NOMURA ON TCS ; BUY | TP ₹2,630

• Nomura maintains Buy rating on TCS with a target price of ₹2,630. • AI revenue reaches $3.1 billion annualised, growing 15–20% sequentially. • Only 5% of enterprises are ready to deploy advanced AI at scale, presenting significant growth opportunities. • AI-led modernisation could reduce transformation timelines from 3–4 years to 6–18 months. • Nomura expects deflationary pressures to ease, supporting the business outlook. • Annual AI investments of $1 billion could weigh on near-term margins.

TATA CONSULTANCY SERV LT

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