Citi has downgraded Info Edge to Sell from Neutral and cut its target price to ₹1,220, citing a weaker growth outlook across key segments. Q1FY26 billings grew 9% YoY versus 18% in Q4FY25. IT billings were up 8% YoY compared with 12% in FY25, while non-IT grew 7% YoY versus 17% in FY25. GCCs remained a relative bright spot at 17% YoY growth.
The brokerage said muted hiring trends in the Indian IT sector may result in sustained or additional headwinds, while non-IT growth will likely depend on domestic macroeconomic conditions. Citi has lowered its FY26/FY27 billings growth forecast to 9%/13% from 13%/16% earlier.
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