---
endpoint: analytics
pattern: 01 · Coverage lookup
status: done
latency_ms: 149428
conversation_id: af04d266-7fc0-423e-9784-ff02a4487a52
citations: 0
created: 2026-05-31 16:46:38Z
---

# Pull every India IT note published in the last 30 days.

**India IT notes — last 30 days of CLSA corpus**

**Corpus recency caveat:** The CLSA archive in this workspace is current through **30 June 2025**, not 31 May 2026. The "last 30 days" window below is interpreted relative to corpus recency — **2025-06-01 to 2025-06-30** — not literal "today". Newer CLSA India IT notes (post-Jun 2025) are not yet synced.

**Lead analyst across all four: Sumeet Jain (CLSA India)** — `sumeet.jain@clsa.com`, with Mridul Goenka co-authoring two of them.

### India IT-dedicated notes (4)

| # | Date | Document title | Filename | Chunks |
|---|------|----------------|----------|--------|
| 1 | 24 Jun 2025 | **India Gen AI Access Day Summary (KTAs: High amount of uncertainty)** | 607962657LinqAlpha.PDF | 219 |
| 2 | 20 Jun 2025 | **India IT (Accenture 3Q25 read-across)** | 607962486LinqAlpha.PDF | 65 |
| 3 | 18 Jun 2025 | **India IT 1QFY26 (Commentary preview — status quo)** | 607962319LinqAlpha.PDF | 56 |
| 4 | 10 Jun 2025 | **Global US NDR feedback and Gen AI Access day line-up** (India IT-anchored) | 607961681LinqAlpha.PDF | 30 |

**Headline takeaways**

- **24 Jun — Gen AI Access Day Summary [1]:** Follow-up to March Gen AI deep-dive, after meetings with ~150 clients revealed widespread uncertainty. Two days of virtual sessions with Nvidia, E2E Networks, Salesforce, Intellect Design Arena, TCS, Wipro, LTIM, Happiest Minds, McKinsey, BCG, HFS, ISG, TeamLease, Quess, and CLSA CTO. Key cross-expert observations: (a) low initial ROI on Gen AI projects, (b) real-time productivity below committed levels, (c) Gen AI levels the playing field across small/mid/large players, (d) both GCCs (captives) and IT outsourcers have important roles, (e) pure Gen AI deals are still few and at pilot stage. Verdict: "jury is still out" on the most pertinent sector questions [1].

- **20 Jun — Accenture 3Q25 read-across [2]:** Accenture beat the top of its revenue guide (US$17.7bn, +7% CC) and raised FY25 organic growth guidance to 3-4% (from 2-4%) despite tariff-related uncertainty. Strong booking pipeline, Gen AI demand "extremely strong", and BFSI strength echoes Indian IT 1QFY26 commentary. **CLSA reiterates positive stance on India IT — Top picks: Infosys (INFY), Tech Mahindra (TECHM), Persistent Systems (PSYS).** O-PF or HC O-PF ratings across coverage except LTIM [2].

- **18 Jun — 1QFY26 Commentary preview [3]:** Guarded optimism in management tone — discretionary spend not materially better, cost-optimisation theme intensifying. BFSI resilient; retail and autos hit by tariffs. Expect strong order-booking pickup and good deal-pipeline commentary this quarter. **Wipro could bounce on a potential board-approved buyback; Infosys could lift FY26 revenue growth guidance after closing two acquisitions.** Positive sector stance reiterated [3].

- **10 Jun — US NDR feedback / GAI Access day line-up [4]:** From ~25 client meetings in NY/Boston/Chicago/Austin: most EM-focused investors are **underweight Indian IT**; INFY is the most-held name. PSYS widely held in EU but valuation is the hurdle in the US (post-Globant correction). TECHM turnaround story under new mgmt is largely unknown in the US/EU. CLSA's V-shaped recovery view (supported by SAP, CTSH, CAP, EPAM, Salesforce, Nvidia guidance) is **not the base case for most US investors** — which CLSA reads as upside risk on incremental capital allocation if demand commentary improves [4].

### Adjacent notes that touch India IT but are not IT-dedicated (not counted above)

These are India multi-sector strategy / weekly wraps from the same window that include IT names among broader content — read them if you need flow/positioning color rather than dedicated sector views:

| Date | Title | Filename |
|------|-------|----------|
| 27 Jun 2025 | All Things India (Sales/Trader Patch \| Key India Research \| Conviction Ideas \| Kestel) | 607962957LinqAlpha.PDF |
| 23 Jun 2025 | India strategy (Down but may not rebound soon) | 607962613LinqAlpha.PDF |
| 20 Jun 2025 | All Things India / India Strategy (Weekly wrap) | 607962469, 607962483 LinqAlpha.PDF |
| 13 Jun 2025 | India Strategy (Weekly Wrap) | 607961985LinqAlpha.PDF |
| 09 Jun 2025 | India Strategy (Good quarter but EPS cuts continue) | 607961540LinqAlpha.PDF |
| 06 Jun 2025 | All Things India (Sales/Trader Patch...) | 607961427LinqAlpha.PDF |

### Net read

CLSA's India IT desk (Sumeet Jain) is **constructively positioned** through the end of June 2025: V-shaped recovery thesis intact, BFSI strength validated by Accenture, top picks INFY / TECHM / PSYS, and FII underweight setup framed as upside-skewed. The Gen AI access day series, however, finishes on a more cautious note — productivity / ROI / deal-conversion remain unresolved questions, and the "jury is still out" framing on 24 Jun is more hedged than the 10 Jun and 20 Jun notes that preceded it.

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**Sources**
[1] India Gen AI Access Day Summary (KTAs: High amount of uncertainty) — CLSA (24 Jun 2025) — 607962657LinqAlpha.PDF
[2] India IT (Accenture 3Q25 read-across) — CLSA (20 Jun 2025) — 607962486LinqAlpha.PDF
[3] India IT 1QFY26 (Commentary preview—status quo) — CLSA (18 Jun 2025) — 607962319LinqAlpha.PDF
[4] Global US NDR feedback and Gen AI Access day line-up — CLSA (10 Jun 2025) — 607961681LinqAlpha.PDF

