NSE: TCS · BSE: 532540
TATA CONSULTANCY SERV LT
Delivers IT services, consulting, and business solutions to global enterprises, organised across six industry verticals. In FY26, Banking, Financial Services and Insurance was the largest at 38.7% of segment revenue (₹103,363 cr), followed by Consumer Business at 15.9% (₹42,432 cr), Communication, Media and Technology at 14.8% (₹39,474 cr), Life Sciences and Healthcare at 10.4% (₹27,745 cr), Others at 10.3% (₹27,393 cr) and Manufacturing at 10.0% (₹26,614 cr). Each vertical offers application development, modernisation, infrastructure management, and AI-led transformation work to enterprises in that industry. The business is people-intensive, with employee costs at 58% of revenue, and operates with a global workforce (593,798 at end of Q1 FY27 across 149 nationalities). AI services revenue was annualised at US$2.6B in Q1 FY27 across more than 5,500 engagements, supported by partnerships with Anthropic, Mistral AI, ServiceNow, Google Cloud, NVIDIA and AMD, and a 1 GW HyperVault AI infrastructure build-out anchored by a 100 MW OpenAI commitment. Q1 FY27 revenue stood at ₹72,275 cr with operating margin at 24%, compressed by 170 bps from annual wage hikes; the FY26 full-year operating margin reached a four-year high of 25%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Banking, Financial Services and Insurance (39%), Consumer Business (16%), Communication, Media and Technology (15%), Life Sciences and Healthcare (10%), Manufacturing (10%), Others (10%). People-intensive, asset-light IT services business pivoting toward AI-led transformation and infrastructure.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,91,754 | 2,25,458 | 2,40,893 | 2,55,324 | 2,67,021 |
| EBITDA (ex other income) | 53,057 | 59,259 | 63,338 | 67,407 | 67,872 |
| margin % | 27.7 | 26.3 | 26.3 | 26.4 | 25.4 |
| Owners' profit | 38,327 | 42,147 | 45,908 | 48,553 | 49,210 |
| EPS, as reported (₹) | 103.62 | 115.19 | 125.88 | 134.19 | 136.01 |
| ROE % · ROCE % | 42.8 · 52.9 | 46.4 · 57.6 | 50.5 · 62.6 | 51.0 · 62.0 | 45.6 · 54.9 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 39,949 | 41,965 | 44,338 | 48,908 | 52,094 |
| Capex | (2,483) | (2,532) | (2,202) | (2,917) | (3,670) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 64,259 | 63,973 | 64,479 | 63,437 | 65,799 | 67,087 | 70,698 | 72,275 |
| Profit before tax | 16,032 | 16,666 | 16,402 | 16,979 | 16,068 | 14,078 | 18,362 | 17,944 |
| Net profit | 11,955 | 12,444 | 12,293 | 12,819 | 12,131 | 10,720 | 13,784 | 13,420 |
| EPS (₹) | 32.92 | 34.21 | 33.79 | 35.27 | 33.37 | 29.45 | 37.92 | 36.90 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Banking, Financial Services and Insurance | 1,03,363 | 38.7 |
| Manufacturing | 26,614 | 10.0 |
| Consumer Business | 42,432 | 15.9 |
| Communication, Media and Technology | 39,474 | 14.8 |
| Life Sciences and Healthcare | 27,745 | 10.4 |
| Others | 27,393 | 10.3 |
| Total, before eliminations | 2,67,021 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TATA CONSULTANCY SERV LT ◆ | 8,87,298 | 17.8 | 8.18 | 12.2 | 45.6 | 53.9 | 10.2 | 26.9 |
| INFOSYS LIMITED | 4,55,550 | 15.2 | 4.88 | 9.6 | 31.6 | 38.6 | 12.2 | 25.7 |
| HCL TECHNOLOGIES LTD | 3,78,281 | 21.6 | 5.03 | 13.6 | 22.1 | 26.2 | 11.5 | 20.9 |
| WIPRO LTD | 1,82,720 | 14.6 | 2.07 | 8.7 | 15.0 | 17.1 | 8.4 | 22.9 |
| TECH MAHINDRA LIMITED | 1,74,293 | 30.7 | 5.79 | 19.5 | 16.0 | 18.8 | 8.5 | 16.8 |
| LTM LIMITED | 1,21,357 | 23.2 | 5.03 | 14.7 | 20.7 | 24.8 | 27.9 | 20.0 |
| PERSISTENT SYSTEMS LTD | 91,811 | 47.3 | 11.71 | 31.4 | 23.8 | 28.5 | 28.6 | 17.8 |
| COFORGE LIMITED | 86,606 | 39.8 | 8.95 | 30.9 | 18.0 | 17.2 | 28.6 | 18.6 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 17.8 | 15.0 | 35 of 65 | 47% |
| P/B | 8.2 | 2.6 | 56 of 65 | 14% |
| ROCE | 53.9 | 14.2 | 2 of 76 | 99% |
| ROE | 45.6 | 11.5 | 2 of 64 | 98% |
| Debt / Equity | 0.0 | 0.0 | 1 of 65 | 67% |
| EBITDA margin | 26.9 | 18.4 | 12 of 65 | 83% |
| Revenue growth | 13.9 | 10.6 | 28 of 63 | 57% |
| Profit growth | 4.7 | 6.7 | 32 of 62 | 49% |
| Market cap | 887298 | 419 | 1 of 76 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · TCS BaNCS Treasury enters Sri Lanka with Indian Bank | business updates | high | — | — |
| 16 Oct 2026 · TCS schedules analyst and investor meetings in USA for Oct 22-27 | board shareholder meetings | low | — | — |
| 15 Oct 2026 · TCS completes acquisition of BBY Services India LLP, makes it wholly owned subsidiary | strategic transactions | high | — | — |
| 15 Oct 2026 · TCS launches Industrial Intelligence Foundry for industrial AI | business updates | medium | — | — |
| 14 Oct 2026 · TCS files Q2 FY27 earnings call transcript; revenue Rs 73,188 cr, margins steady | investor communications | medium | — | — |
| 14 Oct 2026 · TCS wins MyState Bank deal to deploy BaNCS platform in Australia | business updates | high | — | — |
| 10 Oct 2026 · TCS notifies loss of share certificates by two shareholders | compliance | minimal | — | — |
| 10 Oct 2026 · TCS Q2 FY27 results: Revenue Rs 73,188 cr, PAT Rs 13,934 cr, dividend Rs 12/sh | compliance | minimal | — | — |
| 9 Oct 2026 · TCS declares second interim dividend of Rs 12 per share for FY27 | compliance | minimal | — | — |
| 9 Oct 2026 · TCS responds to US PERM program announcement; limited disruption expected | regulatory legal | high | — | — |
How to read this document
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|---|---|---|
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.