Indian IT majors post mixed Q2 results as Infosys trims FY27 revenue outlook

what happened

According to Moody's, five of India's largest IT companies, TCS, Infosys, Wipro, HCLTech and Tech Mahindra, reported results for the September quarter (Q2FY27). Tech Mahindra's net profit rose 32.7% to Rs 1,586 crore, while HCLTech's climbed 21.2% to Rs 5,132 crore, its highest quarterly figure ever. TCS profit grew 15% and Infosys profit 6%. Only Wipro saw a decline, of 1.4%, to Rs 3,200.6 crore.

Tech Mahindra led on revenue growth at 15.6%. TCS revenue reached Rs 73,188 crore, the largest among the five. In large deal wins, TCS booked contracts worth $9.6 billion, Infosys $5.2 billion and HCLTech $3.26 billion, while Wipro's bookings fell to $2.6 billion from $4.7 billion a year earlier.

Outlooks diverged. HCLTech raised the lower end of its FY27 constant-currency revenue growth guidance to 2.5%-4%, while Infosys narrowed its range to 1%-2%, citing pricing pressure. Wipro expects third-quarter constant-currency revenue to move between -1.5% and 0.5%. Infosys declared the largest interim dividend, Rs 26 per share, while Wipro declared none.

why it matters

The picture is mixed. Weaker outlooks from Infosys and Wipro point to pricing pressure and cautious clients, while stronger results at HCLTech and TCS show resilience in large contracts. For investors tracking the sector, constant-currency revenue guidance matters as much as profit, since it gives a clearer view of underlying demand.

market impact

Indian IT stocks: weaker Infosys and Wipro outlooks weigh on the sector, while HCLTech and TCS results support it

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