Kotak Data: TCS, Infosys, Wipro, HCLTech Grew Slower Than Accenture and Capgemini Last Quarter

Tata Consultancy Services, Infosys, HCLTech, and Wipro posted revenue-weighted constant-currency growth of 2.6% in the April-June quarter, including acquisitions, and just 1.6% organic growth, according to a Kotak Institutional Equities report cited by the Economic Times.

Their global competitors did better. Accenture posted 3% revenue growth in local currency. Capgemini hit 5.1% in organic constant currency. Cognizant came in around 3% on the same basis, per the same Kotak data, also reported by Newsbytes App.

The gap isn't huge in absolute terms, but it's consistent, and Kotak's analysts point to a specific cause. Accenture, Capgemini, and Cognizant have more exposure to consulting, systems transformation, and AI-platform work. India's big four still lean heavily on application development and maintenance, the bread-and-butter outsourcing work that built the Indian IT industry over three decades but isn't growing as fast as it used to.

That's the revenue side of the story. The adoption side looks completely different.

India Leads the World on AI Usage, Per Microsoft

Microsoft's 2026 Work Trend Index, released Thursday, September 3, found that 32% of Indian AI users qualify as "Frontier Professionals": people using AI agents to run multi-step workflows and redesign how their jobs get done. That's double the 16% global average and the highest share among the 10 markets Microsoft studied, according to both LiveMint and a PTI report carried by Rediff Money.

Puneet Chandok, president of Microsoft India and South Asia, framed it bluntly in the company's release: "One in three Indian professionals using AI is working with agents on multi-step, real work. Globally it's one in six." The underlying numbers back the general shape of his claim.

Seventy-eight percent of Indian AI users told Microsoft that AI is letting them do work that wasn't possible a year ago, versus 58% globally. Among India's Frontier Professionals specifically, that number hits 85%.

The study also found Indian workers aren't just handing decisions to machines. Sixty-three percent named quality control of AI output as the most important skill, versus 46% globally. Fifty-nine percent picked critical thinking, versus 46% globally. And 87% said they still own the thinking, treating AI output as "a starting point rather than the final answer," per Microsoft's findings as reported by LiveMint.

At the enterprise level, Infosys, TCS, Wipro, and LTIMindtree together signed up for more than 400,000 Microsoft 365 Copilot seats in under six months, according to both LiveMint and the PTI wire report carried by Rediff Money. Microsoft also found that 44% of Indian respondents reported leadership alignment on AI strategy, against 26% globally, and that agent-driven workflows are running at the function level in 34% of Indian organizations versus 26% worldwide.

Two Numbers That Don't Add Up Yet

If Indian workers are the most aggressive AI adopters on the planet, and if Infosys, TCS, and Wipro are buying hundreds of thousands of Copilot seats, why are those same companies growing slower than Accenture and Capgemini on the revenue line?

One honest answer, not stated outright in these sources but consistent with the data: internal AI adoption by employees doesn't automatically translate into new AI-driven revenue streams. A company can have a workforce full of Frontier Professionals using Copilot to write code faster and still be selling the same application-maintenance contracts it sold five years ago, just delivered more efficiently. Efficiency gains show up in margins, not necessarily in topline growth, at least not right away. Accenture and Capgemini, by contrast, are apparently selling AI transformation and consulting engagements directly to clients as new business, which shows up as revenue growth immediately.

None of the four reports directly tests that explanation. Kotak's numbers measure quarterly revenue. Microsoft's Work Trend Index measures self-reported worker behavior. The two data sets have not yet been connected to explain why India's IT workforce can lead the world in AI usage while its flagship companies trail global rivals on AI-driven sales.

The next earnings cycle, when TCS, Infosys, HCLTech, and Wipro report their July-September quarter numbers, will be the first real test of whether that Copilot rollout and Frontier Professional surge start showing up on the topline, or whether the growth gap with Accenture and Capgemini widens further.