HCLTech Q1 FY26 profit drops 10% YoY to ₹3,843 crore; revenue grows 8% amid demand slowdown and margin pressure.

• Operating margin slips to 16.3% due to lower utilization and AI investments; guidance cut to 17-18% for FY26.
• Net new deals fall to $1.81 billion from $3 billion; constant currency revenue growth guidance revised to 3-5%.
• Firm maintains robust cash flows and focuses on capital efficiency as demand environment stays stable.