Higher valuation assumptions lifted Citi's reported share targets for Wipro, Tata Consultancy Services and HCLTech, while the bank left its Sell ratings in place amid muted earnings projections, NDTV Profit reported Nov. 10.
NDTV Profit put the new targets at ₹170 per Wipro share, ₹2,000 for TCS and ₹1,200 for HCLTech, compared with earlier levels of ₹145, ₹1,840 and ₹1,050, respectively. It said the price-to-earnings assumptions behind the targets climbed to 13 times from 11 times for Wipro, 13 times from 12 times for TCS, and 16 times from 14 times for HCLTech.
The outlet's account said Citi's earnings outlooks stayed modest: Wipro earnings per share (EPS) were projected to grow about 2% annually through FY29, while TCS was projected at 2% to 3% in FY28 and FY29. HCLTech's EPS was forecast to rise 15% in FY27, then 2% in FY28 and 1% in FY29.
Quarterly company releases add operating context, although the figures use different measures. For the quarter ended Sept. 30, 2026, Wipro reported IT Services revenue of $2.612 billion, up 0.3% year over year on a reported basis and 0.6% in constant currency. EconoTimes previously compared Indian IT firms' second-quarter growth, bookings and AI measures.
For the September quarter, TCS posted $7.642 billion in revenue, with year-over-year growth of 2.4% in U.S. dollars and sequential growth of 0.5% in constant currency. It also reported annualized AI revenue of $3.1 billion for Q2 FY27.
HCLTech reported September-quarter revenue of ₹356.2 billion, up 11.5% year over year in rupees and 2.6% in constant currency. Its guidance for FY27 calls for revenue growth of 2.5% to 4% and Services revenue growth of 3% to 4%, both in constant currency.
Wipro forecast IT Services revenue for the quarter ending Dec. 31, 2026, to range from a 1.5% sequential decline to 0.5% growth in constant currency.
