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TCS Q4 Results Review— Demand Environment Largely Status Quo, Says Dolat Capital, Revises Rating To Accumulate
TCS reported constant currency revenue decline of 0.8% QoQ, due to unwinding of BSNL deal and certain project delays, margins dip.
11 Apr 2025, 07:26 AM IST 
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Despite uncertainty from tariff related disruption in macro environment, TCS remains optimistic about achieving better growth in FY26E supported by healthy TCV wins, adds Dolat Capital.
(Image Source: TCS)
Since Jan-25, the NIFTY IT Index has corrected by 25%, and has eased valuations considerably. However, macro sentiment has worsened due to tariff-related disruptions, while client budgets remain flattish, leading to continued lower visibility on improving growth outlook. Noting this correction, Dolat Capital now value TCS at 24 times on FY27E earnings of Rs 156 with target price of Rs 3,760 and upgrade our rating to ‘Accumulate’.
