After Wednesday’s correction, HCL trades around 17.8 times estimated FY27 earnings based on a Bloomberg consensus, versus 16.2 times for TCS and 17.9 times for Infosys. “HCL’s premium multiple is premised on the fact that it can grow faster than other large caps. At the midpoint (of the guidance), that growth premium disappears. We now expect around 3% services growth (organic). Importantly, the full impact of the client-specific issues is yet to play out, and we expect H1 to be soft,” said Motilal Oswal Financial Services.
