‘AI deflation’ comes to India’s tech services giants and puts downward pressure on revenue

India's IT services giants—TCS, Infosys, Wipro, HCL—reported mixed quarterly results, with CEOs citing "AI deflation" as clients automate work and compress deal margins. HCL warned of 3–5% revenue decline next year; TCS saw flat growth; others posted slower growth. All four are pivoting to AI-driven solutions and agentic AI productization to offset traditional services erosion.