New Delhi, Oct. 1 -- India's top technology companies are set to start announcing their September quarter results from next week, and analysts expect Q2FY26 to be a muted quarter for IT services, with no material improvement over the past quarter.

According to analysts, ongoing macroeconomic and tariff uncertainties have led clients to allocate fewer dollars to large initiatives, and this is expected to be reflected in the September quarter numbers. These weak projections also suggest that a recovery in tech stocks may not be visible in the near term.

Motilal Oswal expects quarter-on-quarter (QoQ) constant currency (CC) growth in 2QFY26 to range between 0.3% and 2.4% for large-cap IT companies, while mid-caps are expected to outperform ...