Stocks to Watch: HCLTech Q4, PNC wins, BEML order

Why these stocks were in focus on April 22

Several stocks were in focus on April 22 as quarterly earnings, order wins, and regulatory-related costs shaped investor reactions. HCL Technologies drew the most attention after its latest quarterly results triggered a sharp move in the stock. Realty and infrastructure names also moved on profit updates and fresh project developments, while a defence-linked order supported BEML.

The set of triggers was varied, but the underlying theme was the same: markets repriced stocks quickly as soon as new information became available. With earnings season driving day-to-day volatility, even companies reporting revenue growth saw selling pressure where profit or guidance expectations did not align with what investors were looking for.

HCL Technologies: share price reaction after Q4 FY26

HCL Technologies’ share price slipped more than 8% after the company posted smaller-than-expected fourth-quarter revenue and net profit, according to the market update. For the quarter ended March 31, 2026 (Q4 FY26), the IT services firm reported a 4% rise in consolidated net profit to ₹4,488 crore. Revenue from operations increased 12.3% to ₹33,981 crore.

Alongside the headline numbers, the company also disclosed profitability metrics that investors tracked closely. INR EBIT stood at ₹5,620 crore, which was 16.5% of revenue, down 10.6% quarter-on-quarter and up 3.3% year-on-year. Net income was reported at ₹4,488 crore, or 13.2% of revenue, down 6.4% quarter-on-quarter and up 4.2% year-on-year.

HCL Technologies: Q3 FY26 showed revenue strength, profit pressure

In a separate earnings update for the December quarter (Q3 FY26), HCL Technologies reported a year-on-year decline in profitability even as revenue expanded. Consolidated net profit came in at ₹4,076 crore, down 11% year-on-year from ₹4,591 crore. On a sequential basis, net profit fell nearly 4% from ₹4,235 crore reported in Q2 FY26.

Revenue from operations in Q3 FY26 was ₹33,872 crore. This represented 13% year-on-year growth compared with ₹29,890 crore in Q3 FY25. Sequentially, revenue rose 6% from ₹31,942 crore in Q2 FY26.

The stock’s reaction to the Q3 numbers was also volatile. One market update noted HCL Tech slipped over 1% in intraday trade soon after the Q3 results, reflecting the mix of strong top-line growth and weaker profit trends.

Labour Codes: one-time costs hit IT sector bottom lines

A key factor influencing IT earnings comparisons was the implementation of India’s new Labour Codes, effective from November 21, 2025. Tata Consultancy Services and HCL Technologies made combined provisions of ₹3,084 crore, as per earnings statements cited in the update.

For TCS, the Labour Code provisions led to a charge of ₹2,128 crore toward gratuity and unearned leave. For HCL Technologies, a one-off hit of ₹956 crore was linked to higher gratuity and leave encashment provisions under the new Labour Codes. Commentary in the updates indicated the recurring impact is expected to be limited to 10-15 basis points, unless rules change further.

Guidance, margins, and management commentary at HCLTech

HCLTech raised its revenue growth (constant currency) guidance to 4.0%-4.5% year-on-year and services revenue growth (constant currency) guidance to 4.75%-5.25% year-on-year. The EBIT margin guidance remained unchanged at 17%-18%, excluding the ₹956 crore one-time impact of India’s New Labour Codes on EBIT.

Management commentary referenced in the update pointed to an “uncertain demand environment” and softness in parts of the business, citing lower discretionary spending and delayed decision-making. The same note said performance came below expectations due to these factors, despite revenue growth in constant currency.

Dividend detail: ₹12 interim payout and key dates

HCLTech’s board declared an interim dividend of ₹12 per equity share (face value ₹2) for FY26. The company fixed Friday, January 16, as the record date. Tuesday, January 27, was set as the payment date.

Dividend announcements often act as a secondary cue during earnings season, but the stock’s near-term direction in these updates was primarily driven by earnings and guidance interpretation.

Sunteck Realty: profit and revenue surged in Q4 FY26

Sunteck Realty reported a sharp year-on-year jump in Q4 FY26 performance. Consolidated net profit rose 24.7% to ₹62.8 crore. Revenue from operations surged 64.5% to ₹339 crore.

For investors tracking real estate names, the magnitude of the revenue increase was a key highlight in the update. The numbers were cited as Q4 FY26 performance over Q4 FY25.

PNC Infratech: shares rose after HAM project L1 status

PNC Infratech shares rose nearly 9% after the company emerged as the lowest (L1) bidder for two HAM-based national highway projects. The combined value of the projects was ₹3,483 crore.

L1 status is closely watched in infrastructure stocks because it signals the company is best placed to win the contract, subject to completion of the award process. The update tied the stock move directly to the HAM project development.

BEML: defence order supports the stock

BEML shares surged 5% after the company secured an order from the Ministry of Defence for the supply of trawl assemblies. The contract value was ₹590 crore.

Order wins of this nature typically get attention because they add revenue visibility. In this case, the market move in the update was linked to the order announcement.

What brokerages said on HCLTech and TCS

Brokerage views in the updates were mixed across large-cap IT names. Motilal Oswal maintained ‘Buy’ ratings on both TCS and HCLTech, citing potential upside of up to 36% for TCS and 32% for HCLTech.

Nuvama Institutional Equities took a more cautious stance on HCLTech, maintaining a ‘Hold’ view in one note and citing limited upside due to valuations. A separate update said Nuvama raised its target for HCLTech to ₹1,700 while retaining a ‘Hold’ rating. Nirmal Bang Institutional Equities was also cited as downgrading HCLTech to ‘Hold’ from ‘Buy’, noting the stock had run up 13% over the last three months and pointing to uncertain macro conditions.

For TCS, the updates cited a 14% year-on-year drop in consolidated net profit to ₹10,657 crore. Excluding exceptional items, net profit rose 8.5% year-on-year to ₹13,438 crore, with revenue climbing 5% year-on-year to ₹67,087 crore.

Key numbers snapshot

Market impact and what investors tracked next

The updates showed that earnings-driven moves did not follow a simple “revenue up, stock up” pattern. HCLTech’s revenue growth in both Q3 and Q4 came alongside profit and margin scrutiny, and the market reaction reflected that mismatch.

Regulatory triggers like the Labour Code provisions added another layer to comparisons and bottom-line interpretation across IT majors. Investors also tracked company-specific operational items mentioned in the updates, including progress on deal signing and revenue conversion tied to the ₹2,903 crore advance purchase order (APO) from BSNL.

For non-IT names, the reaction was more event-driven. PNC Infratech’s L1 status for HAM projects and BEML’s defence order provided clear, discrete triggers that supported gains, while Sunteck’s sharp Q4 improvement kept it on watchlists.

Conclusion

Stocks in focus on April 22 reflected a mix of earnings reactions and fresh corporate triggers. HCLTech’s results and guidance drew the largest attention, while Sunteck, PNC Infratech, and BEML moved on Q4 performance and order or project developments. Near-term tracking remains centred on follow-through from earnings commentary, the Labour Code impact, and execution milestones on newly announced orders and bids.