“Neutral on the Indian IT Services sector, expecting muted growth, intensifying competition, and limited margin expansion. While improving software demand and AI adoption could offer benefits, productivity-led revenue deflation remains a near-term offset. The brokerage expects a fourth consecutive year of growth softness, with FY27 constant-currency revenue growth estimated at 3.5%.”

JM Financial Analysis’s track record: 4 graded calls · 95% CI 5–70%