Overview

• Analysts forecast subdued sequential revenue growth for TCS, Wipro, HCL Tech and Tech Mahindra in the June quarter due to cautious client spending and macro uncertainty
• Mid-tier firms including Coforge, Persistent Systems and eClerx are expected to post 4–7% quarter-on-quarter growth supported by strong deal ramps and favorable currency movements
• PL Capital downgraded Infosys to Accumulate and moved Mphasis and Persistent Systems to Hold, citing stretched valuations after recent share price rallies
• Nomura India’s top stock picks ahead of Q1 include Infosys, Coforge and eClerx, while ICICI Securities favors TCS and Mphasis for their resilient fundamentals
• Q1 FY26 earnings season kicks off July 10, and brokerages stand ready to update forecasts and guidance based on actual revenue prints