BENGALURU, Jan. 20 -- India's IT bellwethers may have beaten Street expectations in the December quarter (Q3FY26), but the relief looks fleeting.

Even as earnings surprises lifted sentiment in the October-December period, four of India's five largest IT services companies are now heading into the final quarter of FY26 (January-March) with weaker full-year trajectories than last year, underscoring how weak demand visibility remains for the country's biggest software exporters.

Tata Consultancy Services (TCS) is at risk of a rare annual revenue decline, Infosys Ltd and HCL Technologies Ltd (HCLTech) are staring at slower growth than last year, and Wipro Ltd is bracing for a third consecutive year of contraction. Only Tech Mahindra Ltd is ...