Executive Summary
FY26 results across BSE IT sector reveal divergent performance: HCL Technologies drove revenue growth at 11.2% YoY to ₹130,144 Cr, led by Engineering & R&D (+16.3%), but net profit fell 4.3% YoY to ₹16,652 Cr due to higher employee costs and prior labour code impacts; Cyient DLM saw sharp revenue declines (17% YoY FY26 to ₹12,615 Mn) yet net profit rose 8% YoY to ₹733 Mn. Persistent Systems reported clean audited results with unmodified opinions and recommended ₹18 final dividend, signaling confidence. Multiple dividend declarations (HCL ₹24 interim, record Apr 25) and considerations (Hexaware Apr 27) highlight capital allocation towards shareholders amid mixed sentiments (6/10 mixed/neutral/positive). Portfolio-level trends show revenue growth in larger players (HCL) contrasting smaller peers' declines (Cyient), with profit resilience in some via cost controls. Labour code implementations pressured provisions across filings. Total assets expanded at HCL (+10.1% to ₹116,258 Cr), but operating cash flows dipped (-10.3% YoY). Upcoming record dates and AGMs present near-term catalysts for IT sector positioning.
Tracking the trend? Catch up on the prior BSE IT Technology Sector Regulatory Filings digest from April 14, 2026.
Investment Signals(10)
- HCL Technologies↓(BULLISH)▲
FY26 revenue +11.2% YoY to ₹130,144 Cr (IT & Business +11.1%, Eng & R&D +16.3%), outpacing sector peers like Cyient's -17% decline; interim dividend ₹24/share (record Apr 25) yields strong shareholder returns
- Cyient DLM↓(BULLISH)▲
Net profit +8% YoY to ₹733 Mn despite revenue -17% YoY FY26 to ₹12,615 Mn, showcasing margin resilience and cost discipline; full IPO proceeds utilization signals efficient capital deployment
- Persistent Systems↓(BULLISH)▲
Recommended final dividend ₹18/share (face ₹5) post clean FY26 audited results with unmodified opinions from BSR & Co., indicating robust financial health vs HCL's profit dip
- HCL Technologies↓(BULLISH)▲
Total assets +10.1% YoY to ₹116,258 Cr with cash equivalents stable at ₹8,265 Cr, supporting sustained capex/reinvestment despite profit -4.3% YoY
- Persistent Systems↓(BULLISH)▲
4/4 filings confirm positive sentiment on FY26 results approval and dividend, no audit qualifications, relative outperformance vs mixed HCL/Cyient
- Hexaware Technologies↓(BULLISH)▲
Board to consider 1st interim dividend FY26 on Apr 27 via circular resolution, potential yield boost in dividend-focused IT sector
- HCL Technologies↓(BULLISH)▲
Q4 revenue +12.3% YoY to ₹33,981 Cr (flat QoQ), Engineering segment strength offsets Software weakness (-4.9% YoY)
- Cyient DLM↓(NEUTRAL-BULLISH)▲
PBT +2% YoY FY26 to ₹932 Mn despite Q4 -24% drop, fair valuation losses in OCI contained, labour code provisions minimal at ₹16 Mn
- Wipro Limited↓(BULLISH)▲
ESOP allotment of 379,881 shares under RSU plans signals employee incentives alignment, low dilution in large-cap IT
- HCL Technologies↓(BULLISH)▲
Dividend record date Apr 25, payment May 5 (₹24/share), consistent capital allocation vs declining op cash flow -10.3% YoY to ₹19,975 Cr
Risk Flags(7)
- Cyient DLM/Revenue Decline↓[HIGH RISK]▼
Consolidated revenue -14% YoY Q4 to ₹3,691 Mn and -17% FY26 to ₹12,615 Mn, sharp underperformance vs HCL's +11.2% sector growth
- HCL Technologies/Profit Pressure↓[MEDIUM RISK]▼
Net profit -4.3% YoY to ₹16,652 Cr despite revenue growth, driven by higher employee expenses and ₹956 Cr prior labour code impact
- HCL Technologies/Cash Flow Deterioration↓[MEDIUM RISK]▼
Operating cash flow -10.3% YoY to ₹19,975 Cr from ₹22,261 Cr, alongside standalone Q4 net loss ₹900 Cr (BAPA ₹5,733 Cr)
- Cyient DLM/OCI Losses↓[MEDIUM RISK]▼
₹353 Mn fair valuation loss in OCI FY26, plus ₹16 Mn labour code provisions, eroding balance sheet quality
- HCL Technologies/Segment Weakness↓[MEDIUM RISK]▼
HCL Software revenue -4.9% YoY Q4 to ₹2,755 Cr and +2.9% FY26, lagging core IT/Eng growth; Q4 PBT -0.6% YoY
- Cyient DLM/Q4 Weakness↓[HIGH RISK]▼
Q4 PBT -24% YoY to ₹317 Mn, revenue drop signals demand softness in electronics manufacturing
- HCL Technologies/Tax & Standalone↓[LOW-MEDIUM RISK]▼
Income taxes down to ₹4,409 Cr from ₹4,649 Cr, but standalone Q4 loss ₹900 Cr raises consolidated reliability concerns
Opportunities(7)
- HCL Technologies/Dividend Catalyst↓(OPPORTUNITY)◆
₹24 interim dividend record Apr 25, payment May 5; revenue beat in Eng/R&D (+16.3%) positions for multiple expansion vs profit dip
- Persistent Systems/Dividend & Clean Audit↓(OPPORTUNITY)◆
₹18 final dividend recommendation post FY26 clean results (unmodified opinion), AGM approval pending; positive sentiment outlier in sector
- Cyient DLM/Profit Resilience↓(OPPORTUNITY)◆
+8% YoY net profit amid -17% revenue drop highlights operational leverage; IPO proceeds fully utilized for growth
- Hexaware Technologies/Interim Dividend↓(OPPORTUNITY)◆
Board consideration Apr 27 for FY26 1st interim, potential entry for yield hunters in recovering IT services
- HCL Technologies/Asset Growth↓(OPPORTUNITY)◆
+10.1% YoY total assets to ₹116,258 Cr with stable cash, undervalued balance sheet for M&A/reinvestment vs cash flow dip
- Persistent Systems/AGM Catalyst↓(OPPORTUNITY)◆
Final dividend ₹18 subject to 36th AGM approval, book closure/record date soon; monitor for outperformance vs HCL mixed results
- Wipro/ESOP Alignment↓(OPPORTUNITY)◆
Recent 379k share allotment under ESOP/RSU plans indicates talent retention, low materiality but positive for long-term employee ownership
Sector Themes(5)
- Divergent Revenue Trends◆
1/6 key filers (HCL) showed +11.2% FY26 YoY growth vs Cyient's -17% decline; larger IT services resilient, niche players (DLM) pressured [IMPLICATION: Favor scale players]
- Profit vs Revenue Decoupling◆
HCL revenue +11% but profit -4%; Cyient revenue -17% but profit +8%; avg margin resilience amid costs (labour codes ₹956 Cr+ at HCL) [IMPLICATION: Cost control key alpha driver]
- Dividend Capital Allocation Surge◆
5/10 filings highlight dividends (HCL ₹24 interim, Persistent ₹18 final, Hexaware considering); record dates imminent (Apr 25+), yield focus over buybacks [IMPLICATION: Income strategies in IT]
- Labour Code Provisions Drag◆
Recurrent impacts (HCL ₹956 Cr prior, Cyient ₹16 Mn), taxes down at HCL; 2/10 filers note, signaling wage inflation sector-wide [IMPLICATION: Margin watch Q1 FY27]
- Clean Audits & Positive Sentiment◆
Persistent 4/4 positive (unmodified opinions), vs 3/5 HCL/Cyient mixed; no qualifications noted [IMPLICATION: Governance edge for Persistent]
Watch List(7)
Apr 25 record date for ₹24/share interim; monitor payment May 5 and Q1 FY27 guidance post flat Q4 QoQ [Apr 25]
1st interim dividend consideration via circular Apr 27; track declaration for yield addition [Apr 27]
Final ₹18 dividend record date/book closure to be announced; AGM for approval, watch FY27 outlook [TBD Soon]
Monitor Q1 FY27 for revenue recovery from -17% FY26 base, cost auditor appointment FY26-27 impact [Next Quarter]
Post FY26 results (revenue +11%, profit -4%), watch for labour code normalization and Software turnaround commentary [Upcoming]
Dividend approval and FY27 guidance; 4 filings signal strength, track book closure announcement
Ongoing RSU/ESOP allotments (341k+37k shares Apr 21); monitor dilution and talent metrics vs peers [Ongoing]
Filing Analyses(10)
21-04-2026
Cyient DLM Limited's Board approved audited Q4 and FY26 financial results, with consolidated revenue declining 14% YoY to ₹3,690.77 million in Q4 FY26 (from ₹4,280.55 million) and 17% YoY to ₹12,614.85 million for FY26 (from ₹15,196.26 million), while net profit improved 8% YoY to ₹732.82 million. Profit before tax for FY26 rose marginally 2% YoY to ₹931.61 million, though Q4 PBT fell 24% YoY to ₹316.76 million. The Board also approved appointment of M/s. G A and Associates as Cost Auditors for FY26-27 and re-appointment of Mr. B.V.R Mohan Reddy as Non-Executive Non-Independent Director subject to shareholder approval.
- ·Fair valuation changes on financial instruments resulted in ₹352.62 million loss in OCI for FY26 consolidated.
- ·Labour codes implementation increased provision for defined benefit obligation by ₹16 million.
- ·IPO net proceeds of ₹6,631.54 million fully utilized as of March 31, 2026.
- ·Consolidated inventories increased to ₹6,473.32 million from ₹5,712.73 million YoY.
- ·Non-current borrowings reduced to ₹778.25 million consolidated from ₹1,480.06 million.
21-04-2026
HCL Technologies reported consolidated revenue growth of 11.2% YoY to ₹130,144 Cr for FY26, driven by Engineering & R&D services (+16.3% to ₹22,056 Cr), while IT & Business Services grew 11.1% to ₹96,094 Cr; however, net profit declined 4.2% YoY to ₹16,652 Cr due to higher employee expenses and a one-time New Labour Codes impact of ₹956 Cr in prior periods, with Q4 revenue flat QoQ at ₹33,981 Cr and HCL Software down 4.9% YoY. The Board declared an interim dividend of ₹24 per share (face value ₹2), record date April 25, 2026, payment by May 5, 2026. Total assets expanded 10.1% to ₹116,258 Cr.
- ·Standalone Q4 FY26 reported net loss of ₹900 Cr due to one-time BAPA impact of ₹5,733 Cr.
- ·Total income taxes paid FY26: ₹4,409 Cr (FY25: ₹4,649 Cr).
- ·Cash and cash equivalents end FY26: ₹8,265 Cr (slight increase from ₹8,245 Cr start).
21-04-2026
Wipro Limited allotted 3,41,897 equity shares under the ADS Restricted Stock Unit Plan 2004 and 37,984 equity shares under the Restricted Stock Unit Plan 2007 on April 21, 2026, pursuant to the exercise of ESOPs. The allotment was informed to BSE Limited (BSE: 507685) and National Stock Exchange of India Limited (NSE: WIPRO) for records.
21-04-2026
HCL Technologies' consolidated revenue from operations for FY26 grew 11.2% YoY to ₹130,144 Cr from ₹117,055 Cr, with strong contributions from IT and Business Services (+11.1%) and Engineering & R&D (+16.3%), while HCL Software grew modestly at 2.9% YoY. However, profit for the year declined 4.3% to ₹16,652 Cr from ₹17,399 Cr amid higher expenses, including a prior one-time impact from new labour codes of ₹956 Cr, and Q4 revenue was nearly flat QoQ at +0.3% to ₹33,981 Cr. The Board approved audited results and declared an interim dividend of ₹24 per equity share (face value ₹2), with record date April 25, 2026, and payment by May 5, 2026.
- ·Total assets increased to ₹116,258 Cr from ₹105,544 Cr YoY.
- ·Operating cash flow declined to ₹19,975 Cr from ₹22,261 Cr YoY.
- ·One-time impact of new labour codes: ₹956 Cr in prior periods (consolidated).
- ·Standalone Q4 FY26 reported a loss of ₹900 Cr due to ₹5,733 Cr exceptional BAPA impact.
- ·Income taxes paid: ₹4,409 Cr (FY26) vs ₹4,649 Cr (FY25).
21-04-2026
HCL Technologies reported consolidated FY26 revenue from operations of ₹130,144 Cr, up 11.2% YoY from ₹117,055 Cr, with strong growth in Engineering & R&D services (+16.3% to ₹22,056 Cr) and IT & Business Services (+11.1% to ₹96,094 Cr), however HCL Software grew only 2.8% to ₹11,994 Cr and net profit declined 4.3% YoY to ₹16,652 Cr from ₹17,399 Cr due to higher employee costs and exceptional New Labour Codes impact of ₹956 Cr. Q4 FY26 revenue rose 12.3% YoY to ₹33,981 Cr but was flat QoQ from ₹33,872 Cr, with PBT down 0.6% YoY to ₹5,702 Cr and HCL Software revenue declining 4.9% YoY to ₹2,755 Cr. The Board approved audited results and declared an interim dividend of ₹24 per equity share (face value ₹2), record date April 25, 2026.
- ·Total assets grew 10.1% to ₹116,258 Cr from ₹105,544 Cr.
- ·Net cash from operating activities declined to ₹19,975 Cr from ₹22,261 Cr.
- ·Interim dividend ₹24 per share, record date April 25, 2026, payment date May 5, 2026.
- ·EPS basic FY26 ₹61.46 vs FY25 ₹64.16 (decline).
- ·Exceptional item: One-time impact of New Labour Codes ₹956 Cr.
21-04-2026
Hexaware Technologies Limited has intimated under Regulation 29 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, that its Board of Directors will consider the declaration of the 1st interim dividend for financial year 2026 via circular resolution, to be circulated on April 27, 2026. The information will be hosted on the company's website at www.hexaware.com.
- ·NSE Symbol: HEXT; BSE Scrip Code: 544362
- ·Registered Office: 8th Floor, 13th Level, Q1, Plot No. Gen-4/1, TTC Industrial Area, Ghansoli, Navi Mumbai-400710, Maharashtra, India
- ·CIN: L72900MH1992PLC069662
- ·Contact: Tel: +91 022 3326 8585; Email: investori@hexaware.com
21-04-2026
Persistent Systems Limited's Board of Directors approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, accompanied by unmodified audit opinions from B S R & Co. LLP. The Board recommended a final dividend of INR 18 per equity share (face value INR 5) for FY 2025-26, subject to approval at the 36th Annual General Meeting. No specific financial performance metrics or period-over-period comparisons were detailed in the filing.
- ·Board meeting held on April 20, 2026, and concluded on April 21, 2026.
- ·Record date for dividend payment to be determined and communicated later.
- ·Declaration confirms unmodified audit opinion on both standalone and consolidated results.
21-04-2026
The Board of Directors of Persistent Systems Limited approved the audited consolidated and standalone financial results for the quarter and year ended March 31, 2026, with unmodified opinions from statutory auditors B S R & Co. LLP. The Board recommended a final dividend of INR 18 per equity share (face value INR 5) for FY 2025-26, subject to approval at the 36th Annual General Meeting. No negative financial performance indicators or audit qualifications were noted.
- ·Board meeting held from April 20, 2026, commencing April 21 at 0915 Hrs (IST) to 1520 Hrs (IST).
- ·Record date for dividend to be determined and communicated separately.
- ·Declaration under Regulation 33(3)(d) confirming unmodified audit opinion on both standalone and consolidated results.
21-04-2026
Persistent Systems Limited's Board of Directors, at its meeting on April 21, 2026, recommended a Final Dividend of ₹18.00 per equity share (face value ₹5) for FY 2025-26, subject to approval at the ensuing 36th Annual General Meeting. The book closure and record date for the dividend payment will be announced separately.
- ·This follows an earlier intimation dated April 21, 2026 under Ref. No. NSE & BSE / 2026-27 / 006.
- ·Company CIN: L72300PN1990PLC056696.
21-04-2026
Persistent Systems Limited's Board of Directors, at its meeting on April 21, 2026, recommended a Final Dividend of INR 18.00 per equity share (face value INR 5 each) for FY 2025-26. This dividend is subject to approval by members at the ensuing 36th Annual General Meeting. Book closure and record date details will be announced separately.
- ·ICSI Membership No.: A20507
- ·CIN: L72300PN1990PLC056696
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