<p>印度在 Nifty IT 指数上排名前十的信息技术公司在 2026 财年共支付了 1 万亿卢比的股息，创下历史新高，尽管该行业面临近年来最具挑战性的环境，但仍然回馈了股东。这一丰厚的分红是在对人工智能将颠覆传统软件服务模式的深切担忧、疲软的盈利前景以及日益谨慎的客户支出背景下进行的。</p>
<p>2026 财年的总股息支付为 1.01 万亿卢比，比 2025 财年的 96782 亿卢比增长了 3.34%，而 2024 财年则为 69976 亿卢比。</p>
<p>然而，并非所有公司都朝同一方向发展。塔塔咨询服务公司和 Coforge 是唯一在本财年支付较低股息的两家公司，而 HCL 科技则保持了其股息不变。其余七家公司——Infosys、LTIMindtree、Mphasis、Oracle Financial Services、Persistent Systems、Tech Mahindra 和 Wipro——均比去年提高了股息。</p>
<p>作为该指数最大的成分股，TCS 的股息在 2026 财年下降了 12.7%，从 2025 财年的 45588 亿卢比降至 39820 亿卢比。Coforge 的降幅更大，其总支付额下降超过 20%，从上一个财年的 509 亿卢比降至 404 亿卢比。HCL 科技的股息保持在 16290 亿卢比不变。</p>
<p>在提高股息的公司中，Wipro 表现最为积极，将股息从 2025 财年的 6283 亿卢比提高了 84%，达到 11538 亿卢比。该公司还宣布了一项价值 15000 亿卢比的股票回购，进一步强化了其资本回报承诺。Oracle Financial Services 是第二大变动者，将其总股息从 2025 财年的 2300 亿卢比提高了超过 51%，达到 3480 亿卢比。</p>
<p>Persistent Systems、LTIMindtree 和 Tech Mahindra 分别提高了 15.7%、15.4% 和 12.4% 的股息。Persistent Systems 支付了 631 亿卢比，而去年为 546 亿卢比，LTIMindtree 的总支付额约为 2220 亿卢比，而去年为 1924 亿卢比。Tech Mahindra 的总股息约为 4997 亿卢比，高于 2025 财年的 4406 亿卢比。Mphasis 和 Infosys 的股息均录得约 9% 的增长，Mphasis 支付了 1183 亿卢比，而去年为 1084 亿卢比，Infosys 则支付了 19460 亿卢比，而去年为 17854 亿卢比。</p>
<p>然而，这些慷慨的股息支付并未能有效保护投资者免受过去一年股票大幅下跌的影响。TCS 是最大的输家，跌幅超过 34%，其次是 HCL 科技和 Infosys，分别下跌 30% 和 29%。Coforge 和 Wipro 各下跌 23%，而 LTIMindtree 和 Mphasis 分别下跌 20% 和 18%。Persistent Systems 和 Tech Mahindra 各下跌 14%。整体来看，Nifty IT 指数在此期间下跌了 26.6%，表现远逊于仅下跌 4% 的 Nifty 50 指数。</p>
<p>财报季也没有提供太多安慰。在其最新的行业报告中，Kotak Institutional Equities 将 2026 财年第四季度的业绩描述为略显失望，此前几个季度相对稳定。该券商指出，增长预期的轻微失误、令人失望的交易胜利、低于预期的指导以及由生成性人工智能驱动的收入贬值的现实等因素，将持续对估值施加压力。</p>
<p>虽然 IT 公司在捕捉人工智能驱动的机会方面取得了合理进展，但 Kotak 指出，这不太可能完全抵消贬值的逆风，激烈的竞争使得应对增长压力变得困难。它补充说，利润率的逆风通过进一步的成本优化仍然可控。</p>
<p>在收入方面，大多数公司略微未能达到预期，反映出需求的逐步压力。在一线公司中，TCS 以 1.2% 的环比收入增长领先，而 Tech Mahindra 增长了 0.6%。Infosys、HCL 科技和 Wipro 的环比收入均出现下降。中型公司整体表现优于大型同行，增长率在 1.2% 到 3.4% 之间，Hexaware 除外，由于客户特定问题而出现下降。</p>
<p>大多数公司的收入增长指导均较为疲软，未能达到市场预期，市场原本期待由于关税相关不确定性缓解而有所提升。HCL 科技、Infosys 和 Wipro 均发布了低于预期的指导，而 Cognizant 则维持了之前的指导范围，但表示倾向于较低端，前提是客户支出有所改善。</p>
<p>Kotak 表示，谨慎的前景反映了多重逆风——由人工智能驱动的收入贬值、来自激烈竞争的定价压力、西亚冲突引发的宏观经济不确定性，以及持续存在的客户特定挑战。</p>

<p>印度顶尖 IT 公司在 2026 财年支付了创纪录的 10 万亿卢比的股息，尽管面临显著的股价下跌和严峻的市场环境。虽然 TCS 和 Coforge 减少了股息支付，但 Wipro 将股息提高了 84%，并宣布了 1500 亿卢比的股票回购。Nifty IT 指数下跌了 26.6%，表现不及 Nifty 50。财报令人失望，许多公司未能达到收入预期，并因人工智能驱动的通缩和竞争压力发布了谨慎的指引</p>

<p>India's top ten information technology companies listed on the Nifty IT index paid a combined dividend of Rs 1 lakh crore in fiscal year 2026, a record high that rewarded shareholders even as the sector navigated one of its most challenging environments in recent memory. The bumper payout came against a backdrop of deepening fears that artificial intelligence will disrupt traditional software service models, weak earnings outlooks, and increasingly cautious client spending.</p>
<div class="lb-trans"><p>印度在 Nifty IT 指数上排名前十的信息技术公司在 2026 财年共支付了 1 万亿卢比的股息，创下历史新高，尽管该行业面临近年来最具挑战性的环境，但仍然回馈了股东。这一丰厚的分红是在对人工智能将颠覆传统软件服务模式的深切担忧、疲软的盈利前景以及日益谨慎的客户支出背景下进行的。</p>
</div><p>The combined dividend payout for FY26 stood at Rs 1.01 lakh crore, up 3.34 percent from Rs 96,782 crore in FY25 and Rs 69976 crore disbursed in FY24.</p>
<div class="lb-trans"><p>2026 财年的总股息支付为 1.01 万亿卢比，比 2025 财年的 96782 亿卢比增长了 3.34%，而 2024 财年则为 69976 亿卢比。</p>
</div><p>Not all firms moved in the same direction, however. Tata Consultancy Services and Coforge were the only two companies to pay lower dividends during the fiscal, while HCL Technology held its payout steady. The remaining seven — Infosys, LTIMindtree, Mphasis, Oracle Financial Services, Persistent Systems, Tech Mahindra, and Wipro — all raised their dividends from a year ago.</p>
<div class="lb-trans"><p>然而，并非所有公司都朝同一方向发展。塔塔咨询服务公司和 Coforge 是唯一在本财年支付较低股息的两家公司，而 HCL 科技则保持了其股息不变。其余七家公司——Infosys、LTIMindtree、Mphasis、Oracle Financial Services、Persistent Systems、Tech Mahindra 和 Wipro——均比去年提高了股息。</p>
</div><p>TCS, the index's largest constituent, saw its dividend decline 12.7 percent to Rs 39,820 crore in FY26 from Rs 45,588 crore in FY25. Coforge recorded a steeper fall, with its combined payout dropping over 20 percent to Rs 404 crore from Rs 509 crore in the previous fiscal. HCL Technology held its dividend unchanged at Rs 16,290 crore.</p>
<div class="lb-trans"><p>作为该指数最大的成分股，TCS 的股息在 2026 财年下降了 12.7%，从 2025 财年的 45588 亿卢比降至 39820 亿卢比。Coforge 的降幅更大，其总支付额下降超过 20%，从上一个财年的 509 亿卢比降至 404 亿卢比。HCL 科技的股息保持在 16290 亿卢比不变。</p>
</div><p>Among those raising payouts, Wipro stood out as the most aggressive, hiking its dividend by 84 percent to Rs 11,538 crore from Rs 6,283 crore in FY25. The company also announced a share buyback worth Rs 15,000 crore, reinforcing its capital return commitment. Oracle Financial Services was the second biggest mover, raising its combined dividend by over 51 percent to Rs 3,480 crore from Rs 2,300 crore in FY25.</p>
<div class="lb-trans"><p>在提高股息的公司中，Wipro 表现最为积极，将股息从 2025 财年的 6283 亿卢比提高了 84%，达到 11538 亿卢比。该公司还宣布了一项价值 15000 亿卢比的股票回购，进一步强化了其资本回报承诺。Oracle Financial Services 是第二大变动者，将其总股息从 2025 财年的 2300 亿卢比提高了超过 51%，达到 3480 亿卢比。</p>
</div><p>Persistent Systems, LTIMindtree, and Tech Mahindra followed with increases of 15.7 percent, 15.4 percent, and 12.4 percent respectively. Persistent Systems paid Rs 631 crore against Rs 546 crore a year ago, while LTIMindtree's combined payout came in at around Rs 2,220 crore compared with Rs 1,924 crore. Tech Mahindra's total dividend stood at around Rs 4,997 crore, up from Rs 4,406 crore in FY25. Mphasis and Infosys each recorded around 9 percent growth in dividends, with Mphasis paying Rs 1,183 crore against Rs 1,084 crore and Infosys disbursing Rs 19,460 crore compared with Rs 17,854 crore a year ago.</p>
<div class="lb-trans"><p>Persistent Systems、LTIMindtree 和 Tech Mahindra 分别提高了 15.7%、15.4% 和 12.4% 的股息。Persistent Systems 支付了 631 亿卢比，而去年为 546 亿卢比，LTIMindtree 的总支付额约为 2220 亿卢比，而去年为 1924 亿卢比。Tech Mahindra 的总股息约为 4997 亿卢比，高于 2025 财年的 4406 亿卢比。Mphasis 和 Infosys 的股息均录得约 9% 的增长，Mphasis 支付了 1183 亿卢比，而去年为 1084 亿卢比，Infosys 则支付了 19460 亿卢比，而去年为 17854 亿卢比。</p>
</div><p>The generous payouts, however, have done little to shield investors from steep stock declines over the past year. TCS was the biggest loser, falling over 34 percent, followed by HCL Technology and Infosys, which dropped 30 percent and 29 percent respectively. Coforge and Wipro each declined 23 percent, while LTIMindtree and Mphasis fell 20 percent and 18 percent. Persistent Systems and Tech Mahindra each lost 14 percent. The Nifty IT Index as a whole dropped 26.6 percent over the period, sharply underperforming the Nifty 50, which fell just 4 percent.</p>
<div class="lb-trans"><p>然而，这些慷慨的股息支付并未能有效保护投资者免受过去一年股票大幅下跌的影响。TCS 是最大的输家，跌幅超过 34%，其次是 HCL 科技和 Infosys，分别下跌 30% 和 29%。Coforge 和 Wipro 各下跌 23%，而 LTIMindtree 和 Mphasis 分别下跌 20% 和 18%。Persistent Systems 和 Tech Mahindra 各下跌 14%。整体来看，Nifty IT 指数在此期间下跌了 26.6%，表现远逊于仅下跌 4% 的 Nifty 50 指数。</p>
</div><p>The earnings season offered little by way of comfort either. In its latest sector note, Kotak Institutional Equities described fourth quarter FY26 results as mildly disappointing after a period of relative stability in the preceding quarters. The brokerage flagged a combination of marginal misses on growth estimates, underwhelming deal wins, guidance that fell short of expectations, and the emerging reality of revenue deflation driven by generative AI as factors that will keep pressure on valuations intact.</p>
<div class="lb-trans"><p>财报季也没有提供太多安慰。在其最新的行业报告中，Kotak Institutional Equities 将 2026 财年第四季度的业绩描述为略显失望，此前几个季度相对稳定。该券商指出，增长预期的轻微失误、令人失望的交易胜利、低于预期的指导以及由生成性人工智能驱动的收入贬值的现实等因素，将持续对估值施加压力。</p>
</div><p>While IT firms are making reasonable progress in capturing AI-driven opportunities, Kotak noted this is unlikely to fully offset the deflation headwinds, with high competitive intensity making it difficult to counter growth pressures. Margin headwinds, it added, remain manageable through further cost optimisation.</p>
<div class="lb-trans"><p>虽然 IT 公司在捕捉人工智能驱动的机会方面取得了合理进展，但 Kotak 指出，这不太可能完全抵消贬值的逆风，激烈的竞争使得应对增长压力变得困难。它补充说，利润率的逆风通过进一步的成本优化仍然可控。</p>
</div><p>On the revenue front, most companies marginally missed estimates, reflecting incremental stress in demand. Among Tier-1 players, TCS led with sequential revenue growth of 1.2 percent, while Tech Mahindra grew 0.6 percent. Infosys, HCL Technology, and Wipro each saw sequential revenue declines. Mid-tier firms broadly outperformed their larger peers, posting growth of 1.2 to 3.4 percent, with the exception of Hexaware, which declined on account of client-specific issues.</p>
<div class="lb-trans"><p>在收入方面，大多数公司略微未能达到预期，反映出需求的逐步压力。在一线公司中，TCS 以 1.2% 的环比收入增长领先，而 Tech Mahindra 增长了 0.6%。Infosys、HCL 科技和 Wipro 的环比收入均出现下降。中型公司整体表现优于大型同行，增长率在 1.2% 到 3.4% 之间，Hexaware 除外，由于客户特定问题而出现下降。</p>
</div><p>Revenue growth guidance across most companies was subdued, falling short of market expectations that had anticipated some lift from easing tariff-related uncertainties. HCL Technology, Infosys, and Wipro all issued guidance below expectations, while Cognizant maintained its previous guidance range but signalled a tilt toward the lower end, contingent on an improvement in client spending.</p>
<div class="lb-trans"><p>大多数公司的收入增长指导均较为疲软，未能达到市场预期，市场原本期待由于关税相关不确定性缓解而有所提升。HCL 科技、Infosys 和 Wipro 均发布了低于预期的指导，而 Cognizant 则维持了之前的指导范围，但表示倾向于较低端，前提是客户支出有所改善。</p>
</div><p>Kotak said the cautious outlook reflects multiple headwinds — AI-driven revenue deflation, pricing pressure from intense competition, macroeconomic uncertainty stemming from the West Asia conflict, and lingering client-specific challenges.</p>
<div class="lb-trans"><p>Kotak 表示，谨慎的前景反映了多重逆风——由人工智能驱动的收入贬值、来自激烈竞争的定价压力、西亚冲突引发的宏观经济不确定性，以及持续存在的客户特定挑战。</p>
</div>

India's top IT firms pay record Rs 1 lakh crore dividend even as stocks take a beating

印度顶级 IT 公司支付创纪录的 1 万亿卢比股息，尽管股票遭受重创