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Model Note · TATA CONSULTANCY SERV LT · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
TATA CONSULTANCY SERV LT Discounted cash flow · base FY26
TATA CONSULTANCY SERV LT
Value per share, this model₹2,126
CMP 2026-09-10₹2,200.80
Difference(3.4)%
Growth the CMP implies5.6%/yr
This note states the assumptions and the arithmetic of one model of TATA CONSULTANCY SERV LT, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
4.5% a year
FY26 4.6% · 5-yr CAGR 10.2%
EBITDA margin
25.4%
FY26 25.4% · 5-yr average 26.4%
Depreciation · capex, % of revenue
2.1% · 1.4%, fading to 1.2× depreciation
FY26 2.1% · 1.4%
Working capital, % of added revenue · tax
19.8% · 24.5%
72 working-capital days · effective 24.5%
Discount rate
11.00%
1-yr beta 0.82
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(6,417) · ₹0 · ₹0 cr
FY26 net debt ₹(6,417) cr
Shares
362.00 crore
362.00 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
2,67,021
2,79,037
2,91,594
3,04,715
3,18,428
3,32,757
growth %
4.6
4.5
4.5
4.5
4.5
4.5
EBITDA
67,872
70,875
74,065
77,398
80,881
84,520
Depreciation
(5,560)
(5,860)
(6,123)
(6,399)
(6,687)
(6,988)
NOPAT
47,046
49,087
51,296
53,604
56,016
58,537
less capex
(3,670)
(3,907)
(4,899)
(5,972)
(7,133)
(8,385)
less working-capital build
—
(2,379)
(2,486)
(2,598)
(2,715)
(2,837)
Free cash flow to firm
—
48,661
50,034
51,432
52,855
54,302
Present value
46,187
42,784
39,621
36,682
33,952
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · TATA CONSULTANCY SERV LT · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,99,227
PV of the terminal value (74% of EV)
5,63,949
Enterprise value
7,63,176
less net debt
6,417
less non-controlling interest
0
add non-operating investments
0
Equity value
7,69,593
÷ 362.00 crore shares
₹2,126
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
2,194
2,350
2,536
2,764
3,048
10.5%
2,031
2,160
2,312
2,495
2,719
11.0%
1,891
1,999
2,126
2,276
2,455
11.5%
1,769
1,862
1,968
2,093
2,240
12.0%
1,663
1,743
1,833
1,938
2,060
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
