<ul><li>TCS reported constant currency revenue decline of 0.8% QoQ, due to unwinding of BSNL deal and certain project delays, margins dip.</li><li>Despite uncertainty from tariff related disruption in macro environment, TCS remains optimistic about achieving better growth in FY26E supported by healthy TCV wins, adds Dolat Capital.</li><li>Since Jan-25, the NIFTY IT Index has corrected by 25%, and has eased valuations considerably. However, macro sentiment has worsened due to tariff-related disruptions, while client budgets remain flattish, leading to continued lower visibility on improving growth outlook.</li><li>Dolat Capital values TCS at 24 times on FY27E earnings of Rs 156 with a target price of Rs 3,760 and upgrades the rating to 'Accumulate'.</li></ul>

TCS Q4 Results Review— Demand Environment Largely Status Quo, Says Dolat Capital, Revises Rating To Accumulate

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