Emkay's Positive Shift on Indian IT Post-Selloff; Review Model Portfolio Updates

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Emkay Turns Constructive on Indian IT: Replaces Mphasis with Infosys, HCL Tech

Emkay Turns Constructive on Indian IT: Replaces Mphasis with Infosys, HCL Tech

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CNBC TV18•26-02-2026, 10:56

Emkay Turns Constructive on Indian IT: Replaces Mphasis with Infosys, HCL Tech

•Emkay Global finds Indian IT valuations attractive after recent sell-off, dismissing overreactions to AI concerns.
•Brokerage expects subdued long-term sector growth (below 5%) but sees current pessimism as overdone and priced in.
•Meaningful value emerges at 14-18x P/E multiples, offering 4-6% free cash flow yield and favorable risk-reward.
•Emkay turns marginally 'Overweight' on the sector, adding Infosys and HCL Technologies to its model portfolio.
•Generative AI is not yet enterprise-ready at scale; IT firms will retain relevance in customizing and integrating solutions.

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