IT and AI Services in Samvat 2083: IT Stocks Outlook After a 9% Fall, AI Revenue Crossing 10% and What to Watch

Nifty IT: -9.2% in Samvat 2082 to 4 Nov. TCS AI revenue: $3.1 bn annualised. Infosys AI share: 10.5%. Infosys FY27 guidance: 1% to 2% CC growth.

Updated: 5 Nov 2026 • 3:13 pm

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IT and AI Services in Samvat 2083: IT Stocks Outlook After a 9% Fall, AI Revenue Crossing 10% and What to Watch

Quick Answer

The IT stocks outlook for Samvat 2083 is a contest between fast-growing AI services and slow overall revenue growth. Nifty IT fell 9.2% in Samvat 2082, even as TCS said annualised AI revenue crossed $3.1 billion and Infosys said AI made up 10.5% of revenue. With Infosys guiding only 1% to 2% constant-currency growth for FY27, the key test for the year is whether AI deals and large contracts lift overall growth.

The IT stocks outlook for Samvat 2083 hinges on one question: can AI services grow fast enough to lift the whole business? The Nifty IT index fell about 9.2% from the Muhurat 2025 close to 4 November 2026, one of the weakest sectors of the year. Yet both TCS and Infosys now say AI work makes up more than a tenth of their revenue.

This article looks at what the latest results show, why IT stocks have lagged and the numbers to watch in Samvat 2083.

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Table of Contents

What Do the Latest IT Results Show?

The latest IT results show fast AI growth inside slow overall growth. TCS reported Q2 FY27 revenue of Rs 73,188 crore, up 11.2% in rupees but only 2.8% in constant currency, with annualised AI revenue above $3.1 billion. Infosys grew 1.5% year on year in constant currency, said AI revenue rose 29% from the previous quarter to 10.5% of revenue, and won large deals worth $5.2 billion.

Metric (Q2 FY27)	TCS	Infosys
Revenue	Rs 73,188 crore	Rs 49,244 crore
Constant currency growth (YoY)	2.8%	1.5%
Net profit	Rs 13,884 crore	Rs 7,823 crore
AI business	Annualised AI revenue above $3.1 billion	10.5% of revenue, up 29% QoQ
Deal wins	TCV of $9.6 billion	Large deals of $5.2 billion
Operating margin	24.0%	21.0%

Source: company results for the quarter ended 30 September 2026, as reported.

Why Have IT Stocks Lagged Despite AI Growth?

IT stocks have lagged because AI is growing from a small base while traditional services are slowing, and AI is also cutting some revenue through automation. Infosys CEO Salil Parekh said AI is driving growth but also compressing revenues. Infosys cut its FY27 growth guidance to 1% to 2% in constant currency from 1.5% to 3%, citing softness in North America.

Rupee weakness has flattered reported numbers. TCS's revenue grew 11.2% in rupees but only 2.4% in dollars, so investors focus on constant-currency growth to judge real demand. Foreign selling and a global rotation into US AI companies also weighed on Indian IT valuations through Samvat 2082.

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IT Stocks Outlook: What Could Change in Samvat 2083?

The IT stocks outlook could improve if large deals convert to revenue and AI work keeps scaling. Infosys said one $2 billion-plus mega deal is expected to add over 1% to revenue growth next financial year. TCS's annualised AI revenue rose from $1.5 billion a year ago to $3.1 billion, roughly doubling.

Analysts quoted by Business Standard also listed a reversal of the crowded global AI trade as a possible trigger for foreign money to return to India. If global investors rotate away from expensive US AI names, Indian IT services firms could benefit from lower relative valuations.

Constant-currency growth: the clearest sign of demand; watch whether it moves above the 2% to 3% range.
AI revenue share: both TCS and Infosys are above 10%; a steady rise would support the AI-services story.
Deal conversion: large deal wins need to show up as revenue in FY28.
US economy and rates: IT spending by US banks and retailers is sensitive to interest rates and growth.
Guidance updates: the January results will show whether companies keep or cut FY27 guidance.

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Risks for IT and AI Services Stocks

The main risks are a further slowdown in US and European tech spending, AI-led pricing pressure on traditional work and currency swings. Infosys's second guidance cut in FY27 shows that demand can weaken further. A stronger rupee would also reduce reported rupee growth, which has been supporting profits.

Conclusion

The IT stocks outlook for Samvat 2083 depends on whether AI services, now more than 10% of revenue at TCS and Infosys, can lift overall growth from the current 1% to 3% range. Nifty IT's 9.2% fall has lowered expectations, but guidance remains cautious. Track constant-currency growth, AI revenue and deal conversion each quarter.

Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. Past performance does not indicate future returns, and illustrative figures are not guaranteed. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).

Frequently Asked Questions

What is the IT stocks outlook for Samvat 2083?

Ans. The IT stocks outlook for Samvat 2083 is mixed. AI services are growing fast, with AI revenue above 10% of total revenue at TCS and Infosys, but overall constant-currency growth is only 1.5% to 2.8%. Infosys guides FY27 growth at 1% to 2%. A recovery depends on large deals converting into revenue.

Why did Nifty IT fall in Samvat 2082?

Ans. Nifty IT fell about 9.2% in Samvat 2082 because revenue growth stayed slow, Infosys cut its FY27 guidance, AI automation compressed some traditional revenue and foreign investors sold Indian equities. Global money also flowed into US AI companies, which weighed on Indian IT valuations.

How much AI revenue do TCS and Infosys earn?

Ans. TCS said annualised AI revenue crossed $3.1 billion in Q2 FY27, more than 10% of its revenue, up from $1.5 billion a year earlier. Infosys said AI revenue was 10.5% of its total in Q2 FY27, growing 29% from the previous quarter. Both are still a small part of overall revenue.

What is Infosys's FY27 revenue guidance?

Ans. Infosys revised its FY27 revenue growth guidance to 1% to 2% in constant currency on 23 October 2026, down from 1.5% to 3% earlier. It kept its operating margin guidance at 20% to 22%. The company cited softness in North America and selective discretionary spending.

Is it a good time to buy IT stocks?

Ans. IT stocks trade at lower prices than a year ago after Nifty IT fell about 9.2%, but growth guidance remains low. Whether they suit you depends on your view on AI demand, global tech spending and valuations. Consider your time horizon and risk appetite, and consult a SEBI-registered adviser if unsure.

What should investors watch in IT stocks in Samvat 2083?

Ans. Investors should watch constant-currency revenue growth, the share of AI revenue, conversion of large deal wins into revenue, margin trends and any change in company guidance. The Q3 FY27 results in January and US interest rate decisions will be important triggers through the year.

How does the rupee affect IT stock results?

Ans. A weaker rupee raises the rupee value of dollar revenue, which lifts reported growth and profit. TCS's Q2 FY27 revenue grew 11.2% in rupees but only 2.4% in dollars. A stronger rupee would reduce this boost, so constant-currency growth is a better measure of underlying demand.