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Motilal Oswal Report
Motilal Oswal expects Tata Consultancy Services Ltd.'s USD revenue/EPS to compound at ~3.8%/~7.0% over FY26-28, reflecting gradual recovery, with growth continuing to come from select pockets rather than a broad-based pickup.
The brokerage also noted that margins improved somewhat less with productivity gains and INR tailwinds largely being reinvested or passed through and it expects margins to remain flat in FY27.
Motilal Oswal keeps estimates largely unchanged and reiterate Buy with a target price of Rs 3,000, based on 18x FY28E EPS, implying ~16% upside.
TCS Q4 FY26 Results
TCS reported Q4 FY26 USD revenue of $7.6 billion, up 1.2% QoQ in constant currency (0.8% in organic cc terms), largely in line with the brokerage's estimate of 1.5% growth.
FY26 revenue declined 2.4% YoY CC. Q4 growth was led by ENU/consumer business (up 6.1%/2.8% QoQ CC).
Manufacturing /technology and services/regional markets grew 1.2%/1.0%/1.2% QoQ CC. Ebit margin was 25.3% (up 10 basis points QoQ), in line with brokerage's estimate of 25.1%.
For FY26, Ebit margin stood at 25% vs 24.3% in FY25. Adj PAT was up 2.2% QoQ/12.2% YoY at Rs 13,800 crore, in line with Motilla Oswal's estimate of Rs 13,800 crore.
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