Infosys Leads India's IT Pack On Revenue, Deal Surge; TCS Margins At Top — Q1 Scores At A Glance

The top Indian information technology majors, including TCS, Wipro, Tech Mahindra, LTI Mindtree, HCL Technologies and Infosys, have posted their first quarter earnings.

Infosys, which was the latest among the large IT players to disclose the Q1 scorecard, emerged as the top performer among these six companies. Its performance was showcased with resilience in revenue growth, deal wins, and constant currency growth, even as others faced a soft demand environment, delayed deal closures, or margin headwinds.

Here is the complete performance breakdown of the Indian IT majors on the basis of six key elements — revenue, margin, deal wins, CC growth, attrition and headcount addition.

TCS continued to dominate with $9.4 billion in deal wins, although this marked a sequential drop due to paused and delayed deal ramp-ups.

Infosys was the clear gainer, with deal wins up 46% sequentially at $3.8 billion, aided by large vendor consolidation mandates and AI-led productivity engagements.

Wipro also surprised positively with $5 billion in deal wins, a 25% jump QoQ, although execution and growth is awaited. HCLTech’s order inflow, at $1.8 billion, fell short of expectations, as two large deals got delayed, but are expected to close in Q2.

LTIMindtree reported steady deal wins at $1.63 billion, while Tech Mahindra met expectations with $809 million in new deals.

Infosys delivered the highest sequential revenue growth at 3.3% QoQ, beating estimates, led by traction in AI-led services and strong execution in large cost-optimisation deals. Client consolidation strategies also worked in its favour.

On the other end, TCS saw the sharpest decline of 1.6% sequentially in rupee terms (-3.3% in CC), with a major impact coming from the BSNL deal phase-down (2.8%) and international market softness (0.5%). Communication, media & technology vertical fell 14.4%, weighing on topline.

Wipro also reported a 1.65% revenue drop, impacted by weakness in BFSI and consumer segments, and muted performance in Europe (-1.7% QoQ).

Infosys delivered 2.6% QoQ growth in constant currency, the only company in positive territory, benefiting from strong demand in financial services and AI deals.

In contrast, TCS (-3.3%), Wipro (-2%), and Tech Mahindra (-1.4%) saw declines due to delayed ramp-ups, macro softness, and muted vertical growth.

LTI Mindtree managed a modest 0.8% uptick, aided by growth in consumer vertical and their 'Fit4Future' transformation program.

TCS held the highest EBIT margin at 24.25%, marginally better sequentially, though impacted by under-utilisation and long-term investments. The company expects margin recovery as demand picks up.

Tech Mahindra, while still the lowest at 11.06%, showed meaningful improvement of 76 basis points QoQ. The company remains on track to achieve its FY27 margin aspiration of 15%.

TCS added 5,090 employees, the highest among peers, indicating confidence in a demand recovery. The company had also added capacity in Q1 ahead of expected ramp-ups.

HCLTech added 1,984 employees, while Infosys made a modest net addition of 210.

Attrition across the board remained steady or slightly improved. Tech Mahindra recorded the lowest attrition at 12.6%. On the higher side, Wipro (15.1%) and Infosys (14.4%) continue to see elevated churn.

Infosys stands out in this quarter with the best revenue growth, strong CC momentum, and robust deal wins, reaffirming its positioning in client transformation and AI adoption.

TCS retains leadership in margins and deal wins but faces near-term softness. Wipro delivered on deals.

Tech Mahindra is in early recovery mode, LTI Mindtree is steady with selective growth, while HCLTech is expected to rebound in Q2 as delayed deals close.