<ul><li>TCS reported sequential revenue growth of -1%/ -0.8% USD/ CC, underperforming the brokerage's and consensus estimates of -0.8%/ -0.3% USD/ CC for Q4 FY25.</li><li>ICICI Securities believe Q4 earnings might be grimmer for rest of the IT peers given that TCS has lesser % of revenue as discretionary versus peers. Despite management commentary that FY26 revenue growth will be better than FY25, we see low FY26 discretionary demand, weighing down growth.</li></ul>

TCS Q4 Review: Caught In Macroeconomic Flux, Underwhelming Result, Upbeat TCV— ICICI Securities, Maintains Add

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