“Bearish on large-cap IT companies, expecting a muted Q1 and subdued Q2 commentary, with risks to FY27 revenue guidance. Estimates for large-cap IT have been lowered, and TCS was downgraded to equal-weight due to its premium to Accenture exceeding 40%. Organic revenue growth for most large-cap IT firms is projected at 1.5-3.5%, with Wipro potentially seeing a decline, driven by weak discretionary spending, slower client decision-making, pricing pressure, and AI investments.”