Buy ACN by Aug 15, 2026.

I wrote this report on Indian IT services in the AI era. TCS, Infosys, and HCLTech are often treated like defensive cash-generating machines. High margins, strong cash flows, sticky clients, good governance, domestic SIP support. The real question is not how high the margin is, but where the margin comes from? The thesis is that a 24% margin attached to billable labor may be less durable than a 15% margin attached to workflow ownership, managed services, platforms, and acquired capability. …