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ICICI Securities Report
Tata Consultancy Services Ltd. saw improving market share in larger vendor consolidation and cost take-out deals, with five mega deal wins in FY26.
While ICICI Securities envisages a slow and gradual improvement in TCS' revenue growth with tailwinds from stronger deal bookings in Q4, healthy deal pipeline, better demand outlook in consumer (excluding travel), technology and communication verticals, and AI-led modernisation, this could be offset by AI-led deflation and a muted macro amidst ongoing geopolitical volatility.
TCS has reinstated its annual wage-hike cycle to Q1 for FY27, signalling confidence in an improving growth trajectory. TCS' industry-leading margin provides it a buffer to invest in building AI capabilities and expand sales funnel.
The brokerage continues to value TCS at 17x on FY28E EPS of Rs 164 and arrive at a target price of Rs 2,800. Add rating maintained.
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