Big four IT companies may not be able to meet Nasscom's growth target for FY16, and the industry may just be able to meet the lower end of the guidance even as a tough second half looms. The growth guidance of 12-14% will now depend on captives and BPOs pulling their levels up. 

Nasscom was waiting to see how the third quarter plays out before taking a call on cutting the outlook, said a person with knowledge of the matter. 

"Based on our analysis of the industry performance of the first two quarters, we are hopeful that the industry will meet its guidance of FY2016 in constant currency. The second quarter has seen good performance from companies and demand for digital continues to drive new business," said Sangeeta Gupta, senior vice president at Nasscom. 

Infosys chairman R Seshasayee said increased volatility will be the new normal, and the industry and companies will have to find a new way to issue guidance to combat it. 

Wipro is expected to report about 9% growth for the year in constant currency. Infosys maintained its constant currency guidance of 10-12% for the year, just meeting the lower end of the guidance. 

Tata Consultancy Services, which has for years prided itself in beating Nasscom target, may miss it by a huge margin in reported currency terms, according to analysts. HCL Tech is also likely to falter, according to analysts following its tepid growth in the second quarter.