09 Oct 2026, 14:32 IST
Tata Consultancy Services Limited
HDFC Securities · ADD · target Rs 2,470
The report states TCS filed 513 PERM applications in FY25 and estimates the PERM freeze would reduce EBIT margin by ~13bps if affected roles are replaced by local hires.
From IT Update Oct26 HSIE, written by HDFC Securities. Orivam summarised it; the view is HDFC Securities's, not Orivam's.
Open the original PDF →Research PDFs are often removed by the firms that publish them. The summary above is kept so this page still means something if that happens.