Restructuring costs may exceed earlier estimates
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.
HCLTECH / Q2-FY26 / risks
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Material risks this quarter
medium
Auto sector slowdown continues to impact manufacturing
Management noted continued softness in the auto segment, which is affecting the broader manufacturing vertical.
Potential layoffs from restructuring not fully quantified
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 mix declined YoY despite overall growth
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.