TCS, Infosys, HCLTech, Coforge — Top Stock Picks By Motilal Oswal; IT Q1 Results Preview

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Motilal Oswal Report

Q1 FY26 has been an uncertain, albeit better-than-expected quarter for IT services, in our view. While a host of geopolitical events as well as tariff uncertainty would have played spoilsport on notable deal signings, widespread client deferrals/ ramp-downs have largely been avoided.

We expect Q1 numbers to reflect this reality: QoQ revenue and deal total contract value across large-caps could be unexciting (expect QoQ constant currency growth range of -2.5% to +1.5% for large-caps.

Midcaps are expected to outperform once again with a growth range of -2.0% to +7.0%).

A weak dollar against a basket of currencies will lead to 100-200bp of QoQ cross-currency tailwinds, aiding estimates.

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