The first half of Financial Year 2026 marked a record-breaking period for Indian IT. Firms didn’t just ink new deals—they locked in multi-year, multi-billion-dollar contracts that signal where the market is heading. The deals were about consolidation, infrastructure modernisation and AI-led transformation shaping client priorities.
Across key sectors such as BFSI, healthcare, telecom and global enterprise, Indian IT showed its ability to convert relationships into substantial revenue opportunities. Here’s a closer look at some of the biggest deals of the first half of 2025 by leading Indian IT firms.
Infosys–UK NHSBSA ($1.6 Billion)
Infosys anchored the list with a $1.6 billion, 15-year deal to replace the UK’s National Health Service Business Services Authority’s (NHSBSA) payroll platform. The contract covers 1.9 million employee records and is fully data-driven, making it one of the largest healthcare IT transformations globally.
The new platform is aimed at modernising how the NHS manages its workforce, spanning recruitment, onboarding, payroll, career development and retirement.
TCS–Tryg ($640 Million)
TCS expanded a 15-year Scandinavian insurance partnership with a new $640 million, seven-year deal. The focus is on unifying IT operations, standardising processes and embedding AI and cloud to modernise Tryg’s digital ecosystem.
TCS’s second-quarter bookings totalled $10 billion, spread across BFSI, healthcare, manufacturing and retail. Multiple multi-year contracts fueled this surge, highlighting TCS’s unmatched scale in handling enterprise complexity.
Wipro–Phoenix Group ($665 Million)
Wipro announced in March that it has won a £500 million (~$665 million), 10-year strategic deal with Phoenix Group, the UK’s largest long-term savings and retirement business.
The decade-long engagement with the UK’s Phoenix Group focuses on life and pension administration for the ReAssure business. Wipro’s deal is built around operational transformation and accelerating digital adoption in insurance services.
LTIMindtree–Global Media & Entertainment Company ($580 Million)
In October, LTIMindtree signed its largest-ever deal, valued at $580 million, with Global Media & Entertainment Company. The deal centred on streamlining operations, modernising delivery models and optimising processes. Vendor consolidation and automation are key, showing mid-cap disruptors can rival the top five in deal sophistication.
TCS–Global Healthcare Company (Multi-Hundred Million)
TCS has secured a multimillion-dollar, multi-year strategic partnership with a large, unnamed global healthcare company to drive digital transformation across its value-based care, health benefits and pharmacy services. The deal involves a wide range of services, including AI, cloud, data management and cybersecurity.
In another separate announcement in August, TCS announced a partnership with Unilab, a leading pharmaceutical and healthcare company in the Philippines, to modernise its core business systems through a strategic cloud migration.
HCLTech–Swedish Commercial Vehicle Manufacturer
HCLTech renewed and expanded a long-standing engagement with a leading Swedish commercial vehicle manufacturer for IT infrastructure modernisation. The multi-year deal, whose value has not been disclosed, leverages AI Force, HCLtech’s GenAI-led platform, emphasising the company’s focus on its AI offerings as a key differentiator in the industry.
Total TCVs of Indian IT firms in Q2 FY26
TCS ($10 Billion)
TCS’s second-quarter bookings totalled $10 billion, spread across BFSI, healthcare, manufacturing and retail. Multiple multi-year contracts fueled this surge, highlighting TCS’s unmatched scale in handling enterprise complexity.
Amidst this, the company also said during the analyst call that it plans to invest $6-7 billion over the next six to seven years to build 1 GW of AI data centres. It’s the biggest AI investment commitment ever made by the Indian tech giant.
Infosys ($3.1 Billion)
The company’s free cash flow reached $1.1 billion, equivalent to 131.1% of net profit, while the total contract value of large deal wins was $3.1 billion, 67% of which consisted of net new deals.
Driven by the NHSBSA contract and other ramp-ups, Infosys posted strong Q2 TCV. The numbers show that strategic, long-duration contracts still define growth for large Indian IT firms.
Wipro ($4.7 Billion)
The company booked large deals worth $2.9 billion, marking a 90.5% year-on-year jump, while total deal bookings reached $4.7 billion.
The company has also unveiled a new unified suite of AI-powered platforms and solutions, called Wipro Intelligence, which the firm said is putting the company’s AI ambitions at the centre of its growth strategy.
HCLTech ($2.6 Billion)
The highlight for HCLTech was that the new deal bookings topped $2.6 billion, despite no mega-deals driving that growth. This was because of two deals that carried over from the last quarter to this one. The company secured nine exclusive AI and generative AI deals in Q2 FY26, the same as the last quarter.
Notably, the company revealed its advanced AI revenue crossed $100 million for the first time, accounting for approximately 3% of its revenue.
Tech Mahindra ($816 Million)
Tech Mahindra’s quarter marked a 35% year-on-year jump in deal bookings to $816 million, highlighting deals in specialised areas such as AI, digital engineering and cybersecurity.
CEO Mohit Joshi said that the wins spanned key verticals, including communications, manufacturing, retail and transport and logistics, highlighting the broad-based nature of our growth. The company has now delivered eight straight quarters of margin improvement since outlining its FY27 plans.
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