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Tata Elxsi Rated 'Sell' By Motilal Oswal After Q3 Results — Here's Why
Tata Elxsi's margin expansion is expected to be gradual and back-ended, with Ebit margins improving to 22.4%.
14 Jan 2026, 11:57 AM IST 
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While Q3 execution improved, Tata Elxsi’s growth remains uneven and largely reliant on transportation-led ramp-ups, with media, healthcare continuing to lag amid cautious client spending.
(Photo: Tata Elxsi Website)
Tata Elxsi reported revenue of $107 million in Q3 FY26, up 3.2% QoQ in CC terms, above our estimate of 1.8% constant currency. Growth was led by transportation business (up 7.3% QoQ CC), whereas HLS/media and communications declined 4.3%/1.3% QoQ CC.
