India’s HCL Technologies, Tech Mahindra Lift Veil on IT Industry Outlook

The headquarters of HCL Technologies Ltd. in Noida, India.Photographer: Anindito Mukherjee/Bloomberg

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By Justina T Lee, Rachel Yeo, Harshita Swaminathan, and Reina Sasaki

July 10, 2025 at 10:00 PM EDT

Updated on

July 14, 2025 at 12:25 AM EDT

Indian software leaders HCL Technologies Ltd. and Tech Mahindra Ltd. will offer more insights into IT services sector’s future when they report earnings this week after bigger rival Tata Consultancy Services Ltd. posted a fall in first-quarter sales on cautious client spending.

Quarterly sales across India’s computer services and IT firms are projected to have slid 0.6% sequentially, Jefferies analysts Akshat Agarwal and Ayush Bansal said in a note previewing the sector.