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TCS Q1 Results Review: DRChoksey Retains 'Buy' Rating With A 20% Potential Upside — Here's Why
DRChoksey values TCS at 25.0x Jun’27 EPS (~10-year average NTM P/E), implying a target price of Rs 4,067
11 Jul 2025, 11:54 AM IST 
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TCS’s Q1 FY26 revenue came in at Rs 6,34,370 million, below estimates by 2.4%, driven by ramp-down of BSNL deal and, weakness across North America, UK and Europe.
(Photo Source: Company's official Facebook page)
During Q1 FY26, global conflicts, economic uncertainty, and supply chain bottlenecks led to higher cost pressure, project deferrals, delay in decision making, rescoping of work which ultimately led to lower revenue conversion. With pricing being largely stable and pent-up demand to follow once trade deals are announced between the US and its major trading partners, TCS believes that FY26 international growth to be better than FY25.
