“Centrum Broking maintains a 'Buy' rating on TCS, revising its target price to ₹3,480 (from ₹3,841) by rolling forward valuation to September 2028 estimates and lowering the target P/E multiple to 20x. The brokerage sees a gradually improving demand environment, supported by strong large-deal momentum and AI-led transformation, despite macro uncertainties. Management's hiring and AI investments reflect confidence in medium-term demand recovery.”