HCL Technologies reported a 4.7% year-on-year revenue growth in constant currency for fiscal year 2025, marking the second consecutive year of single-digit growth. The company anticipates a sequential revenue decline in constant currency terms for the upcoming quarter, attributed mainly to seasonal weakness in its products business, consistent with trends seen among other IT peers. For fiscal year 2026, HCL Technologies has lowered its revenue growth guidance to a range of 2% to 5%, down from the previous guidance of 4.5% to 5% for fiscal year 2025. Citi has maintained a neutral rating on HCL Technologies following its Q4 earnings report and has reduced the target price to ₹1,510 per share. Despite a strong total contract value in Q4, which was down 5% year-on-year, the company’s management described the operating environment as very uncertain but expressed intent to seek new opportunities in fiscal year 2026. Some market commentary highlights HCL Technologies' strong quarterly performance and positive outlook, noting that the company appears relatively resilient amid current macroeconomic challenges.