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Brokerages on TCS after Q1 Results: TCS on expected lines posted weak April-June quarter earnings amid tariff uncertainty. For the quarter under review, the company's consolidated net profit rose over 6 per cent to Rs 12,760 crore amid positive growth in the new services segment.

Revenue at the company inched higher by 1.3 per cent to Rs 63,.437 crore amid cautious client spending as well as tariff uncertainty. The company's constant currency (CC) revenue declined 3.1 per cent on-year.

The IT company's management commentary has not been so confident.

The company's margin was at 24.5 per cent on the operational front.

Brokerages on TCS post Q1 earnings

TCS (CMP 3382) 

Brokerages 

Rating 

New Target 

Old Target 

Goldman Sachs 

buy 

3870 

4040 

JP Morgan 

neutral 

3650 

3850 

Jefferies 

hold 

3480 

3400 

CLSA 

accumulate 

4279 

4327 

Citi 

sell 

3135 

3220 

Nomura 

neutral 

3780 

3780 

HSBC 

Hold 

3665 

3665 

UBS 

BUY 

3,950 

JP Morgan has maintained neutral call with the target cut to Rs 3,650 from the earlier Rs 3,850. The brokerage said TCS began FY26 on a weak note and the company's top management blamed unexpected weakness on uncertainty from US trade negotiations & geopolitics that impacted a range of industries secularly.

Now expect FY26 revenue to decline for overall business & stay flat on CC basis.

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