Indian IT services peers, Q2 FY27 (quarter ended 30 Sep 2026)
Revenue growth QoQ, cc
| Company | QoQ cc | YoY cc | EBIT margin | Headcount | QoQ change | Deal value disclosed |
|---|---|---|---|---|---|---|
| TCS[1] | +0.5% | +2.8% | 24.0% | 598,056 | n.d. | US$9.6 bn (TCV) |
| Infosys[2] | +1.2% | +1.5% | 21.0% | 332,542 | +4,480 | US$5.2 bn (large deals) |
| HCLTech[3] | +2.3% | +2.6% | 18.2% | 230,339 | +6,450 | US$3.3 bn (net new bookings) |
| Wipro*[4] | +0.0% | +0.6% | 16.5% | 236,328 | n.d. | US$2,595 mn (total bookings) |
| Tech Mahindra[5] | +2.4% | +7.2% | 14.8% | 152,206 | n.d. | US$1,023 mn (new deal wins) |
*Wipro growth and margin are for the IT services segment. Deal value definitions differ by company and are shown as each company labels them. n.d. means a QoQ headcount change was not clearly stated in the text reviewed, so it is left out. Infosys change computed from the fact sheet. HCLTech change as stated on the call.
What stands out
- Tech Mahindra and HCLTech led sequential growth at +2.4% and +2.3%. Wipro IT services was flat[5][3][4].
- TCS kept the highest margin at 24.0% and the largest disclosed TCV at US$9.6 bn[1].
- HCLTech margin rose 131 bp QoQ and Tech Mahindra about 40 bp. Wipro rose 0.5 pt. Infosys slipped 0.1 pt[3][5][4][2].
Sources
- Tata Consultancy Services, Press Release and Q2 2026-27 Fact Sheet, 8 Oct 2026
- Infosys, Fact Sheet Q2 FY27 and Press Release (IFRS, USD), 23 Oct 2026
- HCL Technologies, Q2 FY27 Investor Release, 12 Oct 2026, and Q2 FY27 earnings call transcript filed with NSE on 15 Oct 2026
- Wipro, Press Release and Datasheet for the quarter ended 30 Sep 2026, 15 Oct 2026
- Tech Mahindra, Q2 FY27 Press Release, 15 Oct 2026
Illustrative sample, not investment advice, based on public information as of 28 October 2026.