Motilal Oswal Recommends HCL Technologies: Target Price Rs 2200, 32% Upside

• HCL Technologies reported strong 3QFY26 revenue of USD3.8 billion, up 4.2% QoQ CC, exceeding estimates.
• EBIT margin reached 18.6%, surpassing the estimated 18.1%, with new deal TCV at USD3.0 billion (up 43.5% YoY).
• FY26 revenue growth guidance adjusted to 4-4.5% YoY in CC, with services revenue expected at 4.75-5.25%.
• Motilal Oswal maintains a 'BUY' rating on HCLT, citing its fastest-growing largecap status and resilient portfolio.
• The target price is set at INR2,200, indicating a potential 32% upside from current levels.

Why It Matters: Motilal Oswal recommends buying HCL Technologies with a target of Rs 2200, projecting 32% upside.