Indian IT Firms Face Muted Q4 Growth

CLSA and JPMorgan said Indian large-cap IT services’ Q4 results are likely muted, citing sequential revenue growth between -1.6% and 2%, with JPMorgan forecasting TCS +0.6% and Tech Mahindra +1% while predicting declines at Infosys (-0.7%), Wipro (-1.3%) and HCLTech (-1.6%). CLSA offers slightly different estimates and sees vertical variability; Forrester projects 2026 US tech services growth at 5.2%. Analysts say FY27 revenue guidance will be pivotal.