TCS reported revenue of $7.5 billion in Q2 FY26, up 0.8% QoQ in CC terms vs Motilal Oswal's estimate of 1.0%. (Image: TCS) While TCS' management expects FY26 growth to be better than FY25, the brokerage believes this guidance is somewhat fuzzy. Even assuming a 1% CQGR in H2, Motilal Oswal estimate FY26 international growth at ~2.5% in USD terms. This indicates no incremental growth over FY25.

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