Top picks: TCS, Mphasis, L&T Tech, Zensar and Sonata Indian IT has achieved early success in transitioning its business model (pivot to digital), evident in its growth leadership vs. global peers. Despite improving pricing power (digital, supply constraints) and growing addressable market, global macros turning adverse will create first among equals in the sector. Indian IT ex-TCS/INFY trades at a discount to its historical valuations (TCS/INFY at ~20% premium) and we maintain our stock selective stance, preferring names that have strong durability and stable core business.