Not a Normal Correction
TCS is profitable. Infosys is winning deals. HCLTech raised guidance. Yet stocks keep falling. This is a structural reset.
It’s About Future Growth
Markets don’t price today’s earnings — they price the next 5 years. AI is changing long-term growth expectations.
Business Model Explained
Old model: more engineers = more revenue. AI model: fewer engineers, faster delivery, lower billing. That’s revenue deflation risk.
What Management Is Saying
AI is already generating revenue. Growth is weak but not collapsing. Massive AI reskilling is underway across IT giants.
Why Index Falls Look Sharp
IT has 10–11% weight in NIFTY. When Infosys & TCS drop 5–6%, the entire index feels the impact.
Collapse or Transition?
Analysts call it structural transition — from staffing-led growth to AI-led integration and outcome-based pricing.
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