HCL Technologies Ltd. has become the first top-tier Indian IT firm to declare AI revenue separately, at a time when larger peer Tata Consultancy Services Ltd. has made known its intensions to become the largest AI-led technology services company globally.
The Noida-headquartered company has declared a standalone AI revenue in excess of $100 million in a quarter where its total contract value—or new deal wins—crossed the $2.5-billion mark without any mega deals worth a billion dollars or more, according to its quarterly results declared on Monday.
That underscores the spread of HCLTech's client base.
HCLTech AI Deal Wins In Q2 FY26
- A US-based global power management company chose HCLTech to enhance its operational technology support and establish AI labs.
- A US-based aerospace firm will use HCLTech's AI frameworks for precision manufacturing, faster system validation and higher production efficiency.
- A public sector transport authority will use HCLTech's AI solutions to enable real-time detection of traffic congestion and violations.
- A US-based telecom company has selected HCLTech to launch as Nvidia-powered Emerging Tech AI lab.
- A Europe-based mining company will use HCLTech's robotic solutions to implement an advanced industrial inspection platform.
“A standout quarter on every front—marked by strong execution, growing demand for our AI-powered solutions, and Advanced AI revenue exceeding $100 million this quarter,” C. Vijayakumar, chief executive officer at HCLTech, said in an investor presentation accompanying the company's earnings on Monday. “For the first time, our new bookings surpassed $2.5 billion, without reliance on any mega deal.”
{{/usCountry}}“A standout quarter on every front—marked by strong execution, growing demand for our AI-powered solutions, and Advanced AI revenue exceeding $100 million this quarter,” C. Vijayakumar, chief executive officer at HCLTech, said in an investor presentation accompanying the company's earnings on Monday. “For the first time, our new bookings surpassed $2.5 billion, without reliance on any mega deal.”
{{/usCountry}}“We added 3,489 people to our employee base while continuing to increase our revenue per employee 1.8% YoY aligned with our AI growth strategy.”
ALSO READ | HCLTech Q2 revenue, net profit surge on new deal wins
IT firms reporting AI revenue in India
To be sure, some of India's smaller IT firms have quantified their AI revenue but haven't explicitly stated a figure in their quarterly earnings releases.
- Mphasis Ltd., which clocked its highest ever total contract value in Q1 FY26, said 68% of the new deal wins were AI-led.
- Persistent Systems Ltd., which consistently frames its growth as AI-led, does not feature AI revenue as a line item in its earnings.
- Happiest Minds Technologies Ltd. references Gen AI-led business and calls out its contribution to growth, but this is still a narrative.
TCS Mega AI Plans
Meanwhile, Tata Consultancy Services Ltd., the largest IT services firm in India, has made its intentions clear on AI.
TCS plans to set up an AI subsidiary, which among other things will first build a 1 GW AI data centre in India at an investment of $6.5 billion. For context, India's current installed data-centre capacity is around 1.2 GW. The move is seen as a pivot for the IT bellwether — from cost-effective outsourcing to capital-intensive AI compute power.
Revenue from TCS’ AI data centre would start accruing in 18-24 months. The entire data and AI compute power will be hosted in India. The company didn’t specify the location for the facility. Separately, TCS has acquired ListEngage, a US-based full-stack Salesforce partner, for $72.80 million in cash to boost its Agentic AI capabilities.
ALSO READ | TCS Q2 Results: Revenue up 3.7% but net profit slips 5.36%
On Monday, HCLTech shares fell 0.09% to ₹1,494.10 apiece on the NSE even as the benchmark Nifty 50 ended the day 0.23% lower at 25,227.35 points. The quarterly results were declared after market hours.