TCS, HCLTech Shares Slip Ahead of Q3 Results; Brokerages Forecast Muted Quarter

• TCS and HCLTech shares traded marginally lower on January 12 before their Q3 results announcement.
• Analysts expect TCS to report 4.2% YoY revenue growth, slower than the previous year, due to weak US demand and holiday shutdowns.
• HCLTech is projected to report consolidated revenue of Rs 33,046 crore, with most brokerages not expecting an upgrade to its FY26 growth guidance.
• Both TCS and HCLTech shares underperformed the IT index in 2025.
• The Indian IT industry faces macro headwinds like US tariffs, visa fees, and subdued client spending, though AI demand is expected to strengthen.

Why It Matters: TCS and HCLTech face a muted Q3 due to weak demand and macro headwinds, despite future AI growth prospects.