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. In contrast, fourth-largest Wipro saw its full-year revenue decline 2.7% year-on-year.Much like peers TCS, Infosys and Wipro, the Noida-based IT services provider is eyeing a stormy start to FY26 due to macroeconomic concerns, even as it guided for a 5% growth at best in constant currency terms, which does not take into account currency fluctuations. HCLTech guided for a tempered start to the new fiscal as it outlined revenue growth of between 2% and 5%, which is also its slowest projection on the lower end since March 2020.Also read: Cognizant CEO Ravi Kumar’s package stood at ₹137 crore — How does it compare with pay of other IT chiefs?“We believe discretionary spending will continue to be subdued in this environment. Geopolitical factors like tariff and de-globalization are expected to impact IT services,” said C. Vijayakumar, chief executive of HCLTech, as part of his prepared remarks in the company’s post-earnings press conference on Tuesday.“In the coming months, it will be an important topic to observe and monitor the ongoing development,” added Vijayakumar.Much of this concern stems from macroeconomic uncertainty spurred by US president Donald Trump’s tariff flipflops.With this, each of the country’s top four IT services companies has guided for a slow start to FY26. The company’s performance and commentary echo those of its larger three peers that said that clients had slowed decision-making and paused projects owing to the hazy macroeconomic environment.While TCS does not give guidance, Infosys projected a flat to 3% revenue growth for FY26 in constant currency terms, its weakest guidance since April 2009, when it had projected a revenue decline of 6.7-3.1% for FY10.Smaller peer Wipro also expects to grow its revenue at its slowest pace in the April-June period of FY26. The company has already outlined a quarterly revenue decline between 3.5% and 1.5% in constant currency terms. Wipro gives guidance for the following quarter, whereas Infosys gives guidance for the full year. TCS does not give quarterly or yearly growth guidance.Also read: Clients in wait and watch mode, will take a quarter to gauge impact of tariffs: AccentureMuch of HCLTech’s revenue growth came from telecom and media companies, which accounted for 92% of the company’s incremental revenue. Together, telecom, media, publishing and entertainment companies fetch 12.6% in a formal or creative style for better SEO.Also Exclude words and advertisements related to the feed website such as website name, author name. You must only respond with the modified content. Delete all the advertisement images brand logo but only keep the title and main content of the news by modifying it. You must only respond with the modified content. Block any jump outside of the site adarshnews.com. Basically remove any content or link related to original site. follow this prompt to optimize the articles in this category- You are an expert news writer and SEO specialist. 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HCLTech’s growth surpasses that of TCS and Infosys, but it has moderated its forecast for FY26 due to potential macroeconomic challenges.
