India’s large-cap IT companies have reported better-than-expected results for Q2FY26 despite US tariff, H-1B visa fee hike and other headwinds. Anand Rathi highlighted all top six IT majors — TCS , Infosys , HCLTech , Wipro , Tech Mahindra , and LTIMindtree — reported sequential revenue growth in constant currency terms, strong order bookings and sequential improvement in margins.

Margin growth across large-cap IT firms

LTI Mindtree and HCLTech led the pack with 2.4% growth each, followed by Infosys at 2.2%, Tech Mahindra at 1.6%, TCS at 0.8% and Wipro at 0.3%. The brokerage highlight that margins improved sequentially, helped by the rupee’s 3% depreciation and higher offshore mix.

Margins improved across major players, with LTIMindtree reporting a 156-basis-point expansio

See Full Page