TCS continues to battle headwinds, delivering a resilient Q2 FY26 performance, posting revenues of $7.5bn with sequential constant currency growth of 0.8% but down 3.3% year-on-year. Perhaps more significantly, operating margins expanded 70 basis points to 25.2%, as the business adjusts to emerging operating environments (see TCS reduces workforce by 2% amid AI-driven skills shift).

The Indian IT services giant is pivoting heavily toward AI-led transformation, announcing plans for a 1 GW capacity AI datacentre in India and acquiring US-based Salesforce specialist ListEngage for a reported $73m. The company's ambition to become the "world's largest AI-led technology services company" gained credibility through a $10bn quarterly TCV and marquee wins including a seven-year $647m engagement with Scandinavian insurer Tryg.

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