TCS led with a $9.5 billion total contract value, followed by Infosys, Wipro, HCLTech and Tech Mahindra.

India’s top IT services companies continued to post healthy deal bookings in the June quarter, signalling resilient client demand despite macroeconomic uncertainty. However, analysts cautioned that converting large deals into revenue is taking longer as clients phase implementations and push for outcome-based pricing.

Deal bookings remained healthy across the sector in the June quarter, led by TCS with a total contract value (TCV) of $9.5 billion. Infosys reported large deal wins worth $3.6 billion, with 61 per cent comprising net new business. Wipro’s total bookings stood at $3.37 billion, down 2.4 per cent sequentially in constant currency (cc), although its large deal bookings rose 12.9 per cent QoQ to $1.63 billion. HCLTech reported new deal wins of $2.41 billion, while LTM’s order inflow came in at $1.68 billion, up 3.1 per cent year-on-year but marginally down 0.3 per cent sequentially. Tech Mahindra reported new deal wins of $1.08 billion.

Tech Mahindra, TCS highlight strong deal pipeline

Mohit Joshi, CEO and Managing Director of Tech Mahindra, said during the company’s Q1 earnings conference call that the company has a healthy order book for the remainder of the year.

“We see a strong order book, and continued execution on large deals. We continue to have several operating and pricing levers that will allow us to hit that number, and have been disciplined in terms of our deals. We make sure that all of the deals are at least in the long term accretive to our margins,” he said.

Joshi added that the company’s deal wins were supporting revenue growth and that it would remain disciplined in pursuing large contracts that offered long-term economic value. However, while its large-deal pipeline and execution capabilities had strengthened, the binary nature of such deals made it difficult to predict deal closures and revenue conversion beyond the next one or two quarters.

Meanwhile, Aarthi Subramanian, Executive Director, President and COO of TCS, said the company has secured six mega deals over the past five quarters, including one in the June quarter. She noted that these engagements share a common focus on combining AI-driven optimisation of existing operations with broader business transformation. Unlike earlier deals, AI is now integrated from the outset of both operational and transformation programmes, helping accelerate project execution and reduce the time required to deliver transformation outcomes.

Revenue conversion slows as clients phase projects

According to Biswajeet Mahapatra, Principal Analyst, Forrester, large deal activity remains healthy across the industry, but revenue conversion is not accelerating at the same pace.

“Clients continue to phase implementations, enforce stronger governance, and demand proof of value before expanding programs. AI, cloud, and modernisation initiatives are progressing, yet many organisations are breaking large transformations into smaller outcome-based milestones, which can extend the time between deal signing and revenue realisation,” he said.

Pricing pressure rises with outcome-based contracts

Moreover, Biswajit Maity, Senior Principal Analyst, Gartner, added, pricing pressure is intensifying, driven by growing client expectations for productivity-linked savings and outcome-based commercial models.

“As AI-driven productivity improvements become more visible across the market, clients are benchmarking delivery costs and expecting vendors to share productivity gains. Buyers are moving away from traditional effort-based and time-and-materials pricing models toward outcome-based and value-linked pricing, particularly for AI, automation, and transformation engagements. While this shift creates new growth opportunities, it is also putting pressure on pricing and margins in the near term as service providers adjust their commercial models,” he echoed.

Mahapatra said clients remain focused on pricing and value during contract renewals. Despite healthy deal pipelines, procurement teams continue to push for lower costs, productivity gains, automation benefits and outcome-based pricing. Vendors that can clearly demonstrate business value are better placed to protect pricing, while labour-intensive and commoditised services continue to face pressure.

Published on July 24, 2026