1. Mega deal with Europe-headquartered Fortune Global 50 firm - transition and steady state Pending - At the Q1 FY27 call, management said the mega deal was signed in early July (Q2 FY27, not Q1), with transition expected to start in a couple of months, steady state in April 2027 and negligible FY27 revenue impact. No transition or steady-state disclosure has followed yet.
2. Finergic Solutions acquisition - definitive agreement Pending - At the Q4 FY26 call, management announced a definitive agreement to acquire Finergic Solutions, a Singapore wealth consulting firm. No closing disclosure appears in the notes as of Q1 FY27.
3. Wobby acquisition - complete Delivered - At the Q3 FY26 call, management announced the acquisition of Wobby during the quarter. The acquisition was completed in Q4 FY26, within two quarters of announcement.
4. Telco Solutions business from HPE - acquisition Pending - At the Q3 FY26 call, management announced the acquisition of the Telco Solutions business from HPE; by Q4 FY26 the carve-out remained unclosed due to US government approval delays and was excluded from FY27 guidance. At the Q1 FY27 call, the CTG acquisition was expected to close later in the September 2026 quarter; no closing disclosure has followed yet.
5. Jaspersoft acquisition - close and contribute $10-15M per quarter On track - At the Q1 FY27 call, management said the Jaspersoft acquisition, excluded from guidance, could contribute $10 to $15 million per quarter to revenue from Q2 FY27 onwards. The acquisition completed in the first week of July 2026; no revenue contribution has been disclosed yet.
6. AI datacenter business - up to ₹3,500 cr investment, 50 MW potential Pending - At the Q1 FY27 call, management announced a strategic investment of up to INR 3,500 crores in the AI datacenter business, with potential to scale to 50 megawatts as a long-term plan. A global technology major expanded its AI Factory partnership with incremental scope of over $180 million for AI datacenter build-out; no read yet on the ₹3,500 cr deployment or 50 MW capacity.
7. FY27 operating margin - 17.5-18.5% EBIT On track - At the Q4 FY26 call, management guided FY27 EBIT margin of 17.5% to 18.5%, retained at Q1 FY27 including \~40-50 bps restructuring cost impact. Q1 FY27 EBIT margin was 16.9%, or 17.5% excluding 62 bps of restructuring expenses; no full-year outcome yet.
8. FY27 revenue growth - 1-4% constant currency On track - At the Q4 FY26 call, management guided FY27 revenue growth of 1% to 4% in constant currency, 1.5% to 4.5% for Services, retained at Q1 FY27 as 1%-4% organic excluding acquisitions. Q1 FY27 revenue grew 2.6% YoY in constant currency, with Services up 3.5%; no full-year outcome yet.
9. FY26 AI Factory program - $100 million win Delivered - At the Q4 FY26 call, management announced an AI Factory program win worth over $100 million from a global technology major. In Q1 FY27 the same major expanded its AI Factory partnership with incremental scope of over $180 million.
10. FY26 Advanced AI revenue - cross $100 million Delivered - At the Q2 FY26 call, management reported Advanced AI revenue had crossed $100 million in the quarter, about 3% of total revenue. Advanced AI grew 19.9% in Q3 FY26, reached $155.1 million in Q4 FY26 with FY26 annualized revenue of $620 million, and hit $171 million in Q1 FY27, up 62.1% YoY.
11. Advanced AI revenue - grow AI native services 25-30% On track - At the Q4 FY26 call, CVK said "look forward to growing AI native services in the 25% to 30% range". Q1 FY27 Advanced AI revenue was $171 million, up 10.6% QoQ and 62.1% YoY, against FY26 annualized revenue of $620 million; no FY27 full-year outcome yet.
12. AI Force 2.0 GA - January 2026 Delivered - At the Q2 FY26 call, CVK said AI Force platform v2.0 GA was planned for January 2026, with the Q3 FY26 call adding it was expected to launch GA soon. AI Force 2.0 and 2.1 releases were unveiled in Q4 FY26, and a 2.2 release followed in Q1 FY27.
13. Net new bookings run rate - $2.5 billion per quarter Delivered - At the Q2 FY26 call, CVK reiterated the goal of raising the net new bookings run rate from $2 billion to "in and around $2.5 billion". Bookings crossed $2.5 billion in Q2 FY26 at $2.6 billion without a mega deal, hit $3 billion in Q3 FY26, moderated to $1.9 billion in Q4 FY26 and $2.4 billion in Q1 FY27, with the last four quarters delivering $10.4 billion.
14. FY26 fastest growing large cap services company - fourth year running Missed - At the Q3 FY26 call, the CEO said the company was on track to be the fastest growing large cap services company for the fourth year running. FY26 instead marked the third consecutive year of likely highest organic revenue growth among scale players, with the FY26 Annual Report confirming fastest constant-currency revenue growth among comparable peers for the third consecutive year.
15. FY26 restructuring program - execute during FY26 Partial - At the Q1 FY26 call, management planned to execute a restructuring program, on people and non-people side, during the rest of FY26, later guiding \~40 bps full-year impact "slightly on the higher side" and then 50 bps with an endeavour to finish by Q4. Restructuring expenses ran 55 bps in Q2 FY26, 81 bps in Q3, 122 bps in Q4 and 62 bps in Q1 FY27, with FY26 adjusted EBIT margin 17.9% excluding restructuring and the exercise still ongoing in Q1 FY27.
16. FY26 operating margin - 17-18% EBIT Delivered - At the Q1 FY26 call, management adjusted FY26 EBIT margin guidance to 17% to 18%, reiterated through Q2 and Q3 inclusive of restructuring costs but excluding one-time labour code impact. FY26 operating margin came in at 17.2% including restructuring costs and 17.9% excluding them, lower still including the one-time New Labour Codes impact.
17. FY26 revenue growth - 2-5% constant currency Delivered - At the Q4 FY25 call, management guided FY26 revenue growth of 2% to 5% in constant currency, raised to 3%-5% at Q1 FY26, services to 4%-5% at Q2, and company-level to 4%-4.5% with services 4.75%-5.25% at Q3. FY26 consolidated revenue was $14.7 billion, up 3.9% in constant currency, with Services growth of 4.8%.
18. GenAI efficiency in DPO - 30-50% gains Delivered - The FY25 Annual Report stated HCLTech believes GenAI can drive 30%-50% efficiency gains in Digital Process Operations. GenAI benefit levels of 40% to 50% were cited in business process operations at Q1 FY26 and Q2 FY26, while Q4 FY26 noted AI deflation of 3% to 5% in AI-disrupted services translating to 2% to 3% for HCLTech's portfolio.
19. Project Ascend - margin expansion to fund growth Delivered - The FY25 Annual Report described Project Ascend as being implemented to achieve margin expansion to fund growth. It delivered \~100 bps margin benefit in Q3 FY25, helped negate increased resource cost in Q1 FY26, added +50 bps from utilization in Q2 FY26, +104 bps in Q3 FY26 and +13 bps in Q4 FY26, and continues funding Sales & Marketing and AI investments per the FY26 Annual Report.
20. AI Force adoption - 50 clients Delivered - At the Q2 FY25 call, management's goal for AI Force was to get it into 50 clients, later revised at Q2 FY26 to working towards 100 top clients. Adoption ran from 25 clients in Q2 FY25 and 57 deployments among 22 clients in FY25 to 35 clients in Q1 FY26, 47 accounts in Q2 FY26, 60 in Q3 FY26, 75 in Q4 FY26 and 92 distinct client accounts in Q1 FY27.
21. HPE CTG acquisition - close and contribute Delivered - At the Q2 FY25 call, management expected the HPE CTG carve-out to happen during Q3 FY25, with no contribution assumed in revenue guidance. The acquisition closed on 2 December 2024, contributing one month of revenue in Q3 FY25; CTG integration influenced ER&D growth in Q4 FY25 and its assets were delivering results in line with the business plan by Q2 FY26.
22. HCLSoftware growth - step up from low single digit to mid-single digit Missed - The Q1 FY25 PPT set HCLSoftware's priority to step up growth from low single digit to mid-single digit, a medium-term aspiration reiterated at Q2 FY25. HCL Software grew 3.5% in FY25, declined 4.1% in FY26 and was down 5.3% YoY in Q1 FY27, with the Q4 FY26 call expecting low-single digit, flattish or marginally declining growth for the coming year.
23. GenAI training - 50,000 people in FY25 Delivered - At the Q1 FY25 call, management targeted training 50,000 people on GenAI and AI skills in the fiscal, with 33% already achieved in Q1. Over 106,000 employees were trained in AI/GenAI in FY25, including more than 100,000 users and 4,000 developers.
24. FY25 operating margin - 18-19% EBIT Delivered - At the Q4 FY24 call, management guided FY25 operating margin of 18% to 19%, reiterated at Q1, Q2 and Q3 FY25. FY25 operating margin came in at 18.3%, up 7 bps over FY24.
25. FY25 revenue growth - 3-5% constant currency Delivered - At the Q4 FY24 call, management guided FY25 revenue growth of 3% to 5% in constant currency, raised the lower end to 3.5%-5% at Q2 FY25 and revised to 4.5%-5% at Q3 including \~50 bps from the HPE CTG acquisition. FY25 consolidated revenue grew 4.7% in constant currency, with organic CC growth near the lower end of the original band and above the guidance midpoint including inorganic.
26. ASAP acquisition - close and integrate Partial - At the Q2 FY24 call, management reported the ASAP acquisition closed on 31st August and planned to take its capabilities to other geographies. ASAP contributed \~60 bps to services revenue in Q2 FY24 and ERS grew 8.7% including it in Q3 FY24, but by Q1 FY25 it "did not deliver to the way we expected" due to automotive client ramp-downs, with management remaining confident of the investment.
27. State Street DPO JV divestment - full ownership by State Street Delivered - The 4th December 2023 announcement stated State Street planned to assume full ownership of the State Street HCL Services joint venture. The deal closed on 2nd April 2024, with \~$70 million of the $170 million total consideration booked in other income in Q1 FY25 and the rest expected the next quarter.
28. OCF/NI cash conversion - \~120% for FY25 Delivered - The FY24 Annual Report expected robust cash conversion (OCF/NI) of \~120% for FY25. FY25 OCF/NI conversion came in at 129%.
29. FY24 operating margin - 18-19% EBIT Delivered - At the Q4 FY23 call, management guided FY24 operating margin (EBIT) of 18%-19%, reiterated at Q2 and Q3 FY24. FY24 operating margin stood at 18.2%, "well within our guided range".
30. FY24 revenue growth - 6-8% constant currency Delivered - At the Q4 FY23 call, management guided FY24 revenue growth of 6%-8% in constant currency, services 6.5%-8.5%, revised at Q2 FY24 to 5%-6% including ASAP inorganic with services organic 4.5%-5.5% and at Q3 to 5%-5.5% with services towards the higher end. FY24 revenue grew 5% in constant currency, with services up 5.4% YoY in constant currency.
31. Medium-term EBIT margin aspiration - 19-20% On track - At the Q3 FY23 call, the CFO reiterated the aspiration to return to the pre-COVID company-level EBIT comfort band of 19%-20%, with "no walking away from that... only a question of when, not whether" at Q4 FY23, and reaffirmed through Q1 FY26 ("it will continue to be 19%-20%"). EBIT ran 18.2% in FY23, 18.2% in FY24, 18.3% in FY25 and 17.2% in FY26 including restructuring, 17.9% excluding, with Q3 FY26 normalized margin at 19.4% excluding restructuring; no FY-end disclosure of reaching the band.
32. Top quartile TSR - medium term Delivered - At the Q1 FY23 call, management reiterated the strategic objective to achieve top quartile TSR over the medium term, restated in the Q1 FY25 PPT and the FY26 Annual Report. TSR was 20.6% CAGR from IPO till January 10, 2024, the highest 10-year TSR among large-cap India-headquartered IT companies and #1 cumulative over 24 years; FY25 delivered the highest compound TSR among peers for the past decade and FY26 the best-in-class TSR in the past 10 years.
33. Capital allocation - minimum 75% of net income payout Delivered - At the Q4 FY22 call, CVK said the capital allocation policy is a minimum payout of 75% of net income, with Q4 FY24 guiding 87-90% of EPS and the Board at Q4 FY26 extending the policy five years, committing at least 75% of net income cumulatively till FY31. Payouts ran 88.4% in FY22, 87.5% in FY23, 89.6% in FY24, 93.5% in FY25 and 97.6% in FY26, totalling 89.9% of net income or a record $8.5 billion returned over five years since FY22.
34. Product & Platform subscription metrics disclosure - starting Q1 FY23 Delivered - At the Q4 FY22 call, CVK committed to start publishing subscription revenue for the products business "in the coming year, starting from Q1", though Q1 FY23 data was not provided and Q2 FY23 carried a promise to share it "in the next quarterly report". ARR of $1 billion plus, up 5.2% YoY in constant currency, was disclosed at Q4 FY23, with subscription and support revenue share disclosed in FY24.
35. FY23 fresher hiring - 30,000-35,000 Partial - At the Q1 FY23 call, management reaffirmed the FY23 fresher hiring range of 30,000 to 35,000, with CVK at Q2 saying it "will be more closer to 30 than 35" and Q3 flagging some small moderation. More than 25,000 freshers were added in FY23, "the highest in company history"; the record holds no FY23 fresher count above 25,000.
36. FY23 operating margin - 18-20% EBIT Delivered - At the Q4 FY22 call, management guided FY23 operating margin of 18% to 20%, expected "towards the lower end" at Q1 FY23, revised to 18%-19% at Q2 and narrowed to 18%-18.5% at Q3. FY23 EBIT margin came in at 18.2%, "somewhat in the middle of the guided range of 18% to 18.5%".
37. FY23 revenue growth - 12-14% constant currency Delivered - At the Q4 FY22 call, management guided FY23 revenue growth of 12% to 14% in constant currency, narrowed to 13.5%-14.5% at Q2 FY23 and to 13.5%-14% at Q3. FY23 revenue growth came in at 13.7% in constant currency, "somewhat in the middle of the last guided range".
38. Mode 2 services revenue - same size as Mode 1 Pending - The Q4 FY21 PPT set an aspirational medium-term goal to have Mode 2 services revenue in the same size as Mode 1 services. Mode 2 & Mode 3 revenue grew in double digits in FY21; no disclosed read on Mode 2 vs Mode 1 revenue parity appears in the notes.
39. FY22 operating margin - 19-21% EBIT Missed - The Q4 FY21 PPT guided FY22 operating margin (EBIT) to an expected range of 19.0% to 21.0%. FY22 operating margin came in "slightly below the low end of our guidance" at 18.9% for the full year.
40. FY22 revenue growth - double digits constant currency Delivered - The Q4 FY21 PPT guided FY22 revenue to grow in double digits in constant currency. FY22 revenue growth was 12.7% in constant currency, with the CEO calling the 12.7% overall YoY growth "better than the guidance".