Indian IT services 'stopped missing expectations' but growth mixed, says Jefferies

Capgemini SE

21/01/2026 06:19

**  Jefferies says Indian IT services cos "have stopped missing expectations" after recent quarterly results

** Most IT firms beat estimates, though outperformance is largely due to low sector expectations - brokerage

** HCLTech HCLT.NS, TCS TCS.NS show growth acceleration while Infosys INFY.NS, Wipro WIPR.NS report deterioration - Jefferies

** Notes intense industry price pressure debates impacting gross margins across the sector

** However, avg gross margin change YoY was positive at 0.2% across INFY, TCS, HCLT, WIPR

** On the day, TCS up 0.5%; INFY, HCLT, WIPR down about 0.7-08%

** Nifty IT Index .NIFTYIT down 1.2% vs 0.8% drop in Nifty 50 .NSEI

** YTD, .NIFTYIT down 6% vs 4.1% drop in .NSEI

(Reporting by Abhirami G in Bengaluru)

((abhirami.g@thomsonreuters.com))