Brokerages split on TCS Q2; AI growth vs margin pressure

TCS Q2 results drew mixed brokerage reactions. Jefferies and Citi retained bearish ratings, citing 4% EPS CAGR and margin pressure. Kotak, Emkay kept 'Add'; Motilal Oswal maintained 'Buy'; JPMorgan stayed 'Overweight'. UBS flagged AI revenue growth and hiring as positives. TCS's annualised AI revenue reached $2.6 billion in Q1FY27, up 13.6% QoQ.