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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
₹30,246 Cr
verified against source
Revenue YoY
4.7%
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 reported FY25 revenue of $13.84B, up 4.7% YoY in constant currency, with operating margin of 18.3% (+7bps YoY). Q4 revenue declined 0.8% sequentially due to software seasonality, but services grew 0.7% QoQ. Net new bookings hit $3B in Q4, the second highest ever, with ER&D bookings surging 75% YoY. Management guided FY26 revenue growth of 3%-5% CC and EBIT margin of 18%-19%, factoring potential macro deterioration from tariffs. AI-led efficiency gains are being baked into deals, with 57 AI Force deployments and 500+ AI engagements. Key risk: tariff-driven recession could delay discretionary spending and contract renewals, especially in retail and manufacturing verticals.
Colored figures show movement against the previous available record.
Guidance to track
- Full-year constant currency revenue growth guidance for the company, with lower end assuming macro deterioration and upper end assuming stable environment and large deal closures.
- Full-year EBIT margin guidance for both services and software, consistent with FY25 margin of 18.3%.
- Q1 FY26 will have typical seasonal weakness but better than Q1 FY25, with ramp-up of mega deal starting in a few weeks.
- The CTG acquisition (closed Dec 2024) will contribute approximately 1% to FY26 revenue growth.
Risks flagged
- Management flagged that tariffs and deglobalization could lead to budget cuts, contract renegotiations, and delays, especially in retail and manufacturing verticals.
- One large deal was deferred in Q4 due to broader environment, not directly tariff-related, indicating potential pipeline softness.
- Management expects discretionary spending to remain weak, with new projects requiring strong ROI justification amid macro challenges.
- Analyst raised concern that GCC setups may eventually insource work, reducing annuity revenue visibility; management downplayed but did not fully address.
Key quotes
- Our razor-sharp focus on clients during this period of uncertainty helped us achieve results that matched our guidance.
- We are being cautiously optimistic about the road ahead. We are acutely cognizant of the upcoming macro impact on the client's IT spending.
- We envisage this execution model to be less location-agnostic as we kind of get to a mix of 50% people and 50% agentic resolutions.
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