AI revenue rose up to 29% in a quarter; India's four IT majors grew 0–2.3%
What Infosys, TCS, HCLTech and Wipro disclosed about AI revenue in their July–September results, set against each firm's total revenue growth in the quarter.
Infosys said on 23 October that AI was 10.5% of its revenue in the quarter to 30 September and that AI revenue grew 29% in three months. Its total revenue, US$5,145m, grew 1.2% in the quarter and 1.5% on a year earlier, both in constant currency, and it cut its growth forecast for the year to 1–2%.1 Three months earlier the AI share was 8.2% and the forecast 1.5–3.0%.2 The other three of India’s four largest IT services firms reported the same shape, or published no AI number at all.
01What each company disclosed
- HCLTech (12 October): “Advanced AI” revenue of US$219m, up 28.4% in the quarter and 78% on a year earlier, US$876m annualised. Total revenue was US$3,724m, up 2.3% in the quarter and 2.6% on the year, in constant currency. It now expects 2.5–4% growth for the year, including 0.87 points from acquisitions.3
- TCS (8 October): annualised AI revenue of US$3.1bn, more than 10% of revenue, up from US$2.6bn a quarter earlier; total revenue grew 0.5% in the quarter in constant currency, as Indian outlets reported the release.678
- Wipro (15 October): no AI revenue figure in its release, investor presentation or call. IT services revenue was flat in the quarter and up 0.6% on the year in constant currency, and it guided to between a 1.5% fall and 0.5% growth for the quarter to December.4510
AI revenue grew 19–29% in the quarter at the three firms that publish it; their total revenue grew 0.5–2.3%
Growth on the previous quarter, %, quarter to 30 September 2026. Wipro publishes no AI revenue figure
- AI revenue
- Total revenue, constant currency
%
Table view
| AI revenue | Total revenue, constant currency | |
|---|---|---|
| Infosys | 29 | 1.2 |
| HCLTech | 28.4 | 2.3 |
| TCS | 19.2 | 0.5 |
Source: Infosys release (23 Oct); HCLTech call transcript (12 Oct); TCS figures as reported by Outlook Business, DSIJ and Free Press Journal (8 Oct) · as of 23 October 2026 · Each firm counts AI revenue its own way. Infosys does not say whether its 29% is in dollars or constant currency; HCLTech's is constant currency. TCS's rate is our arithmetic on rounded annualised figures (US$2.6bn to US$3.1bn), so it could lie anywhere from about 15% to 24%. Wipro's IT services revenue was flat
02Who reads it which way
The companies. Infosys’s chief executive, Salil Parekh, called the AI growth “a recognition of our differentiated market positioning and client confidence”.1 HCLTech’s C. Vijayakumar said the firm was able “to offset AI-driven deflation by gaining market share in our core services and through our Advanced AI offerings”.3 Wipro’s Srini Pallia said AI “will expand the addressable market”; asked how long price deflation would last, its finance chief, Aparna Iyer, said contracts run about two to two and a half years and “we should be at that inflection curve in a few quarters”.45 TCS’s K. Krithivasan said the firm was building platforms “that will industrialise AI at scale”.6
The analysts. In February, J.P. Morgan analysts wrote that investors feared India’s IT firms “could miss growth targets as AI pushes clients to reallocate spending”, while calling it “overly simplistic” to assume AI replaces what services firms add: “IT Services companies remain the plumbers in the tech world.” Centrum Broking’s Piyush Pandey said investors had “largely over-reacted”, and that IT companies remain relevant “albeit with a leaner headcount”, Reuters reported.9 We take no side on which reading is right.
03What is not known
- Like for like. Infosys gives a share, TCS an annualised run-rate, HCLTech a quarterly figure for a category it calls Advanced AI, Wipro nothing. None of the four publishes a definition that would let the numbers be added up.
- How much is new money. No firm says how much AI revenue replaced work it already did for the same client.
- The next read. The October–December results, due from January, will show whether the AI lines keep growing at this pace.
Sources
- Infosys, Q2 FY27 IFRS USD press release (Form 6-K, Exhibit 99.2) — 23 October 2026
- Infosys, Q1 FY27 IFRS USD press release (Form 6-K, Exhibit 99.2) — 23 July 2026
- HCLTech, Q2 FY27 earnings conference call transcript — 12 October 2026 Filed with BSE and NSE on 15 October 2026.
- Wipro, results for the quarter ended 30 September 2026 (press release) — 15 October 2026
- Wipro, Q2 FY27 earnings conference call transcript — 15 October 2026
- Outlook Business: TCS Q2 results, profit rises to ₹13,884 crore, revenue at ₹73,188 crore — 8 October 2026
- DSIJ: TCS Q2 results, net profit rises 15 per cent YoY to Rs 13,884 crore — 8 October 2026
- Free Press Journal: TCS net profit up 0.25% to ₹13,884 crore in Q2 FY27 — 8 October 2026
- Reuters (Vivek Kumar M and Nandan Mandayam): AI fears wipe out $50 billion from Indian IT stocks in February — 13 February 2026
- Wipro, Q2 FY27 investor presentation — 15 October 2026
Related on TechBag: the IT & ITES industry guide, what February’s software sell-off meant for renewals, and how few firms yet see a profit from AI.
Disclosure. TechBag is a software reseller: it earns a margin when a reader buys through it, including from vendors named here. The analysis is TechBag’s own; no vendor paid for or saw this piece before publication. Facts are labelled reported, TechBag count or our view.
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