IT Q2 FY27 · Earnings Preview

IT earnings start Oct 8: large-caps muted, mid-tiers set to lead

Brokerages expect AI deflation and weak macro to cap tier-1 growth. Tech Mahindra's bonus issue, its first in over 10 years, is on the Oct 15 board agenda.

Expected QoQ revenue growth (%)

Brokerage estimates differ in basis: Kotak organic, PL Capital constant currency. Gaps = no estimate in the note.

Guidance watch

Expected changes, per Kotak and Choice

Infosys CUT

1.5–2.5% ~~from 1.5–3%~~

Includes 170 bps from acquisitions

HCL Tech NARROWED

2–3% organic ~~from 1–4%~~

3–4% overall incl. HPE telco, Jaspersoft

Wipro WEAK

-2% to 0%

Revenue growth guidance expected

Margin guidance MAINTAINED

Choice expects all companies to hold; cost cuts offset by FX and AI investment

EBIT margin outlook

PL Capital estimates; Kotak flags forex losses

Tier I median

21.1%

+40 bps QoQ

Tier II median

15.1%

Flat QoQ

Forex loss risk

TechM · LTM
Coforge · Hexaware

Per Kotak, cash-flow hedging

Dividends and bonus

Company	Agenda	Date	Status
Tech Mahindra	Interim dividend and bonus shares	Oct 15	FIRST BONUS IN 10+ YRS LAST: 1:1, MAR 2015
TCS	Second interim dividend	Oct 8	RECORD DATE OCT 14
HCL Tech	Third interim dividend, FY27	Oct 12	RECORD DATE TBA
Infosys	First interim dividend, FY27	Oct 23	Rs 48/SHARE PAID IN LAST 12M
L&T Technology	Interim dividend, half-year to Sep 30	Oct 19	UNDER CONSIDERATION
Wipro	No dividend proposal yet	Oct 15	NONE