- Axis Securities reports IT companies show growth from -1.2% to 21.5% YoY in constant currency terms
- Q3 FY26 saw stable demand but profitability hit by furloughs, seasonal weakness, and labor law impact
- Tech Mahindra showed sequential growth with Rs 14,393 crore revenue and 13.1% Ebit margin
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Axis Securities Report
IT companies have reported a broad-based growth ranging from -1.2% to 21.5% YoY in constant currency terms from Axis Securities' coverage universe. In Q3 FY26, the demand environment continues to remain stable while furloughs, seasonal weakness, and lower working days and one time labour law code impacted companies overall profitability growth, though it was offset by currency tailwinds and deal execution.
Stocks in focus include Tech Mahindra, HCLTech, Persistent Systems and more.
Tech Mahindra
Tech Mahindra Ltd. continued to witness consecutive growth on a sequential basis, driven by robust deal wins, cost optimisation initiatives, and strategic investments in GenAI capabilities. The company reported largely in-line performance, with revenue of Rs 14,393 crore and Ebit margin at 13.1%, reflecting early gains from operational efficiencies and offshore leverage. Net profit rose 13% YoY, supported by improved topline growth.
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