Given limited near-term triggers, Motilal Oswal downgrades Updater Services stock to Neutral.

(Image source: Unsplash) Motilal Oswal cuts its earnings estimates by 12%/8% for FY26E/FY27E to reflect the slower growth trajectory and margin pressures across both IFM and BSS segments. Updater's management’s guidance downgrade to 9–10% growth for FY26 (from 13–15% earlier), coupled with persistent weakness in the BSS portfolio, suggests a more gradual recovery ahead.

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