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HCLTech shares hit 52-week low today: Here we decode why
22 Apr 2026

HClTech's shares plummeted by up to 10% today, hitting a 52-week low of ₹1,297.

The decline came after analysts downgraded the stock and lowered their price targets due to a poor fourth-quarter performance.

This is the worst single-day performance for the company since October 2015.

INCRED has downgraded HCLTech to "reduce" and cut its price target from ₹1,616 to ₹1,275.

Nuvama and HSBC's position
Analyst actions

Nuvama downgraded HCLTech from "buy" to "hold," slashing its price target from ₹1,550 to ₹1,400.

The brokerage noted that HCLTech's weak FY27 guidance now aligns its growth differential with TCS and Infosys, potentially leading to a convergence in their valuations.

Meanwhile, HSBC retained its "hold" rating but lowered its price target from ₹1,560 to ₹1,480.

The bank stated that earnings growth and stock returns are unlikely to compound in double digits going forward.

JPMorgan and Nomura's stance on HCLTech
Further downgrades

JPMorgan kept its "neutral" rating on HCLTech but cut its price target from ₹1,419 to ₹1,370.

The bank said the impact of telecom softness and SAP project cancellations is likely to continue in the new fiscal year.

Meanwhile, Nomura retained its "buy" rating on the stock but lowered its price target from ₹1,700 to ₹1,600.

Despite expecting margins to normalize this fiscal year, Nomura has cut FY27-28 EPS estimates by 5-7% amid lower growth expectations.

Disappointing Q4 performance
Financial results

HCLTech's fourth-quarter performance was disappointing, with a constant currency revenue decline of 3.3% and margins at 16.5%, both below expectations.

The company also missed its FY26 revenue growth guidance, achieving only 3.9% instead of the projected 4-4.5%.

For the new fiscal year, HCLTech expects constant currency revenue growth between 1-4%, lower than analyst projections of 3-6%.