IT paradox: Deals surge but growth to be tepid

Despite reporting strong deal wins in the March quarter, Indian IT majors Tata Consultancy Services (TCS), Infosys and Wipro have issued a muted outlook for FY26, pointing to a slowdown in the conversion of deals into revenues. Executives and brokerages alike highlighted concerns over macroeconomic uncertainties, tariff-related disruptions, and delays in client decision-making, which are expected to weigh on performance in the coming quarters.