India’s biggest listed companies have built billion-dollar empires in the U.S. But now, with Donald Trump’s recent "Reciprocal Tariff Policy" — which imposes a 26% import duty on Indian goods (excluding pharma) — the game is about to change.

In this blog, we’ll break down:

• Which Indian companies earn the most from the U.S.

• How Trump’s policy could negatively impact IT

• And how it could be a blessing for Pharma

🇺🇸 First, Who Earns the Most from the U.S.?

🖥️ IT Companies – Heavy Hitters, Heavy Dependence

1. Infosys
   → ~61% of revenue from the U.S.
   → Highly vulnerable to Trump’s tariff decision.

2. TCS (Tata Consultancy Services)
   → ~50–55% estimated U.S. revenue
   → As a top IT exporter, TCS may face major cost pressures.

3. Wipro
   → ~55% revenue from U.S.
   → May need to renegotiate contracts or see margin compression.

4. HCLTech
   → ~60% U.S. revenue
   → One of the most exposed companies to this move.

💥 Impact: These companies now face higher tax burdens, potential pricing renegotiations, and pressure on profitability. A clear negative for the IT sector.

💊 Pharma Companies – Quiet Winners

1. Dr. Reddy’s – 47% from U.S.

2. Zydus Lifesciences – 46% from U.S.

3. Biocon – 44% from U.S.

4. Lupin – 37% from U.S.

5. Sun Pharma – 32% from U.S.

6. Cipla – 30% from U.S.

✅ Trump’s policy EXCLUDES pharmaceuticals from the 26% tariff.
➡️ This gives Indian pharma companies a competitive advantage in the U.S. over other global suppliers who may still face restrictions or higher costs.

💥 Impact: Pharma may gain new contracts, improved margins, and faster FDA clearances due to favorable political sentiment.

🚗 Other Sectors

• Tata Motors (JLR): U.S. is a major luxury car market. Trump’s auto tariffs also apply here, adding to the pressure on Tata Motors’ international margins.

• KEC International: May face higher compliance costs, but is still moderately exposed compared to IT.

🧠 Conclusion – A Tale of Two Sectors

“What’s a curse for Indian IT, is a blessing for Indian Pharma.”

• IT companies, once the poster boys of India’s U.S. exports, now find themselves at risk under Trump’s 26% reciprocal tax.

• Meanwhile, Indian pharma – shielded from this policy – stands to grow stronger, more profitable, and potentially take market share from Chinese and European competitors.

Investors, regulators, and company leadership will now have to rethink U.S. strategy, pricing models, and geopolitical risk hedging in the quarters to come.