New Delhi, Sept. 30 -- India's leading IT services companies are heading into another weak earnings season, with persistent macroeconomic uncertainty and AI-led productivity gains continuing to put pressure on demand.

Brokerage firm Kotak Institutional Equities believes that demand conditions have neither improved nor deteriorated since the June 2026 quarter and therefore another muted quarter for large companies is expected, with HCLT being the notable exception.

"We expect muted growth for tier 1 IT companies in a seasonally strong quarter. AI deflation and, to a lesser extent, weaker macro will contribute to weak growth," the firm said in a note.

According to the brokerage firm, among the large IT companies, HCLTech is expected to p...