New Delhi, April 22 -- HCL Technologies shares plummeted more than 10% on Wednesday after a weak earnings report for the March quarter (Q4FY26) and full year FY26 led to analyst downgrades. The company's modest revenue guidance for FY27 has raised questions about whether its stock deserves to trade at a valuation that's in line with or higher than those of rivals such as TCS and Infosys.

HCL has forecast revenue growth of 1-4% in constant currency terms, down from its previous year's initial guidance of 2-5%. This outlook is primarily driven by an expected 1.5-4.5% growth in services.

Client-specific headwinds in telecom, manufacturing and retail could shave about 50 basis points (bps) off growth, it cautioned. The guidance, which does ...