New Delhi, Jan. 13 -- The December quarter (Q3FY26) results of large-cap IT companies Tata Consultancy Services Ltd (TCS) and HCL Technologies Ltd played out largely as expected, with HCL leading on revenue growth. Both companies flagged pockets of demand improvement, but the recovery remains uneven, and their Q3 performances diverged on several counts.

HCL reported a strong 4.2% sequential constant currency (CC) revenue growth, aided by its products and platforms business, for which the December quarter is seasonally strong. Total contract value (TCV) of new deal wins surged 43.5% year-on-year to a multi-quarter high of $3 billion. Management said booking momentum was driven by applications and engineering and R&D (ER&D) services, with ...