HCL Technologies Ltd.Strong AI-Led Growth, Guidance Raised

HCL Technologies delivered an exceptional Q3 FY26 performance, reporting total revenue of $3.79 billion with robust growth of 4.8% year-over-year and 4.2% quarter-over-quarter in constant currency terms, crossing the $15 billion annualized revenue milestone.

Services revenue grew 5.0% year-over-year to $3.379 billion, while operating margin improved 111 basis points sequentially to 18.6%, demonstrating disciplined execution. The company achieved record net new bookings of $3.0 billion, up 43% year-over-year, representing the highest annual contract value in four years. Management raised FY26 services revenue guidance to 4.75-5.25% and company-level guidance to 4.0-4.5% in constant currency.

The strategic AI Force 2.0 platform proved instrumental in winning all four largest deals, including a $473 million mega-deal, with deployments across 60 priority accounts. Engineering and R&D Services accelerated with 10.8% year-over-year growth driven by Physical AI and custom silicon engineering. Advanced AI revenue surged 19.9%, while HCLSoftware posted strong sequential growth of 28.1%. Management remains confident about sustaining momentum as the fastest-growing large-cap services company for the fourth consecutive year.