TCS
Tata Consultancy Services share price & financials
- Price
- ₹2,125
- Market cap
- ₹7.9L Cr
- Sector
- Information Technology
- Calls analysed
- 8
TCS Q4 FY26
What went well
- Strong 1.2% sequential constant currency growth in Q4 FY26, reaching $7.621 billion in revenue.
- Operating margin improved by 10 basis points sequentially to 25.3% in Q4 FY26, demonstrating focus on profitability.
- Record $12 billion Total Contract Value (TCV) in Q4 FY26, including three mega deal wins, indicating robust deal momentum.
What to watch
- Full year FY26 revenue declined by 2.4% in constant currency.
- Intensifying geopolitical conflicts and macro-economic uncertainty persist, with direct impact noted in the Middle East and travel & transportation industry.
What Tata Consultancy Services Limited does
Tata Consultancy Services is an IT services, consulting and business-solutions company that helps global enterprises run and modernise their technology. It earns by delivering application development and maintenance, cloud and infrastructure services, consulting, and increasingly AI-led transformation, largely through multi-year contracts staffed from a global delivery network. Work is organised around industry verticals such as BFSI, Consumer Business and Manufacturing, and it also licenses proprietary software platforms. It operates across 55 countries and roughly 200 service delivery centres.
Segments
- BFSI
- Consumer Business
- Life Sciences & Healthcare
- Manufacturing
- Technology & Services
- Communication & Media
- Energy, Resources and Utilities
- Regional Markets & Others
- Global headcount
- 584,519
- Service delivery centres worldwide
- ~200
- Countries of operation
- 55
- Active clients over $1M revenue
- 1,397
- Active clients over $100M revenue
- 66
- Nationalities in workforce
- 149
Guidance record · Q4 FY26
what the last two calls moved 11 tracked 2 delivered 4 missed 5 open- Annual Order Book delivered said Q3 FY26 Promised: Achieve an annual order book of US$38-39 billion for FY26 Q4 FY26: The total TCV for FY26 was $40.7 billion, exceeding the projected range of $38-39 billion.
- International Revenue Growth missed said Q3 FY25 Promised: International business in FY26/CY25 to be stronger than FY25/CY24 Q4 FY26: Full year FY26 constant currency revenue growth was -2.4%. Given the overall negative growth for the company, the target to have a 'stronger' year than FY25 was not met.
- Operating Margin Aspiration on track said Q3 FY25 Promised: Reach the 26% to 28% operating margin band Q4 FY26: Q4 OPM was 25.3% and FY26 OPM was 25%. Management reiterated the goal to 'move towards 26%, but on a longer-term basis'.
All 11 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 13.9%, net profit up 4.7% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 64,259 | 63,973 | 64,479 | 63,437 | 65,799 +2% | 67,087 +5% | 70,698 +10% | 72,275 +14% |
| EBITDA | 16,731 | 17,034 | 16,980 | 16,875 | 17,978 +7% | 18,269 +7% | 19,276 +14% | 18,556 +10% |
| Net profit | 11,955 | 12,444 | 12,293 | 12,819 | 12,131 +1% | 10,720 −14% | 13,784 +12% | 13,420 +5% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −29.2% 1Y
1Y: ₹3,110 on 10 Sept 2025 → ₹2,200.8. High ₹3,324.9 (22 Dec 2025), low ₹1,982.6 (1 Jul 2026).
How the price took the results
close before → close after
- Q4 FY26
- +1.2%
- 9 Apr
- Q3 FY26
- +1.0%
- 12 Jan
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 5.8% a year over 3 years, FY23 to FY26. Operating margin widened to 27.1%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹225.5k Cr | ₹240.9k Cr | ₹255.3k Cr | ₹267.0k Cr |
| Operating profit | ₹59.3k Cr | ₹64.3k Cr | ₹67.4k Cr | ₹72.4k Cr |
| Operating margin | 26.3% | 26.7% | 26.4% | 27.1% |
| Interest | ₹779 Cr | ₹778 Cr | ₹796 Cr | ₹1.2k Cr |
| Depreciation | ₹5.0k Cr | ₹5.0k Cr | ₹5.2k Cr | ₹5.6k Cr |
| Net profit | ₹42.3k Cr | ₹46.1k Cr | ₹48.8k Cr | ₹49.5k Cr |
| Net margin | 18.8% | 19.1% | 19.1% | 18.5% |
| ROCE | 59.0% | 64.0% | 65.0% | 63.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹370 Cr | ₹366 Cr | ₹366 Cr | ₹362 Cr | ₹362 Cr | ₹362 Cr |
| Reserves | ₹86.1k Cr | ₹88.8k Cr | ₹90.1k Cr | ₹90.1k Cr | ₹106.1k Cr | ₹106.9k Cr |
| Borrowings | ₹7.8k Cr | ₹7.8k Cr | ₹7.7k Cr | ₹8.0k Cr | ₹10.9k Cr | ₹11.3k Cr |
| Other liabilities | ₹35.8k Cr | ₹44.0k Cr | ₹44.7k Cr | ₹47.0k Cr | ₹57.9k Cr | ₹62.6k Cr |
| Total liabilities | ₹130.0k Cr | ₹140.9k Cr | ₹142.9k Cr | ₹145.5k Cr | ₹175.2k Cr | ₹181.2k Cr |
| Fixed assets | ₹21.0k Cr | ₹21.3k Cr | ₹20.5k Cr | ₹19.6k Cr | ₹24.1k Cr | ₹31.3k Cr |
| Capital work in progress | ₹926 Cr | ₹1.2k Cr | ₹1.2k Cr | ₹1.6k Cr | ₹2.2k Cr | ₹2.7k Cr |
| Investments | ₹29.4k Cr | ₹30.5k Cr | ₹37.2k Cr | ₹31.8k Cr | ₹39.1k Cr | ₹34.0k Cr |
| Other assets | ₹78.7k Cr | ₹87.9k Cr | ₹83.9k Cr | ₹92.5k Cr | ₹109.8k Cr | ₹113.2k Cr |
| Total assets | ₹130.0k Cr | ₹140.9k Cr | ₹142.9k Cr | ₹145.5k Cr | ₹175.2k Cr | ₹181.2k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −2.41 pp while DIIs added +1.46 pp. The shareholder count grew 20% to 26,05,182.
- Promoters
- 71.8%
- FIIs
- 9.1%
- DIIs
- 13.4%
- Government
- 0.1%
- Public
- 5.7%
Since Jun 2025
- FIIs −2.41 pp
- DIIs +1.46 pp
- Public +0.92 pp
How it drifted, 12 quarters
Over this window FIIs fell from 12.5% to 9.1% — −3.4 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 72.3%, FIIs 12.5%, DIIs 10.0%, Government 0.1%, Public 5.2%.Dec '23: Promoters 72.4%, FIIs 12.5%, DIIs 10.0%, Government 0.1%, Public 5.0%.Mar '24: Promoters 71.8%, FIIs 12.7%, DIIs 10.6%, Government 0.1%, Public 4.9%.Jun '24: Promoters 71.8%, FIIs 12.3%, DIIs 11.0%, Government 0.1%, Public 4.8%.Sep '24: Promoters 71.8%, FIIs 12.7%, DIIs 10.9%, Government 0.1%, Public 4.7%.Dec '24: Promoters 71.8%, FIIs 12.7%, DIIs 10.9%, Government 0.1%, Public 4.6%.Mar '25: Promoters 71.8%, FIIs 12.0%, DIIs 11.5%, Government 0.1%, Public 4.6%.Jun '25: Promoters 71.8%, FIIs 11.5%, DIIs 11.9%, Government 0.1%, Public 4.8%.Sep '25: Promoters 71.8%, FIIs 10.3%, DIIs 12.6%, Government 0.1%, Public 5.2%.Dec '25: Promoters 71.8%, FIIs 10.4%, DIIs 12.8%, Government 0.1%, Public 5.0%.Mar '26: Promoters 71.8%, FIIs 9.7%, DIIs 13.3%, Government 0.1%, Public 5.2%.Jun '26: Promoters 71.8%, FIIs 9.1%, DIIs 13.4%, Government 0.1%, Public 5.7%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- SBI Nifty 50 ETF Mutual fund +0.06 pp 1.31% held
- PT TQCert Indonesia newly disclosed 0.00% held
- TQ Cert Services LLC, Qatar newly disclosed 0.00% held
- TComm Turkey Dijital Çözümler Limited Şirketi newly disclosed 0.00% held
- Artifex Systems Slovakia s. r. o. newly disclosed 0.00% held
- Tata International West Asia FZCO newly disclosed 0.00% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Tata Consultancy Services Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Tata Sons Private Limited | 71.74% | unchanged |
| LIC Of India Insurer | 5.52% | unchanged |
| SBI Nifty 50 ETF Mutual fund | 1.31% | +0.06 pp |
| ICICI Prudential Value Fund Mutual fund | 1.06% | unchanged |
| Tata Investment Corporation Ltd | 0.03% | unchanged |
| Tata Industries Limited | 0.00% | unchanged |
| Tata Capital Limited | 0.00% | unchanged |
| Tata Consumer Products Limited | 0.00% | unchanged |
| Voltas Limited | 0.00% | unchanged |
| The Tata Power Company Limited | 0.00% | unchanged |
| Titan Company Limited | 0.00% | unchanged |
| Tata Steel Limited | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in TCS
Filings to Aug 2026
2 new, 19 added, 12 trimmed, 1 sold out — net +1.18 L shares (+0.1%).
- Held by funds
- ₹19.8k Cr
- 52 schemes
- Biggest holder
- SBI Nifty 50 ETF
- ₹4.8k Cr · 2.2% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Nifty 50 ETF SBI Mutual Fund | ₹4.8k Cr | +1.04 L | Aug '21 |
| SBI BSE Sensex ETF SBI Mutual Fund | ₹3.2k Cr | +1.34 L | Aug '21 |
| Nippon India Large Cap Fund Nippon India Mutual Fund | ₹1.9k Cr | held | Jun '24 |
| SBI Aggressive Hybrid Fund SBI Mutual Fund | ₹1.7k Cr | held | Mar '24 |
| Nippon India ETF Nifty 50 BeES Nippon India Mutual Fund | ₹1.5k Cr | +1.25 L | Jan '19 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹1.3k Cr | held | Dec '22 |
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹792 Cr | held | Jul '26 |
| Nippon India ETF Nifty IT Nippon India Mutual Fund | ₹769 Cr | −0.91 L | Jun '20 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
19 added, 12 trimmed — net +1.18 L shares (+0.1%)
- Funds are sitting on
- -36%
- vs est. average cost
- Held by funds
- ₹19.8k Cr
- 52 schemes · ≈ 2.2% of the company
- Biggest holder
- SBI Nifty 50 ETF
- ₹4.8k Cr · 2.2% of that fund
- Longest holder
- Nippon India Index Fund - Nifty 50 Plan
- 14y · since Sep '12
Shares held by these funds +82%
Aug '23 8.34 cr shares Jul '26
What the price assumes
AttractiveTo justify its price of ₹2201, this stock must grow earnings at -1% every year for 5 years. Our analysis caps realistic growth at ~4%. At that growth it is worth ₹2784 — upside of 26%.
- Growth the price implies
- -0.5% a year
- for 5 years, fading to 5%
- It has actually compounded at
- 5.3% a year
- net profit, FY23–FY26 · EPS 5.7%
- The gap
- -0.0 pp
- 26% downside if it only repeats history
Why this baseline, and what it is built on
TCS's promise track record is decent, with some achieved targets but also a couple of misses. Management guidance for growth is vague ('stronger 1H FY27') and operating margin guidance suggests maintenance rather than significant expansion. Historical TTM sales growth has slowed from 5.55% to 2.38%. Given the lack of specific, quantifiable growth guidance and the recent slowdown in historical growth, a conservative g1 of 4.0% is chosen. This acknowledges some growth potential but discounts the vague guidance. The company has very low leverage, justifying a 10% discount rate. A 5-year stage-1 growth period with a 3-year fade to a 5% terminal growth rate is applied.
Through 2026-03-31
All earnings calls (5)
Read the Q4 FY26 call →Learn to analyse Tata Consultancy Services Limited
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