Signal & Stack Q2 2026

ComCap's quarterly research report covering the Tech Services & Digital Engineering sector. It analyzes Q2 2026 earnings across 14 public companies (Accenture, Capgemini, CI&T, Coforge, Cognizant, Endava, EPAM, EXL, Genpact, Globant, Grid Dynamics, Mphasis, Persistent, and Wipro), and finds growth splitting along AI lines: AI-forward peers including Coforge (+33.3%, incl. Encora), CI&T (+22%), Persistent (+16.1%) and EXL (+15.6%) outpaced a broader cohort growing 0-8%, with guidance now running two-speed and BFSI the standout vertical at 12-36% growth. Six themes frame the quarter: agentic AI at scale, with company-defined AI-led revenue share spanning 11-61%; sector consolidation, as 7 of the 14 announced strategic transactions including the Persistent-Nagarro take-private; the model-vendor alliance race, in which Anthropic and OpenAI partner status is becoming a bid qualifier; pricing model reinvention toward outcome, consumption and token-based commercials; cash conversion trailing targets at roughly 70-80% of profit; and rising revenue per head set against sharply higher attrition. Endava had not reported its June-quarter results as of publication.