Over the FY26 and 27, HCLTech should sustain above-industry growth aided by strong deal momentum and steady ramp-up of large contracts, but margins may face pressure from elevated restructuring costs (~40bps in FY26), high investment intensity, and wage actions (~75bops in Q3 FY26 and 40bps in Q4 FY26). While its AI-led IP and platform strategy is promising, near-term earnings leverage could stay muted due to cannibalization of reven…
