Indian IT Services Accenture’s 3Q26 read across for Indian IT

研报英文原文证据摘录

Indian IT Services Accenture’s 3Q26 read across for Indian IT

18 June 2026

Equities

IT Services Indian IT Services

Accenture’s 3Q26 read across for Indian IT India

◆ ACN’s guidance cut signals continued soft demand

Yogesh Aggarwal*

environment, which is a negative read across for Indian IT Head of Research, India

HSBC Securities and Capital Markets (India) Private Limited

◆ However, softness is driven by the Middle East disruptions yogeshaggarwal@hsbc.co.in+91 22 2268 1246

rather than AI-led productivity pressures Prateek Maheshwari*, CFA

Analyst, India IT Services

◆ Indian IT services companies continue to lack short-term HSBC Securities and Capital Markets (India) Private Limited prateek.maheshwari@hsbc.co.in

triggers while their valuations seem close to trough, in our view +91 98 1937 0718

Sagar Desai*

Accenture’s updated guidance implies a soft start to FY27 for Indian IT. Analyst, India IT Services

Accenture lowered the top-end of its FY26 growth outlook, and its 4QFY26 revenue sagar.desai@hsbc.co.in

guidance is c2% below consensus at the midpoint. Management attributed the +91 83 6919 9927

downgrade to an unexpected drag from the Middle East conflict – Accenture reported

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

cUSD100m direct revenue headwind in 3QFY26 and expects a larger impact in not registered/ qualified pursuant to FINRA regulations

4QFY26, while a couple of large managed services deals have shifted to FY27.

New bookings declined 3% y-o-y in constant currency, driven by a c15% drop in

managed services bookings. Overall, Accenture’s 3Q performance increases the risk

of downward revisions to FY27 revenue guidance across Indian IT, and continued

weakness in managed services bookings could further weigh on sector sentiment.