2025-06-16-花旗集团-塔塔咨询服务公司（TCS）_塔塔咨询服务公司（TCS.BO）模型更新_12页_590kb

报告摘要

Flash Analysis: Tata Consultancy Services (TCS) - Citi Research

Date: June 16, 2025
Ticker: TCS.BO
Recommendation: Sell (unchanged)
Current Price (Rs): 3,482.90
Target Price (Rs): 3,245.00 (↓)
Market Cap (Rs M): 12,601,437

Key Updates & View

Citi revises its FY26E-27E estimates slightly due to changes in exchange rates and operational parameters.

Target Price: Reduced to Rs. 3,245 (from Rs. 3,000), based on a 22x multiple of FY27E EPS. (Note: Valuation is at a discount to TCS's ~26x 5-year historical average, reflecting low growth visibility).
Rating: Recommends maintaining a 'Sell'.

Financial Summary (Projected)

(Yr)	2024A	2025A	2026E	2027E	2028E
EPS (Rs)	125.92	134.46	140.49	147.39	153.73
Net Profit (Rs M)	459,080	486,488	508,315	533,276	556,194
P/E (x)	27.7	25.9	24.8	23.6	22.7
P/B (x)	13.7	13.2	12.8	12.7	12.2
EPS Growth (%)	-	6.8	4.5	4.9	4.3

Risk Factors

TCS’s earnings are expected to grow at ~5% CAGR in FY25E-27E.
Recent cost optimization efforts have aided margin performance.

Catalysts for Price Above Target

Aggressive pent-up demand from US/Europe corporates.
Significant rupee depreciation vs USD/EUR/GBP.
Margin-accretive acquisitions.
Relative preference for IT in India.

Disclaimers

Citi's research may be affected by conflicts of interest due to business relationships with companies covered. This report is only a single factor in investment decisions.

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