India's IT giants face worst year

India’s biggest information-technology outsourcers finished fiscal 2026 with a split message: large deal bookings held up, but growth forecasts stayed weak. (business-standard.com) (reuters.com) Tata Consultancy Services reported full-year revenue of $30.0 billion, down 2.4% in constant currency, even as fourth-quarter total contract value reached $12 billion. (tcs.com) TCS also said annualized artificial-intelligence revenue crossed $2.3 billion in the March quarter, with Chief Executive K Krithivasan saying the company saw “third consecutive quarter of sequential growth.” (tcs.com) Infosys reported its March-quarter results on April 23 and then gave fiscal 2027 revenue guidance of 1.5% to 3.5% in constant currency. Its stock fell as much as 7.2% to a 52-week low of ₹1,152.35 after the outlook. (livemint.com) (moneycontrol.com) Wipro reported fourth-quarter revenue of $2.651 billion for its IT services business, up 0.6% sequentially, and paired the results with a ₹15,000 crore buyback. (wipro.com) (financialexpress.com) HCLTech posted fiscal 2026 revenue growth of 3.9% in constant currency and said annualized Advanced AI revenue reached $620 million, but it guided fiscal 2027 growth at 1.0% to 4.0%. (hcltech.com) Tech Mahindra reported fiscal 2026 revenue growth of 0.6% in constant currency and said yearly deal wins rose 41.6% to $3.794 billion. Headcount fell by 1,108 from a year earlier. (techmahindra.com) The common thread is that clients are still signing multiyear contracts, but they are delaying project starts, cutting discretionary spending and demanding that AI productivity gains show up in pricing. (reuters.com) (business-standard.com) (moneycontrol.com) Greyhound Research told Moneycontrol that some delivery areas already saw 5% to 15% revenue compression in fiscal 2026 where AI-led productivity gains were measurable. (moneycontrol.com) Reuters reported on April 24 that analysts expect near-term revenue growth for India’s top IT firms to remain muted this year because AI gains are being offset by client caution and geopolitical uncertainty. (reuters.com) That leaves India’s IT giants entering fiscal 2027 with bigger AI pipelines, thinner room for billing by the hour, and investors treating deal wins and revenue growth as two different stories. (tcs.com) (hcltech.com) (business-standard.com)