HCLTech growth outpaces TCS, Infy, but tempers FY26 outlook on macro challenges

HCL Technologies Ltd led India’s top four software services firms in growth for a second consecutive year, but signalled a cautious fiscal year 2026 (FY26) outlook, projecting a tempered 2-5% revenue increase amid macroeconomic challenges.

HCLTech, India’s third-largest information technology services company, reported $13.84 billion in revenue for the year ended March, up 4.3% year-on-year. Tata Consultancy Services Ltd (TCS), the country’s largest information technology (IT) firm, and second-largest Infosys Ltd reported a yearly revenue growth of 3.78% and 3.85%, respectively.