HCL Technologies vs Tech Mahindra: share price, P/E, ROE and financials compared
HCL Technologies
Tech Mahindra
HCL Technologies and Tech Mahindra at a glance
HCL Technologies and Tech Mahindra are both listed in Information Technology. HCL Technologies is the larger by market cap, at ₹3.9L Cr against ₹1.8L Cr for Tech Mahindra (2.2 times as large). On valuation, HCL Technologies has the lower P/E (21.3× against 29.4×) and the lower price-to-book (5.20× against 5.47×). On returns and margins, HCL Technologies has the higher ROCE (27.2% against 19.8%), the higher ROE (24.6% against 19.2%) and the higher operating margin (20.8% against 17.2%). Over three years, HCL Technologies has faster 3-year sales growth (+8.7% against +2.2% a year) and faster 3-year profit growth (+3.9% against −0.1% a year). Neither carries much debt for its equity: debt-to-equity is 0.08× for HCL Technologies and 0.07× for Tech Mahindra.
Key metrics, side by side
| Metric | HCL TechnologiesHCLTECH | Tech MahindraTECHM |
|---|---|---|
| Price (₹) | 1,440.00 | 1,831.00 |
| Market cap (₹ Cr) | 3,89,754 | 1,79,476 |
| P/E | 21.3× (the lower figure, shaded) | 29.4× |
| P/B | 5.20× (the lower figure, shaded) | 5.47× |
| Dividend yield, trailing | 4.17% (the higher figure, shaded) | 2.79% |
| ROE | 24.6% (the higher figure, shaded) | 19.2% |
| ROCE | 27.2% (the higher figure, shaded) | 19.8% |
| Operating margin (OPM) | 20.8% (the higher figure, shaded) | 17.2% |
| Net margin (NPM) | 13.2% (the higher figure, shaded) | 9.0% |
| Sales CAGR 3Y | +8.7% (the higher figure, shaded) | +2.2% |
| Profit CAGR 3Y | +3.9% (the higher figure, shaded) | −0.1% |
| Debt to equity | 0.08× | 0.07× |
| Interest cover | 26.4× (the higher figure, shaded) | 20.5× |
| Net profit TTM (₹ Cr) | 18,320 | 5,527 |
| 1Y return | −6.4% | +29.3% (the higher figure, shaded) |
| Promoter holding | 60.88% | – |
HCL Technologies vs Tech Mahindra: common questions
Which is bigger, HCL Technologies or Tech Mahindra?
By market cap, HCL Technologies is bigger at ₹3.9L Cr, against ₹1.8L Cr for Tech Mahindra (prices as of 6 Nov 2026). Net profit over the last twelve months was ₹18,320 Cr for HCL Technologies and ₹5,527 Cr for Tech Mahindra.
Which has a lower P/E ratio, HCL Technologies or Tech Mahindra?
HCL Technologies trades at a P/E of 21.3× and Tech Mahindra at 29.4×. HCL Technologies has the lower P/E. P/E is the share price divided by earnings per share; it varies a lot between industries and with growth, so it says little on its own.
Which has a higher ROE, HCL Technologies or Tech Mahindra?
HCL Technologies reports a return on equity of 24.6% and Tech Mahindra 19.2%. HCL Technologies has the higher ROE. ROE is net profit as a share of shareholders’ equity.
Which is growing faster, HCL Technologies or Tech Mahindra?
Over the last three years: Sales grew +8.7% a year at HCL Technologies and +2.2% at Tech Mahindra, so HCL Technologies grew sales faster; profit grew +3.9% a year at HCL Technologies and −0.1% at Tech Mahindra, so HCL Technologies grew profit faster. Past growth doesn’t predict future growth.