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Report 13 Jan 2026

OT and Engineering Services - HCLTech - Vendor Profile - Worldwide

HCLTech Engineering and R&D Services (ERS) has a background in high tech (including ISVs), initially through servicing its sister company, HCL Infosystems (a hardware OEM and reseller), and telecom product-related services. It expanded its capabilities to office automation (Xerox), software product development, digital platforms, MedTech, aerospace (Boeing), automotive, and semiconductors (Intel). The client base is equally split between asset-heavy (e.g., aerospace, automotive, industrial, and office automation) and asset-light industries (e.g., consumer electronics, semiconductors, and telecom). ERS is marginally present in life science R&D, process manufacturing, industrial equipment, and European aerospace & defense.

PAC estimates that ERS derives ~75% of its revenues from the Americas.

The company is well-positioned to accelerate its revenue growth:

  • Overall, HCLTech has a solid presence in the US (PAC estimate: ~70% of revenues), which remains the world’s center of innovation and is prone to offshore its R&D.
  • ERS generates a large share of its revenues from the high-tech sector (PAC estimate: 1/3 of revenues), servicing not only US firms but also Japanese clients. The high-tech industry continues to have good growth prospects, with ISVs, hardware OEMs, and the semiconductor industry investing in AI. AI will drive the growth of ERS in the next five years.
  • The mobility sector (e.g., automotive, off-highway, train stock) also offers high potential in Germany and Sweden. The German automotive industry is turning to Indian offshoring to lower costs and further invest in R&D. This will benefit all Indian ER&D vendors.
  • HCLTech’s third bet is more long-term, targeting the European aeronautics industry. PAC expects OEMs and suppliers to set up new factories in India to address the Indian and APAC markets and lower their costs. PAC anticipates that the industry will combine the creation of factories with engineering centers to cover the engineers of those factories.
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Dominique Raviart

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