“Maintains a 'buy' recommendation on TCS with a price target of ₹2,350, indicating a 15% upside. While short-term commentary is better than anticipated, long-term uncertainties persist, with scant evidence of demand improvement. The firm expects Q2 to be better but believes the full impact of AI deflation and productivity gains passed to clients will pressure the existing book of business, though sees limited downside for now based on FY27-28 organic constant currency growth assumptions.”

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