Dear Shareholders,

This year, we celebrate the 50th anniversary of the HCL Group. What began as our founder Shiv Nadar’s determination to make India self-sufficient in technology is today a global institution and a proud representative of the nation’s technology sector on the world stage. From giving India its first indigenous 8-bit personal computer to the many industry-firsts delivered through HCLTech, ours has been a story of grit, conviction and resilience.

That resilience was tested in FY26. Against a backdrop of cautious technology services spending, macro-economic uncertainty and geopolitical volatility, HCLTech delivered a solid operational performance. For the third consecutive year, we recorded the fastest revenue growth in constant currency among our comparable peers, a result achieved in a muted demand environment and one that reflects the strength of our differentiated portfolio, our ability to execute at scale and the commitment of our people. More importantly, we ended the year with $620 million in Advanced AI revenue, a measure of our fast-maturing AI play.

On shareholder value, sentiment across our sector has been cautious and near-term prices do not always reflect the fundamentals we are building. The underlying health of the business, be it our order book, client relationships and deal pipeline, remains strong. We continue to reward shareholders, distributing 97.6% of net income this year as dividend, which is one of the highest yields in the industry.

The technology industry is undergoing a tectonic shift as AI reshapes how work gets done, with its promise of agility and productivity. At HCLTech, we have always treated disruption not as a threat but as a catalyst for reinvention and growth. We see AI and its adjacent technologies as a powerful tailwind, one that will open larger opportunities and accelerate our growth.

We have set ourselves an ambitious goal: to be the world’s best AI solutions provider. Our core engineering DNA, our early investments in intellectual property through HCLSoftware and our disciplined build-out of a full-stack AI portfolio alongside our services offerings position us well to pursue it. We are doubling down on this emerging play with conviction.

We will not reach this goal without our people, who have always been our greatest advantage. AI will multiply their capabilities and creativity, giving them a wider canvas to do more for our clients. We are committed to upskilling our people to transform HCLTech into an AI-native organization, energized by our growing base of Gen Z talent.

Doing business responsibly and with high standards of governance remains central to who we are. We continue to be among the highest investors in employee welfare in our industry and we are proud to have one of the most gender-diverse boards in India, with over 50% women directors. On sustainability, we met our 2030 Scope 1 and Scope 2 reduction targets four years ahead of schedule and now replenish 51 times more water than we consume across our operations. Through the HCLFoundation, our cumulative community investment in India stands at ₹1,984 crores, touching over eight million lives. More details on these commitments are set out in our Sustainability and ESG reports.

Our industry has been through disruptions before and has emerged stronger every time. This cycle will probably be the most transformative and rewarding. At HCLTech, we remain optimistic about the road ahead and remain fully invested in our growth strategy backed by one of the best leadership teams.

In closing, as we look back with gratitude on 50 years of HCL and look ahead with optimism to the next 50, I thank our clients, all HCLTechies, my fellow Board members and our shareholders for their trust and support.

The technology industry is undergoing a tectonic shift as AI reshapes how work gets done, with its promise of agility and productivity. At HCLTech, we have always treated disruption not as a threat but as a catalyst for reinvention and growth. We see AI and its adjacent technologies as a powerful tailwind, one that will open larger opportunities and accelerate our growth."

Regards,

Roshni Nadar Malhotra

Next Message from the CEO & Managing Director