Few companies are quite as exposed to President Donald Trump’s immigrant-bashing, anti-globalisation pitch, and analysts expect today’s third-quarter results to reflect tepid growth and slimming margins. As with other Indian IT-outsourcing groups, TCS hogs the H1-B visas that allow foreign techies to work in America—visas that the administration has pledged to tighten as part of its shotgun-blast approach to immigration. At the very least, the likes of TCS would have to hire more Americans instead of importing cheaper Indians, which would hurt margins. The sector is also something of a bellwether; companies in struggling sectors often shelve big IT projects. Ailing banks have been a perennial soft-spot, but increasingly it is the Amazon-challenged retail companies that look to be doing the scrimping. Automation of the kind of work TCS engineers do is on the march, so management will be seeking bright ideas on how to open up new revenue streams.