With Tata Consultancy Services Ltd, Wipro Ltd and HCL Technologies Ltd already having reported their quarterly results, all eyes are on the March quarter earnings of Infosys Ltd Infosys is anticipated to report a 7-8 per cent year-on-year (YoY) rise in net profit for the March quarter, led by a 12-15 per cent jump in sales, despite the period being seasonally weak with fewer billing days. Ebitda margin is seen expanding marginally sequentially, as benefits from rupee depreciation may be partly offset by higher visa costs. Deal wins are expected to remain steady. Analysts largely expect Infosys to provide FY27 organic revenue growth guidance of 2-5 per cent in constant currency (CC) terms on a YoY basis, along with a margin guidance of 20-22 per cent. To recall, HCL Tech's FY27 revenue guidance and Wipro's Q1 outlook disappopined the Street. TCS does not offer gudiance.     

Seasonal furloughs, visa costs
Nuvama Institutional Equities expects Infosys to report 7.2 per cent YoY rise in net profit at Rs 7,540 crore on 13.1 per cent YoY rise in sales at Rs 46,299 crore. Ebit margin is seen at 21.4 per cent, up 20 basis points (bps) sequentially and 50 basis points YoY. 

"We forecast revenue to decline 0.8 per cent QoQ in CC and 0.5 per cent QoQ in USD terms impacted by seasonal furloughs, with BFSI remaining stable. EBIT margin is likely to remain flat QoQ driven by project Maximus and Fx tailwind, partly offset by visa costs. We expect Infosys to provide FY27 organic revenue growth guidance of 2–5 per cent CC YoY and margin guidance of 20–22 per cent," Nuvama said.

Cost optimisation
HDFC Institutional Equities anticipated Infosys to guide for 2-4 per cent YoY CC growth for FY27E. This brokerage sees Q4 net profit for Infosys at Rs 7,610 crore, up 8.2 YoY. It sees sales rising 14.1 per cent to Rs 46,699 crore.  Axis Securities sees profit growing 7.9 per cent to Rs 7,594 crore on 14.6 per cent YoY rise in sales at Rs 4,691 crore. Ebit margin is seen at 21.1 per cent, up 22 bps sequentially, led by the cost optimisation program, Project Maximus. Key monitorables include commentary on deal pipeline, outlook on acquisitions, client spending, and management guidance for FY27, it said.

Infosys stock performance
The quarter was marked by macro uncertainty, geopolitical tensions, and cautious client decision-making on large deals as war escalation risks tempered revenue traction. The rupee depreciation brought some respite to margins, but AI-led deflation concerns triggered the recent multiple de-rating. Despite the recent recovery, Infosys shares are down 22 per cent in 2026 so far, thanks to launch of new models from Gen-AI platforms like Claude and Palantir and fears they may disrupt traditional SaaS/IT models. 

What Infosys investors should watch?
Kotak Institutional Equities said investor may focus on impact of Iran war and GenAI deflation on growth prospects. It said they should track any change in decision making pace of clients due rapid improvement in agentic capabilities and Infosys' willingness to take up large transformation programs that are margin dilutive initially. Investors may watch percentage of programs that have moved from PoC to production, and incremental benefits that can accrue from Project Maximus, it said.

TCS , HCL Tech, Wipro earnings
In the case of TCS, its Q4 results largely met analyst expectations in terms of revenue, EBIT margins, and order book in the March quarter. Total contract value (TCV) was strong at $12 billion, including three mega deal. Analysts said Ebit margins stood at 25.3 per cent, up 10 basis points sequentially, supported by better realisations and currency tailwinds, partly offset by reinvestments and higher subcontracting costs. A total of 18 brokerages retained positive view on the stock, with a few even raising targets to as high as Rs 3,350. 

In the case of Wipro, the Q1 guidance -- minus 2 per cent to nil sequential constant currency (CC) revenue growth for the June quarter,  was underwhelming. A decline in top clients and weakness in the US BFSI segment are seen hurting near-term growth. Margins are also expected to come under pressure in the near term due to investments and deal ramp-ups. The management cited account-specific issues in Americas region and delays in large deal ramp-up for this weakness.

HCL Technologies' FY27 guidance at 1-4 per cent revenue growth in constant currency (CC) for FY27, also fell short of Street expectations and the March quarter results came in weak, leading to target price cuts. Analysts said HCL Tech’s Q4FY26 revenue fell 3.3 per cent quarter-on-quarter (QoQ) to $3,682 million, missing consensus expectations of a 1.6 per cent QoQ decline. Net new deal wins at $1.9 billion declined 35 per cent year-on-year (YoY), while Ebit margin at 16.5 per cent also came in below the consensus estimate of 17.6 per cent.