Motilal Oswal Financial Services (MOFSL) expects the September quarter (Q2FY26) to be muted for the Indian IT services sector, with little improvement compared with the preceding three months. The brokerage believes persistent macroeconomic and tariff-related uncertainties are making clients hesitant to commit fresh budgets for large initiatives.

For the quarter, MOFSL projects constant currency revenue growth of 0.3 to 2.4 per cent for large-cap companies, while mid-tier firms are likely to outperform once again with growth ranging from a decline of 0.5 per cent to an expansion of up to 6 per cent. On a year-on-year basis, MOFSL forecasts aggregate revenues of its coverage universe to rise 6.0 per cent, with EBIT and profit after tax expected to grow 5.2 per cent and 5.5 per cent, respec

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