Accenture Q1 Review— A Mixed Bag, No Meaningful Read-Through For Indian IT Services: Read Dolat Capital Report

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Dolat Capital Report

Accenture Plc.'s commentary implies stable but not accelerating demand, with clients prioritizing large, long-cycle transformation programs over discretionary spends.

Commentary suggests minimal expectation of near-term macro tailwinds but remains focused on their strong conviction in AI-led reinvention as a multi-year opportunity.

Unchanged FY-2026 guidance implies status-quo and limited incremental read-through for Indian IT services in the near term.

The brokerage maintains a selective stance on names like LTIMindtree in tier-1 and Coforge in tier-2 IT Services.

Accenture reported 5% YoY growth in constant currency terms, within the guided range of 1%-5% YoY. Outsourcing/consulting segment revenues were up 7%/3% YoY in CC.

Total bookings for Q1 FY26 were $20.9 billion, up 12% YoY, but up mere 1.7% YoY on LTM basis.

For FY2026, Accenture reiterated 2–5% CC growth, including a 1.5% inorganic component (implies 0.5% - 3.5% CC organic basis).

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