At 23.6x 1-year forward multiple, TCS trades at a 4% discount to its average 10-year historical valuation. Our TP of INR 3,908 (vs INR 4,017 earlier) is based on 25x (unchanged) FY27E EPS. TCS has consistently gained market share across tech shifts over the years, backed by a diversified service mix, deep client trust, and strong domain expertise. We see it as a key partner in clients’ cost takeout and digital transformation efforts. Maintain BUY