JPM on LTM Downgrade to N, TP cut to Rs 4500 from Rs 5100 LTM announced that it has issued an offer to acquire Randstad’s technology and consulting services business in Europe and Australia. Revenues of these entities (€469m) have declined sharply in the past two years while estimate business operates at much lower 4-5% Ebitda margins, given its onshore-heavy nature, which should be materially margin-dilutive. LTM has also announced concomitant contracts to take over and build a GCC for Randstad in India and a reverse contract to Randstad to support LTM’s subcon needs While, across three contracts, management doesn’t see any EPS dilution, estimate acquisition alone could drive 2% EPS dilution due to amortization costs and lower interest income. Moreover, don’t see obvious horizontal service line or vertical synergies, given its focus on digital engineering and cybersecurity rather than core IT Services, which LTM focuses on. Cross-sell opportunities as they exist should be limited by different buying centers for engineering and IT services Acquisition price appears to be modest at €160m on a EV/Sales basis (0.34x), but not on implied profit multiples (8x EBITDA, 13-15x EBIT), given global/EU peer multiples. More than price paid, see this acquisition as a sign that organic growth opportunities are drying up and management is being forced to evaluate unusual acquisitions to bulk up rather than thoughtfully add capabilities. Fear management distraction, due to closure of the acquisition by 3Q27 and ekeing out of synergies after that, could weigh on execution. Moderate organic revenues/EPS by 1-2%, cut target PE multiple from 21x to 19x @CNBCTV18News @Reematendulkar

HCLTech Report warns 43% of enterprise AI initiatives may fail This is based on a global survey of 467 senior executives responsible for AI investments across enterprises with more than $1 billion in annual revenue- "The AI Impact Imperatives, 2026" The risk is not driven by lack of experimentation or access to tools, but by the difficulty of translating ambition into consistent, enterprise-wide outcomes. expectations around returns are tightening. Nearly half of enterprise leaders expect measurable value from AI investments within 18 months Collision between speed and preparedness is becoming one of the most defining challenges facing enterprise leadership teams today #HCLTech #CNBCTV18 #TechAtWork

#4QWithCNBCTV18 | TCS Q4FY26 Earnings Estimates - Revenue expected to grow 1.5% QoQ to $7,619.5M - ⁠Topline may get 30-40 bps boost from Coastal Cloud & ListEngage acquisitions - EBIT margin estimated at 25.4%; Profit projected up 29% to Rs 13,727 cr @reematendulkar @CNBCTV18News @TCS #CNBCTV18Market #Earnings #TCS

#QSQT | IT Sector In Focus As #Q3FY26 #Earnings Season Begins Key Overhangs This Quarter 👇 * #AI fears * West Asia conflict * Rupee depreciation: Down 2.8% on avg & 5.5% on closing basis @Reematendulkar #CNBCTV18Market #QuarterSeQuarterTak