IT sector stabilising; Motilal Oswal sees 16–33% upside in HCL Tech, Coforge
The Indian IT services industry delivered a steady performance in the September 2025 quarter, with nearly half of the leading players exceeding revenue forecasts and a majority meeting or surpassing margin expectations.
While discretionary technology spending remains subdued, operational resilience and improving deal execution suggest that the sector may be approaching the trough of its demand cycle.
