<p>印度在 Nifty IT 指數上排名前十的信息技術公司在 2026 財年共支付了 1 萬億盧比的股息，創下歷史新高，儘管該行業面臨近年來最具挑戰性的環境，但仍然回饋了股東。這一豐厚的分紅是在對人工智能將顛覆傳統軟件服務模式的深切擔憂、疲軟的盈利前景以及日益謹慎的客户支出背景下進行的。</p>
<p>2026 財年的總股息支付為 1.01 萬億盧比，比 2025 財年的 96782 億盧比增長了 3.34%，而 2024 財年則為 69976 億盧比。</p>
<p>然而，並非所有公司都朝同一方向發展。塔塔諮詢服務公司和 Coforge 是唯一在本財年支付較低股息的兩家公司，而 HCL 科技則保持了其股息不變。其餘七家公司——Infosys、LTIMindtree、Mphasis、Oracle Financial Services、Persistent Systems、Tech Mahindra 和 Wipro——均比去年提高了股息。</p>
<p>作為該指數最大的成分股，TCS 的股息在 2026 財年下降了 12.7%，從 2025 財年的 45588 億盧比降至 39820 億盧比。Coforge 的降幅更大，其總支付額下降超過 20%，從上一個財年的 509 億盧比降至 404 億盧比。HCL 科技的股息保持在 16290 億盧比不變。</p>
<p>在提高股息的公司中，Wipro 表現最為積極，將股息從 2025 財年的 6283 億盧比提高了 84%，達到 11538 億盧比。該公司還宣佈了一項價值 15000 億盧比的股票回購，進一步強化了其資本回報承諾。Oracle Financial Services 是第二大變動者，將其總股息從 2025 財年的 2300 億盧比提高了超過 51%，達到 3480 億盧比。</p>
<p>Persistent Systems、LTIMindtree 和 Tech Mahindra 分別提高了 15.7%、15.4% 和 12.4% 的股息。Persistent Systems 支付了 631 億盧比，而去年為 546 億盧比，LTIMindtree 的總支付額約為 2220 億盧比，而去年為 1924 億盧比。Tech Mahindra 的總股息約為 4997 億盧比，高於 2025 財年的 4406 億盧比。Mphasis 和 Infosys 的股息均錄得約 9% 的增長，Mphasis 支付了 1183 億盧比，而去年為 1084 億盧比，Infosys 則支付了 19460 億盧比，而去年為 17854 億盧比。</p>
<p>然而，這些慷慨的股息支付並未能有效保護投資者免受過去一年股票大幅下跌的影響。TCS 是最大的輸家，跌幅超過 34%，其次是 HCL 科技和 Infosys，分別下跌 30% 和 29%。Coforge 和 Wipro 各下跌 23%，而 LTIMindtree 和 Mphasis 分別下跌 20% 和 18%。Persistent Systems 和 Tech Mahindra 各下跌 14%。整體來看，Nifty IT 指數在此期間下跌了 26.6%，表現遠遜於僅下跌 4% 的 Nifty 50 指數。</p>
<p>財報季也沒有提供太多安慰。在其最新的行業報告中，Kotak Institutional Equities 將 2026 財年第四季度的業績描述為略顯失望，此前幾個季度相對穩定。該券商指出，增長預期的輕微失誤、令人失望的交易勝利、低於預期的指導以及由生成性人工智能驅動的收入貶值的現實等因素，將持續對估值施加壓力。</p>
<p>雖然 IT 公司在捕捉人工智能驅動的機會方面取得了合理進展，但 Kotak 指出，這不太可能完全抵消貶值的逆風，激烈的競爭使得應對增長壓力變得困難。它補充説，利潤率的逆風通過進一步的成本優化仍然可控。</p>
<p>在收入方面，大多數公司略微未能達到預期，反映出需求的逐步壓力。在一線公司中，TCS 以 1.2% 的環比收入增長領先，而 Tech Mahindra 增長了 0.6%。Infosys、HCL 科技和 Wipro 的環比收入均出現下降。中型公司整體表現優於大型同行，增長率在 1.2% 到 3.4% 之間，Hexaware 除外，由於客户特定問題而出現下降。</p>
<p>大多數公司的收入增長指導均較為疲軟，未能達到市場預期，市場原本期待由於關税相關不確定性緩解而有所提升。HCL 科技、Infosys 和 Wipro 均發佈了低於預期的指導，而 Cognizant 則維持了之前的指導範圍，但表示傾向於較低端，前提是客户支出有所改善。</p>
<p>Kotak 表示，謹慎的前景反映了多重逆風——由人工智能驅動的收入貶值、來自激烈競爭的定價壓力、西亞衝突引發的宏觀經濟不確定性，以及持續存在的客户特定挑戰。</p>

<p>印度頂尖 IT 公司在 2026 財年支付了創紀錄的 10 萬億盧比的股息，儘管面臨顯著的股價下跌和嚴峻的市場環境。雖然 TCS 和 Coforge 減少了股息支付，但 Wipro 將股息提高了 84%，並宣佈了 1500 億盧比的股票回購。Nifty IT 指數下跌了 26.6%，表現不及 Nifty 50。財報令人失望，許多公司未能達到收入預期，並因人工智能驅動的通縮和競爭壓力發佈了謹慎的指引</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 指數上排名前十的信息技術公司在 2026 財年共支付了 1 萬億盧比的股息，創下歷史新高，儘管該行業面臨近年來最具挑戰性的環境，但仍然回饋了股東。這一豐厚的分紅是在對人工智能將顛覆傳統軟件服務模式的深切擔憂、疲軟的盈利前景以及日益謹慎的客户支出背景下進行的。</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 財年的總股息支付為 1.01 萬億盧比，比 2025 財年的 96782 億盧比增長了 3.34%，而 2024 財年則為 69976 億盧比。</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，並非所有公司都朝同一方向發展。塔塔諮詢服務公司和 Coforge 是唯一在本財年支付較低股息的兩家公司，而 HCL 科技則保持了其股息不變。其餘七家公司——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>作為該指數最大的成分股，TCS 的股息在 2026 財年下降了 12.7%，從 2025 財年的 45588 億盧比降至 39820 億盧比。Coforge 的降幅更大，其總支付額下降超過 20%，從上一個財年的 509 億盧比降至 404 億盧比。HCL 科技的股息保持在 16290 億盧比不變。</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 表現最為積極，將股息從 2025 財年的 6283 億盧比提高了 84%，達到 11538 億盧比。該公司還宣佈了一項價值 15000 億盧比的股票回購，進一步強化了其資本回報承諾。Oracle Financial Services 是第二大變動者，將其總股息從 2025 財年的 2300 億盧比提高了超過 51%，達到 3480 億盧比。</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 分別提高了 15.7%、15.4% 和 12.4% 的股息。Persistent Systems 支付了 631 億盧比，而去年為 546 億盧比，LTIMindtree 的總支付額約為 2220 億盧比，而去年為 1924 億盧比。Tech Mahindra 的總股息約為 4997 億盧比，高於 2025 財年的 4406 億盧比。Mphasis 和 Infosys 的股息均錄得約 9% 的增長，Mphasis 支付了 1183 億盧比，而去年為 1084 億盧比，Infosys 則支付了 19460 億盧比，而去年為 17854 億盧比。</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，這些慷慨的股息支付並未能有效保護投資者免受過去一年股票大幅下跌的影響。TCS 是最大的輸家，跌幅超過 34%，其次是 HCL 科技和 Infosys，分別下跌 30% 和 29%。Coforge 和 Wipro 各下跌 23%，而 LTIMindtree 和 Mphasis 分別下跌 20% 和 18%。Persistent Systems 和 Tech Mahindra 各下跌 14%。整體來看，Nifty IT 指數在此期間下跌了 26.6%，表現遠遜於僅下跌 4% 的 Nifty 50 指數。</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>財報季也沒有提供太多安慰。在其最新的行業報告中，Kotak Institutional Equities 將 2026 財年第四季度的業績描述為略顯失望，此前幾個季度相對穩定。該券商指出，增長預期的輕微失誤、令人失望的交易勝利、低於預期的指導以及由生成性人工智能驅動的收入貶值的現實等因素，將持續對估值施加壓力。</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>雖然 IT 公司在捕捉人工智能驅動的機會方面取得了合理進展，但 Kotak 指出，這不太可能完全抵消貶值的逆風，激烈的競爭使得應對增長壓力變得困難。它補充説，利潤率的逆風通過進一步的成本優化仍然可控。</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，大多數公司略微未能達到預期，反映出需求的逐步壓力。在一線公司中，TCS 以 1.2% 的環比收入增長領先，而 Tech Mahindra 增長了 0.6%。Infosys、HCL 科技和 Wipro 的環比收入均出現下降。中型公司整體表現優於大型同行，增長率在 1.2% 到 3.4% 之間，Hexaware 除外，由於客户特定問題而出現下降。</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>大多數公司的收入增長指導均較為疲軟，未能達到市場預期，市場原本期待由於關税相關不確定性緩解而有所提升。HCL 科技、Infosys 和 Wipro 均發佈了低於預期的指導，而 Cognizant 則維持了之前的指導範圍，但表示傾向於較低端，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，謹慎的前景反映了多重逆風——由人工智能驅動的收入貶值、來自激烈競爭的定價壓力、西亞衝突引發的宏觀經濟不確定性，以及持續存在的客户特定挑戰。</p>
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India's top IT firms pay record Rs 1 lakh crore dividend even as stocks take a beating

印度頂級 IT 公司支付創紀錄的 1 萬億盧比股息，儘管股票遭受重創