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Indian IT firms Infosys, Wipro, and LTIMindtree delivered steady Q2 growth, with sequential revenue upticks across the board. Goldman Sachs warns that AI-driven productivity gains and muted discretionary spends may keep sector valuations under pressure. While deal momentum and demand stabilisation suggest a soft recovery ahead, visibility into CY26 remains poor.

Indian IT firms Infosys, Wipro, and LTIMindtree delivered steady Q2 growth, with sequential revenue upticks across the board. Infosys, India's second-largest IT services exporter, reported a 2% increase in revenue in its largest market, North America, and a 13.19% year-on-year rise in net profit, according to GuruFocus. The company also secured large deals worth $3.1 billion this quarter, compared to $3.8 billion in the previous quarter and $2.4 billion in the same period last year, the report said.

Wipro, on the other hand, is expected to see a marginal increase in revenue on a sequential basis to Rs 22,757 crore, with a PAT decline by 2 percent sequentially to Rs 3,264.35 crore, according to News18. The company's EBIT margin is expected to see a decline in a sequential basis due to upfront costs related to large deals.

LTIMindtree delivered a robust performance in the September quarter of financial year 2026 (Q2FY26), reporting revenue and margin growth that exceeded market expectations. The company's revenue grew 2.4% quarter-on-quarter (Q-o-Q) in constant currency, above analysts’ estimates of 2.0% Q-o-Q CC growth. LTIMindtree's EBIT margin expanded 160 basis points to 15.9%, surpassing expectations, according to Business Standard.

However, Goldman Sachs has warned that AI-driven productivity gains and muted discretionary spends may keep sector valuations under pressure. While deal momentum and demand stabilisation suggest a soft recovery ahead, visibility into CY26 remains poor.