yield on the ₹1,078.10 price. Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8	Market capitalisation	₹2,92,584 cr	Neutral	At about ₹2.93 lakh crore the company was a large-cap. How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9	Graham number vs price	₹618.36 vs ₹1,078.10	Neutral	Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹618.36; the price was 74% above it. Quality franchises usually trade above this number. Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).

B. Growth

#	Point	Reading	Tag	Commentary
10	Revenue growth FY26 (YoY)	+11.2%	Bullish	Revenue for FY26 was ₹1,30,144 crore, +11.2% versus FY25. Bullish above 10% · Bearish below 0% (revenue fell) · Neutral 0–10%.
11	Q4 FY26 revenue growth (YoY)	+12.3%	Bullish	The Jan–Mar 2026 quarter brought ₹33,981 crore of revenue, +12.3% on the same quarter a year earlier. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
12	Net profit growth FY26 (YoY)	-4.3%	Bearish	FY26 net profit was ₹16,652 crore, -4.3% on FY25's ₹17,399 crore. Bullish above 10% · Bearish below 0% · Neutral 0–10%. Caution if a one-off item distorted the figure.
13	Q4 FY26 profit growth (YoY)	+4.2%	Neutral	Quarterly profit was ₹4,490 crore versus ₹4,309 crore a year earlier (+4.2%). Bullish above 10% · Bearish below 0% · Neutral 0–10%.
14	Revenue CAGR (3 years)	8.7%	Neutral	Revenue compounded at 8.7% a year from FY23 to FY26. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%. Caution if an acquisition inflated it.
15	Profit CAGR (3 years)	3.9%	Bearish	Net profit compounded at 3.9% a year from FY23 to FY26. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
16	Revenue CAGR (5 years)	11.5%	Neutral	Over five years (FY21–FY26) revenue compounded at 11.5% a year. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17	EPS growth FY26 (reported)	-4.3%	Bearish	Reported EPS went from ₹64.08 to ₹61.33 (-4.3%). Differences from profit growth come from changes in share count (bonus, buyback, new issues). Bullish above 10% · Bearish below 0% · Neutral 0–10%.

C. Profitability

#	Point	Reading	Tag	Commentary
18	Operating margin FY26	21%	Neutral	Operating profit (EBITDA) was 21% of sales in FY26 versus 22% in FY25. How to read: Information only — normal margins differ a lot by industry.
19	Operating margin trend (4 quarters)	20% → 20% → 22% → 20%	Neutral	Quarterly margins moved from 20% to 20% over the last four quarters — broadly stable. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral when broadly stable.
20	Net profit margin FY26	12.8%	Neutral	₹12.8 of every ₹100 of revenue ended up as net profit in FY26. How to read: Information only.
21	Return on equity FY26	23.0%	Bullish	FY26 profit was 23.0% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak. Bullish above 18% · Bearish below 10% · Neutral 10–18%. Around 15% or more is generally considered good.
22	ROCE FY26	30%	Bullish	Return on capital employed (debt + equity) was 30% in FY26. Bullish above 20% · Bearish below 10% · Neutral 10–20%.
23	Return on assets FY26	14.47%	Neutral	Net profit was 14.47% of total assets. Bullish banks only: 1.5% or more · Bearish banks only: below 1% · Information only for non-banks.
24	Effective tax rate FY26	25%	Neutral	The company paid about 25% of pre-tax profit as tax; India's base corporate rate is ~25%. How to read: Information only. India’s base corporate rate is about 25%.
25	Other income share of pre-tax profit	3%	Neutral	Non-operating 'other income' of ₹574 crore made up 3% of pre-tax profit. How to read: Caution above 25% (headline profit leans on non-core income). Neutral otherwise.

D. Balance sheet

#	Point	Reading	Tag	Commentary
26	Debt / equity	0.07	Bullish	Borrowings of ₹5,215 crore were 0.07× equity — very low leverage. Bullish below 0.3 (very low leverage) · Bearish above 1 (high leverage) · Neutral 0.3–1.
27	Debt / EBITDA	0.19×	Bullish	Debt equalled 0.19 years of FY26 operating profit. Bullish below 1× · Bearish above 3× · Neutral 1–3×.
28	Interest coverage	26.4×	Bullish	Earnings before interest and tax covered interest cost 26.4 times. Bullish above 8× · Bearish below 3× · Neutral 3–8×, or not meaningful when interest is negligible.
29	Book value growth	+7.9%	Neutral	Shareholders' equity grew +7.9% from ₹69,655 crore to ₹75,165 crore in FY26. Bullish above 10% (banks: above 12%) · Bearish below 0% (non-banks only) · Neutral otherwise.
30	Capital work in progress	₹142 cr (0% of fixed assets)	Neutral	Projects under construction (CWIP) were 0% of fixed assets — a modest pipeline. How to read: Information only. Above 20% means a big expansion pipeline that is not yet earning.
31	Working capital days	23 days	Neutral	Working capital tied up equalled 23 days of sales (FY25: 17). Negative means suppliers/customers fund operations. How to read: Information only. Lower is generally more efficient; negative means suppliers or customers fund the business.
32	Cash conversion cycle	88 days	Neutral	It took 88 days to turn inventory and receivables into cash, net of supplier credit. How to read: Information only. Shorter is generally better.
33	Debtor days	88 (FY25 81)	Neutral	Customers took 88 days on average to pay, versus 81 a year earlier. How to read: Caution when debtor days rose more than 20% in a year (collections stretching). Neutral otherwise.

E. Cash flow

#	Point	Reading	Tag	Commentary
34	Operating cash flow FY26	₹19,975 cr	Neutral	The business generated ₹19,975 crore of operating cash in FY26 versus ₹22,261 crore in FY25. Bullish positive and higher than the year before · Bearish negative · Neutral when positive but lower. Information only for banks.
35	Free cash flow FY26	₹18,576 cr	Bullish	After capital spending, free cash flow was ₹18,576 crore. Bullish positive · Bearish negative · Neutral when not available.
36	Cash conversion (CFO ÷ net profit)	1.20×	Bullish	Operating cash flow was 1.20× reported profit — profits were well backed by cash. Bullish above 1× (profits well backed by cash) · Caution below 0.7×. Neutral 0.7–1×.
37	Free-cash-flow yield	6.3%	Bullish	FY26 free cash flow was 6.3% of the snapshot market cap. Bullish above 4% · Neutral at 4% or less.
38	Free cash flow — 3-year total	₹61,186 cr	Bullish	Free cash flow over FY24–FY26 added up to ₹61,186 crore. Bullish positive total · Bearish negative total · Neutral when not available.
39	Capex FY26 (CFO – FCF)	₹1,399 cr	Neutral	Implied capital expenditure was about ₹1,399 crore, 1.1% of sales. How to read: Information only.

F. Dividends & shareholder returns

#	Point	Reading	Tag	Commentary
40	Dividend payout ratio FY26	88%	Neutral	The company paid out about 88% of FY26 profit as dividends. How to read: Information only. High payout suits mature businesses; growing firms often keep more.
41	Dividend consistency (3 years)	90% / 94% / 88%	Bullish	Payout ratios for FY24 / FY25 / FY26 — dividends were paid every year. Bullish paid every year · Neutral when irregular. Never tagged Bearish.
42	Share capital change (FY25→FY26)	+0.0%	Neutral	Paid-up equity capital changed +0.0% (₹543 cr → ₹543 cr). Essentially unchanged — no dilution. Bullish fell 1% or more (a buyback) · Caution when it rose 1% or more (new shares issued). Neutral when unchanged, or for a bonus/split.

G. Ownership

#	Point	Reading	Tag	Commentary
43	Promoter holding	60.86% (+0.04 pts YoY)	Neutral	Promoters owned 60.86% at Mar 2026 versus 60.82% a year earlier. Bearish fell more than 1 percentage point in a year · Neutral otherwise. Never tagged Bullish.
44	Foreign institutional holding	15.51% (-3.64 pts YoY)	Bearish	FIIs held 15.51% at Mar 2026, down from 19.15% a year before. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
45	Domestic institutional holding	18.95% (+3.51 pts YoY)	Bullish	Mutual funds, insurers and other DIIs held 18.95%, up from 15.44%. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
46	Number of shareholders	8.8 lakh (-0.3% YoY)	Neutral	The shareholder count moved from 8.8 lakh to 8.8 lakh in a year — a rough gauge of retail interest. How to read: Information only — a rough gauge of retail interest.
47	Promoter pledge	none reported	Neutral	Our source showed no pledged promoter shares. How to read: Information only. Any sizeable pledge is a risk to note.

H. Quality & summary

#	Point	Reading	Tag	Commentary
48	Financial health checklist (Piotroski-style, 8 tests)	6/8	Neutral	Passed: positive profit, positive operating cash flow, CFO > net profit, leverage fell, asset turnover improved, no meaningful dilution (<3%). Failed: operating margin improved, ROA improved. Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49	Automated screen flags	3 strength(s) · 1 weakness(es)	Neutral	Strengths: Company is almost debt free; Stock is providing a good dividend yield of 4.34%; Company has been maintaining a healthy dividend payout of 90.6%. Weaknesses: The company has delivered a poor sales growth of 11.5% over past five years. (Flags generated by the data source’s rule screen.) How to read: Information only.
50	Fundamental summary	14 bullish · 5 bearish · 30 neutral · 0 caution	Bullish	On the numbers published by 02 Jul 2026 the fundamental picture leaned positive. Valuation: P/E 17.6×, P/B 3.89×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

News in the three months before the snapshot

Company news from 02 Apr 2026 – 02 Jul 2026 that an investor could have known on the snapshot date.

21 Apr 2026 HCLTech reports Q4 FY26 results; guides FY27 revenue growth of 1-4% in constant currency — Q4 FY26 consolidated revenue was Rs 33,981 crore (+12.35% YoY) and net profit Rs 4,488 crore (+4.2% YoY); constant-currency revenue fell 3.3% QoQ. FY26 constant-currency growth was 3.9%, below the earlier 4.0-4.5% guidance. The company guided FY27 revenue growth of 1-4% in constant currency, cited client-specific headwinds in the Americas, and declared an interim dividend of Rs 24 per share. source
22 Apr 2026 HCLTech shares see worst single-day fall since 2015 after Q4 results — The stock fell sharply the day after Q4 FY26 results, with reports citing results below management expectations, a one-time labour-code related charge, higher employee and outsourcing costs, and the 1-4% FY27 guidance. Management also said AI was causing 2-3% annual deflation in traditional services. source
16 Jun 2026 HCLTech invests about Rs 1,427 crore ($150 million) in Sarvam AI for a 10.46% stake — HCLTech led a funding round in Indian AI startup Sarvam AI, investing Rs 1,427.25 crore for a 10.46% stake at a reported $1.5 billion post-money valuation. Shares rose about 3.4% on BSE that day. source
16 Jun 2026 HCLTech board to meet on July 13 to approve Q1 FY27 results and consider interim dividend — HCLTech informed exchanges that its board would meet on 13 July 2026 to approve results for the quarter ended 30 June 2026 and consider declaring an interim dividend. source
19 Jun 2026 Indian IT stocks including HCLTech fall after Accenture cuts guidance — Nifty IT fell sharply after Accenture cut its revenue growth guidance and reported lower new bookings; the report said HCLTech declined 5.3% and the IT index hit a three-year low. (Report published 20 Jun 2026.) source

What happened next (02 Jul 2026 → 01 Oct 2026)

Price went from ₹1,078.10 to ₹1,243.10 by 01 Oct 2026 (+15.3%) while the Nifty 50 moved -7.3% — outperforming by 22.6 points.
Highest ₹1,379.80 on 11 Aug 2026; lowest ₹1,115.10 on 03 Jul 2026.
S1 1,030.00: held on a closing basis.
R1 1,173.60: cleared on a closing basis on 13 Jul 2026.
R2 1,198.30: cleared on a closing basis on 13 Jul 2026.
200-day SMA: price was below it at the snapshot and stayed on the same side through the period.
Apr–Jun 2026 results (reported 13 Jul 2026): revenue ₹34,579 crore (+13.9% YoY), net profit ₹4,626 crore (+20.3% YoY), operating margin 20% vs 20% a year earlier (Screener consolidated figures).

Later news

03 Jul 2026 HCLTech wins $1.14 billion deal from a Europe-based Fortune Global 50 company — HCLTech announced a $1.14 billion contract running from July 2026 to December 2031, with an optional five-year extension, for AI-driven digital workplace and enterprise network services; the client was reported to be Mercedes-Benz. Shares rose about 6% intraday. source
13 Jul 2026 HCLTech Q1 FY27 net profit rises 20% YoY to Rs 4,624 crore; Rs 12 interim dividend — Revenue from operations was Rs 34,579 crore (+13.9% YoY), constant-currency growth 2.6% YoY, EBIT margin 16.9%, and deal wins $2,407 million. FY27 guidance of 1-4% constant-currency growth was maintained. An interim dividend of Rs 12 per share was declared with record date 17 July 2026. source
16 Jul 2026 HCLTech to acquire Guardian India Operations for $10.5 million — HCLTech agreed to acquire Guardian India Operations, the global capability centre of insurer Guardian, for $10.5 million in cash, taking on about 2,000 staff as part of a seven-year partnership; closing was expected around 1 August 2026. source
24 Jul 2026 HCLTech shares rise on large block deal — About 2.76 million HCLTech shares changed hands in a block deal; buyer and seller were not disclosed. The report noted the stock had rebounded about 24% from its 1 July low. source

Educational summary. On 02 Jul 2026 the technical picture leaned negative and the fundamental picture leaned positive. Over the next three months the stock moved +15.3% against -7.3% for the Nifty 50. Here the chart's message did not line up neatly with what followed — a reminder that indicators describe the past, not the future. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold HCLTech today.

Method designed by Pawan Kumar Sharma, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.

Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 05 Oct 2026); index — Nifty 50, Nifty IT via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

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