HDFC Securities
Top picks: TCS, L&T Infotech, L&T Tech, Zensar and Majesco While resilient businesses resist shocks, the Antifragile actually get better. Despite rising volatility (business cycles, rapid paradigm shifts) and universal acceptance that Indian tech companies lack product (or innovation) DNA, their anti-fragility stands out. Most lately, this is visible in their rapid business re-alignment in the face of the digital threat. Digital revenues in their revenue mix have scaled from low-teens to early-30s over the trailing three years.
Prabhudas Lilladhar released a Sector Update report for Software & Services on 01 Apr, 2026.
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