Top 5 Indian IT Stocks Q2 FY27 Results: TCS, Infosys, HCLTech, Wipro and Tech Mahindra

Updated: 20 October 2026 | Quarter ended: 30 September 2026

Indian IT earnings are improving, but the recovery is uneven. HCLTech and Tech Mahindra have delivered encouraging operating numbers. TCS remains profitable and cash-generative, although its headline profit growth needs a closer look. Wipro’s cash collection is healthy, but growth and deal bookings remain concerns.

There is one important gap: Infosys has not announced Q2 FY27 results yet. Its official results date is 23 October 2026. This review therefore covers four reported quarters and keeps Infosys pending. These are five widely followed large Indian IT companies, not a verified ranking of the five largest by current market capitalisation.

IT Stocks Q2 FY27 Results at a Glance

All amounts below are consolidated and in ₹ crore. Net profit means profit attributable to shareholders. YoY compares September 2026 with September 2025; QoQ compares it with June 2026. Growth rates are calculated from the filings and rounded.

Company	Revenue: amount; YoY / QoQ	Net profit: amount; YoY / QoQ
TCS	₹73,188; +11.2% / +1.3%	₹13,884; +15.0% / +4.0%
Infosys	Results pending	Results pending
HCLTech	₹35,620; +11.5% / +3.0%	₹5,132; +21.2% / +11.0%
Wipro	₹24,752.7; +9.1% / +1.1%	₹3,200.6; −1.4% / −4.5%
Tech Mahindra	₹16,180.2; +15.6% / +3.0%	₹1,585.6; +32.7% / +8.2%

Sources: consolidated filings linked under each company below. Wipro’s press release uses total net income of ₹3,199.7 crore, down 1.9% YoY and 4.7% QoQ. The table consistently uses profit attributable to shareholders, explaining the difference.

EBITDA and Margins: Read the Labels Carefully

EBITDA measures earnings before interest, tax, depreciation and amortisation. EBIT deducts depreciation and amortisation. They are different measures; an IT-services segment margin is also different from a consolidated group margin.

HCLTech and Tech Mahindra publish EBITDA. For TCS, EBITDA below is calculated before exceptional items as profit before exceptional items and tax, minus other income, plus finance costs and depreciation/amortisation. Wipro is calculated from revenue minus operating expenses, adding back finance costs and the combined depreciation, amortisation and impairment charge. Its figure is therefore an EBITDA-style measure including the impairment add-back, not a company-reported EBITDA KPI.

Company	EBITDA: amount; YoY / QoQ	Margin; movement YoY / QoQ
TCS: before exceptional items	₹18,815; +4.7% / +1.4%	25.71%; −161 bps / +3 bps
HCLTech: reported	₹7,477; +13.4% / +8.8%	20.99%; +35 bps / +112 bps
Wipro: calculated, as defined above	₹4,862.7; +11.2% / +5.0%	19.65%; +38 bps / +72 bps
Tech Mahindra: reported	₹2,878.5; +32.8% / +5.0%	17.79%; +230 bps / +34 bps

Infosys is pending. Margin changes use unrounded calculations; 100 basis points equal one percentage point. These EBITDA measures should not be treated as perfectly identical accounting definitions.

1. TCS Q2 FY27 Results: Steady Business, Softer Underlying Profit Growth

What worked—and what needs a closer look

TCS reported EPS of ₹38.37, against ₹33.37 a year earlier and ₹36.90 in June. However, the comparison periods included ₹1,135 crore of restructuring expenses and a ₹668 crore legal settlement respectively. There was no separately reported exceptional charge this quarter.

On the company’s adjusted presentation, net profit increased only about 7.6% YoY and 0.3% QoQ. The reported 15% growth therefore overstates the improvement in comparable earnings.

Its operating margin was 24%, flat sequentially but below the adjusted 25.2% last year. Other income was ₹1,337 crore, versus ₹867 crore YoY and ₹1,568 crore QoQ.

Segments and management outlook

In constant currency, BFSI grew 2.5% sequentially; manufacturing and technology/services each grew 3.1%. Total company growth was a slower 0.5%, while international revenue rose 1.2%.

Management highlighted AI work and the Porsche/MHP and Best Buy partnerships. Quarterly contract value was $9.6 billion. The reviewed release does not give a numerical full-year revenue-growth forecast.

Positives: cash generation and international demand. Negatives: slow underlying growth and lower year-on-year margins. Risks: acquisition integration, pricing pressure and clients delaying discretionary projects.

Final result rating: Positive. A steady quarter, but the headline profit jump deserves context.

Q2 FY27 Results and Financial Highlight

2. Infosys Q2 FY27 Results: Awaiting the Announcement

Infosys will announce its September-quarter results on 23 October 2026, with the management press conference scheduled for 4:30 p.m. IST.

Revenue, EBITDA, profit, EPS, cash flow, debt, segment performance and revised guidance cannot yet be assessed for this quarter. Substituting June-quarter numbers would give readers the wrong comparison.

When the results arrive, the useful questions will be whether constant-currency growth improves, whether large deals convert into revenue, and whether management changes its growth or margin outlook.

Final result rating: Pending. Assigning Strong, Positive, Mixed or Weak before the announcement would be misleading.

3. HCLTech Q2 FY27 Results: Better Growth and Profitability

Earnings quality and segment performance

HCLTech’s basic and diluted quarterly EPS were ₹18.95 and ₹18.91. Its profit improvement came with stronger operating performance, although a lower tax charge also helped: ₹1,335 crore versus ₹1,482 crore in June.

The statutory filing records other income of ₹193 crore and finance costs of ₹191 crore. The investor presentation separately shows a ₹104 crore foreign-exchange loss and ₹106 crore net other income. These are different presentations of the same earnings bridge and should not be added together.

IT and Business Services revenue rose 4.4% YoY in constant currency; Engineering and R&D Services grew 2.1%. Retail/CPG grew 14%, financial services 7.1%, and technology/services 5.9%. HCLSoftware’s annual recurring revenue was $1.13 billion.

Guidance, positives and risks

Management revised FY27 constant-currency revenue-growth guidance to 2.5%–4%, with services growth of 3%–4% and EBIT margin of 17.5%–18.5%.

New bookings reached $3.3 billion. That supports confidence, although signed contracts generate revenue over time.

The reported EBIT margin includes an 84-basis-point restructuring impact, against 62 bps in June and 55 bps a year earlier. It would be wrong to describe the quarter as free of restructuring costs simply because the statutory exceptional-item line is nil.

Positives: better margins, services growth and bookings. Negatives: cash conversion trailed profit this quarter. Risks: software demand, restructuring costs and the pace of deal execution.

Final result rating: Strong. Growth and profitability improved together.

Q2 FY27 Investor Release and Detailed Financial Performanc

4. Wipro Q2 FY27 Results: Cash Collection Improves, Growth Still Lags

Why higher EPS does not mean higher profit

Wipro’s EPS was ₹3.23, compared with basic EPS of ₹3.10 last year and ₹3.20 in June. Profit declined, but the share count fell following the buyback. Fewer shares can lift EPS even when total earnings fall.

Other income declined to ₹755.5 crore, from ₹947.7 crore YoY and ₹979 crore QoQ. Finance costs rose to ₹545.4 crore. Both weighed on earnings. No separate exceptional-item line appears in the current-quarter consolidated profit-and-loss statement; last year’s September comparator included a ₹40.5 crore building-transfer gain.

Segments and guidance

IT-services revenue was flat sequentially in constant currency and grew just 0.6% YoY. Its operating margin improved to 16.5%, up 50 bps QoQ but down 20 bps YoY.

Sequential constant-currency growth varied considerably:

Consumer: +2.6%; BFSI: +1%.
Energy, manufacturing and resources: +1.1%.
Technology and communications: −2.6%; health: −3.8%.
APMEA grew 3.1%, while Americas 1 declined 2.1%.

December-quarter guidance is −1.5% to +0.5% sequential constant-currency growth. Total bookings fell 22.9% QoQ and large-deal bookings fell 58.6%.

Positives: cash conversion and sequential margin recovery. Negatives: weak growth and bookings. Risks: fewer new contracts translating into slower future revenue and continued weakness in some sectors.

Final result rating: Mixed. Better operating discipline, but insufficient evidence of a broad growth recovery.

Results for the Quarter Ended September 30, 2026

5. Tech Mahindra Q2 FY27 Results: Turnaround Continues

Growth and margins move in the right direction

Tech Mahindra’s basic EPS was ₹17.88 and diluted EPS ₹17.84. Constant-currency revenue increased 2.4% QoQ and 7.2% YoY, supporting the case that growth extends beyond currency translation.

EBIT margin reached 14.8%. Management said margins had expanded for twelve consecutive quarters and highlighted four successive quarters with more than $1 billion of new deal wins. The reviewed Q2 release and presentation do not provide a fresh numerical full-year guidance range; this review does not substitute an unverified target.

Segment strengths and weak spots

In reported US-dollar terms, communications revenue grew 6% QoQ, retail/logistics/transport 9.6%, and technology/media/entertainment 2.8%. Manufacturing declined 3.9%, while BFSI grew only 0.4%.

Other income remained negative at ₹7.4 crore, but improved from a ₹106.4 crore loss in June. Finance costs fell to ₹83.6 crore from ₹111.3 crore. These improvements helped sequential profit growth. No exceptional item was recorded in Q2.

Positives: faster underlying growth and improving profitability. Negatives: uneven segment performance and softer cash conversion. Risks: telecom exposure, manufacturing weakness and legacy Satyam litigation disclosed in the filing.

Final result rating: Strong. The turnaround is visible in both revenue and margins, though collections need watching.

Q2 FY27 Results and Business Highlights

Cash Flow, Debt and Interest Costs

Profit is useful only if the business can collect cash. Borrowings below exclude lease liabilities, which are shown separately. Finance costs are the reported expense, not necessarily bank interest alone.

Company	Cash generation	Debt and Q2 finance costs
TCS	Q2 operating cash flow ₹14,190 crore and FCF ₹12,731 crore, company IFRS factsheet	No separate borrowings line; leases ₹11,808 crore; finance costs ₹252 crore
HCLTech	Q2 operating cash flow ₹4,758 crore; FCF ₹4,128 crore	Borrowings ₹954 crore; leases ₹5,059 crore; finance costs ₹191 crore
Wipro	Q2 operating cash flow approximately ₹5,300 crore, or 165.8% of net income	Borrowings ₹18,502.1 crore; leases ₹3,604.4 crore; finance costs ₹545.4 crore
Tech Mahindra	H1 operating cash flow ₹3,469.7 crore; Q2 FCF $135 million	Borrowings ₹59 crore; leases ₹2,124.5 crore; finance costs ₹83.6 crore

Sources: the official factsheets and consolidated filings linked above. Debt balances are at 30 September 2026. H1 means April–September; Tech Mahindra’s six-month operating cash flow must not be compared directly with peers’ three-month numbers. Infosys remains pending.

TCS’s balance sheet also carries ₹126 crore of liability-classified convertible preference shares. HCLTech reports net cash of ₹24,503 crore before deducting lease liabilities.

Tech Mahindra’s free-cash-flow conversion fell to 81% of profit, from 108% in June. Its debtor days rose from 84 to 88. Rising profit alongside slower collections is a reason to keep tracking working capital.

Did These Results Beat Market Expectations?

A verified market-consensus comparison is not available from the official materials used here. Company and exchange filings establish actual results, but they do not automatically establish what analysts expected before publication.

For TCS, HCLTech and Tech Mahindra, this review therefore leaves the beat/miss assessment unverified. Infosys is pending.

Wipro’s datasheet provides a narrower comparison: IT-services revenue of about $2,612 million was within its currency-restated guidance of $2,570 million–$2,623 million, towards the upper end. That is performance against management guidance, not proof of a market-consensus beat.

A proper consensus comparison would need a dated, pre-results analyst estimate on the same accounting basis. Calling every increase in profit a “beat” would mislead readers.

Final Ratings: Which Results Look Better?

These are editorial ratings of quarterly business performance, not buy or sell recommendations.

Company	Rating	Main reason
TCS	Positive	Healthy cash generation; underlying profit growth less impressive than the headline
Infosys	Pending	Results scheduled for 23 October
HCLTech	Strong	Revenue, margins and bookings improved
Wipro	Mixed	Cash collection improved, but growth and bookings remain weak
Tech Mahindra	Strong	Turnaround progressing, with stronger growth and margins

For everyday investors, the useful lesson is to look beyond rupee revenue growth. Constant-currency growth, comparable margins and cash collection give a clearer view of the business.

HCLTech and Tech Mahindra stand out in this reported group. TCS offers steadier performance, while Wipro still needs to demonstrate a more convincing growth recovery. The five-company comparison remains incomplete until Infosys reports.

Even a strong quarterly result does not make a stock attractive at every price. Valuation, future earnings and portfolio concentration still matter.

Disclaimer:

This article is for information and stock-market education. It is not a personalised investment recommendation. Figures are rounded and calculated measures are labelled. Review the linked filings before making investment decisions.