Tata Consultancy Services (TCS) may be showing early signs of a recovery in its business, but a sharp revival in technology spending remains some distance away. The country’s largest IT services provider returned to sequential growth in the September quarter, helped by a recovery in its key overseas markets and financial services, even as its constant-currency revenue growth remained at a modest 0.5%. At the same time, AI is emerging as a significant new source of demand, while deal wins remain largely flat, underscoring continued caution among large enterprises.