Buy TCS; target of Rs 3950: Motilal Oswal

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26 Aug, 2025 12:21

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Motilal Oswal's research report on TCS

We believe TCS, among our IT services coverage, is best positioned to ride out the near-term moderation in technology spending, on account of macroeconomic stress in developed economies. With tech spending shifting toward cost efficiency (vs focus on transformation over the last two years), TCS revenue growth is expected to outperform its peers (FY24 at 9.2% YoY CC in USD vs large cap coverage median of 8.5% YoY) on account of its industry leadership in cost optimization and strong order book. Further, its better operational efficiencies is expected to drive up its profitability, leading to 20% YoY INR PAT growth in a tough year.

Outlook

We reiterate our Buy rating with a TP of INR3,950 (29xFY24/25xFY25).

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TCS - 01 -01-2023 - moti