A weaker rupee can lift the rupee value of Indian IT services companies’ foreign-currency revenue and may support operating margins—but only when foreign-currency inflows exceed related costs and hedge effects. A stronger rupee can reverse that translation benefit. The actual result depends on each company’s revenue and cost currencies, hedges, balance-sheet exposures and accounting treatment, as well as business conditions.
How exchange rates reach a company’s results
Indian IT services companies commonly serve clients and report revenue across multiple currencies, including the U.S. dollar, euro, pound and Australian dollar. They also incur costs in rupees and in foreign currencies. A change in exchange rates therefore affects more than the dollar–rupee rate or the revenue line.
Revenue and operating costs
When a company bills a client in a foreign currency but reports in rupees, the exchange rate affects how much rupee revenue that receipt represents. The same conversion applies to foreign-currency expenses. The net operating effect depends on foreign-currency inflows minus foreign-currency outflows, after considering their timing and hedges—not on foreign revenue alone.
Infosys says substantially all of its revenue is generated in foreign currencies and identifies significant expenses in U.S. dollars and rupees. It says depreciation of the rupee against the U.S. dollar or other currencies affects its margins positively, while appreciation affects them negatively. That is Infosys’s description of its own exposure, not a guarantee for every company or every reporting period. Infosys FY2025 Form 20-F
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Other currency-related effects
Currency movements can also change the reported value of monetary assets and liabilities denominated in foreign currencies, such as receivables, cash, payables or borrowings. Gains and losses on those balances and on derivatives may appear in profit and loss or, in some cases, other comprehensive income. Wipro’s FY2025 filing describes currency exposure across revenue, receivables, cash, forecast cash flows, payables and foreign-currency borrowings. Wipro FY2025 Form 20-F
Does rupee depreciation help Indian IT companies?
It can help rupee-reported revenue and operating margins when a company receives more in foreign currency than it spends in those currencies, after accounting for hedging and timing. But it is not an automatic sector-wide benefit: the currency mix of both revenue and costs matters, and different currencies can move in different directions. A stronger dollar does not imply that the euro, pound or Australian dollar has moved by the same amount.
Company-specific disclosures illustrate why the direction and scale must be qualified. Infosys reported that each one-percentage-point movement in the rupee–U.S. dollar rate affected incremental operating margins by approximately 0.43% in FY2025, and reported the same approximate sensitivity for FY2024. This is an Infosys-specific sensitivity for those fiscal years, not a current universal rule for Indian IT services companies. Infosys Integrated Annual Report 2024–25
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Reported growth versus constant-currency growth
Reported results retain the effects of exchange-rate conversion. Constant-currency (CC) growth is a comparison measure intended to hold exchange rates constant so readers can better assess underlying business growth. It does not replace reported revenue or cash flows, and by itself it does not show the realized effects of hedges or the remeasurement of monetary balances. Check each company’s definition and reporting period when comparing figures.
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1Fix the driver behind crashes, sound loss and screen glitches2Repair Windows errors before they cause bigger problems3Scan for outdated or missing drivers - takes under a minuteFor example, TCS’s investor-relations page presents FY2025–26 revenue of $30 billion alongside year-over-year constant-currency growth of −2.4%. The CC figure is a company-reported growth measure for that period, not a rupee-reported revenue figure or a standalone measure of currency gains and losses. TCS Investor Relations
What hedging changes—and what it does not
Forward contracts and options can offset some forecast receipts, payables or other currency positions. Their effect depends on the exposure covered, contract timing and exchange-rate movement; the hedge result may not match the operating exposure exactly in amount or period. Hedging can change the timing and net effect of currency risk, but it does not necessarily remove that risk.
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Infosys describes using foreign-exchange forwards and options and warns that those instruments may not adequately insulate it from currency risk. Its FY2026 annual report separately lists exchange gains or losses on forwards and options and translation of other assets and liabilities in other income. Those items are distinct from the effect of exchange rates on operating revenue and costs. Infosys Integrated Annual Report 2025–26
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why currency effects can appear in different parts of the accounts
For Infosys, the Indian entities’ functional currency is the rupee, while foreign subsidiaries use their local functional currencies. Its FY2026 consolidated statements describe several accounting treatments:
- Foreign-currency monetary assets and liabilities are translated at the balance-sheet-date rate. Resulting gains or losses are generally recognized in profit and loss unless deferred in other comprehensive income for qualifying cash-flow hedges.
- Revenue, expenses and cash-flow transactions are translated at the rate in effect on the transaction date.
- Foreign subsidiaries’ assets and liabilities are translated at closing rates; revenue, expense and cash-flow items are translated at average rates. Resulting translation differences are included in currency translation reserves.
These treatments show why operating conversion, balance-sheet remeasurement and subsidiary translation should not be collapsed into a single “currency impact” number. Other companies may present currency effects differently, so consult their own accounting notes. Infosys Integrated Annual Report 2025–26
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How to compare currency effects across companies
A useful comparison starts with the company’s own disclosures, not a blanket assumption that rupee weakness helps every provider equally. Read the figures alongside operating factors such as demand, pricing, utilization, wages and subcontracting, which can also affect revenue and margins.
- Compare reported and constant-currency growth. Note the fiscal period and the company’s definition of CC growth.
- Check the exposure on both sides. Look for disclosures on revenue currencies, delivery footprint, local expenses and foreign-currency costs.
- Read sensitivity disclosures precisely. Establish whether a figure refers to revenue, profit, total operating margin or incremental operating margin, and note the currency pair and fiscal year.
- Review hedge and accounting notes. Check instruments, covered exposures, timing, derivative gains or losses, and whether effects are reported in profit and loss, other comprehensive income or equity.
- Separate currency from operating performance. Do not attribute all reported growth or a margin change to exchange rates when demand, pricing, utilization or costs also changed.
The available company disclosures do not provide a comparable set of current-year quantified currency sensitivities for TCS, HCLTech and Wipro. HCLTech’s official annual-report archive lists its FY2025–26 report, but an archive listing alone does not establish a quantified peer sensitivity. HCLTech Annual Report archive
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