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Tata Consultancy Services
SectorInformation Technology
Tata Consultancy Services Ltd (TCS) is a global IT services, consulting, and business solutions company. It offers a wide range of services including artificial intelligence, cloud computing, cognitive business operations, cybersecurity, data analytics, and digital engineering. TCS serves various industry sectors such as banking, financial services, insurance, manufacturing, consumer business, communications, media, technology, life sciences, and healthcare. The company has a global presence with operations in 55 countries and employs over 592,000 consultants. TCS is part of the Tata Group and is headquartered in Mumbai, India. It provides services through its Secure Borderless Workspaces model, enabling distributed and location-independent delivery. TCS also offers various software products and platforms including TCS ADD, TCS BaNCS, TCS CHROMA, and TCS OmniStore. The company has partnerships with major cloud providers and operates innovation centers called Pace Ports in multiple locations worldwide.
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The Quarter story
The two most recent quarterly results, compared side-by-side.
TCS delivers steady revenue growth and robust client expansion, though rising costs are squeezing margins.
Revenue grew from ₹657,990 Cr to ₹731,880 Cr from Q2 FY26 to Q2 FY27 — strong top-line momentum.
Net Margin fell from 20.0% to 19.0% from Q3 FY26 to Q2 FY27 — profitability is under pressure.
Clients with $100m+ revenue increased from 60 to 65 over five quarters — large client base is expanding.
SG & A expenses rose from ₹94,760 Cr to ₹111,650 Cr from Q2 FY26 to Q2 FY27 — overhead costs are increasing.
Headcount recovered from 582,163 to 598,056 between Q3 FY26 and Q2 FY27 — workforce is stabilizing.
Other Operating expenses grew from ₹8,248 Cr to ₹11,131 Cr from Q2 FY26 to Q2 FY27 — operational costs are rising.
Free Cash Flow rebounded from ₹73,180 Cr to ₹127,310 Cr from Q4 FY26 to Q2 FY27 — cash generation is strong.
Revenue share from North America declined from 48.8% to 48.3% over five quarters — key market share is softening.
Average Realized Rate for GBP rose from ₹118.11 to ₹128.24 over five quarters — favorable currency conversion.
Company insights, generated from the most recent coverage.
TCS trades at a 16.4x P/E against HCLTech's 20.2x despite having the largest disclosed AI revenue base ($3.1bn annualised vs HCLTech's $876m). The market is paying up for AI growth rate, not AI scale.
Brokerage split on TCS was extreme pre-results — JM Financial 'Add' at ₹2,375 versus Nirmal Bang 'Sell' at ₹1,581. Price has already passed the bullish target, so the easy part of that thesis is spent.
TCS closed −0.2% on its 8 Oct results day and only rallied from 9 Oct on 11–12m shares versus a ~4.8m one-month average. The move started a day late, so it is not results-driven — low starting base plus sector flows did the work.