HCL Technologies Share Price: Evaluating Investment Prospects Ahead of Q4 Earnings Release in 2026

HCL Technologies' Share Price Volatility Ahead of Q4 Results Announcement

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 per share, 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.

The IT sector has been experiencing weak market sentiments, resulting in HCL Technologies' share price volatility. Despite this, the company 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

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Brokerage firm Kotak Institutional Equities expects HCL Technologies to 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%.

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Investment Sentiment and Technical Outlook

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.

She further noted that any indication of demand recovery or stronger deal conversion could act as a positive catalyst. Srivastava suggested that investment sentiment will largely hinge on management commentary around FY27 guidance, demand visibility, and margin outlook.

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.