TMT Daily GLOB/CINT: A soft quarter ahead for Indian IT Services; TOTVS: Omie to invest R$100mn to acquire its franchises

研报英文原文证据摘录

TMT Daily GLOB/CINT: A soft quarter ahead for Indian IT Services; TOTVS: Omie to invest R$100mn to acquire its franchises

Global Research

2 July 2026ab

TMT Daily Equities

Emerging MarketsGLOB/CINT: A soft quarter ahead for Indian IT

Services; TOTVS: Omie to invest R$100mn to Telecommunications

acquire its franchises Leonardo Olmos,AnalystCFA

leonardo.olmos@ubs.com

+55-11-9658 7533

TMT Calendar: next main events: Gustavo Farias

Associate Analyst

(July 9) TCS earnings release gustavo.farias@ubs.com

(July 21) AMX earnings release +55-11-2767 6154

(July 22) AT&T earnings release

(July 27) TEF-BZ earnings release

(July 27) TIM earnings release

(July 29) TEF earnings release

(July 29) Intelbras earnings release

(July 29) Cognizant earnings release

(July 30) Grid Dynamics earnings release

GLOB/CINT: A soft quarter ahead for Indian IT Services; Deal deferrals could pose

a risk to GLOB/CINT guidance

What happened: UBS India IT Services Analyst Aditya Chandrasekar published a

preview of Q1FY27 results for Indian IT services companies, expecting a soft

quarter. Key takeaways were:

Demand and pricing remain soft, with second-order effects from the Gulf

conflict: Q1 is likely to be a soft quarter, as both demand and the pricing

environment remain weak. While the Gulf conflict had only a minor direct

impact on revenues, second-order effects may pressure volumes and lead to

deal deferrals and delayed client decisions, as suggested by Accenture's

commentary and UBS channel checks.

Accenture's commentary supports the cautious view: Accenture reported

soft Q3FY26 results and trimmed the upper end of its FY26 revenue growth

guidance. Its commentary pointed to continued focus on large transformation

programs, but rising geopolitical uncertainty, with a ~US$ 100mn impact from