Verdict: Is AI finally delinking Indian IT's revenue from its headcount? Partially — but much less than the earnings-call narrative suggests. In Q1 FY27 (April–June 2026), all five of India's IT majors — TCS, Infosys, HCLTech, Wipro and Tech Mahindra — reported higher dollar revenue per employee than a year ago, on a combined $25.6 billion in quarterly revenue. But analyst firm UnearthInsight attributes roughly 60% of that improvement to workforce rationalization and only about 40% to genuine ...