India's IT giants grapple with weak growth despite resilient deal momentum

India's top five IT companies reported weak sequential revenue growth in dollar terms for the June quarter, with TCS, Infosys, HCLTech and Wipro posting drops or sub-1% growth, while only Tech Mahindra stood out with 2.2% growth at 1.7 billion dollars. The second-largest IT exporter (Infosys) has lost 9% over three months, trading at a trailing P/E of 14 versus a long-term average above 25, reflecting uncertainty over growth amid geopolitical tensions and AI disruption. Despite resilient deal momentum and rising AI revenue share (Infosys at 8.2%, TCS at 8.5%), shrinking headcount and margin pressure for TCS and Wipro signal continued near-term headwinds for the sector.