Tata Consultancy Services Ltd.

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tcs.comBSE: 532540NSE: TCS

Market Cap₹ 7,96,703 Cr.

Current Price

High / Low₹ 3,350 / 1,977

Stock P/E15.9

Book Value₹ 272

Price to Book10.08

Dividend Yield5.00 %

ROCE80.2 %

ROE61.6 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Banking, Financial Services and Insurance: 36.7% • Retail and Distribution: 16.6% • Communication, Media and Technology: 15.6%

AI Sector View

AI GENERATED

Information Technology

Buy

IT is supported by a still-expanding services backdrop and a weaker rupee. Export of services grew 13.0% YoY (2026-06), services PMI was 54.1 (Aug/26), and the currency at 95.23 (Sep/26) is depreciated versus the previous 95.16, which helps INR translation of export revenues. FPI positioning is only neutral-to-soft with net 3-month flow of INR -5 crore to 2026-08-31, so the positive stance is primarily macro-driven.

Confidence

68%

View full sector analysis →

PROS

Company is almost debt free
Company has a healthy return on capital (ROCE) of 82.1%
Company has a good return on equity (ROE) track record: 3 Years ROE 62.2%
Company has a consistent dividend-paying track record
Stock looks reasonably valued - P/E of 15.9 is below its historical median
Company generates healthy free cash flow

CONS

Stock is trading at 10.1x its book value
Recurring exceptional / one-off items are inflating headline profit
Company has delivered a poor profit growth of 9.7% over past five years
Expensive relative to growth - PEG of 2.0

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Information TechnologyITIT - Software

Part ofNIFTY IT NIFTY 50 NIFTY100 QUALTY30 NIFTY DIV OPPS 50 NIFTYLARGEMIDCAP250

S.No.	Name
1.	TCS	2202.00	16.00	796702.87	5.00	13420.00	4.69	72275.00	13.93	66.25	25.67
2.	INFY	1038.20	13.91	421325.69	4.62	7775.00	12.29	48211.00	14.03	42.84	23.66
3.	HCLTECH	1207.00	18.80	327539.38	4.47	4626.00	20.34	34579.00	13.94	31.20	19.87
4.	WIPRO	167.50	12.55	165902.38	6.57	3356.30	0.59	24478.60	10.59	18.49	18.93
5.	TECHM	1539.50	29.38	150891.59	3.31	1486.30	31.67	15711.90	17.68	23.04	17.43
6.	LTM	4301.15	24.39	127581.28	1.74	1468.60	17.06	11608.00	17.96	30.25	17.75
7.	OFSS	11760.00	30.01	102409.76	3.40	1415.50	120.52	3125.20	68.73	45.50	60.04
8.	PERSISTENT	5537.45	45.42	87353.27	0.72	483.04	13.67	4303.23	29.09	35.09	16.19
9.	COFORGE	1847.40	46.58	81835.77	0.86	531.70	49.19	5527.70	49.86	24.70	19.14
10.	MPHASIS	2294.10	22.92	43790.98	2.70	489.51	10.82	4384.05	17.46	23.31	18.15
11.	LTTS	3334.95	26.80	35379.24	1.74	357.10	12.97	2940.10	11.47	27.70	18.65
12.	TATATECH	761.75	55.53	30931.00	1.54	180.75	6.15	1664.63	33.78	19.56	16.64

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	49,862	50,165	50,844	51,488	52,844	53,990	53,883	54,136	52,788	54,531	55,567	58,052	59,553
	36,726	36,363	36,481	36,942	38,269	39,432	39,156	40,067	38,031	38,863	39,873	41,922	44,582
Operating Profit	13,136	13,802	14,363	14,546	14,575	14,558	14,727	14,069	14,757	15,668	15,694	16,130	14,971
OPM %	26.34%	27.51%	28.25%	28.25%	27.58%	26.96%	27.33%	25.99%	27.96%	28.73%	28.24%	27.79%	25.14%
	1,903	1,755	851	1,806	2,417	3,185	2,118	1,922	2,703	918	-1,168	3,516	4,074
Interest	138	134	204	197	145	146	211	201	171	203	512	238	247
Depreciation	969	979	964	975	969	1,008	1,125	1,118	1,103	1,139	1,102	944	915
Profit before Tax	13,932	14,444	14,046	15,180	15,878	16,589	15,509	14,672	16,186	15,244	12,912	18,464	17,709
Tax %	24.75%	24.34%	23.44%	24.95%	23.70%	21.67%	23.71%	24.24%	22.45%	22.41%	21.08%	21.33%	22.97%
Net Profit	10,484	10,929	10,753	11,393	12,115	12,994	11,832	11,116	12,552	11,828	10,190	14,526	13,642
	28.65	29.87	29.45	31.48	33.48	35.91	32.71	30.72	34.69	32.70	28.16	40.15	37.70

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	92,693	97,356	1,23,170	1,31,306	1,35,963	1,60,341	1,90,354	2,02,359	2,14,853	2,20,938	2,27,703
	65,604	69,551	88,206	93,953	95,653	1,14,096	1,39,533	1,46,512	1,56,924	1,59,211	1,65,240
Operating Profit	27,089	27,805	34,964	37,353	40,310	46,245	50,821	55,847	57,929	61,727	62,463
OPM %	29.22%	28.56%	28.39%	28.45%	29.65%	28.84%	26.70%	27.60%	26.96%	27.94%	27.43%
	4,568	5,803	7,627	8,082	4,182	7,486	5,504	6,315	9,642	6,491	7,340
Interest	16	30	170	743	537	486	695	673	703	1,124	1,200
Depreciation	1,575	1,647	1,716	2,701	3,053	3,522	3,940	3,887	4,220	4,288	4,100
Profit before Tax	30,066	31,931	40,705	41,991	40,902	49,723	51,690	57,602	62,648	62,806	64,329
Tax %	21.33%	20.95%	26.14%	20.79%	24.31%	23.20%	24.35%	24.38%	23.29%	21.83%	21.99%
Net Profit	23,653	25,241	30,065	33,260	30,960	38,187	39,106	43,559	48,057	49,096	50,186
EPS	120.04	65.57	79.34	88.64	82.78	103.24	106.88	120.33	132.75	135.62	—
Dividend Payout %	39.15%	37.84%	37.42%	82.31%	45.41%	41.21%	107.63%	60.67%	94.91%	81.11%	—

COMPOUNDED SALES GROWTH

10 Years:: 10%
5 Years:: 10%
3 Years:: 5%

COMPOUNDED PROFIT GROWTH

10 Years:: 8%
5 Years:: 10%
3 Years:: 8%

STOCK PRICE CAGR

10 Years:: 7%
5 Years:: -10%
3 Years:: -15%
1 Year:: -30%

RETURN ON EQUITY

10 Years:: 48%
5 Years:: 58%
3 Years:: 62%
Last Year:: 62%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	197	191	375	375	370	366	366	362	362	362
	77,825	75,675	78,523	73,993	74,424	76,807	74,172	71,758	75,255	84,314
	592	574	1,059	5,917	5,363	5,731	5,454	5,443	7,375	8,948
Trade Payables	4,190	4,775	7,692	8,734	7,962	10,082	13,768	14,599	17,483	18,099
	4,507	6,790	9,754	13,737	18,102	25,498	23,603	26,462	29,655	34,093
Total Liabilities	87,311	88,005	97,403	1,02,756	1,06,221	1,18,484	1,17,363	1,18,624	1,30,130	1,45,816
	9,231	9,440	9,661	16,122	16,059	16,524	15,690	14,953	16,825	17,710
Capital Work in Progress	1,477	1,238	834	781	861	1,146	1,103	1,450	1,318	2,402
	42,930	37,259	30,469	27,875	30,729	31,667	38,143	32,245	32,802	41,090
	21	25	10	5	7	19	27	27	20	29
	0	0	0	0	0	0	0	46,068	51,767	56,976
Cash & Bank	1,316	3,487	8,900	4,824	3,142	13,692	4,543	6,599	7,152	4,786
	32,336	36,556	47,529	53,149	55,423	55,436	57,857	17,282	20,246	22,823
Total Assets	87,311	88,005	97,403	1,02,756	1,06,221	1,18,484	1,17,363	1,18,624	1,30,130	1,45,816

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	29,598	27,632	32,702	32,969	41,627	46,463	47,963	39,142	40,816	45,597
Cash from Investing	-15,782	5,634	5,883	12,829	-4,576	3,642	3,250	10,807	4,825	-5,127
Cash from Financing	-10,891	-26,827	-27,825	-39,045	-32,023	-32,797	-47,224	-47,793	-46,724	-41,527
	-3,541	394	2,056	387	-2,777	6,972	-6,945	2,156	-1,083	-1,057

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	71.77	71.77	71.77	71.77	71.77	71.77	71.77	71.77	71.77
	12.35	12.66	12.68	12.04	11.48	10.33	10.37	9.66	9.07
	11.00	10.86	10.85	11.49	11.95	12.64	12.81	13.34	13.41
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	4.82	4.67	4.64	4.64	4.75	5.20	4.98	5.16	5.69

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-09

Updates

2026-09-09 - Tata Consultancy Services Limited has informed the Exchange regarding 'Press Release - TCS launches India's first lights-out factory lab to advance AI-first manufacturing'.

2026-09-08

Updates

2026-09-08 - Tata Consultancy Services Limited has informed the Exchange regarding 'Press Release - TCS wins Rs 122 crore bid to build AI-enabled digital governance platform for Odisha Government'.

2026-09-07

Updates

2026-09-07 - Tata Consultancy Services Limited has informed the Exchange regarding 'Press Release - TCS launches AI-native creative engineering studio in the UK'.

2026-09-05

General Updates

2026-09-05 - Press Release titled TCS HyperVault to establish large-scale AI data center campus in Telangana being issued by HyperVault AI Data Center Limited, a subsidiary of the Company.

2026-09-03

Updates

2026-09-03 - Tata Consultancy Services Limited has informed the Exchange regarding 'Press Release - TCS to harmonise Metro's IT application landscape and support scalable growth'.

2026-08-26

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-26 - Tata Consultancy Services Limited has informed the Exchange about Schedule of meet

2026-08-24

Bagging/Receiving of orders/contracts

2026-08-24 - Tata Consultancy Services Limited has informed the Exchange about Bagging/Receiving of orders/contracts

2026-08-24

Press Release

2026-08-24 - Tata Consultancy Services Limited has informed the Exchange regarding a press release dated August 24, 2026, titled "TCS and Porsche AG Partner to Accelerate the Future of AI-Powered Mobility".

2026-08-24

Acquisition

2026-08-24 - Tata Consultancy Services Limited has informed the Exchange about Acquisition

News

Recent coverage and analyst commentary for TCS

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