New Delhi, Nov. 17 -- More than half of FY26 is out of the way, but for India's information technology (IT) companies, revenue visibility remains murky. Investors are swinging between hope and despair, as a recovery in revenue growth gets delayed.

The September quarter (Q2) earnings saw modest sequential revenue growth for most tech firms and a selective recovery in key verticals. Out of 11 companies-five large-caps and six mid-caps-studied by BNP Paribas Securities (India), 64% reported revenue growth that was better than the lowered predictions made by analysts. This is an improvement from the 53% that exceeded expectations in the previous quarter.

On margin, 55% crossed expectations, against 13% last quarter. Infosys Ltd and HCL Tech...