Tech Mahindra

By KaranPrashant Saxena

BENGALURU, Aug 17 (Reuters) - Former Spain footballer Gerard Pique has become a strategic shareholder in a Global Chess League franchise, joining a growing number of athletes, like Erling Haaland, to invest in a sport rapidly evolving into a commercial entertainment property.

Pique, a World Cup winner and founder of sports and media company Kosmos, was announced as the latest shareholder in franchise Fyers American Gambits at a press conference in Bengaluru, India on Monday.

"Chess has fascinated me for a long time because of its depth, its global appeal and the incredible mental strength it demands," the former Barcelona player said in a statement.

The investment comes amid a broader push to transform chess from a traditional board game into a global sports product through franchise leagues, digital content, sponsorships and streaming platforms.

Former India cricketer Ravichandran Ashwin is a shareholder in the American Gambits.

Norway's multiple Olympic cross-country skiing champion Johannes Hoesflot Klaebo and Haaland also invested this year in Norway Chess and the Total Chess World Championship, which is backed by the International Chess Federation (FIDE).

"There are so many interesting parallels," Norwegian investor Morten Borge, who helped bring Manchester City striker Haaland into the project, told Reuters.

"Even though on the pitch Erling looks like a physical monster, football at the highest level is also about preparation, strategy, timing and understanding decisive moments. In that sense, there are similarities to chess."

Borge said Haaland was drawn to the game's emphasis on strategic thinking and the mental discipline required to perform under pressure.

The crossover reflects a wider trend in sport, where athletes increasingly use chess to sharpen concentration, decision-making and pattern recognition.

Former Manchester City manager Pep Guardiola has frequently referenced chess and strategy in discussions about football.

Several athletes across sports have publicly spoken about using the game as a training tool, including former Liverpool forward Mohamed Salah and tennis greats Boris Becker and Novak Djokovic.

At the same time, investors increasingly see commercial opportunities in chess.

The Global Chess League, backed by Indian technology giants Tech Mahindra and FIDE, has sought to broaden the sport's appeal through shorter formats designed for television and digital audiences.

Borge believes chess is following a path taken by several niche sports that successfully expanded beyond their traditional fan bases.

"When you can commercialize a narrow sport like darts, and when almost a billion people around the world play chess, the opportunity is obvious," he said.

American Gambits will compete at the fourth edition of GCL in Bengaluru in September.

(Reporting by Karan Prashant Saxena in Bengaluru
Editing by Christian Radnedge)

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Aug 6 (Reuters) - Tech Mahindra Limited TEML.NS:

• TECH MAHINDRA LAUNCHES TORONTO INNOVATION HUB TO ACCELERATE AI-LED ENTERPRISE TRANSFORMATION IN CANADA

Source text: ID:nCNW9hZwra

Further company coverage: TEML.NS

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July 16 (Reuters) - Tech Mahindra Ltd TEML.NS:

• TECH MAHINDRA Q1 CONSOL NET PROFIT 14.65 BILLION RUPEES; IBES EST. 15.63 BILLION RUPEES

• TECH MAHINDRA Q1 CONSOL REV FROM OPS 157.12 BLN RUPEES; IBES EST. 154.76 BLN RUPEES

• TECH MAHINDRA Q1 NEW DEAL WINS $1,078 MLN

Further company coverage: TEML.NS

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By Haripriya Suresh and Bharath Rajeswaran

BENGALURU, July 6 (Reuters) - India's top information technology companies are expected to report another subdued quarter, as AI-driven pricing pressure, weak client spending, and global geopolitical turmoil continue to weigh on growth, nine brokerages said.

The April-to-June quarter is usually a strong one for India's $315 billion IT sector, helped by higher billing days and new project starts, but analysts expect a slow start to the fiscal year that would push back hopes of a recovery.

India's largest IT services company, Tata Consultancy Services TCS.NS, kicks off earnings on Thursday with peers Infosys INFY.NS, HCLTech HCLT.NS and Wipro WIPR.NS reporting later this month.

While India's top six IT firms are expected to report around 14% year-on-year revenue growth in rupee terms with net profit rising 12%-13%, this would largely be due to the impact of sharp rupee depreciation. Stripping out exchange rate effects, the companies are expected to post a mere 2.8% revenue growth in constant-currency terms.

Citi expects a fourth straight year of subdued growth for Indian IT firms, while JPMorgan sees revenue growth staying below 3%-4% for the "foreseeable future".

The IT sector is racing to adapt to changing customer needs as companies across the globe step up the use of AI tools and agents to cut costs and quicken software development cycles.

Software firms have slowed hiring, with TCS Chairman N Chandrasekaran saying the "day is not far" when the company would have an equal number of AI agents and employees.

Indian IT firms are in a "perfect storm," Nomura said in its earnings preview, with Middle East conflict-led uncertainty compounding AI-driven pricing pressure.

Fears that AI would disrupt the IT sector's traditional, labour-intensive business model dragged the Nifty IT index .NIFTYIT down 9.5% in the June quarter even as India's benchmark Nifty 50 .NSEI gained 6.9%.

The IT index has slumped about 28% so far in 2026, making it the worst-performing major sector in India.

The impact of AI-led disruption and weakness in client spending will be broad-based, according to PL Capital, with effects visible in the consumer, hi-tech, and telecom verticals.

"Slower decision-making and elongated sales cycle are leading to delays in revenue conversion and execution," the brokerage said in a note.

Annual revenue forecasts will be a key focus for investors. Brokerages say Infosys and HCLTech could narrow or trim the upper end of their forecasts.

Potentially higher interest rates in the U.S., which makes up about 60% of Indian IT firms' revenue, also loom.

(Reporting by Haripriya Suresh and Bharath Rajeswaran in Bengaluru; Editing by Mrigank Dhaniwala)

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June 29 (Reuters) - Tech Mahindra Ltd TEML.NS:

• TECH MAHINDRA - LIQUIDATES UNIT LEADCOM INTEGRATED SOLUTIONS MYANMAR EFFECTIVE 29 JUNE 2026

Source text: ID:nBSEX9qBD

Further company coverage: TEML.NS

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June 23 (Reuters) - Tech Mahindra Ltd TEML.NS:

• TECH MAHINDRA - STEP-DOWN SUBSIDIARY HCI GROUP AUSTRALIA LIQUIDATED EFFECTIVE MAY 27, 2026

Source text: [ID:]

Further company coverage: TEML.NS

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June 18 (Reuters) - Tech Mahindra Ltd TEML.NS:

• TECH MAHINDRA AND VIAM PARTNER TO SCALE ADVANCED ROBOTICS AND AUTOMATION SOLUTIONS

Source text: ID:nPn7FNtSJa

Further company coverage: TEML.NS

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June 2 (Reuters) - Tech Mahindra Ltd TEML.NS:

• TECH MAHINDRA AND STACKGEN ANNOUNCE PARTNERSHIP TO POWER AGENTIC AI FOR ENTERPRISE CLOUD

Source text: ID:nPreRQHqla

Further company coverage: TEML.NS

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** Brokerage CLSA lifts TP on Tech Mahindra's TEML.NS shares to 1,598 rupees from 1,556 rupees, representing a 12.5% upside to the stock's last close

** Tech Mahindra on Thursday posts Q4 revenue above estimates; says it is confident of delivering growth in 2027

** Brokerage says the beat was driven by strong growth in telecom and tech verticals and financial services, along with several large client wins and high-value accounts added over the past two years

** Adds that a strong order book, higher revenue per employee and EBIT margins show little sign of AI-led pricing pressure at TEML, which it says is executing well under its current CEO

** Tech Mahindra shares were down 4.5% to 1,357 rupees in afternoon trading, they have fallen 14.7% so far in 2026

(Reporting by Abhinav Parmar)

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April 22 (Reuters) - Tech Mahindra Ltd TEML.NS:

• TECH MAHINDRA EXEC: GROWTH IN EUROPE CAME FROM AEROSPACE, INDUSTRIAL MANUFACTURING AND AUTOS

• TECH MAHINDRA EXEC: COMMUNICATION VERTICAL GREW IN AMERICA, HELPED OFFSET SOFTNESS IN U.S AUTO SECTOR

• TECH MAHINDRA EXEC: NOT SEEING ANY MEANINGFUL NEGATIVE IMPACT DUE TO MIDDLE EAST SITUATION SO FAR, ONLY TRAVEL IMPACTED

• TECH MAHINDRA EXEC: LOOKING AT COUPLE OF TUCK-IN ACQUISITIONS OVER NEXT YEAR, BUT WON'T BE NEEDLE MOVING

Further company coverage: TEML.NS

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By Haripriya Suresh and Bharath Rajeswaran

BENGALURU, April 6 (Reuters) - Top Indian information technology firms are set to report another lacklustre quarter, with revenue and profit seen rising around 10% year-on-year largely on a weaker rupee rather than underlying growth, seven brokerages said.

Uncertainties due to wars, weak discretionary spending and concerns around artificial intelligence will keep weighing on client budgets, making the revenue forecast for the next fiscal year a key focus for investors, they added.

Tata Consultancy Services TCS.NS, Infosys INFY.NS, HCLTech HCLT.NS and other software services exporters are due to report fourth quarter results starting April 9.

"We expect limited deal win surprises, patchy ex-BFSI growth and slow start to (the first half of 2027) on macro/gen AI uncertainty," Ambit Capital analysts said in a preview note.

The Indian rupee fell 4% against the U.S. dollar during the March quarter, and slid to record low levels.

Software services companies typically benefit as they bill in foreign currencies while incurring most costs in rupees, inflating profits when dollar revenues are converted.

The $315 billion sector, employing about 5.9 million people, last reported double-digit revenue growth in the March 2023 quarter. Since then, demand has softened as clients cut discretionary spending, deal cycles lengthened, and spending shifted towards cost optimisation and AI-led projects.

Infosys and HCLTech are likely to provide annual revenue forecasts of a rise between 2%-4% and 4%-6% respectively for the fiscal year 2027, the brokerages said.

Revenue for the top six firms -- TCS, Infosys, HCLTech, Wipro WIPR.NS, Tech Mahindra TEML.NS, and LTM LTIM.NS -- is expected to grow about 10.9% year-on-year in the March quarter, with net profit rising 10.3%.

On a constant currency basis, or stripping out exchange-rate effects, the top four IT firms are more likely to see revenue rise only 1.8% for the year, Ambit said.

Analysts at Yes Securities said performance was likely to be uneven, with relative resilience in banking and financial services, while retail, healthcare, and hi-tech segments could face pressure due to higher exposure to discretionary spending.

"Our recent interactions suggest that overall client budgets have not increased materially and discretionary spending remains at bay," analysts at Jefferies said in a preview note.

However, even a modest revenue forecast could support stock prices, HSBC analysts said, noting valuations currently reflect only low-single-digit growth.

While the fears around the impact due to AI are "difficult to validate or falsify, the burden of proof now sits with IT companies. Re-rating, thus, depends on proof of surviving and thriving," said analysts at Motilal Oswal.

Shares of IT companies .NIFTYIT are down 20% so far this year, on investor worries that advanced AI tools launched by Anthropic and Palantir could disrupt IT's traditional business models and cannibalise business. The Nifty 50 .NSEI is down 13%.

(Reporting by Haripriya Suresh and Bharath Rajeswaran in Bengaluru; Editing by Nivedita Bhattacharjee)

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March 31 (Reuters) - Tech Mahindra Ltd TEML.NS:

• TECH MAHINDRA - PARTNERS WITH PARKOURSC TO DELIVER AI-POWERED DIGITAL SUPPLY CHAIN SOLUTIONS

• TECH MAHINDRA - PARTNERSHIP TO ENHANCE SUPPLY CHAIN RESILIENCE IN PHARMACEUTICAL AND COLD CHAIN LOGISTICS

Source text: ID:nBw1zdnKXa

Further company coverage: TEML.NS

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March 9 (Reuters) - Tech Mahindra Ltd TEML.NS:

• TECH MAHINDRA - NOTES MARKET RUMOURS OF SIGNIFICANT HEADCOUNT REDUCTION

• TECH MAHINDRA - DENIES PROPOSAL FOR SIGNIFICANT HEADCOUNT REDUCTION

Source text: ID:nBSE8G4Szz

Further company coverage: TEML.NS

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March 5 (Reuters) - Tech Mahindra TEML.NS:

• PARTNERS WITH MICROSOFT FOR AGENTIC AI PLATFORM FOR TELECOM, DATA MESH TRANSFORMATION

Further company coverage: MSFT.O

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March 2 (Reuters) - Tech Mahindra Ltd TEML.NS:

• ORANGE BUSINESS AND TECH MAHINDRA ENTER STRATEGIC PARTNERSHIP

Source text: ID:nBSE3vlX2R

Further company coverage: TEML.NS

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Updates to add details on IT weightage in paragraph 3 and total FPI inflows in first half of February in paragraph 13

By Bharath Rajeswaran

Feb 25 (Reuters) - Indian shares have lagged their Asian and emerging market peers so far in February, pressured by a $68.6 billion rout in the market value of information technology stocks, as investors fretted over disruptions linked to artificial intelligence.

The Nifty 50 index .NSEI has risen 0.4% so far this month, while the Sensex .BSESN edged 0.1% lower, underperforming both the MSCI Asia ex-Japan and MSCI Emerging Markets indexes.

The pressure on the benchmark indexes has largely come from IT stocks, which carry roughly an 11% weightage in the blue-chip index, the second-highest sectoral weight.

The 10 Nifty IT constituents .NIFTYIT have lost a combined $68.6 billion in market capitalisation in February, as of the last close, with the index down 21% and on course for its worst monthly performance in nearly 23 years.

All 10 index members have fallen between 16.8% and 27% in February to date. Coforge COFO.NS is the steepest percentage decliner, down 26.8%, while Tata Consultancy Services TCS.NS and Infosys INFY.NS have led the value erosion, losing about $21.9 billion and $16.3 billion in market value, respectively.

The selloff reflects growing concerns that rapidly advancing automation tools could compress project timelines and disrupt the labour-intensive delivery model underpinning India's roughly $300-billion IT services industry.

Investors have zeroed in on the AI-driven automation push from U.S. firms such as Anthropic and Palantir, heightening concerns over faster project execution, pricing pressure and reduced billable hours.

Brokerages warn the Indian IT sector could face further pressure if AI starts to eat into application services revenue, which typically accounts for 40% to 70% of total revenue for these companies.

"There are no easy answers to whether AI eventually renders IT services obsolete over the long term," said analysts led by Abhishek Pathak of Motilal Oswal.

"The narrative that AI is coming for not just IT but large swathes of the economy could be too strong to shake, at least in the short term," Motilal Oswal analysts said.

A slowdown or contraction in India's IT sector, whether through layoffs or reduced hiring, can have immediate consequences on both residential and commercial real estate demand. The Nifty Realty index .NIFTYREAL has risen roughly 2% in February, following a nearly 18% decline over the past three months.

Concerns over Indian IT companies have also accelerated foreign selling in the sector in 2026 so far.

While FPIs have turned buyers of Indian stocks in February on an overall basis, with inflows of 196.75 billion rupees, they pulled out about 110 billion rupees ($1.21 billion) from IT stocks in the first half of February, following a record 750 billion rupees of net selling in 2025.

($1 = 90.8980 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sherry Jacob-Phillips)

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Feb 17 (Reuters) - NVIDIA Corp NVDA.O:

• NVIDIA: TECH MAHINDRA DEPLOYING LARGE TELCO MODEL TO POWER AUTONOMOUS NETWORK OPERATIONS USING NVIDIA NIM

• NVIDIA: PERSISTENT ACCELERATES AI‑DRIVEN MOLECULAR DISCOVERY WITH NVIDIA BIONEMO AND NEMO AGENT TOOLKIT

• NVIDIA: INFOSYS BUILDS AN ENTERPRISE-GRADE CODING SMALL LANGUAGE MODEL WITH NVIDIA AI ENTERPRISE

• NVIDIA: RELIANCE NEW ENERGY EXPANDS COLLABORATION WITH CO & SIEMENS BY COMBINING SIEMENS’ DIGITAL TWIN TECHNOLOGY WITH CO'S OMNIVERSE LIBRARIES

• NVIDIA: COLLABORATING WITH NEXT‑GENERATION CLOUD PROVIDERS YOTTA, L&T AND E2E NETWORKS

• NVIDIA: DEVELOPERS BUILDING SOVEREIGN AI SYSTEMS CAN ACCESS NVIDIA NEMOTRON & NEMO TODAY

• NVIDIA: TATA CONSULTING ENGINEERS LAUNCHES COGNITIVE TWIN PLATFORM, BUILT ON NVIDIA OMNIVERSE

• NVIDIA: TO OFFER ANUSANDHAN NATIONAL RESEARCH FOUNDATION GRANTEE INSTITUTIONS COMPLIMENTARY ACCESS TO NVIDIA AI ENTERPRISE SOFTWARE

• NVIDIA: PARTNERING WITH VENTURE CAPITAL FIRMS INCLUDING PEAK XV, ELEVATION CAPITAL, ACCEL INDIA & OTHERS TO IDENTIFY & FUND AI STARTUPS

Source text: [ID:]

Further company coverage: NVDA.O

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AI LEARNS THE LAW, MARKETS LEARN TO WORRY

Anthropic's new legal tool for Claude AI not only rattled AI-bubble nerves but also cast a shadow over global economies heavily reliant on the export of telecommunications, computer, and information services (ICT), according to Standard Chartered.

For Ireland and India - economies particularly exposed to potential software export slowdown, even a 10% reduction in exports could lower their GDP growth by 1 percentage point each, Standard Chartered said in a note.

"Even a smaller share of the workforce in impacted sectors would translate into significant absolute layoffs for the more populous EM economies like India (where about 5.5 million people are employed in the ICT sector)," said Madhur Jha, global economist and head of thematic research at Standard Chartered.

Top software exporters Tata Consultancy Services TCS.NS, Infosys INFY.NS, HCLTech HCLT.NS, and Tech Mahindra TEML.NS lost between 5.8% and 8.1% last week at the peak of the selloff.

U.S. AI developer Anthropic launched plug-ins for its Claude Cowork agent that would automate tasks across legal, sales, marketing and data analysis.

The launch revived fears that increasingly capable AI tools could dent demand for traditional software, compress margins and cost jobs, triggering a deep selloff in global software stocks.

The S&P 500 software and services index .SPLRCIS has fallen 7.5% as of last week and has seen around $1 trillion in market value evaporate since January 28.

(Kanchana Chakravarty)

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Updates levels, adds graphic after paragraph 11

Feb 5 (Reuters) - Rapid advances in artificial intelligence, triggered in part by Anthropic's latest automation push, could structurally erode the IT sector's high-margin application services revenues, creating downside risks to earnings and valuations, analysts warn.

Shares in India's software exporters .NIFTYIT settled 0.6% lower on Thursday, a day after plunging 6% in their worst session for nearly six years, as AI-driven automation from U.S.-based Anthropic and Palantir fuelled fears of compressed project timelines and disruption to the industry's labour-intensive business model.

The weakness has echoed across global IT stocks this week, extending a broader selloff in companies seen as most exposed to potential AI disruption.

"There is more pain ahead for Indian IT," Jefferies said, adding that Anthropic's and Palantir's claims highlight how AI could potentially erode application service revenues for IT firms.

"With application services accounting for 40–70% of revenues, firms face growth pressures, and consensus growth estimates do not fully reflect this, posing downside risks to valuations."

DISRUPTION

Indian IT firms have been ramping up AI investments and re-skilling efforts, even as weak global tech spending, delayed client decision-making and pricing pressure have weighed on the sector. Foreign investors offloaded a record $8.5 billion worth of Indian IT stocks in 2025.

However, some analysts said the sharp selloff may be overdone.

JPMorgan said that while concerns around AI disruption were not without merit, it was illogical to extrapolate the launch of some tools to an expectation that companies will replace every layer of mission-critical enterprise software.

Domestic brokerage Kotak Institutional Equities described the decline as a case of "plenty of panic over a little flutter".

Among large IT firms, Tata Consultancy Services TCS.NS, Tech Mahindra TEML.NS and LTIMindtree LTIM.NS have higher exposure to application services, which account for about 55%–60% of revenues, while HCL Tech HCLT.NS has the lowest exposure at around 40%.

Their stocks fell between 4% and 7% % on Wednesday, and extended losses on Thursday.

Brokerage Motilal Oswal estimates that 9%-12% of industry revenues could be eliminated over the next four years due to AI-led disruption.

Jefferies expects AI to weigh on IT-sector revenue growth over the next one to two years, arguing that deflation in legacy service-line revenues will more than offset gains from AI-related opportunities.

The IT sub-index has lost 17% since the start of 2025, including Wednesday's selloff, and is on track for its worst week in over four months.

(Reporting by Kashish Tandon and Bharath Rajeswaran in Bengaluru; Writing by Chandini Monnappa; Editing by Mark Potter and Louise Heavens)

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**Shares of Tech Mahindra TEML.NS up 3.3% at 1,725.5 rupees

** India's fifth-largest IT firm posted bigger-than-expected third-quarter revenue; rose 8.3% to 143.93 billion rupees ($1.59 billion)

** ICICI Securities ("Hold"; PT: 1,600 rupees) says growth was better in a seasonally soft quarter and in the context of muted revenue growth for past several quarters

** BOB Capital Markets ("Hold"; PT: 1,783 rupees) says faster growth in top accounts (>$20 mln TTM revenue) vs the company average is viewed as a structural strength

** Systematix ("Sell"; PT: 1,367 rupees) says communications vertical continues to be a key growth driver on market share gains and TECHM's full-stack capabilities, with consolidation opportunities in Europe and Asia and improving U.S. sentiment

** Stock rated as "Hold" on average by 41 analysts; median PT at 1,707 rupees - data compiled by LSEG

** Stock is top gainer on Nifty IT index

** Stock fell 6.8% in 2025 vs Nifty IT index .NIFTYIT fell 12.6% in 2025

($1 = 90.6663 Indian rupees)

(Reporting by Mridula Kumar in Bengaluru)

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Jan 16 (Reuters) - Tech Mahindra Ltd TEML.NS:

• TECH MAHINDRA Q3 CONSOL NET PROFIT 11.22 BILLION RUPEES; IBES EST. 13.89 BILLION RUPEES

• TECH MAHINDRA Q3 NEW DEAL WINS $1096 MILLION

• TECH MAHINDRA Q3 CONSOL REV FROM OPS 143.93 BLN RUPEES; IBES EST. 141.58 BLN RUPEES

• TECH MAHINDRA - Q3 RESULTS INCLUDE ONE-TIME CHARGE OF 2.72 BLN RUPEES DUE TO INDIA'S NEW LABOUR CODES

Further company coverage: TEML.NS

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By Bharath Rajeswaran and Sai Ishwarbharath B

Jan 8 (Reuters) - India's information technology firms are expected to report another muted quarter, as tepid demand in the U.S. and holiday-period client shutdowns continue to weigh on tech spending, nine brokerages said ahead of earnings.

Brokerages expect the top six IT firms by revenue to post about 4% year-on-year revenue growth and a 5% rise in profit for the December quarter on average, reflecting prolonged demand softness, compared with 6.5% revenue growth in the September quarter.

Indian software exporters last reported double-digit revenue growth in the March quarter of 2023, when digital transformation, cloud adoption and remote-work demand surged in the post-pandemic period.

The broader $283 billion Indian IT industry continues to face macro headwinds, including uncertainty over U.S. tariffs, challenges from proposed $100,000 visa fees, and subdued client spending on concerns about growth in the world's largest economy.

India's IT companies earn a significant share of their revenue from the United States, making the world's largest economy crucial for the sector.

Sector bellwether Accenture's ACN.N recent earnings beat Wall Street expectations on AI-led demand, though its unchanged growth outlook underscores the cautious near-term environment.

Although India has no pure-play AI firms, IT companies are beginning to shape AI strategies through acquisitions and partnerships. Brokerages expect AI momentum to build over the next six months and demand to pick up into 2026.

"Clients remain cautious about committing incremental spending to large programs amid macro and tariff uncertainty and a new tech cycle," said Abhishek Pathak, research analyst at Motilal Oswal Financial Services.

U.S. tariff uncertainty, visa worries and weak spending drove record foreign outflows of $8.5 billion from IT stocks in 2025, nearly half of total foreign exits from Indian equities.

The Nifty IT index .NIFTYIT fell 12.6% in 2025, making it the worst-performing sector as Indian markets lagged Asian and emerging-market peers.

Tata Consultancy Services TCS.NS, the country's largest IT firm, will kick off the earnings season on January 12. Its revenue is expected to rise about 4.2% year-on-year, slower than the 5.6% growth reported last year.

Infosys INFY.NS and HCLTech HCLT.NS are forecast to report year-on-year revenue growth of about 8.1% and 4.6%, respectively, compared with 7.6% and 5.1% in the year-ago period.

Most brokerages do not expect HCLTech to upgrade its fiscal 2026 annual revenue forecast of 2%–3%, or Infosys to raise its forecast of 3%–5%.

Earnings across domestic equities are expected to improve in the December quarter on tax cuts, policy easing, stable growth and benign inflation, even as the period remains structurally weak for IT firms.

Fewer working days due to global client holidays weigh on billing and revenue, while brokerages flag margin pressure from furloughs and wage hikes at firms such as TCS and Wipro WIPR.NS.

However, resilience in the BFSI (banking, financial services and insurance) segment, deal ramp-ups, early signs of artificial intelligence strategy formation and rupee depreciation could offer support by mid-2026, six brokerages said.

(Reporting by Bharath Rajeswaran and Sai Ishwarbharath B in Bengaluru; Editing by Sherry Jacob-Phillips)

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