HCL Technologies Limited offers software development, business process outsourcing, and infrastructure management services worldwide. The company operates through IT and Business Services; Engineering and R&D Services; and HCL Software segments. It offers digital business services, which includes application support and maintenance, digital application and platform, application modernization and integration, data and analytics, software as a solution, and enterprise application; and digital foundation services including digital foundation consulting and workplace, hybrid cloud, cybersecurity, network, intelligent operator, and unified services management services. The company also provides digital process operations, such as lending solution, supply chain management, finance and accounting, digital and content, and cognitive automation; and engineering and R&D services, which includes digital engineering on cloud, operational technologies, product engineering, and industry verticals. In addition, it offers CloudSMART, an adaptive portfolio of solutions enabling continuous modernization, cloud consulting, and delivery platform for enterprises; IoT WoRKS, which offers industry insights and benchmark, IoT and POC plan and technology, and user-centric business process transformation services; EdTech, an elastic cloud for the enterprises changing needs which provides multi-tenant, SaaS, and on-prem options. The company serves aerospace and defense, automotive, banking, capital markets, captive business services, chemical and process industries, consumer goods, energy and utilities, healthcare, technology, industrial manufacturing, insurance, life sciences, manufacturing, media and entertainment, mining and natural resources, oil and gas, public sector, retail, and telecom, as well as travel, transport, logistics, and hospitality industries. HCL Technologies Limited was founded in 1976 and is headquartered in Noida, India.

BUILD UP FREE CASH	2023-03-31 (A)	2024-03-31 (A)	2025-03-31 (A)	2025-06-30 (E)	2026-03-31 (E)	2026-06-30 (E)	2027-06-30 (E)	2028-06-30 (E)
Revenue	12,586	13,270	13,840	13,840	1,281,230.6	1,281,230.6	1,281,230.6	1,281,230.6
Revenue % Chg.	9.6%	5.4%	4.3%
EBIT	2,288	2,418	2,531	2,531	223,847.4	223,847.4	223,847.4	223,847.4
EBIT Margin	18.2%	18.2%	18.3%
Tax Rate	23.9%	25%	25.3%
NOPAT	1,740.9	1,812.3	1,889.7	1,889.7	166,822.3	166,822.3	166,822.3	166,822.3
NOPAT Margin	13.8%	13.7%	13.7%	13.7%	13%	13%	13%	13%
D&A	452	492	472	472	43,509.4	43,509.4	43,509.4	43,509.4
D&A / Revenue	3.6%	3.7%	3.4%
Capex	-206	-127	-131	-131	-33,609.2	-33,609.2	-33,609.2	-33,609.2
Capex / Revenue	-1.6%	-1%	-0.9%
Chg. NWC	-159	280	120	79.1	7,319.1	7,319.1	7,319.1	7,319.1
Chg. NWC / Revenue	-1.3%	2.1%	0.9%
Unlevered FCF (UFCF)	1,827.9	2,457.3	2,350.7	2,309.8	184,041.5	184,041.5	184,041.5	184,041.5
UFCF % Chg.	-6.3%	34.4%	-4.3%	-1.7%	7,868%	-0%	—	—
PV of UFCF	—	—	—	2,064.2	146,986.1	131,357.9	117,391.5	104,909.9
Sum of PV of UFCF	—	—	—	2,064.2	149,050.2	280,408.2	397,799.6	502,709.6

Cost of Debt
Tax Rate
After Tax Cost of Debt	8%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	12%
Total Debt	735
Market Cap	49,835.5
Total Capital	50,570.5
Debt Weighting	1.5%
Equity Weighting	98.5%
WACC	11.9%

Exit Multiple EV/FCF
Terminal Value	47,259.4
PV of Terminal Value	24,075.1
Cumulative PV of UFCF	502,709.6
Net Debt	-2,607
Equity Value	529,391.7
Shares Outstanding	2,705.5
Implied Share Price	195.7
Current Share Price	18.7
Implied Upside / (Downside)	944.4%