Deven Choksey Recommends 'Hold' on HCL Technologies; Sets Target at Rs 1682

• HCL Technologies Q3FY26 revenue reached INR 3,38,720 Mn, exceeding estimates with 6.0% QoQ and 13.3% YoY growth.
• USD Revenue was 3,793 Mn, showing 4.2% QoQ CC and 4.8% YoY CC growth, surpassing expectations.
• EBIT increased by 13.2% QoQ and 8.0% YoY to INR 62,850 Mn, with EBIT margin improving to 18.6%.
• Net profit declined 3.8% QoQ and 11.2% YoY to INR 40,760 Mn due to higher finance costs and exceptional items.
• Deven Choksey downgrades HCL Tech from 'ACCUMULATE' to 'HOLD' with a target price of Rs 1682, citing current premium valuation.

Why It Matters: Deven Choksey advises 'Hold' on HCL Technologies due to its current premium valuation, setting a target of Rs 1682.