As the second-quarter earnings season kicked off in early October, major tech companies such as Tata Consultancy Services (TCS), Infosys, HCLTech, and Wipro were on investors’ watchlists. They were among the most searched company names on Google so far in October.
While TCS trimmed its workforce and incurred restructuring costs, Infosys raised its revenue guidance and reaffirmed its buyback plan. Wipro delivered stable growth on strong deal wins, and HCLTech stood out with over $100 million in AI-related revenue.
TCS trims workforce by 1%, reports Rs 1,135 crore in restructuring costs
The earnings season began with IT major TCS announcing its second-quarter results for the current fiscal year on October 9. Investors were particularly focused on the company as it had announced layoffs during the previous quarter results (Q1FY26).
In Q2FY26, TCS confirmed that it has laid off 1% of its workforce (part of its plan to layoff 2% of its workforce). The company reported restructuring expenses provisioned for employee severance of Rs 1,135 crore — during the quarter. As a result, net income fell 5.4% QoQ to Rs 12,131 crore.
TCS reported revenue of Rs 65,799 crore, up 2.4% YoY and 3.7% QoQ. EBIT stood at Rs 16,565 crore.
In constant currency (CC) terms, revenue grew marginally by 0.8% QoQ but declined 3.3% YoY, primarily due to the ramp-down in the BSNL project and geopolitical uncertainties that led to demand contraction. The board recommended an interim dividend of Rs 11 per share.
Infosys raises revenue guidance and updated on Rs 18,000 crore share buyback
On October 17, Infosys posted an in-line performance for the July–September quarter (Q2FY26), with steady growth across key markets and a strong deal pipeline. The IT major reported a net profit of Rs 7,375 crore, up 13.5% YoY, while revenue came in at Rs 44,490 crore, up 8.6% YoY and 5.2% sequentially.
The company revised its revenue growth guidance for FY26 to 2%-3% in constant currency (CC) terms, up from the earlier projection of 1%-3%.
Headcount stood at 3,32,000, with a net addition of 8,000 employees during Q2FY26 and over 12,000 freshers hired in H1FY26. The attrition rate moderated to 14.3%. “Among its peers, Infosys reflects higher employee stability and controlled hiring,” said Axis Direct.
The company had also announced share buyback worth Rs 18,000 crore via the tender route at Rs 1,800 per equity share, to be completed by Q3FY26 upon shareholder approval.
Wipro posts steady Q2 performance on strong deal wins, AI focus
Wipro posted an in-line performance in the second quarter of FY26 on October 17, supported by strong deal wins and an increasing push toward AI-led transformation. The IT major reported consolidated revenue of Rs 22,697 crore, up 1.8% year-on-year (YoY) and 2.5% sequentially.
Net profit came in at Rs 3,262 crore, a marginal rise of 1.7% YoY but down 2.2% quarter-on-quarter (QoQ), mainly due to lower other income. Total large deals stood at $2.8 billion, registering 31% YoY growth, while overall deal bookings were at $4.7 billion.
Analyst Axis Direct said that Wipro does not foresee any significant impact from potential changes to the H-1B visa system. “The company has been progressively reducing its dependence on H-1B visas over the past five years. A large part of the US workforce is already localised, with more than 80% of employees being local hires. The company has been building up its delivery centres within the US to support demand,” Axis Direct noted.
HCLTech reports $100 million in AI revenue
HCL Technologies reported a better-than-expected performance for the second quarter of FY26 on October 14. The company maintained its overall revenue growth guidance at 3–5% for FY26, while raising the lower end of its services revenue guidance to 4–5%.
The IT major reported a total contract value (TCV) of around $2.6 billion during the quarter, up 42% sequentially and 16% year-on-year (YoY). HCL Tech also began monetising its artificial intelligence offerings, reporting over $100 million in AI-related revenue during the quarter, which accounted for about 2.7% of total revenue. The company reported a net profit of Rs 4,236 crore.
HCLTech declared an interim dividend of Rs 12 per equity share of face value Rs 2 each for the financial year 2025–26. The record date to determine eligible shareholders is October 17, 2025, and the dividend will be paid on October 28, 2025.
