New Delhi, April 23 -- Slimmer order books and fewer mega-deals spell gloomy days ahead for four of India's largest IT services companies, posing an additional headache in a world of rising turbulence and advancing AI.

Tata Consultancy Services Ltd (TCS) and Wipro Ltd started FY26 with an order book which was smaller than at the start of FY25, while Infosys clocked fewer large deals in FY25, implying weaker revenue growth in the year ahead, five analysts said. TCS and Wipro also clocked fewer mega-deals (contracts above $1 billion) in the past year.

Mumbai-based TCS won orders worth $39 billion, 7.7% below what the country's largest IT services company won in FY24. TCS reported 3.8% dollar revenue growth to end the year with $30.18 bill...