Kotak Institutional Equities said Cognizant’s Q3CY25 performance offered meaningful cues for Indian IT peers such as TCS, Infosys, HCL Tech, Wipro, and Tech Mahindra. The company’s strong organic growth, raised guidance, and sustained margin resilience point to an effective turnaround under CEO Ravi Kumar, even as its proposed India IPO listing adds a new competitive dimension to the sector. Advertisement

Kotak highlighted that Cognizant’s sharper execution and financial discipline have intensified competition in an environment of subdued industry growth. Its broad-based growth and market share gains in financial services and healthcare are eroding the edge historically enjoyed by Indian IT peers. The brokerage cautioned that increased competition for a limited pool of large deals could

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