Margin pressure from restructuring and utilization
Restructuring costs and lower utilization from skill mismatches could persist into Q2, weighing on margins.
HCLTECH / Q1-FY26 / risks
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HCLTech · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
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Demand weakness in manufacturing and auto
Automotive and manufacturing verticals continue to see ramp-downs, with no quick recovery expected.
AI-driven revenue deflation may outpace wallet share gains
Productivity benefits from GenAI could reduce revenue from existing contracts, though management claims wallet share gains offset this.
Deal slippages could impact revenue ramp
Two large deals slipped from Q1 to Q2, and ramp-up of a large contact center deal is slower than expected.