05:25 AM EDT, 03/17/2026 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We maintain our Hold rating but lower our 12-month target price to USD2.30 (from USD3.00), based on a FY 27 (Mar.) P/E of 15.6x (previously 20.2x). The revised multiple represents 1.5 SDs below the five-year historical average P/E of 21.3x, reflecting concerns that wider adoption of AI-assisted development tools could gradually alter pricing dynamics in IT outsourcing services. We maintain our FY 26 revenue forecast at INR923B (+3.6% Y/Y) and FY 27's at INR961B (+4.1% Y/Y), reflecting modest expansion in a cautious demand environment as clients remain selective on discretionary technology spending. We also maintain our FY 26 EPS forecast at INR12.59 (+0.5% Y/Y) and FY 27's at INR13.33 (+5.9% Y/Y), supported by broadly stable operating margins and continued cost discipline. In our view, longer sales cycles and delayed ramp-ups of large deals may continue to limit near-term revenue momentum despite steady deal activity and ongoing investment in AI-related initiatives.