HCL Tech: Despite strong deal wins, risk-reward remains unfavourable

So far in 2026, HCL shares are down 27%. It trades at FY28 PE multiple of 15 – a premium to larger peers TCS and Infosys, shows Bloomberg data. HCL’s narrowing growth differential, coupled with data-centre investment risk, makes the risk-reward unattractive, said a Nuvama Research report.