Evaluate an Indian IT company by reading revenue growth, deal wins and operating margins together—not as three stand-alone scorecards. Check the currency basis and business scope behind revenue growth, the definition and period behind contract value, and whether margins are reported or adjusted. These distinctions matter: Infosys reported FY26 revenue growth of 9.6% in rupees but 3.1% in constant currency, while its large-deal TCV was a booking measure, not revenue already earned.
Start with revenue growth—and check what the number measures
Use several years of results rather than treating one quarter or annual headline as a trend. Before comparing growth rates, identify the fiscal period, whether the figure is consolidated or covers a segment, and whether it is reported in rupees or constant currency.
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Reported-currency growth reflects the revenue translated into the company’s reporting currency. Constant-currency growth adjusts for exchange-rate movements to give a view of underlying operating momentum. Neither replaces the other: use constant currency to assess operating growth and reported figures to understand the financial statements. Keep the labels attached whenever you quote or compare them.
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A free scan shows the junk files, broken settings and background clutter dragging Windows down - then fixes them in one click.Free scan · Windows 10 & 11Infosys illustrates the difference. Its FY26 integrated report states revenue of ₹178,650 crore, up 9.6% year on year in rupees; its FY26 results release reports 3.1% constant-currency growth. The dollar-denominated release reports FY26 revenue of $20,158 million. These are distinct reporting views of the same company’s results, not interchangeable growth measures. See the Infosys Integrated Report 2026 and Infosys FY26 results release filed with the SEC.
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Look beneath consolidated growth
Consolidated growth can conceal different trends across service lines, geographies, client segments and acquisitions. Separate organic growth from growth added through acquisitions where the company provides enough detail, then examine the businesses contributing to the total. Wipro’s FY26 integrated annual-report page describes business lines that include consulting, technology services, engineering and business process services, and strategic market units across the Americas, Europe and APMEA. That structure is a useful reminder to inspect mix; it is not, by itself, evidence of a particular growth rate. See Wipro Integrated Annual Report FY26.
Read deal wins as future-work indicators, not current revenue
Total contract value (TCV) and order-book figures can indicate the amount of business a company has booked, but they do not mean the full value will be recognized as revenue in the current year. A contract may run over multiple periods, and the reported measure may include renewals, extensions or only a defined category of deals.
For each disclosure, record its exact label, time period and scope. Check whether it is a quarterly or annual figure, whether it covers all bookings or only large deals, and what share is net new rather than renewals or extensions. Then look across successive periods for consistency and compare bookings with later reported revenue to assess conversion. If the company does not disclose profitability for new work, do not assume that a large booking necessarily improves margins.
Why TCV figures need a scope check
Infosys reported $14.9 billion in large-deal TCV for FY26, of which 55% was net new. TCS labels its FY2025-26 figure of $40.7 billion as order book/TCV. The TCS total and Infosys large-deal figure are not directly comparable: their labels indicate different scopes, and the available disclosures do not establish identical definitions. Preserve each company’s label rather than ranking the headline numbers. TCS’s investor-relations page also lists FY2025-26 revenue of $30 billion and constant-currency growth of -2.4%. See TCS Investor Relations.
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Compare operating margins on a like-for-like basis
Track operating margin over multiple periods alongside revenue growth. A company with flat growth and a high margin has a different profile from one growing faster while investing or absorbing mix pressure. Compare operating margin with operating margin—not EBIT margin or net margin—and establish whether the figure is reported or adjusted.
When a company presents an adjusted margin, check what it removes and whether the excluded costs are genuinely unusual or may recur. For FY26, Infosys reported a 20.3% IFRS operating margin and a 21.0% adjusted operating margin. Its integrated report says the adjusted figure excludes the ₹1,289 crore impact associated with labour codes notified by the Government of India on November 21, 2025. The reported and adjusted figures answer different questions; do not substitute one for the other. TCS’s investor-relations page presents a 25% operating margin for FY2025-26. Those figures alone do not establish that one company is superior: reporting basis, business mix and adjustments also matter.
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Use guidance as a forecast to test, not a result
Management guidance is a forward-looking view, not realized performance. Record its date, scope and measure, then compare it with actual results as they arrive. Do not treat guidance ranges from different companies as directly comparable unless their definitions and periods match.
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|---|---|---|
| Infosys FY27, April 2026 | 1.5%–3.5% constant-currency growth | 20%–22% operating margin |
| HCLTech FY27, as displayed on its investor-relations page in October 2026 | Company revenue: 1.0%–4.0%; services: 1.5%–4.5%, both in constant currency | 17.5%–18.5% EBIT margin |
These are company-specific guidance ranges, not a sector forecast. HCLTech’s investor-relations page notes restructuring effects in Q1 FY27 margin, a qualification to keep in view when interpreting its margin outlook. See HCLTech Investor Relations. Infosys’s FY27 guidance was given in April 2026; see its FY26 results release.
A repeatable comparison checklist
When comparing two or more companies, use the same fiscal years where possible and write down any remaining mismatch instead of smoothing it away.
- Revenue: Compare reported and constant-currency growth, and confirm consolidated versus segment scope.
- Growth composition: Check organic growth, acquisitions, service-line mix, geography and client segments where disclosed.
- Bookings: Record the exact TCV or order-book label, period, scope and net-new share.
- Conversion: Follow bookings into later revenue; do not equate contract value with revenue earned.
- Profitability: Compare reported operating margins and separately identify adjusted measures, EBIT margins and exclusions.
- Outlook: Set guidance beside subsequent delivery, keeping management forecasts distinct from actual results.
This framework helps interpret company disclosures; it is not a stock recommendation or a valuation conclusion. Figures and guidance can change, so consult the latest filings and investor-relations releases before making a current comparison.
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