Market snapshot
| Indicator | Level | Change |
|---|---|---|
| Nifty 50 | 22,363.35 | -0.70% |
| Sensex | 71,924.69 | -547.64 pts |
| USD/INR | ₹95.75 | Rupee +96 paise |
| FII net | -₹3,252 cr | 12 Oct |
| DII net | +₹3,045 cr | 12 Oct |
| CPI (Sep) | 5.54% | From 4.83% in Aug |
Equities and sectors
Nifty 50 closed at 22,363.35, down 0.70%, after opening with a 73-point gap up at 22,593. The day’s high was 22,651, the low 22,304 and the previous close 22,520.
Nifty fell below 22,500 by 10 AM, declined towards 22,400 by 11 AM, stabilised near 22,360 around noon and touched an intraday low near 22,305 around 3 PM, closing about 230 points below its opening level.
Zerodha said continued selling and weak domestic sentiment outweighed fairly stable global markets, after a gap-up open that tracked a slight cooldown in oil prices and RBI measures designed to help the rupee.
Sensex closed at 71,924.69, down 547.64 points or 0.76%, after trading between 72,884.25 and 71,676.10. The Nifty 50 has fallen 14% in 2026 so far.
NSE index prices to 12 October 2026
| Index | Close | Today | 5 sessions | 20 sessions |
|---|---|---|---|---|
| Nifty 50 | 22,363 | -0.7% | -0.8% | -4.8% |
| Nifty Next 50 | 68,352 | +0.3% | -1.2% | -5.8% |
| Nifty Midcap 150 | 21,620 | +0.1% | -0.6% | -5.6% |
| Nifty Smallcap 250 | 17,773 | +1.1% | +0.7% | -3.6% |
| Nifty Microcap 250 | 25,753 | +0.8% | -0.6% | -3.3% |
| Nifty 500 | 21,823 | -0.2% | -0.7% | -4.9% |
Media rose 4.60% to lead while FMCG fell 1.67%, with only five of 15 sectors advancing. Media, Private Banks and Pharma remain the relative leaders over 20 and 60 sessions.
Nifty sector indices on 12 October 2026
| Sector | Close | Change | Sector | Close | Change |
|---|---|---|---|---|---|
| Media | 1,625 | +4.6% | Metal | 11,951 | -0.4% |
| Chemicals | 28,316 | +1.2% | Financial Services | 24,866 | -0.4% |
| Auto | 25,084 | +0.9% | Oil & Gas | 10,299 | -0.4% |
| Realty | 810.05 | +0.8% | Nifty Bank | 54,918 | -0.6% |
| Pharma | 26,079 | +0.5% | IT | 28,350 | -0.8% |
| Healthcare | 15,848 | -0.1% | PSU Bank | 8,031 | -1.2% |
| Consumer Durables | 35,937 | -0.1% | FMCG | 44,113 | -1.7% |
| Private Bank | 27,123 | -0.4% |
Winners and losers
Avenue Supermarts fell about 4.3% to ₹3,365 on Monday, extending the previous week’s 7.8% decline. Its September-quarter results were announced on Saturday.
Commodities and currency
By 18:57 IST, MCX natural gas was down 4.1% and gold 1.2% to ₹1,49,725. Meanwhile, silver fell 0.9% to ₹2,23,609 and crude oil rose 0.9% to ₹8,958.
Crude oil rose over 2% to above $93.8 per barrel, extending gains for a third consecutive session, as renewed attacks on energy infrastructure in Ukraine and escalating Middle East tensions raised concerns over supply disruptions.
MCX futures to 18:57 IST, 12 October 2026
| MCX contract | Price (₹) | Today to 18:57 | 5 sessions | 20 sessions |
|---|---|---|---|---|
| Crude oil | 8,958 | +0.9% | +3.3% | -2.1% |
| Natural gas | 301.10 | -4.1% | +2.0% | +5.5% |
| Gold | 1,49,725 | -1.2% | +0.3% | -2.8% |
| Silver | 2,23,609 | -0.9% | -1.1% | -4.8% |
| Copper | 1,425 | -0.1% | +1.1% | +2.8% |
| Aluminium | 332.00 | -1.0% | -1.9% | -4.4% |
| Zinc | 419.70 | -0.6% | +1.5% | +2.6% |
| Lead | 194.55 | -0.3% | +0.4% | -1.3% |
The benchmark price of China’s thermal coal reached $150 a tonne, a three-year high, on weak domestic output, Indonesian supply disruptions and an energy rally driven by the Iran war.
The rupee rose 96 paise to ₹95.75 per dollar, its biggest single-day gain in over six months, following a series of RBI measures aimed at reducing dollar demand and speculative pressure on the currency. The euro was at ₹107.08 and the pound at ₹126.75.
Institutional flows
On 12 October, FIIs net sold ₹3,252 crore while DIIs net bought ₹3,045 crore. Foreign investors have now sold for eleven straight sessions.
NSDL (foreign investors) and BSE/NSE (domestic institutions) via India Data Hub
| Session | FII net (₹ cr) | DII net (₹ cr) |
|---|---|---|
| 1 Oct | -9,570 | +10,042 |
| 5 Oct | -9,635 | +5,182 |
| 6 Oct | -4,281 | +5,089 |
| 7 Oct | -2,490 | +4,597 |
| 8 Oct | -6,206 | +10,703 |
| 9 Oct | -12,943 | +4,743 |
| 12 Oct | -3,252 | +3,045 |
In derivatives, foreign investors bought a net ₹6,457 crore of index options and ₹299 crore of stock futures at notional value, and sold a net ₹367 crore of index futures and ₹605 crore of stock options.
FIIs hold just 9% of their index-futures positions long. Meanwhile, retail and HNIs are 84% long. Seven of the 12 largest stock-futures open-interest moves were short buildups.
Call writing pulled the put-call ratio down from 1.14 to 0.73 and implied volatility for the 19 October expiry rose to 14.6%. Options imply a 22,179 to 22,482 range into the 13 October expiry.
Amfi
Monthly SIP contributions reached a record ₹32,490 crore in September, up from ₹32,297 crore in August, and equity mutual fund inflows rose to a five-month high of ₹38,306 crore.
Small-cap funds received record net inflows of ₹9,038 crore in September and mid-cap funds ₹7,834 crore, together 44% of total net equity mutual fund inflows, according to Amfi data.
Domestic mutual funds accounted for about 76.5% of the allocation in the government’s ₹31,552-crore offer for sale in LIC, taking their combined ownership from below 1% at the end of July to about 5.4% by the end of August.
The macro view
Inflation and rates
India’s CPI inflation rose to a 21-month high of 5.54% in September from 4.83% in August, driven by rising food prices and an unfavourable base effect, bringing it closer to the RBI’s 6% upper tolerance limit.
Inflation stayed above the RBI’s 4% midpoint target for a fourth consecutive month. 19 economists in a Mint survey had forecast 5.6%.
Mint, 13 October 2026
Food inflation stood at 7.74% in September, up from 5.97% in August, 5.52% in July, 5.32% in June, 4.78% in May and 4.20% in April. Transport services inflation was 5.01%, against 4.6% in August.
The RBI raised interest rates by 25 basis points last week, shifted its stance to calibrated tightening and raised its FY27 inflation projection to 5.2% from 5%. Governor Sanjay Malhotra said headline inflation was expected to average nearly 5.8% over the next three quarters.
RBI measures on the rupee
The RBI introduced measures to curb oil companies’ spot dollar demand and speculative corporate hedging: banks must maintain a 20% cash reserve on qualifying rupee-linked forex derivative contracts above $2 million. The minimum daily CRR maintenance requirement will rise from 90% to 99% from 16 October.
Banks have approached the RBI through FEDAI seeking clarity on calculating notional value for complex options strategies, recovering the reserve cost from customers and whether the revised $5 million threshold for forex derivative transactions without an established underlying exposure, down from $100 million, applies to imports and exports combined, three market participants said.
The RBI’s other measures include a ban on rebooking cancelled rupee-involving forex derivative contracts and a special window for Indian Oil, HPCL and BPCL to meet their daily dollar requirements through designated banks.
GST reforms and the budget
The 57th GST Council meeting recommended automated refunds of excess cash-ledger balances, provisional release of 90% of eligible refund claims from exports and inverted-duty structures. cutting the deadline to acknowledge refund requests from 15 days to 10. Meanwhile, leaving tax rates unchanged.
It also recommended removing arrest powers under Section 69 of the CGST Act, raising the prosecution threshold to ₹5 crore from ₹1 crore, a ₹10,000 minimum threshold for show-cause notices, cutting the maximum general fine from ₹25,000 to ₹10,000 and capping pre-deposits for fines-only appeals at ₹40 crore.
The Centre plans to review implementation of the reforms with states in three months so that changes are in place by April 2027, a top government official said.
The Centre has begun preparations for the FY28 Union budget. The Department of Expenditure has opened the 2027-28 tab on the CGA’s e-Lekha system for new budget codes, two officials said.
The FY27 budget pegged total expenditure at ₹53.47 trillion, 7.7% above the FY26 revised estimate of ₹49.65 trillion, with a fiscal deficit target of ₹16.96 trillion, or 4.3% of GDP. The Centre now plans to raise ₹15.995 trillion through dated securities in FY27, down from ₹17.2 trillion budgeted.
Energy, shipping and power
Clarksons Research, via Mint
The average cost of shipping 1,000 barrels of crude from West Asia to India’s west coast rose from $0.5-0.6 per mile in 2022-25 to $3.4 in June 2026 and $5.1 in August 2026, about 8-10 times the earlier average, according to Clarksons Research.
The Freightos Baltic Index of container costs has risen 73% and the Baltic Dry Index about 49% since the Iran war began. Gross VLCC earnings on the West Asia to China route are about $1.2 million a day, against about $480,000 in early August.
India has protected city gas supplies by reducing deliveries to fertiliser plants, refineries and industrial users. South Asia’s LNG demand is now expected to fall by about 6 million tonnes in 2026, against earlier projected growth of 2.7 million tonnes, according to Wood Mackenzie.
Coal stocks at thermal power plants have stayed above 18 million tonnes since 29 September, standing at 18.205 million tonnes on 10 October against 18.932 million tonnes on 29 September, the government said.
The average day-ahead market clearing price on IEX so far in October is ₹7.7 per unit, nearly three times the year-ago level, after averaging ₹7.3 in September. The power ministry has directed coal-based captive plants of 50MW or more to run at maximum capacity from 1 October to 31 December.
Trade and policy
- India and the UK agreed to exchange annual data on businesses’ use of preferential tariffs under their trade agreement (CETA), and set up committees, working groups and contact points for its implementation.
- India’s FTAs in force, along with those agreed with the EU and New Zealand, could add about $140 billion to GDP by 2035, lifting output by 1.7% and export volumes by 6.2%, according to Bloomberg Economics.
- The government proposed a 30% cap on trade margins for certain anti-cancer drugs, potentially reducing retail prices by 20-70% and saving patients ₹2,500 crore annually. The Supreme Court suggested extending the proposal to other drugs.
- A Supreme Court bench said the Centre’s response was “hardly anything to be happy about” and highlighted that a single saline drip was sold for ₹270 against an actual cost of ₹11.
- Private-sector banks had 8.95 million inoperative Jan Dhan accounts as of 23 September, up 1.06 million or 13.43% from a year earlier. HDFC Bank’s rose to 1.03 million from 530,000 and Kotak Mahindra Bank’s to 620,000 from 390,000.
- Former financial services secretary Maddirala Nagaraju has been named CMD of IL&FS for two years. As of 30 June, the group had resolved more than 94% of its targeted value and discharged over ₹50,000 crore of debt.
- The Centre asked states and Union territories to ensure hospitals and clinical establishments prominently display rates for services and facilities, the Union health ministry said.
Corporate action and earnings
Domestic headlines
HCLTech
HCLTech reported a 21.2% year-on-year rise in Q2 FY27 consolidated net profit to ₹5,132 crore. Meanwhile, revenue grew 11.5% to ₹35,620 crore. Sequentially, profit increased 11% and revenue rose 3%.
HCL Tech’s quarterly revenue of $3.72 billion compared with $3.68 billion expected in a Bloomberg poll of 34 analysts. New orders of $3.3 billion took first-half order wins to $5.67 billion.
TCS
TCS ended the September quarter with $7.64 billion in revenue, up 0.2% sequentially. Chief operating officer Arathi Subramanian said as much as 80% of new hires will have digital and AI skills, with AI-led work at 10% of revenue in the quarter.
RBL Bank
RBL Bank’s Q2 FY27 net profit rose 2.7 times year-on-year to ₹482 crore. Net interest income rose 37% to ₹2,131 crore and net interest margin improved 48 basis points sequentially to 4.61%.
Deals and contracts
- LTTS launched its first AI-native Engineering Intelligence Lab for digital manufacturing in India, built using Siemens and Nvidia technologies, focused on digital twins, autonomous systems and AI-driven automation.
- Technip Energies secured an EPC contract from HPCL for its Mumbai Refinery modernisation, covering a 550 KTA hydrocracker and catalytic dewaxing unit and an 850 KTA solvent deasphalting unit.
- Century Plyboards inaugurated a ₹215 crore plywood plant in Punjab with initial annual capacity of 60,000 cubic metres, expected to rise to 1 lakh cubic metres, with potential annual revenue of around ₹600 crore at full utilisation.
- Secondary steelmakers in Raipur, including GR Sponge and Power, Mahendra Sponge and Power and SKS Ispat and Power, are diverting power from furnaces to the grid. Coal India subsidiaries fetched an average 94% premium over notified prices at September auctions, against 59% in August, per BigMint.
- DHL Group will initially invest around ₹50 crore in a semiconductor logistics facility in Dholera, Gujarat, which may become operating by August 2027, said Vikas Anand, managing director of DHL Supply Chain India.
- Swarovski aims to double its India business over the next four to five years. India sales rose 26% to ₹478 crore in FY25 and the company has 82 stores in the country.
- Bajaj Alts, the alternatives arm of Bajaj Finserv, raised about ₹950 crore in the first close of its maiden real estate fund, which targets ₹2,000 crore including a green shoe option.
- Rajesh Power Services secured turnkey contracts worth ₹471.92 crore from Madhya Gujarat Vij Company for strengthening electricity networks across Gujarat.
Disputes and governance
- Reliance and MMRDA: The Supreme Court directed MMRDA to deposit ₹646.78 crore with the court by 6 November in its dispute with Reliance Industries over the Jio World Convention Centre. The next hearing is on 18 November.
- Tata Trusts: The Sir Dorabji Tata Trust, which owns 27.98% of Tata Sons, has until 19 October to respond to the Maharashtra charity commissioner on complaints filed by trustees Venu Srinivasan and Vijay Singh.
- TVS family: TAFE chairperson Mallika Srinivasan said no economic settlement has been reached within the Venu Srinivasan family and that the March 2024 MoU covered only brand rights and related obligations.
- PepsiCo: The Delhi High Court refused immediate relief in the ‘energy drink’ labelling dispute over Sting and asked a single judge to decide within a week.
Mark to market
Avenue Supermarts
Avenue Supermarts: Q2 FY27 standalone Ebitda margin fell 102 basis points sequentially and 28 basis points year-on-year to 7.3%. Ebitda rose 14% to ₹1,403 crore, revenue rose 18.4% and net profit rose 7.6% to ₹804 crore. Jefferies lowered its price target to ₹4,000.
Avenue opened 15 stores in Q2, taking its total to 518, and revenue growth at DMart stores at least two years old rose to 9.5% from 5.5% in Q1.
Flexible workspaces
Flexible workspaces: Shares of WeWork India, Indiqube and Smartworks have risen 17-39% over six months. Flex operators took 24% of all-India office leasing in the first nine months of 2026, at 16.1 million sq ft, up 14% year-on-year.
AMC stocks
Mint, 13 October 2026
AMC stocks: In 2026 so far, Aditya Birla Sun Life AMC, Nippon Life India AMC and ICICI Prudential AMC have gained 23.15%, 18.91% and 15.91%. Meanwhile, HDFC AMC has fallen 13.6%, UTI AMC 21.8% and Canara Robeco AMC 31.2%.
Primary market and fundraising
- Zetwerk is seeking a valuation of ₹25,583 crore in its IPO, priced at ₹143-151 a share, which opens on 15 October and closes on 19 October. The fresh issue has been raised to ₹2,830 crore from ₹2,600 crore.
- HD Fire Protect’s ₹712.31 crore IPO, priced at ₹258-271 a share, is entirely an offer for sale. At the upper end, investors would pay 40.7 times FY26 earnings.
- Sahajanand Medical Technologies is in talks to raise ₹175-200 crore in a pre-IPO round at a valuation of about ₹3,500 crore, in line with the upper end of its ₹327-344 IPO price band. The anchor book is expected to open on Wednesday, two people said.
- Indian Gas Exchange received Sebi approval for an IPO that is entirely an offer for sale of up to 1.67 crore shares by promoter IEX. Companies have raised over ₹0.11 trillion through 96 public issues so far in 2026.
Upcoming events
| Date | Event | Type |
|---|---|---|
| Tue, 13 Oct | Nifty options expiry; options imply a 22,179 to 22,482 range | Derivatives |
| Wed, 14 Oct | India WPI inflation and PPI inflation (previous: 9.92% year on year) | Macro |
| Wed, 14 Oct | US consumer inflation (previous: 3.4%); China inflation (previous: 0.8%) | Macro |
| Wed, 14 Oct | Sahajanand Medical Technologies anchor book expected to open | IPO |
| Thu, 15 Oct | India unemployment rate (previous: 5%); goods exports (previous: 26.12% year on year) | Macro |
| 15-19 Oct | Zetwerk IPO open for subscription, price band ₹143-151 | IPO |
| Fri, 16 Oct | RBI minimum daily CRR maintenance rises to 99% from 90% | Policy |
| Fri, 16 Oct | Euro area final inflation (previous: 3.24%); RBI forex reserves (previous: $734.6 billion) | Macro |
| Fri, 16 Oct | Record date: HCLTech interim dividend of ₹12 a share | Corporate |
| Mon, 19 Oct | Nifty options expiry; SDTT deadline to respond to charity commissioner | Derivatives |
| Mon, 26 Oct | Payment date: HCLTech interim dividend | Corporate |
Events calendar to 12 October 2026; HCLTech exchange filing, 12 October 2026
Global pulse
Global indices
Four of eight overseas markets rose in their latest completed session, led by Germany’s DAX 40 (+0.9%).
Zerodha AfterMarket Report
| Index | Level | Latest session | 5 sessions | 20 sessions |
|---|---|---|---|---|
| DAX 40 | 25,134 | +0.9% | -0.4% | -3.2% |
| FTSE 100 | 10,560 | +0.8% | +1.0% | -2.3% |
| Hang Seng | 24,250 | +0.4% | +1.1% | -4.0% |
| Dow 30 | 51,253 | +0.1% | +1.0% | -4.1% |
| S&P 500 | 7,787 | -0.5% | +1.6% | +0.6% |
| Nikkei 225 | 69,027 | -0.7% | +1.1% | +6.1% |
| Shanghai Composite | 3,796 | -0.7% | -1.3% | -3.5% |
| Nasdaq 100 | 30,997 | -1.3% | +1.1% | +5.0% |
Snapshot 18:57 IST, 12 October 2026 (Asia and Europe to 9 Oct; US to 8 Oct); Nikkei 225, Nasdaq 100, Dow 30 and S&P 500 show older sessions
Global macro
- The dollar index rose 0.2% to 102.43, trading near an 18-month high as Middle East tensions supported demand for the currency. Investors are awaiting US inflation data.
- European natural gas prices have rose over 150% this year as disruptions in the Strait of Hormuz constrained LNG shipments from Qatar and the UAE.
- The US decision to allow Russian diesel into American and global markets could ease fuel shortages but increase competitive pressure on Indian refiners.
- Russia will immediately supply 300,000 tonnes of diesel to the US, according to President Donald Trump. On Saturday, Russia partially lifted its diesel export ban, allowing 500,000 tonnes to reach international markets.
- France has about €3.6 trillion of debt against a €3 trillion economy. On Friday, the risk premium on French 10-year debt over Italy’s hit a record, and the euro has fallen against all G10 peers so far this month.
- IMF managing director Kristalina Georgieva warned of AI’s disruptive threat to the labour market and taxation at the IMF and World Bank annual meetings in Bangkok.
- Robert E. Hall of Stanford and Michael Woodford of Columbia won the Nobel Prize in Economics, sharing the 12 million-krona ($1.2 million) award for work on the microeconomic foundations of macroeconomic stabilisation.
- Britain’s mansion tax, starting in 2028, charges £2,500 a year on homes above £2 million, rising to £7,500 above £5 million. It is expected to raise £400 million in 2028/29 and cover about 135,000 homes.
Geopolitics and energy
- Two attacks over the weekend on Riyadh’s King Khalid International Airport killed at least 14 people and wounded more than 300. Saudi authorities extended the suspension of operations on Monday and reported new drone and cruise missile threats.
- The Saudi Finance Ministry now expects GDP to shrink by 3.6% in 2026, and the non-oil economy was smaller in the second quarter than in the first, according to Capital Economics.
- President Trump announced an “energy ceasefire” between Russia and Ukraine; Ukrainian President Volodymyr Zelensky said he would accept it only if Russia does, and said Moscow carried out more than 200 strikes on Ukrainian electricity facilities in the past week.
Global business and tech
- Global smartphone shipments fell 20% year-on-year in Q3 2026 to their lowest third-quarter level since 2012, according to Counterpoint Research, as rising memory chip costs and supply shortages linked to AI infrastructure demand pressured production.
- TSMC is expected to report third-quarter net profit of $23.4 billion, its highest ever and up 65% year-on-year, according to an LSEG SmartEstimate.
- Oracle, Broadcom and SpaceX are among borrowers that priced nearly half a trillion dollars of new debt this year for AI infrastructure. Credit derivatives imply a five-year default risk above 20% for Oracle, about 16% for SpaceX and more than 7% for Nvidia, per Bloomberg data.
- There have been nine US high-grade bond deals of $25 billion or more this year, the most ever, largely in tech.
- Nvidia-backed Firmus Grid pulled its $5.5 billion IPO after investors rejected its $30 billion valuation.
- SWI Group, which took over the former FTX-linked bitcoin miner Genesis Digital Assets, raised €800 million, or around $900 million, for its data centres. Its shares rose 16%, giving it a market capitalisation of around $6.9 billion.
- Broadcom CEO Hock Tan said the AI boom has attracted investors whose strategies resemble those of gamblers, and Microsoft president Brad Smith warned that AI faces fewer safety requirements than milk.
Management chatter
Verbatim quotes from named individuals, as published by Zerodha and Mint.
“At approximately 109 kg per person, against a world average of 209 kg, India’s steel consumption has considerable room to rise. The question, therefore, is what sustains this demand and how India intends to prepare its steel industry for the next phase of development.”
“We saw healthy demand towards the end of the quarter. However, the environment remains fluid as the demand is influenced by various factors. As we see today, clients are prioritizing AI, data, and operating model transformation wherever there is a clear case for innovation, efficiency, and business resilience, and we have strong propositions to address these.”
“The measures may buy some time and provide near-term relief, but their effectiveness will remain limited unless underlying vulnerabilities are addressed. If global conditions do not improve, policy trade-offs could become expensive and would require a broader set of policy rehauls.”
“Further, if energy prices stay elevated, their pass-through to broader prices will follow with a lag. Against this backdrop, we are penciling in another 50 bps of rate hikes by the RBI in this cycle.”
“There is not much money in making steel. So the industry is taking advantage of this arbitrage. It is a very unique market. It is not common.”
“Because of the market outlook, geopolitical instability, the war and other factors, a lot of investors held back cash for a while.”
“We are moving full speed, electric and full hybrid. In Europe, we are clearly leading the train, and it is really also what we would like to step by step show off in India.”
HCLTech Q2 FY27: Profit Up 21%, AI Revenue at $219 Million
HCL Technologies reported consolidated revenue of ₹35,620 crore and net income of ₹5,132 crore for the quarter ended 30 September 2026, with an EBIT margin of 18.2%. New deal wins came to $3,258 million and advanced AI revenue to $219 million. The company’s FY27 revenue growth guidance now stands at 2.5% to 4.0% in constant currency.
HCLTech’s Board approved the un-audited results for the quarter and half-year ended 30 September 2026 on 12 October. Consolidated revenue from operations was ₹35,620 crore, against ₹34,579 crore in the June quarter and ₹31,942 crore a year earlier, up 3.0% sequentially and 11.5% year-on-year. In dollar terms, revenue was $3,724 million, up 2.0% sequentially and 2.2% year-on-year. In constant currency, it grew 2.3% and 2.6%.
The quarter in numbers
| Metric | Q2 FY27 | QoQ | YoY |
|---|---|---|---|
| Revenue from operations (₹ crore) | 35,620 | +3.0% | +11.5% |
| Revenue (US$ million) | 3,724 | +2.0% | +2.2% |
| Revenue growth, constant currency | +2.3% | +2.6% | |
| EBIT margin | 18.2% | +131 bps | +71 bps |
| Net income (₹ crore) | 5,132 | +11.0% | +21.2% |
| Advanced AI revenue (US$ million) | 219 | +28.4% (CC) | +78.0% (CC) |
| New deal wins, TCV (US$ million) | 3,258 |
EBIT margin includes a restructuring cost impact of 84 bps. Net income margin of 14.4% includes a restructuring cost impact of 62 bps.
Net income was ₹5,132 crore, or 14.4% of revenue, against ₹4,626 crore in the June quarter and ₹4,236 crore a year earlier. Diluted earnings per share were ₹18.93. Tax expense fell to ₹1,335 crore from ₹1,466 crore a year earlier; the filing states the decrease “is mainly due to benefit arising from certain capital assets acquired through business combinations, resolution of certain uncertain tax positions with the tax authorities and the transition to the new tax regime.”
For the half-year, revenue from operations was ₹70,199 crore against ₹62,291 crore a year earlier, and profit was ₹9,758 crore against ₹8,080 crore.
Segments
HCLTech exchange filing
| Segment | Q2 FY27 | Q1 FY27 | Q2 FY26 | Segment result | CC YoY | EBIT margin |
|---|---|---|---|---|---|---|
| IT and Business Services | 26,938 | 26,049 | 23,693 | 4,995 | +4.4% | 18.6% |
| Engineering and R&D Services | 5,973 | 5,690 | 5,423 | 905 | +2.1% | 15.2% |
| HCLSoftware | 2,709 | 2,840 | 2,826 | 565 | -11.2% | 20.1% |
| Total | 35,620 | 34,579 | 31,942 | 6,465 |
Revenue and segment result (profit before unallocable items) from the exchange filing; constant currency growth and segment EBIT margins as reported by ANI
IT and Business Services’ EBIT margin rose 229 bps year-on-year. Meanwhile, Engineering and R&D Services’ fell 231 bps. HCLSoftware’s margin was 20.1%, against 26.5% a year earlier. its segment result fell to ₹565 crore from ₹774 crore. Services revenue grew 3.0% sequentially and 4% year-on-year in constant currency.
Deals and AI
HCLTech exchange filing
New deal wins (TCV) were $3,258 million. Chief executive C Vijayakumar said new bookings of $3.3 billion were up 27% year-on-year, taking first-half bookings to a record high. Advanced AI revenue was $219 million, up 28.4% sequentially and 78.0% year-on-year in constant currency.
“Our AI propositions are resonating well with our clients, giving us confidence in our growth trajectory.”
“The accelerating growth in Advanced AI revenue validates our business strategy.”
HCLTech announced a Global Premier Partnership with Anthropic to accelerate enterprise adoption of agentic AI, under which it will set up a dedicated Anthropic Business Unit with a Center of Excellence. The group completed three acquisitions in the quarter, with an aggregate estimated purchase consideration of ₹3,635 crore, including goodwill of ₹1,481 crore and identified intangible assets of ₹1,949 crore.
FY27 guidance
HCLTech Investors page
| Metric (YoY, constant currency) | After Q2 FY27 | After Q1 FY27 |
|---|---|---|
| Company revenue growth | 2.5% to 4.0% | 1.0% to 4.0% |
| Services revenue growth | 3.0% to 4.0% | 1.5% to 4.5% |
| EBIT margin | 17.5% to 18.5% | 17.5% to 18.5% |
After Q2 FY27: HCLTech Investors page; after Q1 FY27: Finology Ticker and Deccan Herald, July 2026
People
| Metric | 30 Sep 2026 | 30 Jun 2026 |
|---|---|---|
| Headcount | 230,339 | 223,889 |
| Net addition in the quarter | +6,450 | -3,292 |
| LTM attrition | 12.8% | 12.7% |
HCLTech exchange filing
HCLTech hired 6,136 freshers in the quarter, and the September headcount was a record high. Annualised revenue per employee was $65.4 thousand, down 0.1% sequentially and up 2.4% year-on-year.
Cash, returns and dividend
Last-twelve-month free cash flow was 87% of net income. LTM return on invested capital was 41.2%. The Board declared an interim dividend of ₹12 per share of face value ₹2 for FY 2026-27, with a record date of 16 October and a payment date of 26 October. HCL Tech shares closed 0.5% higher at ₹1,223 on the NSE on 12 October, before the results were announced after market hours.
Closing
DayStarter by Devraj compiles reported facts from the Zerodha AfterMarket Report, Mint and the public sources named above. It is for information only and is not investment advice.