KOTAK ON IT SECTOR – COGNIZANT ; NEUTRAL

• Kotak maintains Neutral view on the IT sector as Cognizant cuts CY26 revenue growth guidance to 4–4.4%. • Weak discretionary spending in healthcare and consumer verticals continues to impact demand recovery. • Cognizant narrows CY26 adjusted EBIT margin guidance to 16.1%. • Company retains CY26 EPS growth guidance of 8–10%. • Kotak flags uncertainty over CY27 growth acceleration amid weaker deal conversion and cautious client spending.

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