HCL, LTM and TCS: Who Delivered Strongest Q1 FY27 Results?
A detailed comparison of HCLTech, LTIMindtree and TCS based on Q1 FY27 revenue, profit, operating margins, deal wins, AI growth, workforce trends and overall business performance.
HCLTech, LTIMindtree, and TCS reported growth in Q1 FY27 with stronger revenue, profit, AI investments, and deal wins. This comparison highlights their financial performance, operating margins, order books, workforce trends, and AI initiatives to understand which company delivered the strongest quarter.
HCLTech, LTM, and TCS are among the top IT companies in India, and they have been delivering decent performance over the years. These companies recently posted their financial performance in the first quarter of FY27. All 3 of them reported growth in this quarter, with new deals, AI investments, and workforce changes. This article compares the performance of these three companies in Q1 of FY26.
HCL vs LTM vs TCS: Revenue, Profit, Margin & Deal Wins Compared
Let's compare HCLTech, LTIMindtree and TCS to understand which company delivered the strongest Q1 FY27 performance.
| Parameter | HCLTech | LTM | TCS |
|---|---|---|---|
| Net Profit Growth (YoY) | 20% | 16.9% | 5% |
| Revenue Growth (YoY) | 14% | 17.9% | 13.9% |
| Operating Margin | 16.9% | 15.5% | 24.0% |
| Deal Wins / Order Book | $2.4 billion (net new) | $1.68 billion (inflow) | $9.5 billion (TCV) |
| AI Business | Advanced AI grew 62.1% YoY | AI revenue $150 million (12.2% of revenue) | $2.6 billion annualized revenue |
| Headcount | ~2.24 lakh (down 3,292) | 87,886 (down 64) | 593,798 (up 9,000+) |
| Attrition | 12.7% | 13.3% | 13.6% |
HCLTech vs LTIMindtree vs TCS: Who Wins in Q1 FY27?
HCLTech
HCL's net profit increased 20% year-on-year, reaching ₹4,624 crore. HCLTech’s revenue also grew 14% year-on-year, and it reached ₹34,579 crore.
Operating margin came in at 16.9%. This grew 39 basis points quarterly and 56 basis points annually.
HCTTech also won several deals in the first quarter. It recorded net new bookings worth $2.4 billion. This marks its highest-ever Q1 bookings figure. Also, this figure doesn’t include the $1.14 billion AI deal HCLTech signed with Mercedes-Benz.
The company also saw a 10.6% quarter-on-quarter growth in its Advanced AI business.
LTM
LTM, formerly LTIMindtree, has also shown healthy growth in the first quarter. Its net profit grew at a 16.9% year-on-year rate, and it reached ₹1,466.3 crore compared to ₹1,254.1 crore in the year-ago period.
Revenue of LTM also grew 17.9% year-on-year and reached ₹11,608 crore. This is higher than the revenue of the last quarter, which was ₹11,291.7 crore.
Operating margin expanded to 15.5%. This is up 120 basis points year-on-year. It also grew 40 basis points sequentially.
Order inflow for the quarter stood at $1.68 billion. This grew 3.1% year-on-year. The trailing twelve-month order book reached $6.65 billion. This growth was driven by rising demand for AI solutions.
LTM reported AI revenue separately for the first time in the first quarter of FY26. It secured AI revenue of $150 million. Its AI revenue contributed almost 12.2% of the quarterly revenue. This was the highest AI revenue share among these three companies.
Which company reported the highest AI revenue share of quarterly revenue in Q1 FY27?
TCS
TCS reported steady and modest growth in the first quarter of FY27. Its INR revenue increased 13.9% year-on-year and reached ₹722,750 million. INR revenue grew 2.2% sequentially.
TCS's operating margin for the first quarter was 24.0%. The net margin stood at 19.2%. The cash flow from operations was also decent, as it reached 93.0% of net profit.
Several client additions strengthened TCS’s quarterly performance. However, the order book of the company softened. TCV reduced to $9.5 billion from $12 billion. BFSI accounted for $2.5 billion. The consumer business segment added $1.4 billion to the order book.
TCS’s AI business reached an annual revenue run rate of $2.6 billion, up from the previous year. This clearly reflects that their clients have invested in AI transformation.
AI Investments and Initiatives: HCLTech, LTM and TCS in Q1 FY27
HCL Technologies
Advanced AI revenue was $171m, up 62.1% YoY and 10.6% QoQ. It announced an AI infrastructure deal with Mercedes-Benz worth $1.14 billion and plans an AI data centre worth ₹3,500 crore (~$363M) that can scale up to 50 MW. It also bought Jaspersoft, which is expected to make $10-15M/quarter starting in Q2, and was named a Market Shaper in Gartner’s Physical AI Services quadrant.
LTIMindtree
LTM secured AI revenue of $150 million, almost 12.2% of total revenue, the biggest share of the three. Its BlueVerse AI platform and "New Horizons" cost program aided margins. New deals included a $100M chemicals/polymers contract and an AI Commerce Center of Excellence with Shopify.
TCS
TCS’s AI business hit an annualised run rate of $2.6 billion, a 13.6% increase QoQ, up from approximately $1.8 billion in February 2026. It signed an $800 million SKF deal and launched a global premier partnership with Anthropic and its first GSI partnership with Mistral AI. Krithivasan, the CEO, stated that productivity could increase by 10-15% from day one. He cited a live example of 70 AI agents that have brought down incidents by 80% for a retail client.
Conclusion
All 3 companies showed resilience this quarter. HCLTech led on fresh deal bookings. LTM stood out for its AI revenue share. TCS delivered the strongest profitability margins. Each company is leaning heavily into AI.
Order books, however, showed mixed signals across peers. TCS saw its order book shrink sequentially. HCLTech and LTM saw steadier deal momentum instead. Headcount trends also varied across the three firms. TCS added the most employees this quarter.