HCL Technologies (532281) Jul 2025 Filing Analysis

Digital revenue was a major growth engine, growing 15.2% year on year in constant currency and reaching 41.6% of Services revenue. This was a meaningful positive shift toward higher-value digital work, although the document does not provide an earlier digital-share figure for a direct share comparison. (1 expanding)

IT and Business Services remained HCLTech's largest business line, but its revenue share was slightly lower than a year earlier. Constant-currency growth was modest at 3.0% year on year, while EBIT margin declined materially from 16.6% to 15.1%. (1 contracting, 2 expanding)

The USA remained the largest Services geography, but its share declined from 59.6% to 56.5%. Growth was only 0.5% year on year in constant currency, making the geographic mix less concentrated in the USA. (2 contracting, 2 stable, 1 shifted)

Q1 FY26 bookings were $1.812 billion, but constant-currency revenue declined 0.8% quarter on quarter, showing that deal wins had not yet translated into sequential growth. The later baseline reports substantially higher bookings of $2.407 billion but still declining revenue, confirming a widening conversion/timing gap. The risk intensified. (2 intensifying, 2 stable)