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Tata Consultancy Services (TCS) INR

Tata Consultancy Services provides information technology and IT-enabled services, including software platforms for banking, life sciences, retail, and enterprise operations, as well as consulting and digital transformation solutions.

At a glance: strengths & risks
✓Revenue growing (+14% y/y, Q1 2026)✓Low leverage (0.1x EBITDA)✓Cheaper than own history (EV/EBITDA 11.0 vs avg 17.5)

Sector: IT services

IN_TCS

Price chart

2 251 INRDay 2.13%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
2 251 INR · 2.13%
Market cap
8144.3 bn INR

Growth

Δ revenue y/y
13.9%
Δ EBITDA y/y
10.0%

Multiples

P/E (LTM)
16.4x
3y avg: 24.7x
P/B (FY)
7.6x
P/E (ann.)
15.3x
EV/EBITDA (LTM)
11.0x
3y avg: 17.5x
EV/EBITDA (ann.)
11.0x

Cash return

Dividend yield
4.9%
FCF yield (LTM)
1.1%

Value creation

fundamental value/yr, % of market cap
Value created / year
+8.7%
↓ details

Liquidity

Daily turnover (listing)
12.2 bln INR

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B INR, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB INROperating profitB INRD&AB INREBITDAB INRNet profitB INROperating CFB INRCapex + M&AB INRAssetsB INREquityB INRROE (annualized)Net debtB INRSource
2026-06-30Q2 2026 (3M)OK722.8
y/y 13.9%
173.2
y/y 11.6%
12.4
y/y -9.0%
185.6
y/y 10.0%
133.5
y/y 4.6%
121.7-7.51841.5
y/y 10.6%
1107.5
y/y 13.1%
49.0%≈ 48.8Yahoo Finance
2026-03-31Q1 2026 (3M)OK707.0
y/y 9.6%
203.2
y/y 29.2%
14.1
y/y 2.0%
217.3
y/y 27.0%
137.2
y/y 12.2%
138.9-7.31823.7
y/y 14.2%
1072.4
y/y 13.2%
44.6%48.8Yahoo Finance
2025-12-31Q4 2025 (3M)PARTIAL670.9
y/y 4.9%
146.2
y/y -6.7%
13.8
y/y 0.2%
160.0
y/y -6.1%
106.6
y/y -13.9%
132.6-9.31842.7
y/y 5.7%
1135.1
y/y 2.8%
12.9%33.2Yahoo Finance
2025-09-30Q3 2025 (3M)OK658.0
y/y 2.4%
165.7
y/y 7.1%
14.1
y/y 11.6%
179.8
y/y 7.5%
120.8
y/y 1.4%
130.2-16.31752.2
y/y 8.7%
1074.6
y/y 5.0%
47.0%≈ 31.8stockanalysis.com
2025-06-30Q2 2025 (3M)OK634.4
y/y 1.3%
155.1
y/y 0.5%
13.6
y/y 11.6%
168.8
y/y 1.3%
127.6
y/y 6.0%
119.2-8.61664.6
y/y 11.2%
979.1
y/y 5.3%
53.0%31.8Yahoo Finance
2025-03-31Q1 2025 (3M)OK644.8
y/y —
157.3
y/y —
13.8
y/y —
171.1
y/y —
122.2
y/y —
145.2-17.61596.3
y/y 9.0%
947.6
y/y 4.7%
47.3%10.6Yahoo Finance
2024-12-31Q4 2024 (3M)OK639.7
y/y 5.6%
156.6
y/y 3.3%
13.8
y/y 11.7%
170.3
y/y 3.9%
123.8
y/y 12.0%
123.9-6.81743.1
y/y 20.6%
1104.1
y/y 21.4%
15.5%≈ -9.9stockanalysis.com
2024-09-30Q3 2024 (3M)OK642.6
y/y 7.7%
154.7
y/y 6.8%
12.7
y/y 0.2%
167.3
y/y 6.3%
119.1
y/y 5.0%
115.8-6.91611.2
y/y 4.0%
1023.8
y/y 1.0%
48.8%≈ -9.9stockanalysis.com
2024-06-30Q2 2024 (3M)OK626.1
y/y —
154.4
y/y —
12.2
y/y —
166.6
y/y —
120.4
y/y —
104.2-8.11497.5
y/y —
930.1
y/y —
52.5%≈ -9.9stockanalysis.com
2024-03-31FY 2024 (12M)OK—
y/y 6.8%
—
y/y 9.3%
—
y/y -0.7%
—
y/y 8.4%
—
y/y 8.9%
——1464.5
y/y 1.9%
904.9
y/y 0.1%
50.6%-9.9Yahoo Finance
2023-12-31Q4 2023 (3M)OK605.8
y/y —
151.6
y/y —
12.3
y/y —
163.9
y/y —
110.6
y/y —
103.4-6.01445.0
y/y —
909.7
y/y —
15.3%≈ 5.7stockanalysis.com
2023-09-30Q3 2023 (3M)OK596.9
y/y —
144.8
y/y —
12.6
y/y —
157.5
y/y —
113.4
y/y —
114.3-4.31549.4
y/y —
1014.1
y/y —
47.3%≈ 5.7stockanalysis.com
2023-03-31FY 2023 (12M)OK2254.6
y/y —
543.8
y/y —
50.2
y/y —
594.0
y/y —
421.5
y/y —
419.6-31.01436.5
y/y —
904.2
y/y —
—5.7Yahoo Finance

Revenue & EBITDA

RevenueEBITDA

Quarterly values (INR mln)

0200 000400 000600 000800 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-10%0%10%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF (INR mln)

0100 000200 000300 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (INR mln)

-20 000020 00040 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q4

Profit and cash

Profit is cash-backed
In a typical year of 2022–2026 operating cash flow came to 1.01x of reported net profit; after capex, 0.93x.
year20222023202420252026
cash flow / profit1.04x1.00x0.97x1.01x1.06x
accruals, % of assets—0.1%1.1%-0.2%-1.6%
Last twelve months (to 2026-06-30): 1.05x of profit came back as operating cash flow.
net debt / EBITDA 0.1x · capex 0.6x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +8.7%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (185 560 − 168 750) × 3.87
65 054
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (8 144 321 + 48 780) ÷ 718 110
11.4x
3. Target multiple
(Current EV/EBITDA + 11) ÷ 2
= (11.4 + 11) ÷ 2
11.2x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -17 000 + 0 + 0 − 0
-17 000
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (65 054 × 11.2 + -17 000) ÷ 8 144 321
+8.7%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +5% vs +6% the year before — a -1.4 pp move. 3-year CAGR +6%.
revenue growth by year: 2024 +7% · 2025 +6% · 2026 +5%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Peer comparison

Group: IT services. Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
InfosysIndia46.09.5x
WiproIndia17.79.7x
Tech MahindraIndia16.314.8x
MphasisIndia4.814.9x
CoforgeIndia7.920.7x
HCL TechnologiesIndia36.023.7x
Persistent SystemsIndia9.129.6x
Group median14.9x
Group average17.6x
This companyIndia86.211.0x

Group median 14.9x; this company 11.0x — a 26% discount.

Group average 17.6x; against the average this company is at a 37% discount.

At the adjusted group median the market cap would be +36% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 23.0x, Russia 3.9x, South Africa 5.4x, Kazakhstan 7.7x, India 18.1x, Indonesia 4.2x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-09-15; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-07-1512 INREx-dividend: 12 INR per sharePaidYahoo Finance (ex-div)
2026-05-2531 INREx-dividend: 31 INR per sharePaidYahoo Finance (ex-div)
2026-01-1657 INREx-dividend: 57 INR per sharePaidYahoo Finance (ex-div)
2025-10-1511 INREx-dividend: 11 INR per sharePaidYahoo Finance (ex-div)
2025-07-1611 INREx-dividend: 11 INR per sharePaidYahoo Finance (ex-div)
2025-06-0430 INREx-dividend: 30 INR per sharePaidYahoo Finance (ex-div)
2025-01-1776 INREx-dividend: 76 INR per sharePaidYahoo Finance (ex-div)
2024-10-1810 INREx-dividend: 10 INR per sharePaidYahoo Finance (ex-div)
2024-07-1910 INREx-dividend: 10 INR per sharePaidYahoo Finance (ex-div)
2024-05-1628 INREx-dividend: 28 INR per sharePaidYahoo Finance (ex-div)
2024-01-1927 INREx-dividend: 27 INR per sharePaidYahoo Finance (ex-div)
2023-10-199 INREx-dividend: 9 INR per sharePaidYahoo Finance (ex-div)
2023-07-209 INREx-dividend: 9 INR per sharePaidYahoo Finance (ex-div)
2023-06-1524 INREx-dividend: 24 INR per sharePaidYahoo Finance (ex-div)
2023-01-1675 INREx-dividend: 75 INR per sharePaidYahoo Finance (ex-div)
2022-10-178 INREx-dividend: 8 INR per sharePaidYahoo Finance (ex-div)
2022-07-148 INREx-dividend: 8 INR per sharePaidYahoo Finance (ex-div)
2022-05-2522 INREx-dividend: 22 INR per sharePaidYahoo Finance (ex-div)
2022-01-197 INREx-dividend: 7 INR per sharePaidYahoo Finance (ex-div)
2021-10-147 INREx-dividend: 7 INR per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Tata Consultancy Services (TCS) — from primary filings.

Frequently asked questions

What is Tata Consultancy Services (TCS)'s P/E ratio?
Tata Consultancy Services (TCS) trades at a P/E of 16.4x (price to trailing 12-month earnings).
What is Tata Consultancy Services (TCS)'s EV/EBITDA?
Tata Consultancy Services (TCS) trades at 11.0x EV/EBITDA.
What is Tata Consultancy Services (TCS)'s P/B ratio?
Tata Consultancy Services (TCS) trades at a P/B of 7.6x.
What is Tata Consultancy Services (TCS)'s dividend yield?
Tata Consultancy Services (TCS)'s trailing 12-month dividend yield is 4.9%.
What is Tata Consultancy Services (TCS)'s return on equity (ROE)?
Tata Consultancy Services (TCS)'s ROE is 49.0%.
What is Tata Consultancy Services (TCS)'s market capitalization?
Tata Consultancy Services (TCS)'s market cap is 8144.3 bn INR.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map