印度 IT 服务_26 财年第三季度前瞻_26 自然年复苏程度的能见度仍有限，但周期性逆风的最糟阶段或已过去-India IT Services_ 3QFY26 preview_ Limited visibility still on extent of recovery in CY26, though worst of cyclical headwinds likely behind

1 January 2026 | 8:34PM IST Equity Research INDIA IT SERVICES 3QFY26 preview: Limited visibility still on extent of recovery in CY26, though worst of cyclical headwinds likely behind Demand environment for India IT remains sluggish, though is not worsening, and we expect revenue growth to be incrementally better over next 12 months; we are expecting 5.4% constant Fx revenue growth for our coverage in FY27, vs 0.9% in FY26 (Exhibit 13). This is largely a function of a relatively strong outlook for the US eco ...