Buy TCS Ltd For Target Rs. 4,050 by Motilal Oswal Financial Services Ltd
* TCS is expected to post a revenue decline of 0.5% QoQ CC as BSNL ramp-down starts taking shape. Expect BFSI to remain strong, but manufacturing to be slightly weak.
* The deal pipeline should remain healthy. Excl. BSNL, FY26 should be better than FY25 for major countries and core-verticals.
* EBIT margin may remain flat QoQ, aided by operational efficiencies, despite headwinds from talent investments. 4Q margin should be aided by BSNL tapering, and pyramid benefits from early hiring in 1Q/2Q.
* Outlook on near-term demand & pricing environment, BFSI, and deal wins are key monitorables.
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