Whalesbook
Kya Chal Raha Hai TCS Mein? (The Real Story)
TCS ne Q4 FY26 ke results announce kiye hain aur overall toh numbers kaccha hai! Unka total revenue ₹70,698 Cr ho gaya hai, jo pichhle saal se 9.6% zyada hai. Aur bhai, profit after tax bhi 12.2% badhkar ₹13,718 Cr tak pahunch gaya hai.
AI Ka Jaadoo Chala!
Sabse zabardast news hai AI se. Company ne kaha ki unka annualized AI revenue $2.3 Billion tak pahunch gaya hai, jo total revenue ka 7.5% hai. Iske saath hi, unhone $12 Billion tak ke bade deals bhi jeete hain Q4 mein, aur poore saal ka total contract value $40.7 Billion raha. Operational performance bhi top notch hai, operating margin 25.3% par aa gaya hai, jo last 4 saal ka sabse highest hai. Net margin bhi achha 19.4% hai. Stock market mein bhi iske baad share price lagbhag ₹2,559.2 ke aas paas chal raha tha. Board ne ₹31 per share ka final dividend bhi announce kiya hai.
Par Aage Kya? Analyst Bole 'Socho Zara'
Ab yahan se cheezein thodi complex ho jati hain. Jabki numbers acche hain, analysts thoda chintit hain. Unke hisab se, pichhle poore fiscal year (FY26) mein dollar revenue mein pehli baar 0.5% ka decline dekha gaya hai, jo $30,017 Million tha. Yeh pehle ke saalon ke growth se alag hai.
Kyunki AI ka trend badh raha hai, kuch analysts ko lagta hai ki ye future mein traditional IT services revenue mein 2-3% tak ki deflation bhi la sakta hai. Iske alawa, company ne FY26 mein kuch one-off costs bhi face kiye hain, jaise restructuring ke liye ₹1,388 Cr, labor code compliance ke liye ₹2,128 Cr, aur legal provisions ke liye ₹1,010 Cr.
Brokerage Views: Milte-Julte Raay
Sabhi brokerage house TCS ko ek nazar se nahi dekh rahe hain.
- Jefferies ne 'Underperform' rating rakha hai, unko margin miss aur BFSI sector ki kamzor performance dikh rahi hai.
- HSBC ne 'Hold' rating di hai, yani neutral.
- Wahi, Nomura aur JPMorgan thoda optimistic hain. Nomura toh expect kar rahe hain ki FY27 mein FY26 se better performance hogi aur EPS estimates badha rahe hain. JPMorgan bhi FY27 mein gradual improvement dekh raha hai.
TCS ka P/E ratio bhi apne 10-year median se neeche 18-19.4x ke aas paas hai, aur competitors jaise Infosys aur HCL se discount par trade kar raha hai. Poora Indian IT sector toh 13.4% grow hone ka estimate hai 2026 mein, par TCS ko AI ke opportunities ko monetize karna hoga aur sath hi traditional services mein price pressures ko manage karna hoga. Company ki market cap bhi lagbhag $94-$101 Billion USD ke beech hai.