Bengaluru: As the season for report cards on the second quarter (Q2) of the financial year (FY26) open up, analysts and brokerages are bracing for a muted performance by the country's IT services companies, with no improvement over the preceding quarter.

The first to go will be Tata Consultancy Services (TCS), which will announce its financial results on October 9. This will be followed HCLTech on October 13 and both Infosys and Wipro on October 16.

ICICI Securities in its IT preview said the demand environment has neither improved nor deteriorated since Q1FY26, as discretionary spends remain low. \"Q2FY26 has likely benefited from tailwinds, mainly: 1) marginal cross currency and an INR depreciation fillip to margins; 2) stable pricing; 3) opportunities from agentic AI; and 4) momentum

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