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As of October 5, 2026, analysts expected modest growth from India’s leading IT services companies in the July–September quarter (Q2 FY27), as clients remained cautious about discretionary technology spending. The estimates are forecasts ahead of company results—not reported performance—and differ by analyst and by the companies covered.
Why analysts expect another slow quarter
Clients are still scrutinising discretionary budgets, taking longer to approve projects and favouring work with measurable returns. The areas attracting demand include productivity improvements, cost optimisation, risk reduction, artificial intelligence (AI), cybersecurity and modernisation. Broader transformation programmes, however, remain subject to tighter oversight.
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Gaurav Vasu, founder and CEO of UnearthInsight, 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.” He expected decision cycles to stay long for 12–18 months; that is an analyst’s outlook, not a measured duration applying to every client.
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Bookings can therefore look healthier than near-term revenue. Vasu said deal bookings could remain strong while taking longer to convert into recognised revenue. A large contract win does not, by itself, mean that the work has started or that revenue will rise in the same quarter.
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What the growth estimates say—and what they do not
The available forecasts point to modest sequential growth, but they cover different groups of companies and should not be treated as a single consensus:
| Source and coverage | Q2 FY27 outlook |
|---|---|
| UnearthInsight, top five companies; estimate reported by Moneycontrol and PTI on October 4, 2026 | 0.5–1% revenue growth quarter on quarter |
| Jefferies, top six firms; estimate reported by Reuters | 0.7–3.5% revenue growth quarter on quarter |
The ranges differ in company coverage and analyst assumptions; they are not interchangeable. The reviewed coverage does not establish one consensus sequential-growth figure. UnearthInsight also projected 3–4% growth for leading firms in FY27, describing the estimate as relying significantly on inorganic expansion rather than a revival in demand.
AI brings both new work and pricing pressure
AI is creating demand for new projects, but it may also change the economics of established services. AI-enabled productivity can reduce the labour or time needed for some tasks, while software vendors’ embedded AI features may reduce the need for certain custom services. Those effects can increase pressure on pricing. The available reporting does not establish that all AI demand is replacing traditional IT services.
Vasu argued that margin protection will depend partly on selling higher-value products alongside services: “The real cushion for margins will come from selling applications and platforms rather than just services,” he told PTI. This is an analyst’s view of a potential margin lever, not a reported result for the sector.
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Margins face competing pressures
Wage increases and investment in AI platforms and partnerships can add costs. Automation, utilisation improvements and currency movements may help offset them, but clients seeking pricing concessions can limit margin gains. The balance will vary by company and quarter; the preview reports do not provide a complete, like-for-like margin forecast for every firm.
Company outlooks and market views are not uniform
Reuters reported that analysts expected HCLTech and Tech Mahindra to lead larger peers in the quarter, while Wipro was expected to lag. This is an attributed forecast, not a confirmed ranking or an account of results. Reuters also reported brokerage expectations concerning Infosys guidance; those expectations should not be mistaken for a change announced by Infosys.
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Analysts also differed on regional demand. Vasu characterised the United States as the weakest market and expected faster growth in Asia Pacific. Gartner’s view, as quoted in the PTI-based preview, was that the US was the strongest market, supported by AI, cloud and digital-transformation investment. These are contrasting analyst assessments, not a settled regional conclusion.
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UnearthInsight reported $3.6 billion across 14 mergers and acquisitions so far in FY27. The figure is fiscal-year-to-date and attributed to the firm; it is not organic growth. Gartner was also reported as forecasting that, by 2030, up to 50% of traditional managed-services opportunities could be difficult for incumbents to obtain. That is a forward-looking forecast, not a measured current decline.
To judge whether an individual company is outperforming, compare the same measures across its results: sequential constant-currency revenue growth, organic versus acquisition-driven growth, deal bookings and their conversion into revenue, margin movement and its drivers, management guidance, and exposure to stronger or softer sectors and services. The available previews do not supply a complete comparable table for all major firms.
Q2 FY27 earnings dates reported in the preview
The October 4, 2026 preview listed these dates for company results:
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- HCLTech: October 12, 2026
- Infosys: October 23, 2026
These are the dates reported in that preview, not a complete calendar for the sector; company announcements should be checked for any changes.
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