“Bearish on large IT companies for Q1, projecting revenue growth between -1% and +1% quarter-on-quarter. Specifically, HCL Tech's services business is expected to decline 1%, Wipro to fall 1.1%, TCS to report flat revenue, and Infosys to post only 1% organic growth. Tech Mahindra might see 1% sequential growth. The West Asia crisis and AI-led deflation are cited as key factors impacting growth, with GenAI deflation assumption moved to the upper end of the 3-3.5% range, leading to fair value cuts of up to 21%.”