HCLTech reported a mixed first-quarter performance, with net profit for the three months ended June declining 9.7% from a year earlier to ₹38.43 billion. Consolidated revenue rose 8.2% to ₹303.49 billion, slightly ahead of analyst estimates, but operating margin slipped 80 basis points to 16.3% amid lower utilisation and higher spending on generative-AI initiatives. The Noida-based IT services provider narrowed its revenue growth guidance for the fiscal year ending March 2026 to 3–5%, raising the lower end of the previous 2–5% range. Management also lowered the full-year operating-margin outlook to 17–18% from 18–19% as it embarks on a restructuring that includes giving up under-used facilities and reducing headcount in certain overseas locations. Order bookings totalled $1.81 billion, down from $1.96 billion in the year-ago quarter. Chief Executive Officer C. Vijayakumar said overall demand “remained stable” despite continued caution among U.S. clients following tariff uncertainty, and added that AI-related opportunities were strengthening the company’s pipeline. Broker sentiment was mixed after the results. Citi kept a neutral stance with a ₹1,650 price target, while Nuvama downgraded the stock to Hold and cut its target to ₹1,630, citing the slimmer margin outlook.