Whalesbook
TCS Ke Results: Kuch Positive, Par Market Ne Dikhayi Caution
Tata Consultancy Services (TCS) ne 9 April 2026 ko apne Q4 FY26 ke results pesh kiye. Unka kehna hai ki revenue mein 1.2% ka growth aaya hai (constant currency mein), jo ki pichhle saat quarters mein sabse achha sequential growth hai. Net profit bhi quarter-on-quarter 29% badhkar ₹13,718 Crore ho gaya, aur revenue ₹70,698 Crore raha. Company ne ₹31 per share ka final dividend bhi announce kiya hai.
Lekin, jaise hi yeh numbers USA mein dikhe, Infosys (INFY) ADRs 2.57% girkar $13.64 par aa gaye, aur Wipro ADRs 2% neeche $2.21 par trade hone lage. Yeh dekhne wali baat hai ki TCS ke khud ke shares toh 9 April ko 1.09% upar band hue the.
Is beech, Wipro ne yeh bhi bataya hai ki unke board ne 16 April ko share buyback ke baare mein discuss karna hai. Yeh lagbhag teen saal mein pehla buyback offer ho sakta hai.
Valuations Ka Game Aur Sector Ki Position
Agar valuations ki baat karein toh TCS ka P/E ratio abhi 19.26x se 19.41x ke aas paas hai, jo ki kaafi reasonable mana ja raha hai. Kuch log toh ise undervalued bhi keh rahe hain. Wipro ka P/E isse bhi kam, 15.04x se 16.71x ke beech hai, jo market ki expectations ko dikhata hai ki growth shayad thodi conservative rahegi ya risk zyada hai.
Infosys ka P/E 17.79x se 19.50x ke beech hai, jo Wipro se zyada par HCLTech (22.98x-24.07x) aur Tech Mahindra (26.57x-30.95x) se kaafi kam hai. Analyston ka maanana hai ki Indian IT sector overall toh badhega hi, Gartner ka bhi kehna hai ki 2026 tak IT spending $176.3 billion cross kar jayega, jisme AI aur digital transformation ka bada role hoga. Abhi 74% contract wins toh AI deals se aa rahe hain.
Acquisitions Ki Kahani Aur Profitability Par Sawaal
Lekin jo ADRs ka girna hua hai, woh dikha raha hai ki investors future demand aur profit margins par zyada focus kar rahe hain. TCS ne FY26 mein ₹6,750 Crore ki acquisitions kiye, jisse revenue 17.3% badha, par profit mein sirf 0.7% ka hi chhota sa faayda hua. Iska matlab yeh ho sakta hai ki ya toh integration mein dikkat aa rahi hai ya phir acquired companies se profit kam aa raha hai. Yeh dikhata hai ki kabhi kabhi companies bina profit badhaye sirf revenue badha sakti hain.
Wipro aur Infosys ke kam P/E multiples bhi shayad market ke liye ek warning bell hain ki woh log AI projects mein kitne competitive hain ya future mein prices ko kaise manage kar payenge. Infosys ADRs toh pichhle 3 mahine mein 20.31% aur pichhle ek saal mein 26.08% gir chuke hain, jo chinta ki baat hai.
Aage Kya Dekhna Hoga?
Abhi earnings season chal raha hai, toh sabhi investors managements se yehi sunna chahenge ki aage demand kaisi rahegi, prices kitne badha sakte hain aur AI transformation ka kya asar hoga. Long term mein toh IT sector ka future achha dikh raha hai, par abhi TCS ke results ke baad market execution aur profit margin stability par zyada nazar rakhega. Brokerages revenue growth toh predict kar rahe hain, par stocks ka performance dikha raha hai ki investors ab profit aur clear demand visibility wali companies ko zyada prefer kar rahe hain.