Q4 FY26 Earnings Season: IT and Banks Lead

Q4 FY26 Earnings Season Opens With High Stakes India's Q4 FY26 earnings season starts this week, and the opening act matters. [Wipro](/stock/WIPRO), [HDFC Bank](/stock/HDFCBANK), and [ICICI Bank](/stock/ICICIBANK) are scheduled to report first. Their results will set the tone for how the broader Nifty 50 trades through April and into May. These aren't peripheral names. Together they account for a significant chunk of index weight, which means their commentary moves markets even before the numbers are fully digested. The setup is more complicated than usual. Global macro uncertainty has put IT sector management commentary under a microscope. Softening US growth signals, a cautious Federal Reserve, and uneven demand across Europe and Asia are all feeding investor anxiety. Investors aren't just asking "how was last quarter?" They want to know whether deal pipelines are refilling, whether clients are releasing discretionary budgets they froze in 2024, and whether the AI-related services narrative is converting into actual signed contracts. That last point is the one most worth watching. For banks, the questions are different but equally sharp. Net interest margins have been under pressure industry-wide as deposit costs remained elevated through much of FY26. Whether HDFC Bank and ICICI Bank can show margin stabilization, or early signs of expansion, will determine whether the financial sector trade has legs going into Q1 FY27. What the IT Numbers Actually Need to Show Wipro reports early in the season, which gives it an outsized information value. The market's base case heading in is modest: low single-digit revenue growth in constant currency terms, somewhere in the 1 to 3% range year-on-year. That's not exciting, but it's not a disaster either. What matters more is the guidance range for Q1 FY27 and whether management signals any acceleration in large deal closures. [TCS](/stock/TCS) and [Infosys](/stock/INFY) will follow shortly after. Their results will either...