04:35 AM EDT, 04/17/2026 (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 with a higher 12-month target price of USD2.40 (up from USD2.30), by rolling forward our valuation to FY 28 EPADS (Mar.), applying a P/E of 15.3x, which remains at a discount to its five-year average of 21.1x. The lower multiple reflects uncertainty in revenue recovery, delays in large deal ramp-ups, and slower growth as AI-related projects take longer to implement. As FY 26 results were within expectations, we maintain our FY 27 revenue forecast at INR961B and introduce our FY 28 revenue forecast of INR1,019B, implying gradual improvement as execution becomes more stable. We maintain our FY 27 EPADS forecast at INR13.33 and introduce our FY 28 EPADS forecast of INR14.82, reflecting stable margins despite modest revenue growth. We remain cautious on near-term growth due to limited visibility on demand recovery and slower revenue conversion. We believe earnings will improve only when deal ramp-ups become more consistent and client spending picks up.