Indian IT Giants Post Mixed Q1FY26 Results

Infosys leads Tier-1 peers despite a tough macro environment

The first quarter of FY26 was a mixed performance for India’s top IT companies — TCS, Infosys, HCLTech, Wipro, and Tech Mahindra. While there were strong deal wins, margin expansion, and steady profits, these positives were counterbalanced by slow revenue growth and tepid hiring activity.

Infosys emerged as the standout performer among the Tier-1 IT firms in Q1FY26. The company reported optimism around the global economic environment, with CEO and MD Salil Parekh noting that the macroeconomic scenario was “more stable” than earlier, although not fully settled.

“Discussions on the economy worldwide have come to a more stable situation, but it’s not fully settled,” said Parekh during the Q1 earnings press conference on July 23.

Hiring Trends Remain Cautious

Despite the strong order book, hiring remained subdued across all five IT giants, reflecting the ongoing caution in client spending and demand recovery.

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Revenue Growth Still Under Pressure

All five companies reported muted revenue growth, highlighting that global client spending has yet to pick up meaningfully, even as macro conditions show early signs of stabilisation.

Margin Expansion Offers Some Relief

Most firms managed to expand margins through cost efficiencies and operational improvements. However, the overall topline growth remained underwhelming, making margin gains a silver lining in an otherwise cautious quarter.

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