TCS shares slipped in pre‑market trading as investors weighed a muted revenue outlook. The company reported 0.5% sequential constant‑currency revenue growth for Q2FY27, matching its organic growth. According to the CNBC‑TV18 poll, this figure sits just below the 0.7% consensus estimate, sparking a modest sell‑off.
Infosys, the second‑largest name on the list, nudged up 0.9% in revenue, a 0.4‑point lift over the 0.5% analyst expectation. Wipro, however, saw a 0.9% dip in constant‑currency sales, a decline that marks the first quarterly contraction since the 2023‑24 cycle. HCL Technologies and Tech Mahindra posted 2.5% and 1.5% growth respectively, both comfortably above the 1.2% and 1.0% consensus figures.
Mid‑cap performers were the bright spot: Persistent Systems logged a 6.7% rise, Mphasis 3%, and Coforge a striking 12.2% jump, all driven by large‑deal wins. Persistent’s 6.7% gain is underpinned by a US$650 million mega‑deal, while Coforge’s 12.2% surge is fueled by a 4% organic lift across its verticals.
Acquisitions added a layer of inorganic lift. Kotak estimates assign 820 basis points to Coforge from the Encora acquisition, 110 basis points to HCL from the HPE Telco and Jaspersoft deals, and 80 basis points to Wipro via Mindsprint and AlphaNet. Infosys could see 50 basis points from Optimum Healthcare, while Mphasis expects 50 basis points from Red Oak.
Guidance shifts signal caution. Infosys is trimming FY27 revenue guidance to 1‑2% constant‑currency growth, a 0.5‑point cut from the 1.5‑3% range, citing a slowdown at a major European automotive client. HCL maintains its organic outlook at 2‑3% and may lift reported growth to 3‑4% after factoring acquisitions. Wipro’s Q3FY27 guidance ranges from –2% to 0%, reflecting a tighter margin on volume conversion. Analysts note that AI‑related demand remains a key variable for the sector’s next earnings cycle.