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Evaluate an Indian IT company by reading revenue growth, deal wins and operating margins together—not as interchangeable scorecards. Check the currency and scope behind revenue growth, what a company includes in its TCV or order-book figure, and whether margins are reported or adjusted. Infosys and TCS FY26 disclosures show why those distinctions matter: their deal-value measures have different labels, while revenue growth and margins require their own period- and basis-aware comparisons.
Start with revenue growth—and identify what the percentage measures
Use several years of results rather than one quarter or headline rate. First establish whether the figure is consolidated company revenue, services revenue or a segment measure, and whether it is reported in rupees or calculated in constant currency. Keep both currency measures visible when available: reported growth reflects the financial statements in rupees, while constant-currency growth helps isolate underlying operating movement from exchange-rate translation.
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Infosys illustrates the difference. In FY26, it reported revenue of ₹178,650 crore, up 9.6% year on year in rupees, while constant-currency revenue growth was 3.1%. The company’s FY26 results release filed with the SEC reports $20,158 million of revenue and 3.1% constant-currency growth; the integrated report provides the rupee figure and reported growth. These are different views of the period, not competing estimates. Infosys FY26 results release; Infosys Integrated Report 2026.
Then look beneath the consolidated total. Compare service lines, geographies, client segments and organic versus acquired growth where the company discloses them. A company’s mix can conceal divergent trends: one service line may expand while another contracts, or acquisitions may contribute to reported growth. Wipro’s FY26 annual-report page describes business lines including consulting, technology services, engineering and business process services, and strategic market units across the Americas, Europe and APMEA. The page does not provide comparable figures for this framework, so those figures should not be inferred from its operating-structure description. Wipro Integrated Annual Report FY26.
#1 Best Overall
Read deal wins as future-work indicators, not current revenue
Total contract value (TCV) and order-book figures describe contracted work over a contract period. They do not mean the entire amount will be recognized as revenue in the period the deal is announced. Companies may report all bookings or only a defined subset, such as large deals; totals can also include renewals and extensions. Keep the company’s label and definition attached to the number.
For each disclosure, check:
- Whether the figure is total order book or TCV, or only large-deal TCV.
- Whether it covers a quarter, fiscal year or rolling period.
- What share is net new rather than renewals or extensions.
- Whether bookings remain sustained over multiple periods and convert into reported revenue.
- Whether the company discloses profitability or margin context for the new work.
In FY26, Infosys reported $14.9 billion in large-deal TCV, of which 55% was net new. TCS labels its FY2025-26 figure of $40.7 billion as order book/TCV. Those values should not be ranked at face value: Infosys specifies large-deal TCV, while TCS uses an order-book/TCV label. Reconcile scope and definitions before comparing them. Infosys FY26 results release; TCS Investor Relations.
Rank #2
Compare operating margins on a consistent basis
Track operating margin across multiple periods and alongside revenue growth. A margin level alone cannot tell you whether a company’s trajectory is preferable: growth, investment and service mix can move together or in opposite directions. Confirm that you are comparing operating margin with operating margin, rather than EBIT or net margin, and identify whether each figure is reported or adjusted.
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A free scan shows the junk files, broken settings and background clutter dragging Windows down - then fixes them in one click.Free scan · Windows 10 & 11For an adjusted margin, read the adjustment note. It should explain which costs are excluded—such as restructuring, acquisition costs or other specified items—and whether similar items recur. Infosys reported FY26 IFRS operating margin of 20.3% and adjusted operating margin of 21.0%. Its integrated-report footnote says the adjusted figure excludes the ₹1,289 crore impact associated with labour codes notified by the Government of India on November 21, 2025. Keep that adjusted number separate from the reported result rather than treating them as equivalent. Infosys FY26 results release; Infosys Integrated Report 2026.
Rank #3
TCS’s investor-relations page presents a 25% operating margin for FY2025-26. The Infosys and TCS figures are useful illustrations of what to inspect, but the figures alone do not establish that one company is superior: align definitions, adjustments, mix and reporting periods before drawing a conclusion. TCS Investor Relations.
Separate management guidance from delivered results
Guidance is management’s forward-looking view, not a realized outcome. Record the fiscal year, currency basis, metric and range, then compare the company’s eventual reported result with that guidance. Do not treat ranges from different companies as directly comparable if one refers to total company revenue growth and another to services growth.
Rank #4
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| Company and period | Revenue growth guidance | Margin guidance |
|---|---|---|
| Infosys, FY27 guidance issued April 2026 | 1.5%–3.5% constant-currency growth | 20%–22% operating margin |
| HCLTech, FY27 guidance as displayed on its investor-relations page in October 2026 | Company: 1.0%–4.0% constant-currency growth; services: 1.5%–4.5% constant-currency growth | 17.5%–18.5% EBIT margin; the page notes restructuring effects in Q1 FY27 |
The metrics are not identical: HCLTech distinguishes company and services growth, and describes its margin guidance as EBIT margin; Infosys’s guidance is for operating margin. Preserve those labels when monitoring subsequent results. Infosys FY26 results release; HCLTech Investor Relations.
Management commentary can add context but is not independent verification. For example, HCLTech CEO and Managing Director C Vijayakumar said the company reported Advanced AI revenue and delivered the fastest overall revenue growth in constant-currency terms among its comparable peers for the third straight year in FY26. Treat that as an attributed management claim, and assess it alongside comparable reported figures and definitions. HCLTech Integrated Annual Report FY26.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Use a consistent comparison checklist
When evaluating two or more Indian IT companies, build the comparison around the same fiscal periods and record differences rather than smoothing them over:
- Reported revenue growth and constant-currency growth.
- Organic growth, acquisition effects, service-line mix and geographic mix, where disclosed.
- Deal measure and scope: total TCV or order book versus large-deal TCV, period covered and net-new share.
- Whether bookings are converting into reported revenue.
- Reported operating margin and any separately identified adjusted measure.
- Management guidance compared with later delivery, keeping growth and margin definitions aligned.
No sector-wide statistic is needed to apply this framework; company-specific disclosures should not be presented as an Indian IT sector result. This is a way to interpret operating performance, not a stock recommendation or valuation conclusion.
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