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.[1]
Revenue Breakup Q2FY24[1]BFSI : 32.6%Consumer Business : 15.9%Life Sciences & Healthcare : 10.9%Technology & Services : 8.6%Manufacturing : 8.5%Communication & Media : 6.9%Energy, Resources and Utilities : 5.6%Regional Markets & Others : 11%
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | TCS | 3295.60 | 24.85 | 1192395.23 | 1.82 | 11828.00 | -3.91 | 54531.00 | 1.00 | 78.45 | 215338.00 | 27.50 | 47986.35 | 12486.35 | 14.02 | 37.89 | 0.11 |
| 2. | Infosys | 1639.00 | 23.65 | 664993.17 | 2.62 | 7375.00 | 13.19 | 44490.00 | 8.55 | 37.50 | 169458.00 | 23.88 | 28124.00 | 7364.00 | 6.59 | 18.62 | 0.08 |
| 3. | HCL Technologies | 1647.70 | 26.34 | 447130.60 | 3.28 | 4236.00 | 0.00 | 31942.00 | 10.67 | 31.61 | 122427.00 | 21.17 | 16976.00 | 4235.00 | 6.28 | 16.95 | 0.10 |
| 4. | Wipro | 270.80 | 21.05 | 284143.39 | 2.22 | 3262.40 | 1.17 | 22697.30 | 1.77 | 19.51 | 89654.90 | 19.82 | 13500.00 | 3246.20 | 3.32 | 10.82 | 0.19 |
| 5. | LTIMindtree | 6102.00 | 37.17 | 180987.32 | 1.07 | 1381.20 | 12.00 | 10394.30 | 10.19 | 27.63 | 39667.50 | 17.06 | 4869.10 | 1401.10 | 7.73 | 15.83 | 0.10 |
| 6. | Tech Mahindra | 1625.20 | 35.52 | 159318.80 | 2.77 | 1201.70 | -4.45 | 13994.90 | 5.12 | 18.56 | 54015.70 | 14.34 | 4485.00 | 1194.50 | 5.79 | 9.04 | 0.07 |
| 7. | Persistent Systems | 6513.50 | 61.78 | 102868.17 | 0.54 | 471.47 | 45.07 | 3580.72 | 23.59 | 30.44 | 13218.70 | 18.28 | 1665.16 | 471.47 | 14.25 | 16.84 | 0.06 |
| â | Median: 72 Co. | 284.62 | 26.56 | 718.08 | 0.24 | 9.72 | 16.32 | 69.09 | 14.26 | 20.49 | 176.37 | 18.55 | 29.59 | 9.72 | 3.74 | 11.82 | 0.08 |
Standalone figures in âš crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 49,275 | 50,844 | 53,883 | 49,862 | 52,844 | 52,788 | 49,780 | 51,488 | 54,136 | 46,819 | 50,165 | 53,990 | 54,531 |
Expenses | 35,759 | 36,481 | 39,156 | 36,726 | 38,269 | 38,031 | 36,910 | 36,942 | 40,067 | 34,037 | 36,363 | 39,432 | 38,863 |
Operating Profit | 13,516 | 14,363 | 14,727 | 13,136 | 14,575 | 14,757 | 12,870 | 14,546 | 14,069 | 12,782 | 13,802 | 14,558 | 15,668 |
Other Income | 1,558 | 851 | 2,118 | 1,903 | 2,417 | 2,703 | 1,433 | 1,806 | 1,922 | 1,622 | 1,755 | 3,185 | 918 |
Profit before tax | 13,942 | 14,046 | 15,509 | 13,932 | 15,878 | 16,186 | 13,045 | 15,180 | 14,672 | 13,303 | 14,444 | 16,589 | 15,244 |
Tax % | 24% | 23% | 24% | 25% | 24% | 22% | 25% | 25% | 24% | 24% | 24% | 22% | 22% |
Net Profit | 10,659 | 10,753 | 11,832 | 10,484 | 12,115 | 12,552 | 9,800 | 11,393 | 11,116 | 10,059 | 10,929 | 12,994 | 11,828 |
EPS in Rs | 29.13 | 29.72 | 32.70 | 28.65 | 33.48 | 34.69 | 26.78 | 31.49 | 30.72 | 27.49 | 29.87 | 35.91 | 32.69 |
Standalone Figures in âš Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 64,673 | 73,578 | 85,864 | 92,693 | 97,356 | 123,170 | 131,306 | 135,963 | 160,341 | 190,354 | 202,359 | 214,853 | 215,338 |
Expenses | 43,139 | 52,550 | 58,810 | 65,604 | 69,551 | 88,206 | 93,953 | 95,653 | 114,096 | 139,357 | 146,512 | 156,924 | 156,117 |
Operating Profit | 21,534 | 21,028 | 27,054 | 27,089 | 27,805 | 34,964 | 37,353 | 40,310 | 46,245 | 50,997 | 55,847 | 57,929 | 59,221 |
Other Income | 3,115 | 4,995 | 3,757 | 4,568 | 5,803 | 7,627 | 8,082 | 4,182 | 7,486 | 5,328 | 6,315 | 9,642 | 7,661 |
Interest | 23 | 80 | 13 | 16 | 30 | 170 | 743 | 537 | 486 | 695 | 673 | 703 | 786 |
Depreciation | 1,081 | 1,394 | 1,459 | 1,575 | 1,647 | 1,716 | 2,701 | 3,053 | 3,522 | 3,940 | 3,887 | 4,220 | 4,485 |
Profit before tax | 23,544 | 24,550 | 29,339 | 30,066 | 31,931 | 40,705 | 41,991 | 40,902 | 49,723 | 51,690 | 57,602 | 62,648 | 61,611 |
Net Profit | 18,475 | 19,257 | 23,075 | 23,653 | 25,241 | 30,065 | 33,260 | 30,960 | 38,187 | 39,106 | 43,559 | 48,057 | 47,328 |
EPS in Rs | 47.16 | 49.16 | 58.55 | 60.02 | 65.93 | 80.12 | 88.64 | 83.70 | 104.36 | 106.87 | 120.39 | 132.82 | 130.80 |
Dividend Payout % | 34% | 80% | 37% | 39% | 38% | 37% | 82% | 45% | 41% | 108% | 61% | 95% | â |
Standalone figures in âš crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 196 | 196 | 197 | 197 | 191 | 375 | 375 | 370 | 366 | 366 | 362 | 362 | 362 |
Reserves | 43,856 | 45,221 | 64,816 | 77,825 | 75,675 | 78,523 | 73,993 | 74,424 | 76,807 | 74,172 | 71,758 | 75,255 | 84,667 |
Borrowings | 115 | 273 | 178 | 250 | 225 | 39 | 6,110 | 5,077 | 5,855 | 5,659 | 6,145 | 7,577 | 8,970 |
Other Liabilities | 13,210 | 17,105 | 11,860 | 11,172 | 14,541 | 20,224 | 24,150 | 29,145 | 38,106 | 39,440 | 42,729 | 49,392 | 50,622 |
Total Liabilities | 57,377 | 62,794 | 77,051 | 89,444 | 90,632 | 99,161 | 104,628 | 109,016 | 121,134 | 119,637 | 120,994 | 132,586 | 144,621 |
Fixed Assets | 5,929 | 7,996 | 9,080 | 9,231 | 9,440 | 9,661 | 16,122 | 16,059 | 16,524 | 15,690 | 14,953 | 16,825 | 17,556 |
Gross Block | 11,316 | 14,205 | 17,251 | 18,749 | 20,396 | 21,954 | 29,858 | 32,524 | 33,803 | 35,402 | 37,034 | 40,979 | â |
Accumulated Depreciation | 5,387 | 6,209 | 8,171 | 9,518 | 10,956 | 12,293 | 13,736 | 16,465 | 17,279 | 19,712 | 22,081 | 24,154 | â |
CWIP | 3,048 | 2,707 | 1,640 | 1,477 | 1,238 | 834 | 781 | 861 | 1,146 | 1,103 | 1,450 | 1,318 | 1,952 |
Investments | 5,832 | 3,399 | 24,159 | 42,930 | 37,259 | 30,469 | 27,875 | 30,729 | 31,667 | 38,143 | 32,245 | 32,802 | 39,201 |
Other Assets | 42,568 | 48,692 | 42,172 | 35,806 | 42,695 | 58,197 | 59,850 | 61,367 | 71,797 | 64,701 | 72,346 | 81,641 | 85,912 |
Total Assets | 57,377 | 62,794 | 77,051 | 89,444 | 90,632 | 99,161 | 104,628 | 109,016 | 121,134 | 119,637 | 120,994 | 132,586 | 144,621 |
Standalone Figures in âš Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 12,942 | 16,320 | 17,986 | 23,132 | 21,587 | 23,998 | 26,603 | 33,822 | 36,127 | 37,029 | 39,142 | 40,816 |
Cash from Investing Activity | -7,143 | 586 | -4,478 | -15,834 | 5,728 | 5,876 | 12,967 | -4,539 | 3,755 | 3,460 | 10,833 | 4,874 |
Cash from Financing Activity | -5,684 | -16,914 | -9,586 | -10,891 | -26,827 | -27,825 | -39,045 | -32,023 | -32,797 | -47,224 | -47,793 | -46,724 |
Net Cash Flow | 115 | -9 | 3,922 | -3,593 | 488 | 2,049 | 525 | -2,740 | 7,085 | -6,735 | 2,182 | -1,034 |
Standalone Figures in âš Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 82 | 85 | 81 | 65 | 71 | 71 | 80 | 68 | 68 | 82 | 83 | 88 |
Inventory Days | â | â | â | â | â | â | â | â | â | â | â | â |
Days Payable | â | â | â | â | â | â | â | â | â | â | â | â |
Cash Conversion Cycle | 82 | 85 | 81 | 65 | 71 | 71 | 80 | 68 | 68 | 82 | 83 | 88 |
Working Capital Days | 52 | 33 | 65 | 62 | 58 | 68 | 69 | 62 | 30 | 25 | 28 | 31 |
ROCE % | 61% | 53% | 52% | 42% | 41% | 53% | 54% | 53% | 62% | 64% | 75% | 78% |
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Stock Analysis
Tata Consultancy Services (TCS) is the flagship IT services, consulting, and business solutions organization of the Tata Group, partnering with global businesses for over 50 years. It offers a cognitive-powered, integrated portfolio of business, technology, and engineering services.
TCS's aggressive push into AI-led services, with strong revenue growth from AI ($1.8 Bn annualized), strategic acquisitions in the Salesforce ecosystem (ListEngage, Coastal Cloud), and significant investments in AI data center infrastructure are key growth drivers.
Q3 FY26 TCV was US$9.3 billion, reflecting strong deal wins across geographies and verticals, including a mega deal in North America.
No significant red flags were highlighted in the earnings call; management indicated that impacts from external factors like US credit card rate changes are expected to be minimal.
TCS's Board of Directors will convene on January 12, 2026, to approve Q3 FY26 financial results and consider declaring a third interim dividend. The record date for dividend eligibility is January 17, 2025.
Corporate Announcements
