Whalesbook
So, TCS ke liye FY26 mein ek bada change aaya hai. Unka U.S. dollar revenue 0.5% gir gaya, jo 20 saal mein pehli baar hua hai. Pata hai, Covid-19 ke time mein bhi company ne growth maintain rakhi thi, par ab AI ki wajah se pricing pressure aur kuch massive one-off costs ne results ko affect kiya.
Is saal ka decline 0.5% ka hai, jo ki actual mein constant currency mein 2.4% hai. Pichle 4 saal se growth already slow ho rahi thi. Aur is decline ko aur badhaya ₹4,500 crore se zyada ke special kharchon ne! Isme restructuring ke ₹1,388 crore, labour code compliance ke ₹2,128 crore, aur legal issues ke ₹1,010 crore shaamil hain.
Par rukko, picture abhi baaki hai mere dost! Q4 FY26 mein TCS ne kamaal ka comeback kiya hai. Net profit 29% badh kar ₹13,720 crore pahunch gaya, analysts ke ₹13,581 crore ke estimate se bhi upar. Revenue bhi 5.5% increase hokar ₹70,698 crore ho gaya, jo consensus estimate ₹67,087 crore ko bhi paar kar gaya. EBIT bhi 6% badha aur margin 25.3% par maintain raha. Stock bhi ₹3,900 ke aas paas acchi volumes ke saath trade kar raha tha.
Ab future ki baat karein toh TCS ka focus full speed par AI par hai. Woh AI firm Anthropic ke saath ek major partnership announce karne wale hain. COO ne confirm kiya hai ki ispar kaam chal raha hai aur jaldi hi update aayega. CFO ka kehna hai ki FY26 mein AI partnerships mein achha investment kiya gaya hai taaki future mein innovation-led growth ho sake, especially jab AI khud pricing models ko change kar raha hai.
Lekin sab kuch itna smooth nahi hai. Investors ko AI pricing pressure ki chinta hai jo lagtaar reh sakti hai aur margins ko tight kar sakti hai. Competition mein Infosys aur Wipro bhi hain. Market abhi bhi TCS ko achha value de raha hai (around 28x P/E), Infosys (26x) aur Wipro (19x) se zyada. AI investments mein bada paisa lag raha hai aur uska return uncertain hai. Balance sheet toh mazboot hai, par large AI costs manage karna ek challenge hai. Agar Anthropic partnership work nahi kiya toh goals ko affect kar sakta hai. Global economic uncertainty ke karan IT sector ka outlook bhi cautious hai, FY27 mein single-digit growth expected hai.
Analysts expect karte hain ki FY27 mein TCS ki growth stabilize hogi aur dheere-dheere recover karegi. Yeh sab depend karega AI initiatives ke successful integration aur global IT spending par. Current analyst price targets around ₹4,200 hain, jo cautiously optimistic hain. TCS ko apni pichli 20 saal ki strong growth ko wapas pane ke liye AI investments ko revenue mein badalna hoga.