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Q2FY26 Performance: Revenue at US$ 1180.1 mn, was up 2.3% QoQ/4.7% YoY (up 2.4% QoQ CC/ 4.4% YoY CC). In rupee terms, revenue stood at 10,394 crore, up 5.6% QoQ and 10.2% YoY. EBIT margin expanded by ~160 bps QoQ to 15.9%. PAT...

Mphasis’s (MPHL) 2QFY26 net revenue rose 1.2% QoQ in Constant Currency (CC), largely in line with our estimate of 1.5% QoQ CC.

Q2FY26 Performance: Mphasis reported revenues of US$ 445 mn, up 1.8% QoQ/ 3.6% YoY (up 2% QoQ/6% YoY in CC terms). Direct Revenue (97.5% of the mix) 2.2% QoQ/ 7.9% YoY in CC terms. The EBIT margin at 15.3%, was flat QoQ/ down ~10 bps YoY. PAT came at 469 crore (up 6.2% QoQ/ 10.8% YoY). It won a broad based...

Infosys delivered a steady performance driven by resilience in deal execution, continued traction in digital transformation projects and operational discipline across key verticals. Its focus on GenAI adoption, platform monetisation and cloud-led modernisation is expected to enhance scalability and differentiation. Strategic acquisitions in cybersecurity and consulting strengthen domain capabilities and regional presence, while internal efficiency initiatives and talent upskilling support...

Given the company's strong growth potential, backed by robust deal wins and superior execution capabilities, we maintain our BUY rating on the stock.

Coforge reported a strong Q2FY26 with consolidated revenue of INR 3,855 crore (USD 462mn), growing 8.1%/26.7% QoQ/YoY in INR terms, driven by robust growth in Travel (+6.4%), Healthcare, Retail & Hi-Tech (+5.9%), Insurance (+1.8%), and BFSI (+4%) sectors. EBIT margin expanded 251bps QoQ to 14%, supported by lower ESOP costs and operating leverage, despite higher hedge losses. PAT margin improved to 9.4%. Order intake reached USD 514mn with five large deals, lifting the executable order book to USD 1.63bn, up 26.7% YoY. Employee strength increased to ~35K with a low attrition rate of 11.4% and...

We recommend a BUY rating on the stock.

LTIMindtree delivered strong results in Q2FY26, with revenue reaching USD 1.18bn, up 2.3% & 4.8% QoQ/YoY. EBIT margin expanded by 160bps to 15.9%. The company secured USD 1.59bn in orders, driven by significant deals across key sectors like media, financial services, and manufacturing. AI-driven digital transformation remains central, with projects leveraging their Blueverse platform, cloud migration, and AI governance solutions. Headcount increased by ~2.5K, with extensive AI reskilling of over ~80K employees. LTIMindtree targets near double-digit growth in H2FY26, balancing productivity gains and...

LTIMindtree (LTIM) reported revenue of USD1.1b in 2QFY26, up 2.4% QoQ CC, above our estimate of 2.0% QoQ CC growth. EBIT margin at 15.9% was above our estimate of 14.9%.

We recommend a BUY rating on the stock.

Wipro’s valuation remains supported by improving deal momentum, steady margin discipline, and consistent cash generation.

AI-Led Transformation for long-term differentiation: Persistent's AI-led transformation through its Sasva platform (filed 20 new patents), enterprise AI readiness offerings, & internal AI deployments is a key differentiator. With 50+ AI agents deployed & partnerships with Anthropic, the company is also embedding AI across delivery, legal, HR, finance, & supply chain. This positions Persistent well to capture next-gen digital transformation opportunities, drive...

Revenue stood at INR 1,39,949 Mn, up 4.8% QoQ and 5.1% YoY, slightly ahead of our estimate by 2.9%, driven by traction in key verticals and improved deal conversions across the US and Europe.

Tech Mahindra (TechM) delivered a healthy beat on both revenue and margins in Q2FY26. However, turnaround is progressing at a slower pace.

Revenue stood at INR 35,807 Mn, up 7.4% QoQ and 23.6% YoY, outperforming our estimate by ~2.7%, driven by consistent client additions and higher offshore volumes.

HCLT reported a strong beat on revenue driven by broad-based growth across key verticals. HCLT has quantified ‘Advance AI’ revenue of USD 100mn for Q2 (3% of overall revenue on annualised basis). It acknowledged the deflationary impact in renewal deals with a reduction in overall ACV in 5 out of 10 large deals.

TCS reported a 0.8% QoQ growth and 3.3% YoY decline in constant currency revenue driven by strong momentum across most verticals except Consumer Business and geographies excluding the UK. Operating margin expanded 70bps sequentially to 25.2% (excluding one-time severance), aided by currency tailwinds, utilization gains, and pyramid rebalancing, partially offset by wage hikes and ongoing AI investments. Net margin stood at 19.6%. TCS recorded its highest-ever quarterly TCV of USD 10bn (+16% YoY), with BFSI at USD 3.2bn and Consumer Business at USD 1.8bn. Management reiterated that FY26 international revenue...

We recommend a BUY rating on the stock.

Strengthened Salesforce capabilities through ListEngage acquisition: TCS announced acquisition of US-based ListEngage for up to US$ 72.8 million (~640 crore), in order to enhance its Salesforce, Agentic AI, and marketing automation capabilities, along with addition of 100+ specialists. Combined with its expanding AI, cloud, and data modernization portfolio, these investments strengthen TCS's positioning for a gradual growth recovery...

Tata Elxsi (TELX) reported revenue of USD105m in 2QFY26, up 1% QoQ in CC terms, in line with our estimate. Growth was led by Media and Communications (up 3.7% QoQ CC), whereas Transportation/HLS declined 0.5%/4.6% QoQ CC.