TCS files Q2 FY27 earnings call transcript; revenue Rs 73,188 cr, margins steady
TCS · price
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TCS filed transcript of Q2 FY27 earnings call held on October 8, 2026. Quarterly revenue rose to Rs 73,188 crore ($7,642 million), up 1.3% sequentially and 11.2% year-on-year. Constant currency growth was 0.5% QoQ and 2.8% YoY. Operating margin held steady at 24%, net margin at 19%. BFSI, Manufacturing, and Technology verticals each grew 3%+ sequentially. TCV stood at $9.6 billion (excluding Porsche and Best Buy). Annualized AI revenue crossed $3.1 billion, about 10% of total. Management reaffirmed 26-28% long-term margin band but flagged headwinds from the proposed MHP acquisition (around 50 bps), higher subcontractor costs, furloughs, and continued ecosystem investments. Workforce stood at 598,056.
Steady margins and AI revenue crossing $3 bn is positive. Near-term margin pressure from MHP deal, subcon costs, and investments may cap upside. Long-term 26-28% band reaffirmed.