This report does not constitute a rating action. Overview Key strengths Key risks Good earnings quality owing to diversified IT service offerings and established client relationships. Slower revenue growth amid macroeconomic headwinds and reduced IT spending. Healthy profitability on the back of high utilization rates and access to offshore resources. Profitability constraints from continued investments in new-age digital technology. Net cash position with strong cash generation despite an increased commitment to shareholder distributions. HCL Technologies Ltd.’s revenue growth will remain sensitive to macroeconomic headwinds. We expect the company’s revenue to increase 3.6% in fiscal 2027 (year-end March 31), down from 6.0% in fiscal 2026. This is as lower discretionary spending amid weak macroeconomic conditions weighs on the global IT service
