Summary

HCL TECHNOLOGIES LTD

Total number of shares (cr) 271.37
Current price ₹1,667.95
Market Cap (cr) ₹452,626

Page 1
 Graham Check list

Input Data
Fixed Assets
Current Assets
Fixed Liabilities
Current Liabilities

1. Size of the company

2. Strong financial stability

3. Earnings Stability

4. Dividend record

5. Earnings Growth

Financial Ratios
PE ratio should be at least less than 14
PB ratio should be less than 2
Debt to Equity ratio should be less than 1
RoE should be atleast 15%
RoA should be atleast 15%

Page 2
 Graham Check list

Input Data Result

15 Yes 73%
153 No 27%
0
15

Sales at least more than 200 crores.

YES
Latest Annual Sales 117,055
1. Current assets must be at least twice current liabilities

2. Long term or Fixed liabilities must be less than net current assets (Current assets – current
liabilities)
Criteria 1 YES
Criteria 2 YES

Should have positive earnings for past 10 years at least YES

Should have paid dividend for last 10 years uninterrupted YES

Average earnings should have increased by at least 100% in 10 years

Current Earnings 58.90
Earnings before 10 years 28.17 YES
Check Value 109.13%

Financial Ratios
ss than 14 31.17 No
2 2,961.82 No
e less than 1 0.09 Yes
9500.85% Yes
13.76% No

Page 3
 EPV method

Avg. Profit 5 years 14,519

Other income % 10%
EPV at 7% returns 203269
+ Invesments 7,564.00
+ Cash equivalents 21,289
Total 232122
Borrowings 6,276
Other Liabilities 29,613
IV1 (- all liabilities) IV2 (- Debt alone) 0
723 832
MoS -131% -100%

Page 4
 EPV method

Net Profit 2021 2022 2023 2024 2025

11,145.00 13,499.00 14,851.00 15,702.00 17,399.00
Other income 2021 2022 2023 2024 2025
927.00 1,067.00 1,358.00 1,495.00 2,485.00

Page 5
 Buffett Method

Profit Growth CAGR 9.49%

Debt 6,276.00
Avg. Capex 5 years -103.2
Avg. D&A 5 years 4,268

Net Profit Adjusted Value

2026 19,050 20,423
2027 20,858 20,557
2028 22,838 20,710
2029 25,005 20,882
2030 27,379 21,071
Terminal value 383,300 266,658
Total 370,300
IV3 1,365
MoS -22%

Page 6
 Buffett Method

Net Profit 2020 2021 2022 2023 2024 2025

11,057.00 11,145.00 13,499.00 14,851.00 15,702.00 17,399.00
Capex 2020 2021 2022 2023 2024 2025
-88 -224 -77 -91 -50 -74
Depreciation 2020 2021 2022 2023 2024 2025
3,420.00 4,611.00 4,326.00 4,145.00 4,173.00 4,084.00

Page 7
HCL TECHNOLOGIES LTD SCREENER.IN

Narration Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Trailing Best Case Worst Case
Sales 31,135.94 47,568.00 50,569.00 60,427.00 70,676.00 75,379.00 85,651.00 101,456.00 109,913.00 117,055.00 117,055.00 129,900.00 124,661.08
Expenses 24,482.39 37,178.00 39,323.00 46,501.00 53,360.00 55,331.00 65,122.00 78,828.00 85,715.00 91,551.00 91,551.00 101,291.65 97,499.86
Operating Profit 6,653.55 10,390.00 11,246.00 13,926.00 17,316.00 20,048.00 20,529.00 22,628.00 24,198.00 25,504.00 25,504.00 28,608.34 27,161.22
Other Income 870.89 1,069.00 1,230.00 943.00 589.00 927.00 1,067.00 1,358.00 1,495.00 2,485.00 2,485.00 - -
Depreciation 409.86 828.00 1,383.00 2,073.00 3,420.00 4,611.00 4,326.00 4,145.00 4,173.00 4,084.00 4,084.00 4,084.00 4,084.00
Interest 73.90 89.00 69.00 174.00 505.00 511.00 319.00 353.00 553.00 644.00 644.00 644.00 644.00
Profit before tax 7,040.68 10,542.00 11,024.00 12,622.00 13,980.00 15,853.00 16,951.00 19,488.00 20,967.00 23,261.00 23,261.00 23,880.34 22,433.22
Tax 1,439.00 1,936.00 2,302.00 2,502.00 2,923.00 4,684.00 3,428.00 4,643.00 5,257.00 5,862.00 5,862.00 25% 25%
Net profit 5,602.43 8,606.00 8,721.00 10,120.00 11,057.00 11,145.00 13,499.00 14,851.00 15,702.00 17,399.00 17,392.00 17,862.26 16,779.83
EPS 19.86 30.16 31.32 37.31 40.75 41.07 49.74 54.73 57.86 64.12 64.09 65.82 61.83
Price to earning 20.49 14.50 15.46 14.57 10.71 23.93 23.39 19.83 26.68 24.84 26.02 26.02 20.04
Price 407.05 437.38 484.30 543.73 436.40 982.65 1,163.75 1,085.25 1,543.55 1,592.50 1,667.95 1,713.05 1,239.15

RATIOS:
Dividend Payout 40.28% 39.74% 19.13% 10.71% 24.55% 24.36% 84.47% 87.75% 89.91% 93.63%
OPM 21.37% 21.84% 22.24% 23.05% 24.50% 26.60% 23.97% 22.30% 22.02% 21.79% 21.79%

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS RECENT BEST WORST

Sales Growth 15.85% 12.74% 10.62% 10.97% 6.50% 10.97% 6.50%
OPM 23.00% 23.23% 23.07% 22.02% 21.79% 22.02% 21.79%
Price to Earning 20.04 21.25 24.12 24.34 26.02 26.02 20.04
HCL TECHNOLOGIES LTD SCREENER.IN

Narration Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25
Sales 26,700.00 26,606.00 26,296.00 26,672.00 28,446.00 28,499.00 28,057.00 28,862.00 29,890.00 30,246.00
Expenses 20,335.00 20,743.00 20,931.00 20,743.00 21,659.00 22,382.00 22,264.00 22,493.00 23,030.00 23,764.00
Operating Profit 6,365.00 5,863.00 5,365.00 5,929.00 6,787.00 6,117.00 5,793.00 6,369.00 6,860.00 6,482.00
Other Income 260.00 453.00 344.00 365.00 370.00 416.00 1,103.00 456.00 477.00 449.00
Depreciation 1,137.00 1,027.00 927.00 1,010.00 1,143.00 1,093.00 998.00 1,007.00 1,039.00 1,040.00
Interest 116.00 94.00 86.00 156.00 140.00 171.00 191.00 131.00 166.00 156.00
Profit before tax 5,372.00 5,195.00 4,696.00 5,128.00 5,874.00 5,269.00 5,707.00 5,687.00 6,132.00 5,735.00
Tax 1,276.00 1,214.00 1,165.00 1,295.00 1,523.00 1,274.00 1,448.00 1,450.00 1,538.00 1,426.00
Net profit 4,096.00 3,983.00 3,534.00 3,832.00 4,350.00 3,986.00 4,257.00 4,235.00 4,591.00 4,309.00

OPM 24% 22% 20% 22% 24% 21% 21% 22% 23% 21%
HCL TECHNOLOGIES LTD SCREENER.IN

Narration Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
Equity Share Capital 282.08 285.00 278.00 271.00 543.00 543.00 543.00 543.00 543.00 543.00
Reserves 27,108.69 32,664.00 36,108.00 41,095.00 50,724.00 59,370.00 61,371.00 64,862.00 67,720.00 69,112.00
Borrowings 1,090.36 582.00 557.00 4,195.00 7,986.00 6,864.00 6,343.00 4,794.00 5,758.00 6,276.00
Other Liabilities 10,859.47 12,231.00 11,046.00 12,788.00 23,566.00 19,270.00 20,664.00 23,051.00 24,985.00 29,613.00
Total 39,340.60 45,762.00 47,989.00 58,349.00 82,819.00 86,047.00 88,921.00 93,250.00 99,006.00 105,544.00

Net Block 9,716.09 15,235.00 18,753.00 22,888.00 37,490.00 37,145.00 35,077.00 34,619.00 35,063.00 36,172.00
Capital Work in Progress 610.90 448.00 320.00 235.00 400.00 312.00 129.00 40.00 108.00 59.00
Investments 698.38 1,306.00 2,660.00 2,305.00 7,066.00 6,862.00 6,351.00 5,495.00 7,137.00 7,564.00
Other Assets 28,315.23 28,773.00 26,256.00 32,921.00 37,863.00 41,728.00 47,364.00 53,096.00 56,698.00 61,749.00
Total 39,340.60 45,762.00 47,989.00 58,349.00 82,819.00 86,047.00 88,921.00 93,250.00 99,006.00 105,544.00

Working Capital 17,455.76 16,542.00 15,210.00 20,133.00 14,297.00 22,458.00 26,700.00 30,045.00 31,713.00 32,136.00
Debtors 7,721.14 8,301.00 9,639.00 11,706.00 14,131.00 17,525.00 20,671.00 25,506.00 25,521.00 19,523.00
Inventory 264.48 276.00 172.00 91.00 91.00 94.00 161.00 228.00 185.00 133.00

Debtor Days 90.51 63.70 69.57 70.71 72.98 84.86 88.09 91.76 84.75 60.88
Inventory Turnover 117.73 172.35 294.01 664.03 776.66 801.90 531.99 444.98 594.12 880.11

Return on Equity 20% 26% 24% 24% 22% 19% 22% 23% 23% 25%
Return on Capital Emp 34% 31% 31% 28% 26% 26% 29% 30% 32%
HCL TECHNOLOGIES LTD SCREENER.IN

Narration Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
Cash from Operating Activity 3,822.62 8,995.00 8,328.00 8,971.00 13,359.00 19,618.00 16,900.00 18,009.00 22,448.00 22,261.00
Cash from Investing Activity -2,208.43 -3,890.00 -2,236.00 -3,256.00 -12,332.00 -5,665.00 1,597.00 -3,573.00 -6,608.00 -4,914.00
Cash from Financing Activity -2,237.09 -4,517.00 -5,714.00 -1,471.00 -3,168.00 -11,192.00 -14,508.00 -15,881.00 -15,464.00 -18,561.00
Net Cash Flow -622.90 588.00 378.00 4,244.00 -2,141.00 2,761.00 3,989.00 -1,445.00 376.00 -1,214.00
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COMPANY NAME HCL TECHNOLOGIES LTD
LATEST VERSION 2.10 PLEAS
CURRENT VERSION 2.10

META
Number of shares 271.37
Face Value 2.00
Current Price 1,667.95
Market Capitalization 452,625.78

PROFIT & LOSS

Report Date Mar-16 Mar-17 Mar-18 Mar-19
Sales 31,135.94 47,568.00 50,569.00 60,427.00
Raw Material Cost 812.73 826.00 1,251.00 1,615.00
Change in Inventory 108.75 11.00 -104.00 -81.00
Power and Fuel 210.53 307.00 313.00 336.00
Other Mfr. Exp 5,632.96 9,286.00 9,388.00 10,862.00
Employee Cost 15,203.25 22,866.00 24,729.00 29,283.00
Selling and admin 2,205.52 2,988.00 2,810.00 3,519.00
Other Expenses 526.15 916.00 728.00 805.00
Other Income 870.89 1,069.00 1,230.00 943.00
Depreciation 409.86 828.00 1,383.00 2,073.00
Interest 73.90 89.00 69.00 174.00
Profit before tax 7,040.68 10,542.00 11,024.00 12,622.00
Tax 1,439.00 1,936.00 2,302.00 2,502.00
Net profit 5,602.43 8,606.00 8,721.00 10,120.00
Dividend Amount 2,256.64 3,420.00 1,668.00 1,084.00

Quarters
Report Date Dec-22 Mar-23 Jun-23 Sep-23
Sales 26,700.00 26,606.00 26,296.00 26,672.00
Expenses 20,335.00 20,743.00 20,931.00 20,743.00
Other Income 260.00 453.00 344.00 365.00
Depreciation 1,137.00 1,027.00 927.00 1,010.00
Interest 116.00 94.00 86.00 156.00
Profit before tax 5,372.00 5,195.00 4,696.00 5,128.00
Tax 1,276.00 1,214.00 1,165.00 1,295.00
Net profit 4,096.00 3,983.00 3,534.00 3,832.00
Operating Profit 6,365.00 5,863.00 5,365.00 5,929.00

BALANCE SHEET
Report Date Mar-16 Mar-17 Mar-18 Mar-19
Equity Share Capital 282.08 285.00 278.00 271.00
Reserves 27,108.69 32,664.00 36,108.00 41,095.00
Borrowings 1,090.36 582.00 557.00 4,195.00
Other Liabilities 10,859.47 12,231.00 11,046.00 12,788.00
Total 39,340.60 45,762.00 47,989.00 58,349.00
Net Block 9,716.09 15,235.00 18,753.00 22,888.00
Capital Work in Progress 610.90 448.00 320.00 235.00
Investments 698.38 1,306.00 2,660.00 2,305.00
Other Assets 28,315.23 28,773.00 26,256.00 32,921.00
Total 39,340.60 45,762.00 47,989.00 58,349.00
Receivables 7,721.14 8,301.00 9,639.00 11,706.00
Inventory 264.48 276.00 172.00 91.00
Cash & Bank 9,334.60 9,044.00 4,018.00 7,872.00
No. of Equity Shares ### ### ### ###
New Bonus Shares
Face value 2.00 2.00 2.00 2.00

CASH FLOW:
Report Date Mar-16 Mar-17 Mar-18 Mar-19
Cash from Operating Activity 3,822.62 8,995.00 8,328.00 8,971.00
Cash from Investing Activity -2,208.43 -3,890.00 -2,236.00 -3,256.00
Cash from Financing Activity -2,237.09 -4,517.00 -5,714.00 -1,471.00
Net Cash Flow -622.90 588.00 378.00 4,244.00

PRICE: 407.05 437.38 484.30 543.73

DERIVED:
Adjusted Equity Shares in Cr 282.08 285.36 278.45 271.26
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25

70,676.00 75,379.00 85,651.00 101,456.00 109,913.00 117,055.00
1,536.00 1,698.00 1,473.00 2,072.00 1,754.00 1,976.00
3.00 67.00 67.00 -43.00 -52.00
307.00 275.00 291.00 328.00 360.00
12,324.00 12,084.00 14,574.00 17,303.00 16,651.00
34,928.00 38,853.00 46,130.00 55,280.00 62,480.00 66,755.00
3,050.00 1,681.00 1,866.00 2,687.00 2,858.00
1,215.00 743.00 855.00 1,225.00 1,569.00 22,768.00
589.00 927.00 1,067.00 1,358.00 1,495.00 2,485.00
3,420.00 4,611.00 4,326.00 4,145.00 4,173.00 4,084.00
505.00 511.00 319.00 353.00 553.00 644.00
13,980.00 15,853.00 16,951.00 19,488.00 20,967.00 23,261.00
2,923.00 4,684.00 3,428.00 4,643.00 5,257.00 5,862.00
11,057.00 11,145.00 13,499.00 14,851.00 15,702.00 17,399.00
2,715.00 2,715.00 11,403.00 13,032.00 14,118.00 16,290.00

Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25

28,446.00 28,499.00 28,057.00 28,862.00 29,890.00 30,246.00
21,659.00 22,382.00 22,264.00 22,493.00 23,030.00 23,764.00
370.00 416.00 1,103.00 456.00 477.00 449.00
1,143.00 1,093.00 998.00 1,007.00 1,039.00 1,040.00
140.00 171.00 191.00 131.00 166.00 156.00
5,874.00 5,269.00 5,707.00 5,687.00 6,132.00 5,735.00
 1,523.00 1,274.00 1,448.00 1,450.00 1,538.00 1,426.00
4,350.00 3,986.00 4,257.00 4,235.00 4,591.00 4,309.00
6,787.00 6,117.00 5,793.00 6,369.00 6,860.00 6,482.00

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25

543.00 543.00 543.00 543.00 543.00 543.00
50,724.00 59,370.00 61,371.00 64,862.00 67,720.00 69,112.00
7,986.00 6,864.00 6,343.00 4,794.00 5,758.00 6,276.00
23,566.00 19,270.00 20,664.00 23,051.00 24,985.00 29,613.00
82,819.00 86,047.00 88,921.00 93,250.00 99,006.00 105,544.00
37,490.00 37,145.00 35,077.00 34,619.00 35,063.00 36,172.00
400.00 312.00 129.00 40.00 108.00 59.00
7,066.00 6,862.00 6,351.00 5,495.00 7,137.00 7,564.00
37,863.00 41,728.00 47,364.00 53,096.00 56,698.00 61,749.00
82,819.00 86,047.00 88,921.00 93,250.00 99,006.00 105,544.00
14,131.00 17,525.00 20,671.00 25,506.00 25,521.00 19,523.00
91.00 94.00 161.00 228.00 185.00 133.00
4,976.00 8,888.00 12,636.00 14,724.00 20,150.00 21,289.00
### ### ### ### ###

2.00 2.00 2.00 2.00 2.00 2.00

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25

13,359.00 19,618.00 16,900.00 18,009.00 22,448.00 22,261.00
-12,332.00 -5,665.00 1,597.00 -3,573.00 -6,608.00 -4,914.00
-3,168.00 -11,192.00 -14,508.00 -15,881.00 -15,464.00 -18,561.00
-2,141.00 2,761.00 3,989.00 -1,445.00 376.00 -1,214.00

436.40 982.65 1,163.75 1,085.25 1,543.55 1,592.50

271.37 271.37 271.37 271.37 271.37 271.37