INDIA IT SERVICES : Reading global trends: Revenue, margin outlook took a hit

Research evidence excerpt

INDIA IT SERVICES : Reading global trends: Revenue, margin outlook took a hit

EQUITIES

IT SERVICES

INDIA IT SERVICES

Reading global trends: Revenue, margin outlook took a hit

Through this series, we analyse the quarterly results of 25 key companies (14 large-caps and 119 JUNE 2026

Sector Research Report mid-caps) to draw insights into the trends in the global IT services industry. In our sample, we include

Production time: 02:43* (London time)

companies from India (13), the Americas (10) and Europe (2). We think this sample is exhaustive

Research Analysts & Publishing Entities

enough to draw meaningful inferences about the industry’s performance.

Kumar Rakesh

BNP Paribas Securities India Private Revenue and deals: revenue growth remains steady while deal TCV slowed downLimited

(+91) 22 6196 4350 IT Services industry’s y-y CC revenue growth was steady in the Mar-26 quarter (CC: 3%, USD: 5.7%

kumar.rakesh@asia.bnpparibas.com vs Dec-25: 3% CC, 4.3% USD). India-heritage IT Services firms’ (including CTSH) revenue growth

(2.2% y-y CC vs 1.3% y-y CC in Dec-25) although improved, it continues to underperform the broader

industry, reflecting outperformance by some of the global peers. Among verticals, y-y USD growth

was broad-based, with CMT leading the pack. By geography, Americas and Europe continued to

grow y-y, while RoW slowed down. Capgemini and Accenture outperformed their peers and gained

the most market share, while TCS suffered the highest market share loss. Median deal TCV growth

slowed down to c3% y-y from 8% y-y in Dec-25. We also capture GenAI updates in Fig 21.

BNPP IOI: growth outlook slips slightly; BFSI and CMT remain positive while others moderate

Our outlook index, built on management commentary across the companies, indicates a modest