Tata Technologies (TATATECH IN) Q4FY26 Result Update Strong Q4 exit & improved FY27 visibility Downgrade to HOLD'
TATATECH reported strong Q4 revenue growth of 12.4% QoQ CC, ahead of our estimate of 8.2%, driven by robust organic Services growth of ~8% QoQ CC. Within Services, the auto segment grew 13.2% QoQ, supported by higher ES-Tec contribution (additional two months of consolidation in Q4), normalization in anchor client, and strong traction in non-anchor accounts. The non-auto segment sustained momentum in Q4, Aerospace vertical reaching an annualized run-rate of ~US$ 40mn. The strong Q4 exit, coupled with improving deal signing activities (two strategic full-vehicle programs won in Q4 and two additional wins closed in April 2026) provides confidence...