Decline in annual revenue runs at even the biggest in Indian IT, such as Tata Consultancy Services (TCS) and Wipro, despite healthy deal pipelines suggests persistence of both slow revenue conversion and discounts spawned by competition from AI, analysts said.
TCS reported a 2.4% drop in constant currency terms in its annual revenue in FY26, while the fourth largest service provider, Wipro, reported a 1.6% drop. For Wipro, this is the third year in a row where it has posted an annual decline.
This was despite growth in both their total contract values…
