Goldman Sachs has retained its ‘Buy’ rating on Tata Consultancy Services (TCS) but slashed the target price to ₹4,230 from ₹4,550. The brokerage’s revised view factors in a broad-based slowdown in India’s IT services sector driven by macro uncertainty in the U.S., which is impacting client spending.
Despite these headwinds, Goldman believes TCS is better positioned than its peers due to its scale, client relationships, and strong execution track record. However, it notes that even industry leaders may find it difficult to buck the cyclical challenges facing the sector in FY26.
TCS’ earnings resilience and commitment to payouts support the positive stance, but Goldman warns that investors should temper their expectations for near-term revenue acceleration.
