We have rolled forward our valuation to Jun’27 estimates. We value HCL Tech at23.0x Jun’27 EPS (at +1 SD to 7-year avg NTM P/E), implying a target price of INR1,693. HCL Tech is currently trading at a 1-year fwd. P/E of 24.0x (in-line with its 1- year Avg. NTM P/E). We reiterate our “HOLD” rating on the stock.