TCS vs HCL Tech vs Tech Mahindra vs Wipro: Which IT Stock Won Q2 Results 2026? AI Revenue, Deal Wins Compared

The four IT firms in the TCS vs HCL Tech vs Tech Mahindra vs Wipro comparison posted mixed Q2 FY27 results as AI shaped growth and deal making. In rupee terms all four grew revenue between 9% and 16%, but constant currency growth ranged from 0.6% to 7.2%, a better guide to demand.

This TCS vs HCL Tech vs Tech Mahindra vs Wipro guide compares growth, profit, margin, AI revenue, deal wins, guidance and share price moves, then gives my scorecard. It is educational and not a recommendation to buy or sell.

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TCS vs HCL Tech vs Tech Mahindra vs Wipro: Q2 FY27 Results

Metric	TCS	HCLTech	Tech Mahindra	Wipro
Revenue	Rs 73,188 crore	Rs 35,620 crore	Rs 16,180 crore	Rs 24,753 crore
Rupee growth YoY	11.2%	11.5%	15.6%	9.1%
Constant currency growth YoY	2.8%	2.6%	7.2%	0.6%
Net profit	Rs 13,884 crore (Rs 13,934 crore in one report)	Rs 5,132 crore	Rs 1,586 crore	Rs 3,201 crore
Profit growth YoY	About 15% (about 7.6% excluding prior-year exceptional items)	21.2%	32.7%	Down 1.4%
Margin	Operating 24.0%	EBIT 18.2%	EBIT 14.8%	Operating 16.5%

In the TCS vs HCL Tech vs Tech Mahindra vs Wipro table, rupee growth overstates demand because of the weaker rupee, which is why the constant currency row matters most. In the TCS vs HCL Tech race, HCLTech's rupee growth edged TCS, but their constant currency growth is close at 2.6% and 2.8%.

Tech Mahindra's profit of Rs 1,586 crore missed the Bloomberg estimate of Rs 1,642 crore, while its revenue beat the Rs 16,027 crore estimate. TCS profit is reported as Rs 13,884 crore and Rs 13,934 crore in two sources, so check the filing.

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AI Revenue Compared: TCS vs HCL Tech and the Rest

Company	AI metric	Growth	Comment
TCS	Annualised AI run rate of $3.1 billion	Up 19% QoQ	About 10% of revenue; a run rate, not revenue earned in the quarter
HCLTech	Advanced AI revenue of $219 million in the quarter	Up 28.4% QoQ and 78% YoY (constant currency)	About 6% of revenue and about $876 million annualised
Tech Mahindra	Not found in the reports I read	Not available	CFO cited continued AI investment
Wipro	Not found in the reports I read	Not available	No AI revenue figure retrieved

BOB Capital Markets said the AI figures in the TCS vs HCL Tech comparison may not be exactly comparable. TCS uses a broad annualised run rate, while HCLTech reports a narrower Advanced AI line. On a like for like annual basis (my calculation), HCLTech's $876 million is about 28% of TCS's $3.1 billion, though the definitions differ.

HCLTech management said the industry is in an early phase of AI-led deflation, and Nirmal Bang noted that productivity gains may offset new AI spend, with large caps facing a bigger impact. Partnerships named for HCLTech include Anthropic, OpenAI, NVIDIA, Google Cloud, ServiceNow and Cohere.

Risk: If clients pass AI productivity gains back as lower prices, revenue growth can slow even when AI revenue rises.

TCS vs HCL Tech vs Tech Mahindra vs Wipro: Deal Wins and Guidance Compared

Company	Deal wins (Q2 FY27)	Guidance or outlook	Other
TCS	TCV of $9.6 billion, up about 1% QoQ and down about 4% YoY	No guide in the reports I read	Headcount 5,98,056; Rs 12 second interim dividend
HCLTech	New bookings of about $3.3 billion, up about 27% YoY	FY27 revenue growth 2.5% to 4.0% (low end raised from 1.0%); EBIT margin 17.5% to 18.5%	Headcount 230,339; Rs 12 interim dividend
Tech Mahindra	$1.023 billion, up 25.4% YoY, the fourth straight quarter above $1 billion	CEO says EBIT margin is about 20 bps from the 15% target	Rs 15 interim dividend; 1:1 bonus proposed
Wipro	Large deals $674 million (down 59% QoQ); total TCV $2.59 billion (down 23%)	Q3 revenue -1.5% to +0.5% QoQ in constant currency	Headcount 236,328, down 6,716

HCLTech's bookings are cited as up 35.4% QoQ in one report and 27% YoY in another, so the two are different comparisons. In the TCS vs HCL Tech vs Tech Mahindra vs Wipro table, TCS has the largest deal book, but its TCV is down about 4% YoY. Tech Mahindra's attrition was 11.7% and its headcount rose by 5,446 to 152,206. Tech Mahindra has the steadiest deal run, and Wipro has the weakest booking trend.

TCS vs HCL Tech vs Tech Mahindra vs Wipro Scorecard: Which IT Stock Won Q2?

Category	Best	Why
Revenue growth (constant currency)	Tech Mahindra	7.2% YoY against 0.6% to 2.8%
Profit growth	Tech Mahindra	32.7% YoY; HCLTech next at 21.2%
Margin level	TCS	Operating margin of 24.0%
Margin improvement	Tech Mahindra	EBIT margin up about 260 bps YoY
Guidance	HCLTech	Raised the low end of FY27 revenue growth
Deal book and AI scale	TCS	$9.6 billion TCV and $3.1 billion AI run rate
Weakest	Wipro	0.6% growth, profit down 1.4% and Q3 guidance of -1.5% to +0.5%

This TCS vs HCL Tech scorecard is my own reading of the numbers, not a rating. On growth and profit Tech Mahindra comes out on top in the TCS vs HCL Tech vs Tech Mahindra vs Wipro group, but its profit missed estimates and its margin is the lowest of the four, which leaves room for improvement.

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TCS vs HCL Tech vs Tech Mahindra vs Wipro Share Price Moves on 16 October

Stock	Price at 1:04 pm	Day move	52-week range
Tech Mahindra	Rs 1,782.50	Up about 8.0%	Rs 1,304.10 to Rs 1,854
Wipro	Rs 184.32	Up about 5.9%	Rs 156.79 to Rs 273.10
TCS	Rs 2,447.20	Up about 4.1%	Rs 1,976.80 to Rs 3,350
HCLTech	Rs 1,373.60	Up about 1.9%	Rs 1,030 to Rs 1,780.10

In the TCS vs HCL Tech vs Tech Mahindra vs Wipro group, all four stocks rose on the day, with Tech Mahindra leading after its dividend and bonus news. The sources I read did not explain the moves in TCS and Wipro, so I do not link them to results alone. TCS is about 27% below its 52-week high and Wipro about 33% below (my calculation), so a result-driven gain has not erased the earlier falls.

Risk: A one-day rally after results can reverse, so look at several quarters before drawing a trend.

What Investors Can Weigh in the TCS vs HCL Tech Comparison

Investor focus	What to weigh	Main risk
Growth	Tech Mahindra's 7.2% against the others' 0.6% to 2.8%	A recovery in margin may not hold
Stability and scale	TCS margin and the largest deal book	Slow constant currency growth
Guidance visibility	HCLTech's raised FY27 range	Margin may be cut to chase growth, per BOB
Turnaround	Wipro's slipped deals converting in Q4	Weak bookings and flat guidance

What to Watch Next

1. Q3 FY27 constant currency growth and guidance for the TCS vs HCL Tech vs Tech Mahindra vs Wipro group
2. Tech Mahindra's 1:1 bonus approval and the record date
3. HCLTech's Advanced AI revenue against $219 million in the TCS vs HCL Tech AI race
4. Wipro's large deal bookings against $674 million
5. Tariffs, AI deflation and client budget trends

Conclusion

In the TCS vs HCL Tech vs Tech Mahindra vs Wipro Q2 comparison, Tech Mahindra led on growth and profit, TCS on scale and margin and HCLTech on guidance, while Wipro lagged. AI figures are not comparable, so use this as a guide and check each filing.

Frequently Asked Questions

Which IT stock won Q2 FY27 in the TCS vs HCL Tech vs Tech Mahindra vs Wipro comparison?

Ans. On my scorecard Tech Mahindra won on growth and profit, TCS on scale and margin, and HCLTech on guidance. Wipro was weakest.

In the TCS vs HCL Tech comparison, which company reported the highest AI revenue?

Ans. TCS reported an annualised AI run rate of $3.1 billion and HCLTech reported $219 million of Advanced AI revenue in the quarter. The two definitions differ.

What deal wins did each company in the TCS vs HCL Tech vs Tech Mahindra vs Wipro comparison report?

Ans. TCS $9.6 billion TCV, HCLTech about $3.3 billion, Tech Mahindra $1.023 billion and Wipro $674 million in large deals with total TCV of $2.59 billion.

In the TCS vs HCL Tech group, which company raised its guidance?

Ans. HCLTech raised the low end of its FY27 constant currency revenue growth guidance from 1.0% to 2.5%, with the range at 2.5% to 4.0%.

Which company had the fastest profit growth in the TCS vs HCL Tech vs Tech Mahindra vs Wipro group?

Ans. Tech Mahindra, with net profit up 32.7% YoY to Rs 1,586 crore, followed by HCLTech at 21.2%.

Why was Wipro the weakest in the TCS vs HCL Tech vs Tech Mahindra vs Wipro comparison?

Ans. Constant currency growth was 0.6%, profit fell 1.4%, large deal bookings fell 59% QoQ and Q3 guidance is -1.5% to +0.5%.

What are the risks of a TCS vs HCL Tech comparison on results?

Ans. Different AI definitions, rupee effects in growth numbers, one-time items in profit and share price moves that may not match results.

Is this article investment advice?

Ans. No. It is educational and not a recommendation to buy or sell.