HCLTech declared its second-quarter results after market close on Monday. Brokerages maintained their bullish calls on the scrip.

What Happened: HCLTech in its Q2 results reported a 10.5% year-on-year increase in net profit to ₹4,235 crore. The tech major's revenue jumped around 8.2% from the previous year to ₹28,862 crore. The results beat the analyst estimates of ₹28,590 crore in revenue and a ₹4,045 crore net profit. The company also declared an interim dividend of ₹12 per share.

Brokerage Views: Morgan Stanley kept an "overweight" call but raised its target price to ₹1,970. The Q2 results were better than expected, the brokerage said, saying improving demand trends could translate to an earnings per share (EPS) upgrade.

According to the research firm, the consistent industry-leading revenue growth should keep premium multiples intact. Morgan Stanley added that improving order booking would be key to sustaining growth momentum in FY26.

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Nuvama also maintained a "buy" call on the stock and raised the target price to ₹2,125. HCLTech's Q2 results beat the estimates, the brokerage said. The company delivered strong broad-based growth across different verticals. Nuvama expects the company's valuation premium to be sustained due to higher growth and capital allocation.

On the other hand, Jefferies kept a “hold” call on the scrip with a target price of ₹1,770. The brokerage was impressed with its services and product business results. However, the research firm said the deal wins remained rangebound in Q2 and the stock was trading at 28 times its one-year forward earnings and sees limited scope for a re-rating.

Price Action: Shares of HCLTech rose 0.92% to ₹1,873 on Tuesday morning.

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