External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>The IT sector is expected to post mixed revenue growth in Q1, with tier-1 reporting muted CC revenue growth while mid-tier is expected to deliver strong growth</li><li>There is a huge cross-currency tailwind in the quarter which will result in strong USD growth QoQ</li><li>The companies will maintain their full-year FY26E guidance amid the ongoing global economic uncertainty</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The IT sector is expected to post mixed revenue growth in Q1, with tier-1 reporting muted CC revenue growth while mid-tier is expected to deliver strong growthThere is a huge cross-currency tailwind in the quarter which will result in strong USD growth QoQThe companies will maintain their full-year FY26E guidance amid the ongoing global economic uncertaintyContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IT Sector (Q1FY26E Results Preview): Resilience Amidst Challenges

<ul><li>Infosys: Infosys’ (INFO) sequential revenue decline of 3.5% in CC was primarily due to a reduction in third-party costs and the associated revenue, which accounted for ~2/3rd of the drop</li><li>Additionally, some deals that were in the pipeline slipped towards the end of the quarter, and Q4 seasonality and drop in volumes contributed to the lower than anticipated performance</li><li>Infosys provided a growth guidance of 0% to 3% in CC terms for FY26, and an operating margin guidance of 20-22%</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Infosys: Infosys’ (INFO) sequential revenue decline of 3.5% in CC was primarily due to a reduction in third-party costs and the associated revenue, which accounted for ~2/3rd of the dropAdditionally, some deals that were in the pipeline slipped towards the end of the quarter, and Q4 seasonality and drop in volumes contributed to the lower than anticipated performanceInfosys provided a growth guidance of 0% to 3% in CC terms for FY26, and an operating margin guidance of 20-22%Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Tata Consultancy Services: Tata Consultancy Services (TCS) delivered in-line revenue growth and operating performance in Q3, albeit with a pick-up in deal wins (best book-to-bill for Q3 &amp; Q4 traditionally being strongest in bookings)</li><li>Key positives for TCS include (1) strong TCV of USD 10.2bn, driven by large deal wins across various markets and industries, (2) positive commentary on broad basing of discretionary spend beyond the BFSI vertical, (3) management’s outlook of CY25 growth to be better than CY24 (despite the impact of BSNL deal), supported by increase in successful deployment of GenAI engagements, (4) TCS’ full stack capabilities and growth across managed services, operating model transformation, vendor consolidation, legacy modernization, CX transformation, and GenAI-led transformation, and (5) higher fresher addition next year indicative of better visibility</li><li>BSNL deal tapering-off in FY26E will impact growth (improve margins), even as discretionary spend recovers</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tata Consultancy Services: Tata Consultancy Services (TCS) delivered in-line revenue growth and operating performance in Q3, albeit with a pick-up in deal wins (best book-to-bill for Q3 &amp; Q4 traditionally being strongest in bookings)Key positives for TCS include (1) strong TCV of USD 10.2bn, driven by large deal wins across various markets and industries, (2) positive commentary on broad basing of discretionary spend beyond the BFSI vertical, (3) management’s outlook of CY25 growth to be better than CY24 (despite the impact of BSNL deal), supported by increase in successful deployment of GenAI engagements, (4) TCS’ full stack capabilities and growth across managed services, operating model transformation, vendor consolidation, legacy modernization, CX transformation, and GenAI-led transformation, and (5) higher fresher addition next year indicative of better visibilityBSNL deal tapering-off in FY26E will impact growth (improve margins), even as discretionary spend recoversContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Tata Consultancy Services, Tata Elxsi

<ul><li>The IT sector growth is in the middle of its recovery, having bottomed out two quarters ago, and is expected to achieve a high single-digit over the next three quarters</li><li>Current stock prices reflect increased confidence in this trajectory</li><li>AI is proving to be a net positive for the sector, and with GCC growth differential peaking, concerns around terminal growth are easing, supporting sustained demand</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The IT sector growth is in the middle of its recovery, having bottomed out two quarters ago, and is expected to achieve a high single-digit over the next three quartersCurrent stock prices reflect increased confidence in this trajectoryAI is proving to be a net positive for the sector, and with GCC growth differential peaking, concerns around terminal growth are easing, supporting sustained demandContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IT Sector (Q2FY25E Results Preview): Recovery in progress

<ul><li>We hosted over 15 companies and several industry experts at the HDFC Securities’ 8th annual IT conference</li><li>Key takeaways included (1) continued (prosaic) commentary on cost optimisation focus but signs of improvement in demand</li><li>(2) stable to upward bias in pricing and some improvement in the decision cycle</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We hosted over 15 companies and several industry experts at the HDFC Securities’ 8th annual IT conferenceKey takeaways included (1) continued (prosaic) commentary on cost optimisation focus but signs of improvement in demand(2) stable to upward bias in pricing and some improvement in the decision cycleContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

Tata Elxsi is a global design-led technology services company, specializing in product engineering, software development, and systems integration. It provides solutions across industries including Automotive, Media & Communications, and Healthcare & Life Sciences, leveraging digital technologies like AI, IoT, Cloud, and VR. The company was founded in 1989 and is headquartered in Bengaluru, India.

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Tata Elxsi (TELX IN)

IT Sector (Q1FY26E Results Preview): Resilience Amidst Challenges

The IT sector is expected to post mixed revenue growth in Q1, with tier-1 reporting muted CC revenue growth while mid-tier is expected to deliver...

HDFC Securities

HSIE Results Daily: Infosys, Tata Elxsi

Infosys’ (INFO) sequential revenue decline of 3.5% in CC was primarily due to a reduction in third-party costs and the associated revenue, which...

HDFC Securities

HSIE Results Daily: Tata Consultancy Services, Tata Elxsi

Tata Consultancy Services (TCS) delivered in-line revenue growth and operating performance in Q3, albeit with a pick-up in deal wins

HDFC Securities

IT Sector (Q2FY25E Results Preview): Recovery in progress

The IT sector growth is in the middle of its recovery, having bottomed out two quarters ago, and is expected to achieve a high single-digit over...

HDFC Securities

IT Sector: Recovery Signs

Key takeaways included (1) continued (prosaic) commentary on cost optimisation focus but signs of improvement in demand (2) stable to upward bias...

HDFC Securities

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