will kick off the Q2 FY26 earnings season, with brokerages projecting net profit (PAT) growth in the range of 3.7% to 9.6% year over year (i.e. up to ~10%). Revenue is expected to inch up by 0.7%–2.2% to between ₹64,200 crore and ₹65,700 crore. Here are 5 critical parameters analysts will dissect: 1. PAT & Revenue Growth The magnitude of profit growth versus revenue expansion will signal whether TCS is managing margin pressures well. The spread between top-line and bottom-line will be telling. 2. EBIT & EBIT Margin Trends Operating profit and margins will reflect cost pressures (wage hikes, talent investments) versus offsets (efficiencies, FX gains). Margins may remain stable or dip slightly sequentially. 3. Margin Stability amidst Headwinds With wage increments, utilization swings, and currency effects in play, whether TCS can steady margins is key. FX gains may partially offset cost escalation. 4. Deal Wins & Pipeline Visibility New contract wins, especially excluding mega deals, and commentary on order backlog will give clues on demand resilience and future revenue flow. 5. Management Commentary on Macro & Policy Risks What the company says about the new H-1B visa cost (proposed $100,000 fee), demand in key markets, discretionary spending by clients, and guidance for Q3 will be heavily parsed. Outlook & Risks to Note * The BSNL project wind-down might weigh on sequential growth, particularly in constant currency terms. * The H-1B visa fee change is a wildcard—given TCS’s exposure via U.S. operations, it may affect future cost structure and client sourcing models. * With limited revenue growth anticipated, margin execution and cost controls will be under the microscope. In short, this quarter is less about surprise growth than about signal clarity—how well TCS navigates a tricky operating landscape, and how confidently it can guide forward. Source: The Economic Times No Recommendations