Top IT Stocks to Buy After Q2 Results: TCS vs Infosys vs Wipro vs HCL Tech vs Tech Mahindra, What Market Experts Recommend
- October 26, 2026
- Posted by: Kunal Singla
- Category: News
The top IT stocks to buy after Q2 results are being debated after all five large caps reported, with TCS at Rs 2,527.80, HCLTech at Rs 1,416, Tech Mahindra at Rs 1,795, Infosys at Rs 1,166 and Wipro at Rs 189.20 around 3:24 PM on Monday, 26 Oct 2026. Gaurav Garg, Head of Research at Lemon, said that investors should prioritise HCLTech and TCS for further evaluation and consider Tech Mahindra only if they are comfortable with higher execution risks. All five have a 14-day RSI above 70, which means that the sector is overbought after a sharp rally.
Quick Answer
The top IT stocks to buy after Q2 results depend on what you value, because TCS leads on bookings and cash flow, HCLTech on profit growth and guidance, Tech Mahindra on constant-currency growth and margin recovery, Infosys on valuation, and Wipro on dividend yield but not on momentum. Constant-currency revenue growth was only 0.6% to 7.2% against rupee growth of 9% to 16%, so the headline numbers are lifted by a weaker rupee (my calculation). Because all five IT stocks are overbought and many post-result targets sit below the current prices, this comparison is educational and not a recommendation to buy or sell.
The IT stocks to buy after Q2 results were not obvious on 26 Oct, because the sector had already risen 20% to 40% from its 52-week lows and the results were mixed. TCS rose about 22% from its 8 Oct close of Rs 2,076 and HCLTech, Tech Mahindra and Wipro each jumped between 4.7% and 7% on their result days, while Infosys fell as much as 4% at the open on Monday after cutting its FY27 guidance and then recovered.
This article compares the five companies, from TCS vs Infosys vs Wipro to HCLTech and Tech Mahindra, on the numbers that matter: growth, margins, deal wins, guidance, valuation, brokerage targets and technical levels. It is educational and not advice.
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Top IT Stocks to Buy After Q2 Results: Prices and Distance from Highs
| IT stocks to buy: company (NSE, about 3:24 PM) | Last price | Day change | 52-week high | 52-week low | Vs high | Vs low |
|---|---|---|---|---|---|---|
| TCS | Rs 2,527.80 | Down 0.09% | Rs 3,350.00 | Rs 1,976.80 | 24.5% below | 27.9% above |
| Infosys | Rs 1,166.00 | Up 1.06% | Rs 1,728.00 | Rs 980.40 | 32.5% below | 18.9% above |
| Wipro | Rs 189.20 | Down 0.34% | Rs 273.10 | Rs 156.79 | 30.7% below | 20.7% above |
| HCLTech | Rs 1,416.00 | Down 0.44% | Rs 1,780.10 | Rs 1,030.00 | 20.5% below | 37.5% above |
| Tech Mahindra | Rs 1,795.00 | Up 0.28% | Rs 1,854.00 | Rs 1,304.10 | 3.2% below | 37.6% above |
The last two columns are my calculation. Tech Mahindra is the only one of the five IT stocks within 5% of its 52-week high, while Infosys and Wipro are still about 30% below theirs. That spread matters, because the IT stocks that have recovered most have less room before they test old resistance.
Moves on the day were small, which suggests that the IT stocks are pausing after a strong run. I could not retrieve a reliable live reading for the Nifty IT index, so this comparison uses the five stocks directly. The IT stocks with the heaviest volume today were Infosys at about 2.55 crore shares and Wipro at about 1.10 crore shares on NSE.
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Q2 FY27 Scorecard: How the Five IT Stocks Reported
| Company (Q2 FY27) | Revenue | Net profit | Margin | Deal wins (TCV or bookings) | Dividend |
|---|---|---|---|---|---|
| TCS | Rs 73,188 crore, up 11.2% year on year and 1.3% on the quarter | Rs 13,884 crore, up 4% on the quarter as reported | Operating margin 24.0% | $9.6 billion | Rs 12; paid 30 Oct |
| Infosys | Rs 49,244 crore, up 10.7% | About Rs 7,823 crore, up 6.2% | Not retrieved | $5.2 billion, 62% net new | Not retrieved |
| Wipro | Rs 24,752.7 crore, up 9.1% year on year and 1.1% on the quarter | Rs 3,200.6 crore, down 1.4% year on year and 4.5% on the quarter | IT services operating margin 16.5% | Bookings $2.595 billion, large deals $674 million | Not stated |
| HCLTech | Rs 35,620 crore, up 11.5% year on year and 3.0% on the quarter | Rs 5,132 crore, up 21.2% year on year and 11.0% on the quarter | EBIT margin 18.2% | $3.258 billion, up 27% | Rs 12; paid 26 Oct |
| Tech Mahindra | Rs 16,180 crore, up 15.6% year on year and 3.0% on the quarter | Rs 1,586 crore, up 32.7% year on year | EBIT margin 14.8% | $1.023 billion, up 25.4% | Rs 15 and a recommended 1:1 bonus |
Sources differ on a few points for these IT stocks, and I have used the company or the most detailed report each time. TCS profit rose about 4% on the reported Q1 figure of Rs 13,349 crore but only about 0.25% against Q1 excluding a legal settlement loss of Rs 13,849 crore, so the underlying profit growth was flat. One report puts Wipro’s profit decline at 1.9% and the Infosys profit figure is Rs 7,823 crore in one report and Rs 7,828 crore in another.
Among the IT stocks, in the TCS vs Infosys vs Wipro comparison, Wipro stands out for the wrong reason. Its large deal bookings fell 58.6% from the previous quarter to $674 million, and its Q3 guidance of $2,571 million to $2,625 million implies a change of minus 1.5% to plus 0.5% in constant currency. HCLTech and Tech Mahindra, in contrast, reported double-digit profit or EBIT growth and higher deal wins. Attrition also differs, at 11.7% for Tech Mahindra, 12.8% for HCLTech, 13.3% for TCS and 13.8% for Wipro on a trailing 12-month basis, which affects delivery cost.
Rupee Tailwind for IT Stocks: Why Rupee Growth Looks Better Than Dollar Growth
| IT stocks: company | Revenue growth in rupees | Revenue growth in dollars | Constant-currency growth | Implied currency lift (my calculation) |
|---|---|---|---|---|
| TCS | 11.2% year on year | 2.4% year on year | 2.8% year on year | About 8.6% |
| HCLTech | 11.5% year on year | 2.2% year on year | 2.6% year on year | About 9.1% |
| Tech Mahindra | 15.6% year on year | 6.8% year on year | 7.2% year on year | About 8.2% |
| Wipro (IT services) | Not stated | 0.3% year on year | 0.6% year on year | Not available |
| Infosys | 10.7% year on year | Not retrieved | FY27 guidance 1% to 2% | Not available |
This is the most important check before you pick among the top IT stocks. Rupee revenue grew 9% to 16% year on year, but dollar revenue grew only 0.3% to 6.8%, and the gap of roughly 8% to 9% is the rupee’s fall against the dollar (my calculation, from the ratio of the two growth rates). Rupee strength or weakness is outside company control, so the underlying demand signal is the constant-currency number.
On that measure Tech Mahindra’s 7.2% is clearly ahead, TCS and HCLTech are near 2.6% to 2.8%, and Wipro is near 0.6%. Infosys has guided for 1% to 2% for the full year, after cutting its range from 1.5% to 3%.
How the IT Stocks Reacted After Q2 Results
| IT stocks to buy: company | Result date and reaction | Detail |
|---|---|---|
| TCS | 9 Oct 2026, up 5.46% intraday | Rs 2,187.60 at 11:17 AM against a previous close of Rs 2,076; a reported 5.46% differs slightly from 5.38% by my calculation |
| HCLTech | Results 12 Oct; up about 4.7% on 13 Oct | Guidance raised, and TCS rose 4.5% on the same day |
| Wipro | Results after hours on 15 Oct; early gain of over 6% on 16 Oct | The reports differ, with one citing a 2% gain; price touched Rs 177.53 |
| Tech Mahindra | Up nearly 7% on 16 Oct | Margin expansion and deal wins above $1 billion |
| Infosys | 23 Oct results; opened about 3.4% lower on 26 Oct | Low of Rs 1,107 and recovery to Rs 1,166, after the FY27 guidance cut |
The market rewarded growth and margin in the IT stocks and punished guidance. TCS, HCLTech and Tech Mahindra rose on better-than-feared numbers, Wipro rose despite weak bookings because its margin improved, and Infosys opened sharply lower on the guidance cut before buyers returned. Since those result-day moves, TCS has risen about 22% from the 8 Oct close (my calculation), so a late entrant is paying a much higher price than the one who bought before the numbers.
Valuation of the Top IT Stocks Today
| IT stocks to buy: company | Trailing P/E (at current price, my calculation) | Return on equity | Dividend yield | Debt to equity | Market cap at Friday’s close |
|---|---|---|---|---|---|
| TCS | 17.6 | 43.37% | 4.35% | 0.10 | Rs 9,14,653 crore |
| Infosys | 15.6 | 31.03% | 4.15% | 0.09 | Rs 4,68,528 crore |
| Wipro | 14.2 | 16.68% | 6.14% | 0.28 | Rs 1,87,956 crore |
| HCLTech | 21.0 | 24.08% | 3.79% | 0.08 | Rs 3,86,426 crore |
| Tech Mahindra | 31.6 | 18.62% | 2.85% | 0.07 | Rs 1,75,398 crore |
In the TCS vs Infosys vs Wipro comparison on valuation, the data provider shows an industry price to earnings of 17.55. Infosys and Wipro carry the lowest valuations among the IT stocks on trailing earnings, HCLTech sits at a premium of about 20%, and Tech Mahindra at about 80% (my calculation). A high multiple means that the market is already paying for the margin recovery, so a miss would hit Tech Mahindra harder than a cheaper stock.
Among the IT stocks, TCS combines the highest return on equity at 43.37% with a dividend yield of 4.35%, which is why value-minded experts tend to like it. Wipro offers the highest dividend yield at 6.14%, but with a return on equity of 16.68% and weak bookings, the yield alone does not make it a growth choice. The yields on these IT stocks are trailing figures and may not repeat.
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What Market Experts Recommend on the Top IT Stocks
| Expert or brokerage | View on IT stocks to buy | Timing |
|---|---|---|
| Gaurav Garg, Head of Research, Lemon | Prioritise HCLTech and TCS for further evaluation; consider Tech Mahindra only with comfort for higher execution risk | After Q2 results, as per the source subhead |
| IDBI Capital | Prefers HCLTech for operating momentum and TCS for valuation | 7 Oct, before results |
| PL Capital | Expects Tier-II IT companies to do better than larger peers, and a weaker rupee to help margins | 7 Oct, before results |
| Kotak Institutional Equities | Demand has improved only slightly; absence of major AI-led pricing pressure is a positive | 7 Oct, before results |
| Citi | Raised earnings forecast but kept a Sell on HCLTech, citing a steep premium to TCS and Infosys | After HCLTech results |
| Jefferies | Upgraded HCLTech and Tech Mahindra to Hold | After results |
The only full-text expert view tied to the headline is the one in the source subhead from Gaurav Garg, and I could not retrieve the rest of that article, so I do not add reasoning to it. It reads as a ranking of HCLTech and TCS ahead of Tech Mahindra for further evaluation, and not as a call to buy at today’s prices. Please read the original and check the latest research before you act on any pick.
The brokerages differ more on the IT stocks than the headline suggests. IDBI’s preference for HCLTech and TCS matches Lemon’s, while Citi’s Sell on HCLTech takes the opposite view on valuation, and Jefferies moved up to Hold on both HCLTech and Tech Mahindra and not to Buy.
Brokerage Targets for the IT Stocks, Before and After Results
| IT stocks target (7 Oct, before results) | PL Capital | IDBI Capital | Kotak Institutional | YES Securities | Average vs last price (my calculation) |
|---|---|---|---|---|---|
| TCS (Rs 2,527.80) | Buy, Rs 2,580 | Buy, Rs 3,137 | Add, Rs 2,450 | Buy, Rs 2,873 | Rs 2,760, up 9.2% |
| Infosys (Rs 1,166) | Buy, Rs 1,300 | Hold, Rs 1,137 | Add, Rs 1,200 | Buy, Rs 1,445 | Rs 1,270, up 9.0% |
| HCLTech (Rs 1,416) | Hold, Rs 1,230 | Hold, Rs 1,380 | Reduce, Rs 1,200 | Hold, Rs 1,367 | Rs 1,294, down 8.6% |
| Wipro (Rs 189.20) | Hold, Rs 154 | Hold, Rs 196 | Sell, Rs 150 | Buy, Rs 194 | Rs 174, down 8.3% |
| Tech Mahindra (Rs 1,795) | Buy, Rs 1,900 | Buy, Rs 1,764 | Buy, Rs 1,750 | Buy, Rs 1,960 | Rs 1,844, up 2.7% |
| IT stocks target (after Q2 results) | Rating | Target | Vs last price (my calculation) |
|---|---|---|---|
| HCLTech: Nomura (13 Oct) | Buy | Rs 1,330 (from Rs 1,310) | Down 6.1% |
| HCLTech: Jefferies | Hold (upgraded) | Rs 1,150 | Down 18.8% |
| HCLTech: CLSA | Hold | Rs 1,094 | Down 22.7% |
| HCLTech: JPMorgan | Underweight | Rs 1,080 | Down 23.7% |
| Wipro: Nomura (16 Oct) | Buy | Rs 200 | Up 5.7% |
| Tech Mahindra: HSBC | Buy | Rs 1,800 | Up 0.3% |
| Tech Mahindra: Nomura | Neutral | Rs 1,650 | Down 8.1% |
| Tech Mahindra: Jefferies | Hold (upgraded) | Rs 1,540 (from Rs 1,260) | Down 14.2% |
| Tech Mahindra: CLSA | Hold | Rs 1,494 | Down 16.8% |
| Infosys: highest, Asit C Mehta | Not stated | Rs 1,425 | Up 22.2% |
| Infosys: UBS | Buy | Rs 1,415 | Up 21.4% |
| Infosys: Nomura, Motilal Oswal, Emkay | Buy | Rs 1,300 | Up 11.5% |
| Infosys: lowest, Nirmal Bang | Sell | Rs 902 | Down 22.6% |
Most of the post-results targets for IT stocks such as HCLTech and Tech Mahindra are below the current prices, which tells you that the rally has run ahead of the research, and the 7 Oct table is stale because the stocks have since moved. For Infosys, 13 targets I found earlier today had a median of Rs 1,115 and an average of about Rs 1,172, close to the current price of Rs 1,166. I could not find post-results targets for TCS, so I do not give one.
Targets for IT stocks are opinions and not forecasts, and brokerages revise them often. The table is a snapshot, and you should check the latest report before you rely on any figure.
Technical Levels: All Five IT Stocks Are Overbought
| IT stocks: indicator (daily) | TCS | Infosys | Wipro | HCLTech | Tech Mahindra |
|---|---|---|---|---|---|
| 14-day RSI | 84.3 | 73.8 | 81.0 | 87.8 |
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