Accumulate TCS; target of Rs 2583: KR Choksey

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26 Aug, 2025 12:21

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KR Choksey's research report on TCS

Vertical performance in Q4 was largely led by Communications, Hi-Tech and Travel segments. Even on an annual basis, Energy & Utilities, Travel, Manufacturing and Life Sciences led the growth with 19%, 16.5% and 12.7% yoy growth respectively. BFSI and Retail were the laggards in FY17 mainly due to softness in client spend in North America (in BFSI) and structural stress in Retail segment in the same region.

Outlook

We believe that a bounce back in BFSI and Retail, which have lagged in performance in FY17, and consistent growth in Digital will be major triggers for TCS going ahead. Additionally, we expect Products and Platforms to outperform through FY18E. We have “ACCUMULATE” rating on the stock and as we assign multiple of 15.5x to its FY19E EPS of INR. 166.7 to arrive at a price target of INR 2,583.

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