Top IT Stocks to Buy After Q2 Results: TCS vs Infosys vs Wipro vs HCL Tech vs Tech Mahindra, What Market Experts Recommend

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