TCS vs Infosys vs Wipro vs HCL Tech: Amid ongoing earnings season, Indian IT stocks like Tata Consultancy Services (TCS), Infosys, Wipro and HCL Tech have released their financial performance for the April-June quarter (Q1 results 2026).
On Wednesday, Indian IT stocks surged led by Infosys and TCS, as investors shifted towards software exporters amid concerns over elevated AI spending and rich valuations in other technology segments.
The Nifty IT index emerged as the day’s best-performing sector. Market participants are also awaiting the US Federal Reserve’s interest rate decision, scheduled to be announced later in the day.
Infosys share price emerged as top gainer, surged as much as 4.79%. Meanwhile, TCS, Wipro and HCL Tech shares surged over 2% during the intraday session on 29 July.
Q1 results 2026 highlights
According to Harshal Dasani, Business Head – INVasset PMS, across TCS, Infosys, HCLTech and Wipro, the common theme is that discretionary technology spending remains subdued, deal conversion cycles are elongated and AI-led productivity is beginning to reshape traditional IT services economics. While companies continue to announce healthy deal wins, revenue growth has not kept pace, suggesting that execution remains the key challenge rather than order inflows.
TCS Q1 results 2026
TCS reported a consolidated net profit of ₹13,349 crore for the quarter, marking a 5% year-on-year increase from ₹12,760 crore. However, on a sequential basis, profit slipped 3% compared with ₹13,718 crore in the previous quarter.
The company’s revenue from operations rose 14% year-on-year to ₹72,275 crore, up from ₹63,437 crore. On a quarter-on-quarter basis, revenue climbed 2% from ₹70,698 crore.
During the quarter, TCS secured deals worth $9.5 billion, including a flagship AI-led transformation contract with SKF. Its AI business also achieved an annualised revenue run rate of $2.6 billion.
According to the company, client demand remained strong across artificial intelligence, modernisation, cybersecurity, sovereign cloud, and platform simplification initiatives, aided by better deal conversions and a growing network of ecosystem partnerships.
Infosys Q1 results 2026
Infosys posted a 14% YoY increase in revenue for the June quarter to ₹48,211 crore, compared with ₹42,279 crore in the corresponding period last year. Revenue also rose 3.9% on a quarter-on-quarter (QoQ) basis.
Gross profit climbed 16.3% YoY and 5.8% QoQ to ₹15,178 crore. Meanwhile, total operating expenses rose 17.9% from a year ago to ₹5,015 crore and were up 9.0% sequentially.
Operating profit stood at ₹10,163 crore, registering a 15.4% YoY growth and a 4.3% increase over the previous quarter.
Net profit attributable after non-controlling interests came in at ₹7,769 crore, marking a 12.2% rise from the year-ago period, although it declined 8.6% compared with the March quarter.
Wipro Q1 results 2026
Wipro reported a marginal increase in its first-quarter net profit, which rose 0.9% YoY to ₹3,325 crore, while revenue climbed 10.6% to ₹24,480 crore. On a quarter-on-quarter basis, however, net profit declined 4.7%.
The company’s IT services revenue, a key performance indicator, increased 1% year-on-year in the quarter ended June 30 but fell 1.4% compared to the previous quarter.
On a constant currency basis, which removes the impact of foreign exchange fluctuations, IT services revenue grew 0.9% from a year ago but declined 1.2% sequentially.
HCL Tech Q1 results 2026
HCL Technologies reported a 20% YoY increase in its consolidated net profit for the June quarter to ₹4,624 crore, surpassing analysts’ estimates. The company had posted a net profit of ₹3,843 crore in the corresponding quarter of the previous fiscal.
Revenue from operations rose 14% YoY to ₹34,579 crore during the quarter under review, compared with ₹30,349 crore in the same period last year. The company’s operating margin stood at 16.9%, improving by 39 basis points (bps) sequentially and 56 bps YoY. HCL Tech said the Q1 FY27 operating margin included the impact of restructuring costs amounting to 62 bps.
The IT major also maintained its FY27 guidance, projecting revenue growth of 1-4% YoY in constant currency terms and an EBIT margin of 17.5-18.5%, even as the Street had expected the company to lower the upper end of its outlook amid macroeconomic and demand-related uncertainties.
Which IT stock to buy after Q1 results 2026?
Seema Srivastava, Senior Research Analyst at SMC Global Securities, believes that among the Tier-1 IT companies, TCS and HCL Technologies continue to stand out as the strongest investment opportunities after Q1 FY27, while Infosys remains a balanced long-term play and Wipro appears the weakest near-term candidate.
“From an investment perspective, investors seeking stability, strong cash flows, and predictable execution may prefer TCS, while those looking for relatively higher growth potential from AI-led transformation can consider HCL Technologies. Infosys remains suitable for long-term investors willing to wait for demand recovery, whereas Wipro may require stronger evidence of sustained growth and margin improvement before becoming an attractive investment opportunity,” Srivastava said.
Meanwhile, Dasani said that he do not find any of the large-cap IT names compelling enough to warrant fresh exposure at current valuations, from risk-reward perspective.
“TCS continues to command a premium despite moderating growth, Infosys has lowered its growth guidance, HCLTech is navigating a softer demand environment, and Wipro still faces execution challenges. The sector may eventually benefit once global technology spending revives, but that recovery is likely to be gradual rather than immediate. At this stage of the cycle, we would prefer to wait for stronger earnings visibility and a more attractive valuation setup before turning constructive on the sector,” he added.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
