“Bearish on large-cap IT companies, expecting demand commentary to remain soft due to macro uncertainty, AI, and geopolitical concerns weighing on discretionary spending. Projects constant-currency growth for large-cap IT in a range of -1.5% to 2% for Q1, anticipating this soft start to extend into Q2, making the top end of FY27 guidance difficult to achieve if the first half underperforms.”

Motilal Oswal Analysis’s track record (trackable calls only): 18 graded calls · 95% CI 12–51%