MUMBAI: Noida-headquartered HCLTech reported a 21.2% year-on-year rise in consolidated net profit to Rs 5,132 crore for the September quarter on Monday, October 12. It also raised the lower end of its FY27 revenue growth guidance to 2.5% to 4% in constant currency.[5] Revenue from operations grew 11.5% to Rs 35,620 crore, while new deal bookings rose 27% to 3.26 billion dollars.[4] The results were disclosed to the NSE and BSE as part of the quarterly listing requirements regulated by SEBI.[1][2][3]
Q2 FY27 Results: Revenue, Profit and Margin
Revenue from operations reached Rs 35,620 crore, up 3.0% from Rs 34,579 crore in the June quarter and 11.5% from a year earlier.[5] In constant currency, revenue grew 2.6% year on year and 2.3% sequentially.[4] The gap between reported and constant-currency growth reflects currency translation, because constant-currency figures strip out exchange-rate moves.
Net income of Rs 5,132 crore compares with Rs 4,235 crore in Q2 FY26, a quarter in which profit was flat.[7] Earnings before interest and tax were Rs 6,465 crore, which gives an EBIT margin of about 18.2% on Depth Grid's calculation.[4] The company retained its FY27 EBIT margin guidance of 17.5% to 18.5%.[5]
| Metric | Q2 FY27 | YoY | QoQ |
|---|---|---|---|
| Revenue from operations | Rs 35,620 crore | +11.5% | +3.0% |
| Revenue, constant currency | Not stated in Rs | +2.6% | +2.3% |
| Net income | Rs 5,132 crore | +21.2% | Not stated |
| EBIT / EBIT margin | Rs 6,465 crore / about 18.2% | Not stated | Not stated |
| New deal bookings | USD 3.26 billion | +27% | Not stated |
| Advanced AI revenue | USD 219 million | +78% | +28.4% |
Source: HCLTech Q2 FY27 results as reported by Kotak Neo, Free Press Journal and Forbes India.[4][5][6] EBIT margin is a Depth Grid calculation.
The board declared an interim dividend of Rs 12 per share, which Forbes India put at 88.6% of net income.[6]
AI Revenue and Segment Trends
Advanced AI revenue reached 219 million dollars, up 28.4% from the previous quarter and 78% from a year earlier in constant currency. That is about Rs 2,094 crore, with an annualised run rate of 876 million dollars.[6] On Depth Grid's calculation, advanced AI now accounts for roughly 5.9% of quarterly revenue, so the line remains small against a Rs 35,620 crore base even at its current pace.
The services business grew 4.4% year on year. Management said it expanded 3% sequentially, adding more than 100 million dollars of incremental revenue.[6] Software revenue fell 11.2% and contributes about 8% of the total, while engineering and R&D services grew 2.1%.[6] Deal bookings of 3.26 billion dollars, up 27%, give the company a larger order book to convert in coming quarters.[4]
For background on how enterprises are rebuilding around AI, which is the demand pool services firms are chasing, see Depth Grid's guide to the AI native company. Software vendors are making related moves, as seen in SAP's purchase of TechWolf.
Peer Check: HCLTech Against TCS
Tata Consultancy Services reported its September quarter results on October 8, with revenue of Rs 73,188 crore, up 11.2% year on year and 0.5% sequentially in constant currency.[8] Its operating margin was 24.0% and total contract value was 9.6 billion dollars.[8] TCS net profit was reported at Rs 13,884 crore, up about 15%, although Business Today cited Rs 13,934 crore.[9]
| Metric | HCLTech Q2 FY27 | TCS Q2 FY27 | Reading |
|---|---|---|---|
| Revenue from operations | Rs 35,620 crore | Rs 73,188 crore | TCS is about 2.1 times larger |
| Revenue growth YoY (Rs) | +11.5% | +11.2% | Near parity |
| Revenue growth QoQ (constant currency) | +2.3% | +0.5% | HCLTech faster |
| Operating margin | About 18.2% (EBIT) | 24.0% | TCS about 6 points higher |
| Net profit growth YoY | +21.2% | +15.0% (+7.6% excluding one-offs) | Year-ago bases differ |
| Deal bookings | USD 3.26 billion | USD 9.6 billion | TCS larger in absolute terms |
TCS's year-on-year profit growth was lifted by a Rs 1,135 crore restructuring charge in its year-ago quarter. Excluding one-time items, its profit rose 7.6%.[10] Depth Grid could not confirm whether HCLTech's year-ago base carried comparable items, so the profit growth rates in the table are not like for like.
Guidance, Share Price and the Results Calendar
HCLTech set FY27 constant-currency revenue growth at 2.5% to 4%, against 1% to 4% in the previous quarter. It kept services growth guidance at 3% to 4%.[6][5] Kotak Neo described the 2.5% to 4% range as retained, so readers should confirm the revision against the company's investor release.
HCLTech shares closed at Rs 1,223 on the NSE on October 12, according to Kotak Neo.[4] Depth Grid has not included Tuesday's trading reaction.
Wipro approves its results on October 15 with the release expected after market hours.[12] Infosys reports on October 23.[13] The sequence shows a possible split between large firms, with TCS ahead on margin and HCLTech ahead on sequential growth. Wipro and Infosys will test that picture.[11]
Strategic Implications for Indian IT
The quarter shows two different speeds inside one company. AI-linked revenue is growing at 78% but represents about 6% of sales, while software revenue is shrinking. Raising the floor of the guidance range suggests management has better visibility from deal bookings, although the ceiling of 4% means growth stays in low single digits in constant currency.
Hiring and delivery costs remain a variable for the sector. Depth Grid has covered the US suspension of PERM processing for Indian IT majors, which affects how large IT firms plan onshore staffing. Investors comparing the four large reports should watch constant-currency growth and margin together, because HCLTech and TCS lead on different measures.
Common Questions and Direct Answers
What were HCLTech's Q2 FY27 results?
HCLTech reported consolidated net profit of Rs 5,132 crore for the September 2026 quarter, up 21.2% from Rs 4,235 crore a year earlier. Revenue from operations rose 11.5% to Rs 35,620 crore. New deal bookings grew 27% to 3.26 billion dollars. The board declared an interim dividend of Rs 12 per share.
Did HCLTech raise its FY27 revenue guidance?
Reports from Free Press Journal and Forbes India say HCLTech raised the lower end of its FY27 constant-currency revenue growth guidance to 2.5% to 4% from 1% to 4%. The company kept its EBIT margin guidance at 17.5% to 18.5% and services growth guidance at 3% to 4%. Confirm against the company's investor release.
How much AI revenue did HCLTech report in Q2 FY27?
HCLTech reported advanced AI revenue of 219 million dollars for the quarter, up 28.4% from the previous quarter and 78% from a year earlier in constant currency. That is about Rs 2,094 crore, with an annualised run rate of 876 million dollars. On Depth Grid's calculation it is roughly 5.9% of quarterly revenue.
How does HCLTech's Q2 compare with TCS?
HCLTech grew revenue 11.5% year on year in rupees against 11.2% for TCS. Sequential constant-currency growth was 2.3% for HCLTech and 0.5% for TCS. TCS reported a higher operating margin of 24.0% against about 18.2% for HCLTech on Depth Grid's calculation. TCS booked 9.6 billion dollars in deals against 3.26 billion dollars.
When do Wipro and Infosys report Q2 FY27 results?
Wipro's board approves its Q2 FY27 results on October 15, 2026, with the release expected after market hours. Infosys has scheduled its Q2 FY27 results and a possible interim dividend decision for October 23, 2026. TCS reported on October 8 and HCLTech on October 12, so the four large IT companies will have reported by October 23.
Primary Sources and Regulatory Filings
- HCLTech: investor relations and quarterly results releases
- National Stock Exchange of India: corporate announcements and results filings
- BSE: corporate announcements and results filings
- Kotak Neo: HCLTech Q2 FY27 revenue, profit, deal wins and share price close
- Free Press Journal: HCLTech Q2 FY27 profit, AI revenue and guidance
- Forbes India: HCLTech profits, AI revenue, segment growth and dividend payout
- Business Standard: HCLTech Q2 FY26 results (year-ago base)
- Free Press Journal: TCS Q2 FY27 results
- Business Today: TCS Q2 FY27 results and dividend
- Genvest: TCS Q2 FY27 results excluding one-time items
- Kotak Neo: IT Q2 FY27 earnings calendar
- Angel One: Wipro board meeting and Q2 results date
- Upstox: Infosys Q2 FY27 results date
Related Intelligence
Depth Grid News Desk | depthgrid.in
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