Citi Says HCLTech’s AI Revenue Lags Peers

Citi said HCLTech’s AI revenue is not yet comparable with peers and forecast only about 5% earnings-per-share CAGR through FY29. The bank expects limited scope for a valuation re-rating despite HCLTech’s artificial intelligence and data-centre initiatives. The assessment matters because it tempers expectations that the company’s AI growth will quickly translate into stronger financial performance.