IT services firms are preparing for another subdued quarter as global macro uncertainty, tight discretionary budgets, and cautious client spending weigh on what is usually a seasonally stronger period. The recent changes to US H1-B visa rules have further added to the sector’s unease, limiting near-term optimism.

Analysts expect the July-September quarter numbers to show muted sequential growth, with large-cap firms likely to report flat to marginal constant currency (CC) expansion of up to 1.8%. Mid-tier firms could fare slightly better, supported by cost-optimisation work and early traction in AI and digital transformation deals.

The IT earnings season will start with TCS announcing its results on October 9.

Large-Cap IT giants face near-flat Growth

Brokerages expect Infosys and L

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