The results highlight how India's IT services companies are navigating cautious client spending while positioning themselves for growth from AI-led transformation projects. The companies also offered different signals on demand and future growth, with their December-quarter outlooks reflecting varying degrees of caution. Large-cap IT stocks powered the sector’s rally, outpacing Persistent Systems, Coforge and Mphasis. Though mid-caps led quarterly growth, large-caps beat expectations after a low bar, with.