July 13, 2026 02:31 PM GMT HCL Technologies | Asia Pacific M Update 1QF27: first cut – beat on top line; stable F27 guidance Reaction to earnings Unchanged Modest upside Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Key Takeaways In constant currency (cc) terms, revenue grew -0.5% qoq vs. our -1.5% estimate. Services revenue declined 0.7% QoQ in cc terms (we'd expected -1.7%). Software grew 2.2 ...