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Start with revenue growth—and check what is being measured
Begin with several years of revenue, not just the latest quarter. Confirm whether a figure covers the consolidated company, services alone or a particular segment, and whether it is reported in rupees or constant currency. These measures answer different questions: reported growth reflects the financial statements in the reporting currency, while constant-currency growth helps show operating momentum without the effect of exchange-rate translation.
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The difference can be substantial. Infosys reported FY26 revenue of ₹178,650 crore, up 9.6% year over year in rupees; its constant-currency growth was 3.1%. The rupee figure should not be presented as though it were the constant-currency rate. Infosys’s FY26 results release filed with the SEC reports $20.158 billion in revenue and 3.1% constant-currency growth (Infosys FY26 results release); its integrated report gives the rupee figures (Infosys Integrated Report 2026).
Then investigate what is driving the change. Separate organic growth from acquisitions where disclosures allow, and look across service lines, geographies and client segments. Consolidated growth can hide uneven performance beneath the total. Wipro, for example, describes business lines including consulting, technology services, engineering and business process services, and strategic market units across the Americas, Europe and APMEA. Its annual-report page does not provide comparable figures in the material cited here, so it would be misleading to infer Wipro’s growth, deal momentum or margins from that description alone (Wipro Integrated Annual Report FY26).
#1 Best Overall
Read deal wins as potential future work, not current revenue
Total contract value (TCV) and order-book disclosures are leading indicators: they describe contracted value over a contract period, not revenue already earned or necessarily due in the current year. Their scope varies. A figure may cover a company-defined class of large deals, or a broader order book that includes renewals, extensions and smaller contracts.
For each figure, establish its label and reporting period before judging its size. Then check whether the company reports a net-new share, whether bookings are sustained across periods, and whether they are converting into revenue. If margins on the new work are not disclosed, a large booking figure alone cannot establish that the work will be profitable.
Rank #2
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- Infosys: FY26 large-deal TCV was $14.9 billion, with 55% net new, according to its FY26 results release.
- TCS: its investor-relations page labels $40.7 billion as FY2025-26 order book/TCV, alongside $30 billion in revenue and -2.4% constant-currency growth (TCS Investor Relations).
These booking figures are not directly rankable: Infosys reports large-deal TCV, while TCS labels its figure order book/TCV. Reconcile scope and definitions before comparing them. Neither figure means that its full value will be recognized as revenue in the reporting year.
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Track operating margin over multiple periods and read it alongside revenue growth. Margin direction and volatility can show whether growth is accompanied by pressure or improvement in profitability; a single margin figure does not explain the business trajectory on its own. Check that you are comparing operating margin with operating margin—not EBIT margin or net margin—and that reported and adjusted figures are kept separate.
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 effect associated with labour codes notified by the Government of India on November 21, 2025. That adjustment matters to the comparison: do not treat 21.0% as the reported figure or assume an excluded cost is irrelevant simply because it is adjusted out. The company’s integrated report describes the adjustment.
TCS reported a 25% operating margin for FY2025-26 on its investor-relations page. That number cannot, by itself, establish that TCS is more profitable in an economically comparable sense than Infosys: first align the reporting periods, margin definitions, adjustments and business mix.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Keep management guidance separate from delivered results
Guidance is management’s forward-looking view, not a realized result. Record its range and measure, then compare it with the company’s subsequent reported performance. Do not put a guidance range beside a historical result as if both describe what has already happened.
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1Repair Windows errors before they cause bigger problems2Scan for outdated or missing drivers - takes under a minute3Clear out junk files and repair common Windows errors- Infosys FY27 guidance: constant-currency revenue growth of 1.5%–3.5% and operating margin of 20%–22%, announced in April 2026. These are management targets, not FY27 results (Infosys FY26 results release).
- HCLTech FY27 guidance: company revenue growth of 1.0%–4.0% in constant currency, services growth of 1.5%–4.5% in constant currency, and EBIT margin of 17.5%–18.5%, as displayed on its investor-relations page accessed in October 2026. The page notes restructuring effects in Q1 FY27 margin; retain that qualification when using the range (HCLTech Investor Relations).
HCLTech CEO and Managing Director C Vijayakumar described the company as delivering the fastest overall revenue growth in constant-currency terms among comparable peers for a third straight year in FY26. That is management commentary, not independent verification of a peer ranking (HCLTech Integrated Annual Report FY26).
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Use a like-for-like checklist when comparing companies
Before deciding that one Indian IT company is outperforming another, line up the same fiscal periods and examine each measure on a comparable basis. If a definition or scope differs, name the mismatch rather than hiding it.
- Revenue: compare both reported and constant-currency growth, and confirm the currency, period and scope.
- Growth drivers: check organic performance, acquisition effects, service-line mix, geographies and client segments where disclosed.
- Bookings: record whether the company reports total order book/TCV or large-deal TCV, the period covered and the net-new share.
- Conversion: look for evidence that bookings are translating into reported revenue over subsequent periods.
- Profitability: compare reported operating margins first; show adjusted margins separately and inspect the exclusions.
- Expectations: keep guidance distinct from results and assess delivery against guidance once the relevant period is reported.
This framework evaluates operating disclosures; it does not determine whether a stock is attractively valued or make a stock recommendation. The company figures above are tied to their stated fiscal periods and sources; check the latest filings before relying on them, as results and guidance can change.
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