fell 4.48 per cent to ₹242.44 by 11.09 am on Friday, despite reporting better-than-expected second-quarter results and securing large deal bookings of $2.9 billion for Q2FY26.
The IT services major’s revenue stood at $2,604.3 million, up 0.7 per cent quarter-on-quarter, beating estimates. Large deal bookings grew 90.5 per cent year-on-year, with total bookings at $4.7 billion. The company guided for Q3FY26 revenue between $2.5-2.6 billion, indicating -0.5 per cent to +1.5 per cent sequential growth in constant currency terms.
Brokerage houses remain split on the stock’s outlook. Nomura maintains a Buy rating with a target price of ₹280, citing strong deal wins. However, Motilal Oswal retained its Sell rating with a ₹200 target, expressing concerns about growth pickup. Jefferies kept its Underperform stance at ₹220, noting that despite healthy bookings, margins may face pressure from deal ramps and acquisitions.
IT services operating margin came in at 16.7 per cent, impacted by a ₹1,165 million provision related to a client bankruptcy. Adjusted margin stood at 17.2 per cent.
The stock has traded between ₹228-₹324.60 over the past year. Market participants appear cautious despite management’s optimism about H2FY26 recovery, driven by large deal ramp-ups in the BFSI vertical and the upcoming Phoenix deal contribution.