Infosys vs HCL Technologies
Infosys trades at the larger discount to its peers' median P/E: 36% below it, against 12% below for HCL Technologies.
HCL Technologies earns the higher return on equity: 40.6% against 34.7%.
HCL Technologies grew revenue faster over three years: 8.6% a year against 7.0% a year.
HCL Technologies fires fewer of our forensic red flags: 1 of 26 judged against 2 of 26 judged.
The latest change on file is Infosys', on 3 Nov 2026: Interim Dividend - Rs 26 Per Share.
Infosys trades at a P/E of 15.48: 1st of 9 among its peers (peer median 24.3).
Infosys: the full company page →HCL Technologies trades at a P/E of 21.30: 4th of 9 among its peers (peer median 24.3).
HCL Technologies: the full company page →Infosys and HCL Technologies, figure by figure
| Figure | Infosys | HCL Technologies | Leads |
|---|---|---|---|
| Market cap | ₹4,75,470 Cr | ₹3,91,311 Cr | Infosys, larger |
| P/E | 15.48 | 21.30 | Infosys, cheaper |
| P/B | 6.27 | 14.06 | Infosys, cheaper |
| Dividend yield | 4.2% | 4.2% | Level |
| ROE | 34.7% | 40.6% | HCL Technologies, higher |
| ROCE | 43.3% | 50.3% | HCL Technologies, higher |
| Profit margin | 15.9% | 13.2% | Infosys, higher |
| Revenue growth, 3 years | 7.0% a year | 8.6% a year | HCL Technologies, faster |
| Profit growth, 3 years | 6.9% a year | 3.9% a year | Infosys, faster |
| 1-year return | −22.6% | −6.4% | HCL Technologies, higher |
| 5-year return | −6.6% a year | +4.5% a year | HCL Technologies, higher |
| Quality score | 65 | 80 | HCL Technologies, higher |
| Our valuation view | Cheap, low confidence | Fair, medium confidence | Infosys, cheaper view |
| Risk level | WATCH | WATCH | Level |
| Forensic red flags | 2 red of 26 judged | 1 red of 26 judged | HCL Technologies, fewer |
The leading figure is in green: the lower for P/E, P/B, cost to income, NPAs, risk and red flags, the higher for the rest. P/E and P/B on the latest price; growth rates are yearly averages; returns are price only. Our valuation view and the red flags are explained on each company's page.
Which is bigger, Infosys or HCL Technologies?
Infosys is the bigger company by market value: ₹4,75,470 Cr against ₹3,91,311 Cr for HCL Technologies, about 1.2 times as large.
Infosys market cap is ₹4,75,470 crore (large cap), making it the 12th largest listed company on the NSE.
HCL Technologies market cap is ₹3,91,311 crore (large cap), making it the 21st largest listed company on the NSE.
Which is cheaper on valuation, Infosys or HCL Technologies?
Infosys is the cheaper of the two on P/E: 15.48 against 21.30 for HCL Technologies.
On price to book, Infosys is also the cheaper: 6.27 against 14.06.
Against their own peers' median P/E, Infosys trades 36% below its own (24.3) and HCL Technologies trades 12% below its own (24.3).
Our valuation view: cheap on Infosys (low confidence) and fair on HCL Technologies (medium confidence). The view weighs the multiples against each company's peers and its own history.
Cheap for a reason, on Infosys: A negative 5-year return.
Which is more profitable, Infosys or HCL Technologies?
HCL Technologies is the more profitable on return on equity: 40.6% against 34.7% for Infosys.
ROCE: HCL Technologies 50.3%, Infosys 43.3%.
Profit margin: Infosys 15.9%, HCL Technologies 13.2%.
Which grew faster, Infosys or HCL Technologies?
HCL Technologies grew faster over the last three years: revenue up 8.6% a year against 7.0% a year for Infosys.
Profit growth, 3 years: Infosys 6.9% a year, HCL Technologies 3.9% a year.
Which has cleaner accounts, Infosys or HCL Technologies?
HCL Technologies has the cleaner accounts on our forensic checks: 1 red flag of 26 judged against 2 of 26 judged for Infosys.
Infosys: risk level WATCH, 26 of 30 flags judged.
HCL Technologies: risk level WATCH, 26 of 30 flags judged.
A red flag is a figure out of line with what clean accounts show, not a finding of wrongdoing.
What these figures tell you
More comparisons
What this page rests on
Every figure is the one Infosys' and HCL Technologies' own pages print, from their filings with the exchanges and our arithmetic on them; each company is set against its own peer set. A side-by-side reading of the figures on both company pages, not a recommendation to buy, sell or hold either share. Which figure matters more depends on what you are looking for.