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Today's prices ask more of Wipro than of HCL Technologies.
At current prices, buyers of HCL Technologies are assuming about 0% growth against 10% in its own record; for Wipro it is 0% against 3%. That shows which share needs more to go right — not which is cheaper. How far each trades from its estimated fair value is in the full valuations.
- Valuation method: both on discounted cash flow.
- Size: HCL Technologies is worth about 1.9 times Wipro on the stock market.
- Record: HCL Technologies has grown revenue faster: HCL Technologies compounded at about 13% a year (FY2018–FY2026) and Wipro at about 7% (FY2019–FY2026).
- What to watch: services growth at HCL Technologies; deal wins at Wipro.
| HCL Technologies | Wipro | |
|---|---|---|
| Price | ₹1,381 | ₹196 |
| Market cap | ₹3.75L Cr | ₹1.94L Cr |
| P/E | 20.5 | 14.8 |
| P/B | 4.99 | 2.21 |
| Fair value 🔒 sign in | ₹0,000 | ₹0,000 |
| Upside 🔒 sign in | +00% | +00% |
| Valued on | Discounted cash flow | Discounted cash flow |
01Two businesses
Services, engineering — and software
HCL Technologies, founded by Shiv Nadar, is India's third-largest IT services company. Most of its revenue comes from IT and business services and from engineering and R&D services, which design products and software for manufacturers, telecom companies and technology firms.
From vegetable oil to IT services
Wipro began as a vegetable-oil company in 1945 and became one of India's largest IT services firms under Azim Premji, whose family still owns the majority of its shares. It provides consulting, cloud, engineering and managed services to large companies, mostly in the US and Europe.
02The records side by side
HCL Technologies has grown revenue faster: HCL Technologies compounded at about 13% a year (FY2018–FY2026) and Wipro at about 7% (FY2019–FY2026). By revenue, HCL Technologies is about 1.4 times the size of Wipro. HCL Technologies kept 12.8% of revenue as net profit in FY2026; Wipro kept 14.3% of revenue as net profit in FY2026.
Full ten-year tables and charts are on each company's page: HCL Technologies · Wipro.
03What each price assumes
Work backwards from each share price and you can see what buyers are taking for granted — the rate each company must sustain to justify what it costs, against what its own record supports.
04What decides each one's value
- Services growthIT and business services are most of the revenue; their growth sets the base case.
- Engineering and R&DHCLTech is one of the strongest Indian firms in engineering services, which follows clients' product-development budgets.
- Deal winsLarge contract wins are the clearest sign that growth is returning.
- ConsultingCapco and other consulting work are discretionary and swing with client budgets.
05What could go wrong
- Client budget cutsDiscretionary IT and engineering projects are cut first when clients tighten budgets.
- Ageing softwareSome acquired products serve mature markets where revenue can shrink.
- Further slowdownClients may keep shifting spending to larger rivals.
- Leadership changesFrequent reorganisations can unsettle clients and staff.
06Which is better value?
Sign in free to see which trades further below its worth
- ✓Both fair values per share — each on the method that fits the business
- ✓Every step of both workings — growth, margins and cost of capital, with sources
- ✓Bull, base and bear cases — for each company
- ✓Downloadable reports — the full write-up for each, yours to keep
08Questions people ask
Is HCL Technologies or Wipro better value?
That turns on how far each share trades from its estimated fair value. Both figures, with every step of the working, are in the full valuations, free to view once you sign in. On the public numbers, HCL Technologies trades at 20.5 times earnings and 4.99 times book value, and Wipro at 14.8 times earnings and 2.21 times book value — but multiples alone mislead when two businesses work differently, which is why each is valued on the method that fits it.
What is the difference between HCL Technologies and Wipro?
HCL Technologies, founded by Shiv Nadar, is India's third-largest IT services company. Wipro began as a vegetable-oil company in 1945 and became one of India's largest IT services firms under Azim Premji, whose family still owns the majority of its shares.
Are HCL Technologies and Wipro valued the same way?
Yes — both on discounted cash flow, so their workings compare like for like.
What does today's price assume for HCL Technologies and Wipro?
Worked backwards from the share price, HCL Technologies needs about 0% growth and Wipro about 0% growth, against 10% and 3% in their own records.