Buy Tata Consultancy Services; target of Rs 2323: Nalanda Securities

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26 Aug, 2025 12:21

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Nalanda Securities' research report on Tata Consultancy Services

Tata consultancy services limited (TCS) revenue for the quarter came in at INR 3,80,100 mn, up by 18% from INR 3,73,380 mn YoY. TCS has reported a growth of 18.96% in the total revenue to INR 14,64,630 mn for FY19 vs INR 12,31,040 mn in FY18. All major verticals reported close to double digit growth on a YoY basis, BFSI +11.6%, Retail +9.9%, E&U +11.3%, Life science +18.2%, Telecom +9.6% while regional markets grew +18.7% (all in CC terms). The management recommended a final dividend of INR 18/ share.

Outlook

At CMP of INR 2014, the company is trading at 20.1x FY21E EPS. We value the company using P.E. multiple methodology. We have given an exit multiple of 23x to arrive at a target price of INR 2323 which is an upside of 15%.

For all recommendations report, click here

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