In the second quarter of 2025, the Indian IT industry once again loudly promoted its generative AI (GenAI) strategy. Top companies such as Wipro, TCS, HCLTech, and Infosys launched ambitious AI visions in turn. However, the gap between grand narratives and profit realities is growing larger. In the context of global competitors like Accenture restructuring their business models and achieving substantial growth in AI businesses, Indian IT giants remain stuck in the "PPT stage," failing to convert AI visions into measurable revenue growth.
Wipro: Transactions Double, Revenue Falls
Although Wipro achieved a year-on-year increase of 131% in large transaction orders, reaching $2.7 billion, and deployed over 200 enterprise AI agents, it still faced a 2.3% decline in revenue and nearly a 7% drop in net profit. CEO Srini Pallia stated that AI is becoming a core part of customer strategies, but the transition from AI-enhanced to autonomous systems has not yet translated into financial returns. The company's revenue forecast for the next quarter is also weak, ranging from -1% to +1%.
TCS: AI in Conversations, No Substantial Progress
TCS's revenue grew by only 1.3% this quarter, and fell by 3.1% on a fixed exchange rate basis. More worrying is that its total contract value (TCV) dropped sharply from $12.2 billion in the previous quarter to $9.4 billion. Although AI is frequently mentioned and platforms such as "DigiBOLT" are introduced, there is a lack of clear results or data to support these claims. Previously, the company had claimed an AI business pipeline of $1.5 billion, but this number no longer exists.
HCLTech: Loudest GenAI Drumbeat, Most Unremarkable Financial Performance
HCLTech continues to promote GenAI with the strongest voice, announcing partnerships with OpenAI, NVIDIA, and Google Cloud, launching nine exclusive deals, and claiming to have completed AI training for 127,000 employees. However, the reality is that the number of GenAI transactions decreased from 12 to 9 this quarter, and profits fell by nearly 10% year-on-year. Even with new concepts such as "Service-as-Software," the company has failed to effectively increase its market share.
The Only Bright Spot: Tech Mahindra
The only company that performed well this quarter was Tech Mahindra, with a 34% increase in net profit, deployment of over 200 industrial-level AI agents, and new transaction revenue of $809 million. Its CEO Mohit Joshi emphasized that the hybrid system of "AI plus human agents" is the future direction. Although overall revenue growth remains weak, the improvement in profit reflects that the company's internal transformation "Fortius" is beginning to show results.
Compared to the trials and promotions of Indian companies, Accenture has demonstrated true AI transformation execution capability: this quarter, GenAI order value reached $1.5 billion, and over the past three quarters, it totaled $4.1 billion. Accenture has completed organizational restructuring, embedding AI into core business processes, emphasizing "providing measurable value," rather than just staying at the PoC and demonstration level.
Wipro claims an increase in AI transactions, TCS mentions AI in every customer communication, and HCLTech invests heavily in training and collaboration—yet none of the companies are willing to set clear financial metrics for AI revenue. At the same time, positions in traditional IT services in India, such as maintenance, testing, and outsourcing, are facing cuts and adjustments.
