IT Services valuations

Tier-1 IT services (TCS, INFY, WIPRO, HCLTECH, TECHM) have terminal growth lifted to 4.5% under to reflect multi-year deal-book visibility and deep net-cash balance sheets. The cohort's WACC is tightened toward the ~11.5% band that an analyst would use for a structurally cash-rich, low-beta franchise. Tier-2 IT names sit outside this cohort and use generic-sector defaults. See manifest entry for the scoped invalidation.