ADVERTISEMENT
IT Stocks To Buy: Infosys, Mphasis, Zensar Gets Motilal Oswal's 'Buy' Upgrade, Hexaware Among Top Picks
AI services spends to inflect from mid-2026, and valuations are enticing says Motilal Oswal; upgrades estimates, ratings, and target multiples across coverage.
24 Nov 2025, 11:03 AM IST 
Save
The present AI investment cycle closely resembles the early cloud build-out period (2016-18), where cloud initially acted as a headwind for Indian IT services.
(Photo: Lucas Santos/ Source: Unsplash)
Motilal Oswal had argued earlier that the IT sector’s re-rating depends on a new AI services cycle emerging, and this is largely a waiting game until the AI capex cycle moderates, but believes the wait may now be ending. . Similar to the cloud build-out phase from 2016 to 2018, the store, compute and infra layer are now in place; and while capex may still continue, the brokerage expects incremental spends on AI and services to pick u...
