New Delhi, Oct. 20 -- Behind the cautious outlook sounded by the country's five largest IT services companies over the past two weeks, there is a deeper concern, on whether fiscal year 2026 (FY26) will indeed be better than the previous fiscal.

The big five had their weakest year in recent memory in FY25, with two reporting revenue declines and overall growth not exceeding 4.5%. Much of this was because of fewer mega deals, low demand for IT work, and geopolitical tensions prompting clients to go slow on IT spending.

Of the five, Infosys and HCL Technologies have grown their revenue in the first six months of FY26 year-on-year. Tech Mahindra's revenue growth has been flat, whereas Tata Consultancy Services (TCS) and Wipro have lost busi...