Hold Tata Consultancy Services; target of Rs 2060: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on Tata Consultancy Services

Constant currency (cc) revenues grew 4.1% QoQ above our estimate of 3.5% QoQ. US$ revenues grew 1.6% QoQ to $5,051 million, below our 2.5% QoQ growth and $5,095.2 million estimate on account of higher than expected cross currency headwind of 250 bps Rupee revenues grew 6.8% QoQ to | 34,261 crore, above our 6.4% growth expectations of | 34,142.9 crore estimate

Outlook

We upgrade our EPS estimates by 5-6%. However, with stock rallying by ~40% in last 6 months, current valuation (~21.5x FY20E EPS) offers limited upside.  Hence, we maintain our HOLD rating on the stock with a revised target price of | 2060 (23x FY20E EPS).

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