IT Q2 Preview: From Revenue To Margin Outook, How Will TCS, Infosys, Tech Mahindra And Other Peers Perform. Motilal Oswal expect demand commentary to remain soft into Q2 FY27, despite it being a seasonally strong quarter, as macro pressures, interest rate hikes, AI-related disruptions, and geopolitical overhang continue to weigh on discretionary spending and decision-making cycles.