Tata Consultancy Services (TCS) reported an in-line revenue performance in the September quarter, but analysts said the recovery in demand remained gradual, with year-on-year deal wins moderating and investments in artificial intelligence (AI) and new growth areas weighing on operating margins. The country’s largest IT services company reported revenue of Rs 73,188 crore in Q2FY27, up 11.2% year-on-year and 1.3% sequentially. In constant currency terms, which exclude the impact of exchange-rate movements, revenue grew 2.8% year-on-year and 0.5% sequentially, broadly in line with analysts’ estimates.