“Maintains 'Buy' rating on TCS with a target price of ₹2,350, implying a 15% upside. While management expects demand to improve in Q2, growth is anticipated from select pockets rather than a broad-based pickup. Q1FY27 commentary was better than expected, though FY27 margin estimates were lowered by 30 basis points due to continued investments in AI capabilities and partnerships.”

Motilal Oswal Analysis’s track record: 6 graded calls · 95% CI 19–81%