On the back of a strong performance across its key business segments, the stock has significantly outperformed key indices with 204% return in the last 36 months vs. ~50% return in the Nifty. Also, as highlighted above, we have already factored in most of the positive triggers in our estimates.
While the business demerger seems to be a step in the right direction, we do not foresee any need to revisit our TP, which is already based on SoTP valuation.
Given limited upside after the recent sharp run-up in the stock, we downgrade TTMT to Neutral (from BUY) with an unchanged TP of Rs 1,000 per share.
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