As of October 5, 2026, analysts expected India’s largest IT services companies to report modest growth for July–September 2026 (Q2 FY27), not a broad recovery in client spending. Their forecasts differ by the group of companies and assumptions used; they are pre-results estimates, not company-reported performance.
What analysts expected for Q2 FY27
UnearthInsight forecast quarter-on-quarter revenue growth of 0.5–1% for the top five Indian IT companies, according to Moneycontrol and PTI on October 4, 2026 (Moneycontrol report). Separately, Jefferies projected 0.7–3.5% sequential revenue growth for the top six firms, Reuters reported (Reuters report). These are estimates for different company groups and should not be treated as one consensus range. The reviewed coverage did not establish a single consensus sequential-growth figure.
The broader annual outlook was subdued too: UnearthInsight expected 3–4% FY27 growth for leading firms, with that estimate relying significantly on acquisitions rather than a revival in demand (PTI-based preview). The same report said UnearthInsight counted $3.6 billion across 14 mergers and acquisitions so far in FY27. That is a fiscal-year-to-date deal tally, not organic revenue growth.
Why client spending was expected to stay cautious
Analysts described clients as scrutinizing discretionary technology budgets, taking longer to approve projects, and favoring work with a clear return on investment. Demand was still present for projects tied to productivity, cost optimization, operational resilience, risk reduction, cybersecurity, AI, and modernization, but discretionary transformation programs remained under tighter oversight.
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Gaurav Vasu, UnearthInsight’s founder and CEO, told PTI: “Q2 is not going to be any better than Q1… because we are not seeing any revival in client budgets or spending. Discretionary spending remains stuck amid geopolitical tensions, and decision cycles also remain long,” according to Moneycontrol’s October 4 report (Moneycontrol report). Vasu also expected long decision cycles to persist for 12–18 months; that is an analyst’s outlook, not a measured duration applying to every client.
Why large deal bookings may not lift revenue immediately
Bookings show that a client has committed to work, but they do not mean the full value becomes revenue in the same quarter. Projects may take time to clear approvals, begin delivery, and reach billable milestones. Vasu said strong deal bookings could therefore take longer to convert into revenue (Moneycontrol report). For investors or employees assessing a company’s outlook, the timing and execution of that conversion matter alongside headline bookings.
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AI creates demand and pricing pressure
AI is a two-sided force for IT services providers. Clients are funding AI-related work, but AI-enabled productivity can also reduce the labour or time needed for some traditional services. Software vendors’ built-in AI features may further reduce demand for certain custom or managed-service tasks, while clients can use productivity gains to press for lower prices. The cited coverage does not establish that AI demand is replacing traditional IT services across the board.
Gartner Senior Principal Analyst Biswajit Maity described the demand picture to PTI as selective: “Most organisations remain selective in their investment decisions, focusing on projects with clear ROI, productivity gains, and operational resilience. Demand continues to be driven by AI, cybersecurity, and modernisation initiatives, while discretionary transformation programs are still subject to tighter budget oversight and longer approval cycles. As a result, spending is improving gradually, but the overall demand environment remains disciplined rather than fully recovered,” as quoted by Moneycontrol (Moneycontrol report).
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Margins face costs as well as potential offsets
Wage increases and investment in AI platforms and partnerships can add costs. Automation and higher employee utilization may help offset them, as can currency movements, although the reports do not quantify how much any one factor would contribute. Pricing concessions sought by clients could weigh on margins even when a provider wins or retains work.
Vasu argued that a more durable margin cushion would come from selling applications and platforms rather than relying only on services: “The real cushion for margins will come from selling applications and platforms rather than just services,” he told PTI (Moneycontrol report).
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Analysts disagreed on the regional outlook
The PTI-based preview reported different assessments of US demand. Vasu characterized the US as the weakest market and expected faster growth in Asia Pacific, while Gartner described the US as the strongest market, supported by AI, cloud, and digital-transformation investment (Moneycontrol report; PTI-based preview). These are competing analyst views, not a settled regional ranking.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Company expectations and upcoming results
Reuters reported that analysts expected HCLTech and Tech Mahindra to lead larger peers and Wipro to lag in the quarter (Reuters report). This is a forecast, not a confirmed ranking. Reuters also reported brokerage expectations concerning Infosys guidance; those expectations should not be mistaken for a guidance change announced by Infosys.
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The October 4 preview listed these result dates: TCS on October 8, HCLTech on October 12, and Infosys on October 23, 2026 (Moneycontrol report; PTI-based preview). These dates were reported ahead of the earnings season and can change; the cited coverage did not give a complete calendar for every firm.
When results arrive, useful like-for-like comparisons include sequential constant-currency revenue growth, organic versus acquisition-driven growth, deal bookings and their conversion into revenue, margin changes and drivers, management guidance, and exposure to stronger or weaker sectors and services. The cited reports do not provide a complete comparable table across companies, so a definitive ranking cannot be inferred from their scattered estimates.
What the forecasts do—and do not—say
The outlook was for modest growth amid cautious spending, not proof that every client budget or service line was shrinking. Gartner’s view, as reported by PTI, was that the quarter might be somewhat stronger than the previous one as awarded contracts entered revenue phases, while UnearthInsight offered a more subdued assessment (Moneycontrol report; PTI-based preview). Gartner also forecast that, by 2030, up to 50% of traditional managed-services opportunities could be difficult for incumbents to obtain. That is a forward-looking risk estimate, not a measured current decline.
All figures and outlooks here reflect analyst expectations published before the companies reported Q2 FY27 results. They should be replaced by reported results and updated company announcements when available.
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