Large-cap IT stocks like Tata Consultancy Services, Infosys, Wipro and Tech Mahindra have released their financial results for the quarter ending on March 31, 2026.AI Quick ReadQ4 results 2026: Large-cap IT stocks like Tata Consultancy Services, Infosys, Wipro and Tech Mahindra have released their financial results for the quarter ending on March 31, 2026.
According to brokerage firm Motilal Oswal, the Q4FY26 earnings season has once again underscored the uneven performance among leading players such as Infosys, Tata Consultancy Services (TCS), and HCL Technologies. Although deal pipelines remain robust across the sector, visibility on growth has become increasingly uncertain, prompting investors to rethink their positioning.
IT sector has remained in focus amid uncertain global demand, pricing challenges, and the transformative influence of artificial intelligence (AI) continue to reshape its growth outlook.
TCS reported a relatively stronger operational performance, with net profit surging 28.7% to ₹13,718 crore and revenue increasing 5.4% quarter-on-quarter to ₹70,698 crore.
Profitability also improved slightly, as the EBIT margin edged up to 25.3%. Notably, strong deal wins continued to be a key highlight, with Q4 TCV reaching $12 billion and FY26 TCV at $40.7 billion, offering solid revenue visibility ahead.
“TCS remains the sector anchor with FY26 revenue at ₹2,67,021 crore, up 4.6% YoY, and operating margin at 25.0%, up 80 bps YoY to a 4-year high. Net margin of 19.8% and $40.7bn FY26 TCV, including 3 mega deals in Q4 alone, highlight unmatched scale and deal momentum,” said Seema Srivastava, Senior Research Analyst at SMC Global Securities.
Infosys reported a robust 21% YoY rise in net profit to ₹8,501 crore for Q4FY26, while revenue grew 13.4% YoY to ₹46,402 crore, indicating consistent deal execution.
However, overall sentiment stayed muted as the company’s FY27 constant currency growth guidance of 1.5% to -3.5% signaled a potential slowdown, underscoring concerns around demand visibility despite steady margins.
Srivastava further said that the IT giant showed resilience with Q4 revenue at ₹3,78,230 crore, up 7.9% YoY, and EBIT margin expanding to 20.1%. Large deal TCV of $4.5bn and 43 clients in $100mn+ bucket support stability, but FY27 guidance of 0-3% CC growth signals near-term demand softness. Its AI/cloud focus and 20-22% margin band make it a steady compounder, though growth leadership has ceded to
Wipro reported a mixed set of Q4 FY26 results (for the quarter ended March 31, 2026). The company posted a consolidated net profit of ₹3,501.8 crore, reflecting a 1.9% decline year-on-year, but a robust 12% increase compared to the previous quarter. Revenue rose 7.7% YoY to ₹24,236 crore.
Additionally, the board approved a share buyback worth ₹15,000 crore at a price of ₹250 per share.
“Wipro lags on growth with Q4 IT services revenue up only 2.1% YoY and margin at 17.3%, down 20 bps YoY. Q1 FY27 guidance of -2% to 0% CC adds caution. Yet, large deal bookings rose 65% QoQ to $1.44bn and the ₹15,000 crore buyback signals capital discipline. Its AI Native Business & Platforms pivot could drive differentiation, but execution risk remains,” she said.
HCL Tech, meanwhile, delivered a relatively subdued performance. Its net profit rose 4.2% year-on-year to ₹4,488 crore, while revenue climbed 12.35% YoY to ₹33,981 crore.
However, on a sequential basis, the trends were weaker, with revenue remaining largely flat and margins contracting. This was evident in lower EBIT levels and increased pressure on profitability, pointing to near-term operational headwinds.
IT major Tech Mahindra reported an approximately 19% year-on-year (YoY) increase in its consolidated profit for the March quarter (Q4FY26), reaching ₹1,356 crore compared to ₹1,142 crore in the same period last year.
The company’s consolidated revenue from operations during the quarter rose 12.6% YoY to ₹15,076 crore, up from ₹13,384 crore in Q4FY25.
Sugandha Sachdeva, Founder of SS WealthStreet, while recommending Infosys stock for long-term, said that despite healthy earnings, the stock has witnessed a sharp correction, primarily due to muted guidance and persistent macroeconomic uncertainties.
Sachdeva noted that a significant portion of the negative sentiment appears to be already priced in, with the stock correcting sharply from around ₹2,000 levels in late 2024 to nearly ₹1,154 currently, implying a drawdown of over 40%. At levels of around ₹1,100– ₹1,120, the stock may begin to attract value buying interest, especially as it approaches a strong long-term support zone near ₹900 on the monthly timeframe, which is likely to act as a crucial downside cushion.
“On the upside, any meaningful recovery would require the stock to decisively move past the ₹1,400 resistance level, which could then open the path towards ₹1,600 over the long term. While near-term visibility remains limited due to weak guidance and slower deal conversions, the company’s positioning in AI-led transformation, cost optimization programs, and its continued traction in sectors such as financial services, energy, and utilities could support a gradual improvement in outlook,” she said.
She further highlighted that Infosys’ ability to adapt, coupled with a strong deal pipeline, provides some comfort for long-term investors. Overall, while a sharp post-result rebound seems unlikely, the risk-reward is gradually turning favorable, and a staggered accumulation approach may be considered, with close eye on the key ₹900 support level.
On the other hand, Srivastava of SMC Global, believes that TCS for core stability and AI-scale leadership; Infosys for margin resilience and digital mix; Tech Mahindra as the turnaround + AI bet with improving returns; Wipro only for patient investors betting on transformation and buyback support. A diversified allocation overweight TCS/Infosys with tactical exposure to Tech Mahindra best balances growth and risk.
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Vaamanaa covers business and stock market news. Started in 2020, she has been producing news on digital platforms for over 4.5 years now. She writes on markets, commodities, IPOs, and industry. She has worked for news channels like Jagran New Media and Business Insider India. You can reach out to her at vaamanaa.sethi@htdigital.in.