Prabhudas Lilladher Recommends 'Buy' HCL Technologies, Sets Target at Rs 1910

• HCL Technologies' revenue growth (+4.2% QoQ CC) exceeded estimates, driven by HCLSoftware (+28.1% QoQ CC) and strong services business (+1.8% QoQ CC).
• ER&D segment led services growth (+3.1% QoQ CC), with top 20 accounts contributing significantly (+2.3% QoQ).
• Advanced AI revenue grew 19.9% QoQ CC, indicating strong velocity in smaller deals.
• New deal TCV reached USD3.0 billion, including a USD473 million mega deal.
• Prabhudas Lilladher revised HCL Technologies' topline CC growth upward for FY27E/FY28E and assigned a target price of Rs 1910.

Why It Matters: Prabhudas Lilladher recommends buying HCL Technologies, citing strong growth and deal wins, with a target of Rs 1910.