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TCS

Tata Consultancy Services Ltd

TCS NSE
₹2,436.00 −63.10 (−2.52%)
P/E
17.08
View as Markdown
MCP
Close 4 Nov 2026 ₹2,436.00 −574.90 −19.1% 1Y
Start ₹3,010.90

Key Fundamentals

LargecapIT - SoftwareInformation Technology

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
63.00%
Debt to Equity
0.10
EPS (TTM)
₹142.64
Book Value
₹329.07
Market Cap
—
P/E (TTM)
17.08
P/B
7.40
ROE
51.80%
Dividend Yield
0.96%
EBITDA
₹76,800 Cr
52W High
₹3,350.00
52W Low
₹1,976.80
Day Range
₹2,420.00 – ₹2,493.80
Volume
31,42,051

Peer Comparison

Information Technology › Computer Software & Consulting › Computers - Software & Consulting

TCS peer comparison
TCS (this company)
₹2,436.0017.08₹8,98,480 Cr7.400.96%51.80%63.00%₹2,83,248 Cr₹51,858 Cr
Infosys
₹1,128.2014.88₹4,63,085 Cr4.862.26%31.90%40.00%₹1,89,336 Cr₹30,788 Cr
HCL Tech
₹1,405.0021.88₹3,89,601 Cr5.013.34%23.80%30.40%₹1,34,374 Cr₹17,434 Cr
Wipro
₹194.5515.21₹1,94,390 Cr2.441.01%15.50%17.80%₹94,968 Cr₹13,285 Cr
Tech Mahindra
₹1,783.0034.02₹1,76,066 Cr5.880.84%17.50%23.10%₹59,176 Cr₹5,163 Cr
LTM
₹4,204.9023.84₹1,26,067 Cr4.820.59%23.10%29.60%₹44,075 Cr₹5,197 Cr
Persistent Systems
₹6,065.0049.64₹96,188 Cr7.820.66%27.20%34.40%₹15,718 Cr₹1,922 Cr
Median 7 companies₹1,783.0021.88₹1,94,390 Cr5.010.96%23.80%30.40%₹94,968 Cr₹13,285 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

61 Good

Data confidence 100/100

Category scores

Quality
80
Strong
Returns, margins, earnings quality 22% weight
Valuation
58
Good
Cheap vs sector & own history 24% weight
Growth
45
Weak
Sales & profit trajectory 9% weight
Financial Health
77
Strong
Solvency, leverage, coverage 9% weight
Momentum
66
Strong
Trend strength, vol-adjusted 12% weight
Ownership
50
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

2
  • Company has a good return on equity (ROE) track record: 3 Years ROE 51.9%
  • Company has been maintaining a healthy dividend payout of 77.5%

Weaknesses

2
  • Stock is trading at 7.67 times its book value
  • The company has delivered a poor sales growth of 10.2% over past five years.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBullish559
OscillatorsNeutral252
Moving AveragesStrong Bullish307

Key readings

RSI (14)
57.46
Neutral
MACD (12,26,9)
76.42
Bearish
SMA (50)
2,275.05
Bullish
SMA (200)
2,420.68
Bullish

As of

Analyst Rating

Based on 40 analysts
BUY53%

21 of 40 analysts rate Buy, 14 Hold, 5 Sell.

As of

BUY
21
53%
HOLD
14
35%
SELL
5
13%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.

Revenue

Revenue growth by window
10Y+9.41%
5Y+10.22%
3Y+5.80%
1Y+4.58%
TTM+9.92%

Net profit

Net profit growth by window
10Y+7.35%
5Y+8.72%
3Y+5.34%
1Y+1.35%
TTM+4.37%

Operating cash flow

Operating cash flow growth by window
10Y+10.55%
5Y+6.07%
3Y+7.47%
1Y+6.51%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−1.13 pp
5Y−1.24 pp
3Y+0.83 pp
1Y+0.71 pp
TTM−0.27 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹1,17,966 Cr
Mar 2018₹1,23,104 Cr
Mar 2019₹1,46,463 Cr
Mar 2020₹1,56,949 Cr
Mar 2021₹1,64,177 Cr
Mar 2022₹1,91,754 Cr
Mar 2023₹2,25,458 Cr
Mar 2024₹2,40,893 Cr
Mar 2025₹2,55,324 Cr
Mar 2026₹2,67,021 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹26,357 Cr
Mar 2018₹25,880 Cr
Mar 2019₹31,562 Cr
Mar 2020₹32,447 Cr
Mar 2021₹32,562 Cr
Mar 2022₹38,449 Cr
Mar 2023₹42,303 Cr
Mar 2024₹46,099 Cr
Mar 2025₹48,797 Cr
Mar 2026₹49,454 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹18,985 Cr −5.8% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 30 Oct 2026
AI opinion · based on fundamentals
Risk medium

As of 2026-10-30, TCS trades at ₹2,502.60 with a market capitalisation of ₹9.05 lakh crore, a trailing PE of 17.54 and ROE of 45.59%. The stock sits roughly 25% below its 52-week high of ₹3,350 while compounded sales and profit growth over the trailing twelve months stand at 10% and 9% respectively.

Bull Case 8
  • Exceptional return on equity: ROE stands at 45.59% as of 2026-10-30, with a 3-year average ROE of 52% and a 10-year average of 43%, reflecting consistently superior capital efficiency.
  • Near-zero leverage: debt-to-equity ratio is just 0.11, giving TCS a fortress balance sheet with minimal financial risk.
  • High return on capital employed of 54.93% indicates the company generates substantial returns well above typical cost of capital.
  • Healthy dividend payout of 77.5% of profits, with a current dividend yield of 0.97%, rewards shareholders through consistent capital return.
  • TTM sales growth has accelerated to 10%, matching the 5-year compounded sales CAGR and above the 3-year CAGR of 6%, suggesting a rebound in revenue momentum.
  • PE of 17.54 is noticeably compressed relative to TCS's historical premium multiples, with the stock trading 25% below its 52-week high of ₹3,350, potentially reflecting a more accessible valuation entry zone.
  • Compounded profit growth of 9% over TTM and 8-9% across 3, 5 and 10-year horizons shows steady, predictable earnings compounding over multiple cycles.
  • Market capitalisation of ₹9.05 lakh crore underscores TCS's position as one of India's largest companies, offering deep liquidity and index-level stability.
Bear Case 8
  • The stock has delivered a 1-year return of -18% and a 3-year CAGR of -11%, indicating sustained underperformance and negative shareholder returns over meaningful periods.
  • Even over 5 years, stock CAGR is -7%, meaning long-term holders have lost capital despite the company growing profits at 9% CAGR over the same period — a widening disconnect between fundamentals and price returns.
  • Price-to-book ratio of 7.61 is elevated, meaning investors pay over seven and a half times the book value for each share.
  • Compounded sales growth of 10% over 5 years is modest for a company of TCS's premium positioning in the IT sector, and 3-year sales CAGR slowed to just 6%.
  • Profit growth has been capped at 8-9% across all measured timeframes (3, 5, 10 years and TTM), suggesting a structurally single-digit earnings growth trajectory.
  • The stock is trading at ₹2,502.60, roughly 25% below its 52-week high of ₹3,350, which may signal a structural de-rating rather than a temporary dip.
  • Dividend yield of 0.97% is below 1%, offering limited income cushion despite the high payout ratio of 77.5%, partly because of the still-elevated price-to-book multiple.
  • 10-year stock CAGR of just 7% has broadly mirrored profit CAGR of 8%, leaving little room for multiple expansion to drive future returns if growth stays in single digits.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: TCS delivered a solid Q2 FY27 with 15% YoY profit growth and AI revenue crossing $3.1 billion (10%+ of revenue), but the quality of growth is under scrutiny as constant-currency sequential growth was just 0.5% and margins remain stuck at 24%, well below the 26-28% aspiration. The trend is cautiously stabilizing — deal momentum ($9.6B TCV), strong cash conversion (102%), and AI traction are positives, but H2 margin headwinds from seasonality and the MHP acquisition mean recovery will be gradual rather than sharp.

Headwinds 6
  • Stock down ~32% YTD Oct 9

    TCS shares have declined nearly 32% year-to-date and over 50% from the Aug 2024 peak of ₹4,386, trading below key daily, weekly, and monthly EMAs with strong resistance at ₹2,250-2,330.

  • Flat margins, below 26-28% target Oct 8

    Operating margin held flat at 24% in Q2 FY27, down 120bps YoY and well below the aspirational 26-28% band. MHP acquisition expected to dilute margins by 50-60bps over 4-6 quarters.

  • Senior bonuses withheld first time Oct 8

    TCS withheld quarterly variable pay for C3A grade and above employees for the first time in at least two years, citing performance falling short of internal targets.

Positives 7
  • Q2 profit up 15% YoY Oct 8

    Consolidated net profit rose ~15% YoY to ₹13,884 crore on revenue of ₹73,188 crore (up 11.2% YoY), beating street estimates. Board declared ₹12 per share second interim dividend.

  • AI revenue hits $3.1B annualized Oct 8

    Annualized AI revenue jumped 19% sequentially to $3.1 billion, crossing 10% of total revenue for the first time. TCS filed 180 AI patents in Q2, taking the total to 2,176.

  • Porsche €1.25B partnership signed Oct 8

    Five-year strategic partnership with Porsche worth €1.25 billion plus €320 million MHP acquisition bringing 4,500 automotive/SAP specialists and an AI Mobility Centre of Excellence.

Neutral 6
  • BBY Services India acquired Oct 15

    TCS completed acquisition of 100% partnership interest in BBY Services India LLP on Oct 15, 2026, making it a wholly owned subsidiary.

  • Industrial Intelligence Foundry launched Oct 15

    New AI platform targeting aerospace, mobility, semiconductors and medical devices, aiming to reduce new product timelines by 25% and boost manufacturing productivity 20-25%.

  • AI survey: 84% cite productivity Nov 4

    TCS study found 84% of executives rank productivity as top AI benefit, but only 10% allow AI agents to act without human oversight and 44% report fragmented business knowledge.

Quarterly Results

₹ Cr
TCS quarterly results, ₹ crore
Particulars Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
59,692
60,583
61,237
62,613
64,259
63,973
64,479
63,437
65,799
67,087
70,698
72,275
73,188
Expenses
43,946
44,195
44,073
45,951
47,528
46,939
47,499
46,562
47,821
48,818
51,422
53,719
54,373
Operating Profit
15,746
16,388
17,164
16,662
16,731
17,034
16,980
16,875
17,978
18,269
19,276
18,556
18,815
OPM %
26%
27%
28%
27%
26%
27%
26%
27%
27%
27%
27%
26%
26%
Other Income
1,006
−96
1,157
962
729
1,243
1,028
1,660
−268
−2,273
757
900
1,337
Interest
159
230
226
173
162
234
227
195
229
538
265
273
252
Depreciation
1,263
1,233
1,246
1,220
1,266
1,377
1,379
1,361
1,413
1,380
1,406
1,239
1,262
PBT
15,330
14,829
16,849
16,231
16,032
16,666
16,402
16,979
16,068
14,078
18,362
17,944
18,638
Tax %
26%
25%
26%
25%
25%
25%
25%
24%
24%
24%
25%
25%
25%
Net Profit
11,380
11,097
12,502
12,105
11,955
12,444
12,293
12,819
12,131
10,720
13,784
13,420
13,934
EPS (₹)
31
30.56
34.37
33.28
32.92
34.22
33.79
35.27
33.37
29.45
37.92
36.9
38.37

Profit & Loss

₹ Cr
TCS profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
94,648
1,08,646
1,17,966
1,23,104
1,46,463
1,56,949
1,64,177
1,91,754
2,25,458
2,40,893
2,55,324
2,67,021
2,83,248
Expenses
70,167
77,969
85,655
90,588
1,06,957
1,14,840
1,17,631
1,38,697
1,66,199
1,76,597
1,87,917
1,94,623
2,08,332
Operating Profit
24,482
30,677
32,311
32,516
39,506
42,109
46,546
53,057
59,259
64,296
67,407
72,398
74,916
OPM %
26%
28%
27%
26%
27%
27%
28%
28%
26%
27%
26%
27%
26%
Other Income
3,720
3,084
4,221
3,642
4,311
4,592
1,916
4,018
3,449
3,464
3,962
−124
721
Interest
104
33
32
52
198
924
637
784
779
778
796
1,227
1,328
Depreciation
1,799
1,888
1,987
2,014
2,056
3,529
4,065
4,604
5,022
4,985
5,242
5,560
5,287
PBT
26,298
31,840
34,513
34,092
41,563
42,248
43,760
51,687
56,907
61,997
65,331
65,487
69,022
Tax %
24%
24%
24%
24%
24%
23%
26%
26%
26%
26%
25%
24%
—
Net Profit
20,060
24,338
26,357
25,880
31,562
32,447
32,562
38,449
42,303
46,099
48,797
49,454
51,858
EPS (₹)
50.68
61.58
66.71
67.46
83.87
86.19
87.67
105
115
127
134
136
143
Div. Payout %
78%
35%
35%
37%
36%
85%
43%
41%
100%
58%
94%
81%
—

Balance Sheet

₹ Cr
TCS balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital
196
197
197
191
375
375
370
366
366
362
362
362
362
Reserves
50,439
70,875
86,017
84,937
89,071
83,751
86,063
88,773
90,058
90,127
94,394
1,06,878
1,18,624
Borrowings
358
245
289
247
62
8,174
7,795
7,818
7,688
8,021
9,392
11,283
11,808
Other Liabilities
22,325
16,974
15,830
19,751
24,393
27,827
35,764
43,967
44,747
46,962
54,501
62,644
59,988
Total Liabilities
73,318
88,291
1,02,333
1,05,126
1,13,901
1,20,127
1,29,992
1,40,924
1,42,859
1,45,472
1,58,649
1,81,167
1,90,782
Fixed Assets
11,638
11,774
11,701
11,973
12,290
20,928
21,021
21,298
20,515
19,604
23,053
31,343
32,872
CWIP
2,766
1,670
1,541
1,278
963
906
926
1,205
1,234
1,564
1,546
2,665
2,380
Investments
1,662
22,822
41,980
36,008
29,330
26,356
29,373
30,485
37,163
31,762
30,964
33,988
40,840
Other Assets
57,252
52,025
47,111
55,867
71,318
71,937
78,672
87,936
83,947
92,542
1,03,086
1,13,171
1,14,690
Total Assets
73,318
88,291
1,02,333
1,05,126
1,13,901
1,20,127
1,29,992
1,40,924
1,42,859
1,45,472
1,58,649
1,81,167
1,90,782

Cash Flow

₹ Cr
TCS cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
19,369
19,109
25,223
25,067
28,593
32,369
38,802
39,949
41,965
44,338
48,908
52,094
Investing
−1,807
−5,010
−16,895
3,104
1,645
8,968
−7,956
−738
548
6,091
−2,144
−11,886
Financing
−17,168
−9,666
−11,026
−26,885
−27,897
−39,915
−32,634
−33,581
−47,878
−48,536
−47,438
−42,133
Net Cash Flow
394
4,433
−2,698
1,286
2,341
1,422
−1,788
5,630
−5,365
1,893
−674
−1,925
Free Cash Flow
16,426
17,144
23,270
23,263
26,461
29,281
35,663
36,985
38,902
41,688
44,994
48,013
CFO/EBITDA
110
87
103
100
98
91
103
97
93
88
96
92

Ratios

TCS financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
79
81
70
74
68
71
67
80
81
81
84
93
Cash Conversion Cycle
79
81
70
74
68
71
67
80
81
81
84
93
Working Capital Days
33
62
62
61
70
64
59
33
30
34
34
38
ROCE %
50%
51%
44%
39%
47%
47%
49%
54%
59%
64%
65%
63%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view TCS insights

72 extracted metrics across FY05–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 71.77%
  • DIIs 13.57%
  • FIIs 9.01%
  • Public 4.89%
  • Others 0.75%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about TCS

What does Tata Consultancy Services Ltd do?
Tata Consultancy Services is the flagship company and a part of Tata group. It is an IT services, consulting and business solutions organization that has been partnering with many of the world's largest businesses in their transformation journeys for over 50 years.
Where is Tata Consultancy Services Ltd (TCS) listed?
Tata Consultancy Services Ltd trades as TCS on the NSE and under code 532540 on the BSE.
Which sector does Tata Consultancy Services Ltd belong to?
Tata Consultancy Services Ltd is classified under the Information Technology sector, in the Computer Software & Consulting industry.
What is the PE ratio of Tata Consultancy Services Ltd?
Tata Consultancy Services Ltd trades at a PE ratio of 17.08 as of 4 Nov 2026, on earnings per share of ₹142.64, against a book value of ₹329.07 per share.
What is the 52-week high and low of Tata Consultancy Services Ltd?
Over the last 52 weeks Tata Consultancy Services Ltd has traded between ₹1,976.8 and ₹3,350 as of 4 Nov 2026.
Does Tata Consultancy Services Ltd pay dividends?
Tata Consultancy Services Ltd has a dividend yield of 0.96%.
What is the Return on Equity (ROE) of Tata Consultancy Services Ltd?
Tata Consultancy Services Ltd reported a return on equity of 51.80%. Its debt-to-equity ratio is 0.10.

Company Information

Tata Consultancy Services is the flagship company and a part of Tata group. It is an IT services, consulting and business solutions organization that has been partnering with many of the world's largest businesses in their transformation journeys for over 50 years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions.

Website tcs.com
CEO Mr. K. Krithivasan B.E, M.Tech.
Employees 6,07,979
Listed 25 Aug 2004
Face Value ₹1

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