HCL Technologies’ share price opened on a positive note on Tuesday, 21 April, but pared gains to trade in the red ahead of the Q4 results announcement. The IT stock opened at ₹1,430 apiece today, as compared to the previous close of ₹1,428.30. HCL Tech shares soon hit an intraday low of ₹1,422.40 per share thereafter.
share price has remained volatile amid weak market sentiments. The IT stock has gained over 7% in a month; however, it has shed nearly 13% on a year-to-date (YTD) basis. Furthermore, it has delivered 26% returns in three years and 48.13% in five years.
HCL Tech Q4 results preview
Brokerage firm Kotak Institutional Equities expectsto report a 1.7% sequential decline in revenue, while still achieving a 4.4% growth year-on-year. This growth is likely to be led by the IT services segment, which is projected to rise 1.1%, partially offset by a seasonal decline in product revenues.
The firm estimates reported EBIT margins at 17.7% and underlying margins at 18.5%, with an 80 basis point impact from restructuring costs. Benefits from rupee depreciation are expected to be neutralised by wage revision pressures of around 50 basis points.
Kotak added that the primary focus will be on FY2027 revenue guidance. Growth support is expected from the ramp-up of a large deal and higher exposure to IMS revenues that are less impacted by AI.
The brokerage forecasts overall revenue growth guidance of 3–5%, excluding the acquisition of Hewlett Packard Enterprise’s telecom solutions business. For the services segment, growth guidance is likely to fall between 4–6%, translating into a quarterly compound growth rate of 0.6–1.4%.
Seema Srivastava, Senior Research Analyst at SMC Global Securities, believes that the company is expected to deliver moderate revenue growth during Q4FY26, with constant currency performance likely to remain subdued due to seasonal weakness in the products segment.
“The broader business fundamentals remain stable. The services segment is expected to perform steadily, and the company continues to benefit from a healthy deal pipeline and increasing traction in emerging areas such as GenAI and digital transformation. These factors support a constructive medium-term outlook, even as near-term performance remains somewhat constrained,” Srivastava said.
HCL Tech share price: Should you buy or sell ahead of Q4 results?
Srivastava said that investment sentiment will largely hinge on management commentary around FY27 guidance, demand visibility, and margin outlook.
She further noted that any indication of demand recovery or stronger deal conversion could act as a positive catalyst.
“In this context, long-term investors may consider accumulating the stock on corrections, while a wait-and-watch approach ahead of the results may be more prudent for short-term positioning. However, based on the current outlook, does not appear to offer a strong near-term trigger for aggressive or short term buying ahead of its Q4 results,” said Srivastava.
On the technical outlook, Anshul Jain, Head of Research at Lakshmishree, said that HCL Tech is undergoing a constructive pullback toward the 10-, 20-, and 50-day EMA cluster on the daily timeframe, indicating a healthy retracement within an ongoing uptrend.
Jain further explained that this zone also coincides with a retest of the recent 24-day cup-and-handle breakout near 1415, reinforcing it as a key demand area.
“Price behaviour suggests controlled profit booking rather than distribution, with structure still favouring bulls. A stable hold and emergence of bullish confirmation around this zone would offer a favourable risk-reward long setup. On confirmation, the stock is well-positioned to resume momentum toward the 1510–1590 range. A breakdown below the support cluster would invalidate the setup,” Jain said.
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