IT

Hexaware reported decent Q3CY25 results – in-line with expectations. Revenue grew +3.4% CC QoQ (+5.2% CC YoY) to USD394.8mn, in-line with our estimates. EBIT margins expanded 10bp QoQ to 14.7%, slightly below our

Firstsource reported decent Q2FY26 results. Revenue grew +2% CC QoQ (+13.8% CC YoY), a slight miss to our estimate of +2.2% CC QoQ. EBIT margin expanded 20bp QoQ to 11.5%, in line with our estimate. Management maintained

Amazon posted solid Q3FY25 results. Revenue surged +13.4% YoY to USD180.2bn, surpassing Street’s estimate of USD177.8bn. Operating income was flat YoY at USD17.4bn, below Street’s estimate of USD20bn, with an operating

Zensar reported decent Q2FY26 results. Revenue was flat CC QoQ to USD162.8mn, above our estimate of +0.1% CC QoQ. EBIT margin expanded 20bp QoQ to 13.7%, higher than our estimates. PAT of INR1.8bn too beat estimate. TCV

Mphasis reported decent Q2FY26 results. Revenue came in at USD445.2mn, +2% CC QoQ/+6% CC YoY, higher than estimate of +1.3% CC QoQ. EBIT margin was flat QoQ at 15.3%—higher than our estimate of 15%. PAT was broadly in

Microsoft’s Q1FY26 revenue grew 17% CC YoY to USD77.7bn, beating Street’s estimate of USD75.6bn. Operating income jumped 24% YoY to USD38bn, surpassing estimate of USD35bn, with an operating margin of 48.9%, +230bp YoY.

Alphabet’s Q3FY25 revenue grew +15% CC YoY to USD102bn, surpassing Street’s estimate of USD99.8bn. Operating margin decreased 190bp QoQ to 30.5%, below Street’s estimate of 32%, primarily impacted by the European

Cognizant (CTSH) reported strong Q3CY25 results. Revenue increased +6.5% CC YoY (+2.8% CC QoQ) to USD5,415mn, above Street’s estimate of USD5,319mn. Management upgraded its CY25 growth guidance to +6–6.3% CC YoY (from

Coforge posted robust Q2FY26 results, yet again. Revenue grew +5.9% CC QoQ, to USD462mn, in line with our estimate of +6% CC QoQ. EBIT margin expanded 250bp QoQ to 14%, beating our estimate of 13.6%. Adjusted PAT at

LTTS posted decent Q2FY26 results. Revenue grew +1.3% CC QoQ to USD337mn, slightly below our estimate of +1.5% CC QoQ. EBIT margin was 13.4% (+10bp QoQ), in line with estimate. PAT at INR3.3bn too came in line. Deal-wins

Wipro posted decent Q2FY26 results. IT Services revenue came in at USD2,604mn, +0.3% CC QoQ/-2.6% CC YoY, slightly better than our/Street’s expectation of +0.1%/+0.2% CC QoQ. IT Services’ adjusted EBIT margin came in at

LTIMindtree reported robust Q2FY26 results—beating expectations on all counts. Revenue grew +2.4% CC QoQ to USD1,180mn, above our estimate of 1.9%. EBIT margin expanded 160bp QoQ to 15.9%, beating our estimate of 14.9%.

Infosys posted decent Q2FY26 results. Revenue grew +2.2% CC QoQ (+2.9% CC YoY), beating our/Street’s estimate of +1.8% CC/QoQ. EBIT margin came in at 21%, +20bp QoQ, in line with our estimate. Management narrowed FY26

Cyient posted in-line Q2FY26 results. DET revenue came in at USD203.5mn, +0.5% CC QoQ, above our estimate of +0.3% CC QoQ. DET EBIT margin expanded 16bp QoQ to 12.2%, in-line with our estimate. PAT of INR1.4bn (-16% QoQ)

Persistent (PSYS) reported robust Q2FY26 results. Revenue grew 4.4% CC QoQ (+17.6% YoY) to USD406.2mn, beating our estimate of 3.7% CC QoQ. EBIT margin expanded 80bp QoQ to 16.3%, above our estimate of 15.6%. TCV too was

HCL Tech (HCLT) reported decent Q2FY26 results. Revenue grew +2.4% CC QoQ to USD3,644mn, beating our/Streets’ estimate of +1.5% CC QoQ. EBIT margins expanded 110bp QoQ to 17.4%, above our estimate. TCV too was solid at

TCS posted decent Q2FY26 results. Revenue grew +0.8% CC QoQ (-3.3% CC YoY), exceeding our/Street’s estimate of +0.2%/+0.4% CC QoQ. Adjusted EBIT margin expanded 70bp QoQ to 25.2%, excluding one-off

Q2FY26E is likely to show signs of stability after Q1FY26 was impacted by tariff-related uncertainty. Almost all companies are expected to grow sequentially (except Bsoft and Zensar)—as compared to seven companies