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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹31,942 Cr
verified against source
Revenue YoY
10.7%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
HCLTech delivered a strong Q2 FY26 with revenue of INR 31,942 crore, up 10.7% YoY, driven by broad-based growth across services and software. Services revenue grew 11.6% YoY to INR 29,116 crore, while EBIT margin improved to 17.4%. The company achieved a record booking of $2.6 billion without mega deals, signaling robust sales momentum. Advanced AI revenue crossed $100 million, representing ~3% of revenue, with strong pipeline in AI Factory and agentic AI. Management raised full-year services revenue guidance to 4-5% CC (from 3-5%), while maintaining company-level guidance at 3-5% CC. Key growth drivers include BFSI, tech, and retail/CPG verticals, with AI-led transformation deals gaining traction. Risk: Restructuring costs (55 bps impact) may persist into Q4, and auto sector slowdown continues to weigh on manufacturing.
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Guidance to track
- Full-year services revenue growth guidance increased from 3-5% to 4-5% in constant currency, reflecting strong Q2 momentum.
- Overall company guidance unchanged due to softness in software segment.
- Management reiterated EBIT margin guidance of 17-18% for FY26.
- Restructuring impact of 55 bps in Q2; full-year impact may exceed the earlier estimate of 40 bps, continuing into Q3 and possibly Q4.
Risks flagged
- Restructuring impact of 55 bps in Q2, with full-year impact potentially higher than the 40 bps guided last quarter, continuing into Q3 and Q4.
- Management noted continued softness in the auto segment, which is affecting the broader manufacturing vertical.
- When pressed by an analyst, management acknowledged some employee reductions due to skill-location mismatch, but did not provide specific numbers, raising transparency concerns.
- U.S. revenue as a percentage of total revenue declined 2% YoY, though management attributed it to CTG revenue mix shift; underlying demand uncertainty remains.
Key quotes
- This quarter we clocked in a booking of $2.6 billion, which was well balanced across service lines, geographies, and verticals. This is the first time we've crossed the $2.5 billion mark without any mega deal.
- Our advanced AI revenue this quarter exceeded the $100 million mark, representing approximately 3% of our revenue.
- Our restructuring plan included both people as well as non-people. The people part... it's the location-skill mismatch as well as some of the businesses that we have acquired.
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