India's top IT companies are likely to report muted revenue growth and broadly steady margins for the July-September quarter as clients keep discretionary budgets tight, with focus on how quickly strong bookings turn into revenue and how far AI is deflating traditional services, analysts said. Research advisory UnearthInsight expects the top-five IT companies to grow 0.5-1 per cent quarter-on-quarter in the second quarter of FY27, with little improvement over the April-June period. "Q2 is not going to be any better than Q1... because we are not seeing any revival in client budgets or spending. Discretionary spending remains stuck amid geopolitical tensions, and decision cycles also remain long," Gaurav Vasu, Founder and CEO of UnearthInsight, said. Gartner sees the quarter as "somewhat stronger" than the previous one. It said this is largely on the back of previously awarded contracts moving into revenue-generating phases. "However, market conditions remain broadly unchanged, with
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