Buy TCS; target of Rs 2795: Reliance Securities

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26 Aug, 2025 12:21

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Reliance Securities's research report on TCSTCS’ revenue came lower in 3Q, impacted by decline in India-business, Diligenta, energy vertical and volatility in Japan portfolio. With healthy client metrics, stable operating profile, strength in select services & verticals (infra/conti-Europe) and reasonable margin of safety, we maintain BUY on TCS with Target Price of Rs 2,795, while we lower our target value to factor increased volatility in the growth profile of the company.We lower our revenue growth estimates on TCS by 1.5%/2.4% for FY17E/18E and keep our margin estimates unchanged. We expect TCS’ US$ revenue/EPS to grow at 10.9%/12.6% CAGR over FY15-18E. At CMP, TCS trades at P/E of 18x/16.1x FY17E/18E earnings as compared to its historical average of 19.5x. We maintain BUY on TCS with Target Price of Rs 2,795 (Rs3 ,010 earlier).For all recommendations, click here Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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