HCLTech’s Deal-Making Machine Roars—Will $3 Billion in New Wins Power the Next Growth Wave?

Unknown Apr 02, 2026 1,200 Views

HCL Technologies has announced a strong $3 billion in total contract value (TCV) of new order wins during the fourth quarter, indicating ongoing customer confidence against the backdrop of a difficult global landscape. At the same time, the firm has provided a cautious FY26 guidance, with revenue...

Key Highlights:

New Deal Momentum: HCLTech's Q4 recorded $3 billion in new deal TCV, fueled by its AI-powered solutions and integrated go-to-market strategy. This follows a strong year-on-year performance, with FY24 overall TCV at 10% year-over-year growth, reflecting stability in core verticals such as financial services and telecom.

FY26 Guidance: The group anticipates revenue growth of 2-5% in constant currency in FY26, reflecting prudent optimism in the face of continued macroeconomic uncertainty and decision-making slowdowns within client organizations. This guidance incorporates a 1 percentage point contribution from the CTG acquisition.

EBIT Margin Outlook: HCLTech sees EBIT margin band of 18-19% in FY26, which is same as before. Analysts say that salary increases, seasonal softness in products business, and shift in revenue mix are most likely to keep the margins under squeeze, but cost discipline and digital transformation demand should offer cushion.

Business Trends: Although Q4 revenue increased by 6% year-over-year, sequential expansion was subdued amid seasonally unfavorable headwinds and project conclusion. The AI and digital services segment continues to be a growth driver, providing more than one-third of IT services revenue.

Investor Interest: Markets are keenly observing the speed of deal ramp-ups, discretionary spending patterns, and the effect of global macro conditions on client budgets. HCLTech's management continues to be optimistic about medium-term opportunities, especially in AI, cloud, and cybersecurity.

HCLTech's recent results and guidance demonstrate a balance of robust deal momentum and cautious expectations for FY26, as the company operates in a dynamic technology environment and changing client priorities.

Sources: Economic Times, Financial Express, Goodreturns, Business Today, HCLTech Press Release

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