NSE: TATATECH · BSE: 544028
TATA TECHNOLOGIES LIMITED
Provides engineering research and development services to global automotive, aerospace and industrial machinery companies from delivery centers primarily in India and Europe. Two reporting segments drive revenue: Services, which contributed 77.3% of FY26 segment revenue at Rs 4,256.3 crore, covers outsourced engineering work across the product lifecycle — from concept design and digital manufacturing to full vehicle programs — for clients including Tata Motors, Jaguar Land Rover and the BMW TechWorks joint venture (which has crossed 2,000 engineers); and Technology Solutions, which contributed 22.7% at Rs 1,249.27 crore, covers proprietary digital, software-defined vehicle and AI-enabled tooling delivered under the chromosome.ai platform. The largest new business is a $100 million, five-year strategic engagement with Tenneco signed on June 30, 2026 and executed from the Pune Global Engineering Center, alongside ramp-up of a Japanese OEM full vehicle program and growth in Aerospace, which posted Q1 FY27 revenue of $10.2 million, up 38.1% year-on-year. As of Q1 FY27, headcount stood at 12,579 with trailing-twelve-month attrition of 16%. Employee costs are the dominant input at 49.7% of FY26 revenue, with other operating expenses at 34.8% and depreciation at 2.6%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Services segment (77%), Technology solutions segment (23%). Services-led, asset-light engineering R&D outsourcing with offshore delivery model
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 5,117 | 5,168 | 5,506 |
| EBITDA (ex other income) | 941 | 934 | 745 |
| margin % | 18.4 | 18.1 | 13.5 |
| Owners' profit | 679 | 677 | 547 |
| EPS, as reported (₹) | 16.75 | 16.69 | 13.47 |
| ROE % · ROCE % | 21.1 · 27.5 | 18.9 · 23.5 | 13.9 · 15.0 |
| Debt / equity (x) | 0.00 | 0.00 | 0.17 |
| Cash from operations | 294 | 699 | 776 |
| Capex | (92) | (31) | (34) |
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 | 1,296 | 1,317 | 1,286 | 1,244 | 1,323 | 1,366 | 1,572 | 1,665 |
| Profit before tax | 217 | 226 | 255 | 228 | 221 | 16 | 277 | 242 |
| Net profit | 157 | 169 | 189 | 170 | 166 | 7 | 204 | 181 |
| EPS (₹) | 3.88 | 4.16 | 4.66 | 4.19 | 4.08 | 0.16 | 5.03 | 4.45 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Services segment | 4,256 | 77.3 |
| Technology solutions segment | 1,249 | 22.7 |
| Total, before eliminations | 5,506 | 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. % |
|---|---|---|---|---|---|---|---|---|
| L&T TECHNOLOGY SER. LTD. | 44,149 | 33.4 | 6.80 | 20.4 | 19.7 | 21.1 | 15.1 | 19.6 |
| INVENTURUS KNOWLEDGE SO L | 29,130 | 37.4 | 10.40 | 26.5 | 25.8 | 27.7 | — | 33.6 |
| TATA TECHNOLOGIES LIMITED ◆ | 26,718 | 48.0 | 6.81 | 29.0 | 13.9 | 14.3 | — | 18.3 |
| NETWEB TECH INDIA LTD | 24,780 | 94.8 | 34.26 | — | 28.5 | 37.5 | — | 15.7 |
| SAGILITY LIMITED | 21,553 | 21.7 | 2.23 | 12.2 | 9.6 | 11.6 | — | 22.3 |
| AFFLE 3I LIMITED | 19,072 | 39.9 | 5.22 | 26.0 | 12.5 | 15.2 | 39.3 | 25.8 |
| BLACK BOX LIMITED | 14,377 | 61.6 | 11.17 | 28.6 | 16.9 | 9.5 | 6.2 | 8.4 |
| CYIENT LIMITED | 13,177 | 34.6 | 2.14 | 11.9 | 7.5 | 9.7 | 12.0 | 13.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 48.0 | 17.5 | 64 of 76 | 16% |
| P/B | 6.8 | 2.2 | 64 of 70 | 9% |
| ROCE | 14.3 | 9.6 | 27 of 86 | 69% |
| ROE | 13.9 | 9.2 | 20 of 70 | 73% |
| Debt / Equity | 0.2 | 0.0 | 48 of 70 | 32% |
| EBITDA margin | 18.3 | 13.0 | 26 of 69 | 63% |
| Revenue growth | 33.8 | 20.8 | 20 of 67 | 71% |
| Profit growth | 6.2 | 14.6 | 39 of 64 | 40% |
| Market cap | 26718 | 296 | 3 of 87 | 98% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Tata Technologies meets institutional investors; no UPSI shared | investor communications | low | — | — |
| 19 Oct 2026 · Non-Deal Roadshow with analysts and investors on October 22, 2026 in Mumbai | board shareholder meetings | low | — | — |
| 19 Oct 2026 · Tata Tech Q2 FY27 earnings call transcript filed | investor communications | medium | — | — |
| 15 Oct 2026 · Newspaper ad of Q2 FY26 unaudited results filed with exchange | compliance | minimal | — | — |
| 14 Oct 2026 · Earnings call audio recording for Q2 FY26 now on company website | investor communications | low | — | — |
| 14 Oct 2026 · Tata Technologies Q2 FY27: revenue up 28% YoY to ₹16,988 mn | investor communications | medium | — | — |
| 14 Oct 2026 · Tata Technologies Q2 FY27 results: Revenue up 28% YoY at 16,988 mn | compliance | minimal | — | — |
| 14 Oct 2026 · Tata Technologies Q2 FY26 results: PAT Rs 153 cr, revenue Rs 1,355 cr | results | high | — | — |
| 7 Oct 2026 · Routine SEBI Reg 74(5) compliance certificate for Sep 30 2026 quarter | compliance | minimal | — | — |
| 30 Sept 2026 · Tata Tech denies any undisclosed info behind recent stock fall | regulatory legal | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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.