The third quarter earnings season for the fiscal year 2026 officially commences today, January 12, with Indian stock market heavyweights Tata Consultancy Services (TCS) and HCL Technologies set to declare their financial results for the period ending December 31, 2025. This marks a crucial period for investors seeking signs of robust corporate growth amidst global economic uncertainty.
Broad-Based Earnings Growth Expected
Analysts and market participants are closely watching this earnings season for indications of a strong corporate performance. This optimism follows the Goods and Services Tax (GST) cuts announced on September 22, 2025, and aims to gauge the impact of ongoing geopolitical tensions on globally oriented businesses.
According to the BSE earnings calendar, more than 120 companies are scheduled to report their Q3 FY26 results this week. Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services, provided a hopeful outlook. He stated that corporate earnings are expected to see a sharp improvement, with their coverage universe of around 340 companies projected to deliver a 16% year-on-year growth in profit after tax (PAT) – the strongest in the past eight quarters. Nifty50 earnings are estimated to grow at 8% YoY.
This growth is anticipated to be broad-based, led by sectors like Oil & Gas (+25% YoY), NBFC Lending (+26%), Automobiles (25%), Metals (+15%), Telecom (a 2.6x jump in profits), Capital Goods (+24%), and Cement (+66%).
Key Previews for IT Majors
TCS Q3 FY26 Results Preview
Brokerage firm Axis Securities has projected that TCS will post a 2.6% quarter-on-quarter (QoQ) revenue growth. This is expected to be supported by gains in the Banking, Financial Services and Insurance (BFSI) and hi-tech sectors, along with benefits from favourable cross-currency movements.
However, its EBIT margins are forecasted to decline by 28 basis points due to the impact of wage hikes, higher investments, and fewer working days in the quarter. Key factors for investors to monitor will include the total contract value (TCV) of deals and the deal pipeline, the outlook on key business verticals, and updates on the BSNL advance purchase order deal.
HCL Technologies Q3 FY26 Results Preview
For HCL Technologies, Axis Securities noted the company has sustained its growth trajectory. The brokerage expects a 4.5% QoQ revenue increase, driven by seasonal strength in its Engineering, Research & Development (ER&D) and software segments.
EBIT margins for HCL Tech are expected to improve significantly by 187 basis points QoQ, primarily driven by currency tailwinds, which will partially offset the impact of wage hikes. Important aspects to watch include the deal TCV and pipeline, the performance of the ER&D and services businesses, the pace of Generative AI (GenAI) adoption, and any updates to management guidance.
Full List of Companies Reporting Today
Here is the complete list of companies declaring their Q3 results for 2026 today, Monday, January 12:
- ACE EDUCARE LIMITED
- Anand Rathi Wealth Limited
- Continental Chemicals Limited
- CSL Finance Limited
- G G Auto Limited
- GTPL Hathway Limited
- Gujarat Hotels Limited
- HCL Technologies Limited
- Lotus Chocolate Limited
- Mahindra Scooters Limited
- Netlink Solutions Limited
- OK Play India Limited
- Premier Polyfilms Limited
- Pure Tropical Foods Limited
- Shri Raj Oil Limited
- Tata Consultancy Services Limited
- Tierra Design Limited
The outcomes from TCS and HCL Tech will set the tone for the entire IT sector and influence broader market sentiment as the earnings season unfolds. Investors are advised to consult with a certified investment advisor before making any financial decisions based on these results.
