“Bearish on large-cap Indian IT companies, expecting a muted Q1 and subdued Q2 commentary, with risks to FY27 revenue guidance. The brokerage has lowered estimates and downgraded TCS to equal-weight, citing its premium to Accenture exceeding 40%, which poses valuation risks for the sector. Organic revenue growth for most large-cap IT firms is projected to drift towards 1.5-3.5%, with Wipro potentially seeing a decline.”