India’s leading software services companies posted a 26% year-on-year increase in total contract value (TCV) in the September 2025 quarter, signalling a clearer recovery in deal signings after an extended period of subdued demand, according to Mirae Asset Sharekhan.

Analysts expect this uptrend to strengthen over the next two years as enterprises ramp up spending on AI-led transformation projects.

BNP Paribas noted that project delays likely bottomed out in Q1 (June quarter), with management commentary across major IT vendors now pointing to improving deal traction. On a sequential basis, sector-wide deal wins rose 2.8%, reversing a sharp 15.2% drop in the previous quarter. HCLTech led the recovery, while Infosys, Mphasis and LTIMindtree reported softer numbers.

“Barring a significant m

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