IT services companies under the brokerage's coverage reported a weak Q1 FY26, amid muted demand, delayed deal ramp-ups, and softness in manufacturing and retail verticals. Discretionary spending continued to be weak, as clients remained cautious amid macro and geopolitical uncertainties.
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Systematix Report
Within tier-1 IT, Tata Consultancy Services Ltd. remains our preferred pick, trading at a discount to its longterm average with strong order book visibility and discretionary spend recovery supporting growth; we maintain Buy with a target price of Rs 3,864.
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Infosys, HCLTech, and Wipro trade at modest to steep premiums to their historical multiples, leaving limited upside, and we maintain Hold on all three.
Tech Mahindra trades at a significant premium despite weaker fundamentals, prompting us to reiterate Sell with a target price of Rs 1,112.
For Sonata Software, valuations remain fair with limited near-term catalysts, and we maintain Hold with a target price of Rs 423.
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