Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹11,71,609Cr
IT Consulting & Software - Large
Revenue Growth TTM
Revenue Growth TTM
3.62%
PAT Growth TTM
PAT Growth TTM
4.26%
| Quarter | Dec 22 | Mar 23 | Jun 23 | Dec 23 | Mar 24 | Jun 24 | Dec 24 | Mar 25 | Jun 25 |
|---|
|
Growth YoY Revenue Growth YoY% | 19.1 | 16.9 | 12.6 | 7.9 | 4.0 | 3.5 | 5.4 | 7.7 | 5.6 | 5.3 | 1.3 | 2.4 |
| 42,676 | 43,388 | 44,383 | 43,946 | 44,195 | 44,073 | 45,951 | 47,528 | 46,939 | 47,499 | 46,562 | 47,821 |
Operating Profit Operating ProfitCr |
| 26.7 | 26.7 | 25.3 | 26.4 | 27.1 | 28.0 | 26.6 | 26.0 | 26.6 | 26.3 | 26.6 | 27.3 |
Other Income Other IncomeCr | 520 | 1,175 | 1,397 | 1,006 | -96 | 1,157 | 962 | 729 | 1,243 | 1,028 | 1,660 | -268 |
Interest Expense Interest ExpenseCr | 160 | 272 | 163 | 159 | 230 | 226 | 173 | 162 | 234 | 227 | 195 | 229 |
Depreciation DepreciationCr | 1,269 | 1,286 | 1,243 | 1,263 | 1,233 | 1,246 | 1,220 | 1,266 | 1,377 | 1,379 | 1,361 | 1,413 |
| 14,644 | 15,391 | 14,989 | 15,330 | 14,829 | 16,849 | 16,231 | 16,032 | 16,666 | 16,402 | 16,979 | 16,068 |
| 3,761 | 3,955 | 3,869 | 3,950 | 3,732 | 4,347 | 4,126 | 4,077 | 4,222 | 4,109 | 4,160 | 3,937 |
|
Growth YoY PAT Growth YoY% | 11.0 | 14.8 | 16.8 | 8.7 | 2.0 | 9.3 | 8.9 | 5.0 | 12.1 | -1.7 | 5.9 | 1.5 |
| 18.7 | 19.3 | 18.7 | 19.1 | 18.3 | 20.4 | 19.3 | 18.6 | 19.4 | 19.1 | 20.2 | 18.4 |
| 29.6 | 31.1 | 30.3 | 31.0 | 30.3 | 34.4 | 33.3 | 32.9 | 34.2 | 33.8 | 35.3 | 33.4 |
| Financial Year | Mar 15 | Mar 16 | Mar 17 | Mar 18 | Mar 19 | Mar 20 | Mar 21 | Mar 22 | Mar 23 | Mar 24 | Mar 25 | TTM |
|---|
|
| | 14.8 | 8.6 | 4.4 | 19.0 | 7.2 | 4.6 | 16.8 | 17.6 | 6.8 | 6.0 | 0.9 |
| 70,167 | 77,969 | 85,655 | 90,588 | 1,06,957 | 1,14,840 | 1,17,631 | 1,38,697 | 1,66,199 | 1,76,597 | 1,87,917 | 1,88,821 |
Operating Profit Operating ProfitCr |
| 25.9 | 28.2 | 27.4 | 26.4 | 27.0 | 26.8 | 28.4 | 27.7 | 26.3 | 26.7 | 26.4 | 26.7 |
Other Income Other IncomeCr | 3,720 | 3,084 | 4,221 | 3,642 | 4,311 | 4,592 | 1,916 | 4,018 | 3,449 | 3,464 | 3,962 | 3,663 |
Interest Expense Interest ExpenseCr | 104 | 33 | 32 | 52 | 198 | 924 | 637 | 784 | 779 | 778 | 796 | 885 |
Depreciation DepreciationCr | 1,799 | 1,888 | 1,987 | 2,014 | 2,056 | 3,529 | 4,065 | 4,604 | 5,022 | 4,985 | 5,242 | 5,530 |
| 26,298 | 31,840 | 34,513 | 34,092 | 41,563 | 42,248 | 43,760 | 51,687 | 56,907 | 61,997 | 65,331 | 66,115 |
| 6,239 | 7,502 | 8,156 | 8,212 | 10,001 | 9,801 | 11,198 | 13,238 | 14,604 | 15,898 | 16,534 | 16,428 |
|
| | 21.3 | 8.3 | -1.8 | 22.0 | 2.8 | 0.3 | 18.1 | 10.0 | 9.0 | 5.8 | 1.8 |
| 21.2 | 22.4 | 22.3 | 21.0 | 21.6 | 20.7 | 19.8 | 20.1 | 18.8 | 19.1 | 19.1 | 19.3 |
| | 61.6 | 66.7 | 67.1 | 83.0 | 86.2 | 86.7 | 103.6 | 115.2 | 125.9 | 134.2 | 136.6 |
| Financial Year | Mar 15 | Mar 16 | Mar 17 | Mar 18 | Mar 19 | Mar 20 | Mar 21 | Mar 22 | Mar 23 | Mar 24 | Mar 25 | Sep 25 |
|---|
Equity Capital Equity CapitalCr | 196 | 197 | 197 | 191 | 375 | 375 | 370 | 366 | 366 | 362 | 362 | 362 |
| 50,439 | 70,875 | 86,017 | 84,937 | 89,071 | 83,751 | 86,063 | 88,773 | 90,058 | 90,127 | 94,394 | 1,06,053 |
Current Liabilities Current LiabilitiesCr | 20,318 | 15,569 | 14,512 | 17,828 | 22,084 | 27,060 | 34,155 | 42,351 | 43,558 | 46,104 | 53,001 | 55,284 |
Non Current Liabilities Non Current LiabilitiesCr | 1,580 | 2,100 | 2,160 | 2,938 | 2,960 | 9,090 | 9,496 | 9,317 | 8,887 | 9,026 | 10,857 | 12,474 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 48,813 | 63,213 | 80,316 | 81,224 | 92,131 | 90,237 | 99,280 | 1,08,310 | 1,10,270 | 1,12,984 | 1,23,011 | 1,34,499 |
Non Current Assets Non Current AssetsCr | 24,848 | 25,883 | 22,936 | 25,072 | 22,812 | 30,662 | 31,479 | 33,204 | 33,381 | 33,465 | 36,618 | 40,720 |
Total Assets Total AssetsCr |
| Financial Year | Mar 16 | Mar 17 | Mar 18 | Mar 19 | Mar 20 | Mar 21 | Mar 22 | Mar 23 | Mar 24 | Mar 25 |
|---|
Operating Cash Flow Operating Cash FlowCr | 19,109 | 25,223 | 25,067 | 28,593 | 32,369 | 38,802 | 39,949 | 41,965 | 44,338 | 48,908 |
Investing Cash Flow Investing Cash FlowCr | -5,150 | -16,732 | 2,886 | 1,596 | 8,565 | -8,129 | -897 | 39 | 6,026 | -2,318 |
Financing Cash Flow Financing Cash FlowCr | -9,666 | -11,026 | -26,885 | -27,897 | -39,915 | -32,634 | -33,581 | -47,878 | -48,536 | -47,438 |
|
Free Cash Flow Free Cash FlowCr | 17,144 | 23,270 | 23,263 | 26,639 | 29,992 | 36,120 | 37,497 | 39,470 | 42,153 | 46,014 |
| 78.5 | 95.7 | 96.9 | 90.6 | 99.8 | 119.2 | 103.9 | 99.2 | 96.2 | 100.2 |
CFO To EBITDA CFO To EBITDA% | 62.3 | 78.1 | 77.1 | 72.4 | 76.9 | 83.4 | 75.3 | 70.8 | 69.0 | 72.6 |
| Financial Year | Mar 15 | Mar 16 | Mar 17 | Mar 18 | Mar 19 | Mar 20 | Mar 21 | Mar 22 | Mar 23 | Mar 24 | Mar 25 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 4,98,891 | 4,95,770 | 4,79,031 | 5,45,438 | 7,50,627 | 6,84,078 | 11,75,411 | 13,68,046 | 11,73,019 | 14,05,102 | 13,04,122 |
Price To Earnings Price To Earnings | 29.0 | 21.8 | 19.5 | 21.1 | 23.8 | 21.1 | 36.3 | 35.7 | 27.8 | 30.6 | 26.9 |
Price To Sales Price To Sales | 5.3 | 4.6 | 4.1 | 4.4 | 5.1 | 4.4 | 7.2 | 7.1 | 5.2 | 5.8 | 5.1 |
Price To Book Price To Book | 9.8 | 7.0 | 5.6 | 6.4 | 8.4 | 8.2 | 13.7 | 15.4 | 13.0 | 15.6 | 13.9 |
| 19.6 | 15.9 | 14.7 | 16.6 | 18.7 | 16.2 | 25.2 | 25.6 | 19.7 | 21.8 | 19.3 |
Profitability Ratios Profitability Ratios |
| 100.0 | 100.0 | 97.6 | 97.8 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 |
| 25.9 | 28.2 | 27.4 | 26.4 | 27.0 | 26.8 | 28.4 | 27.7 | 26.3 | 26.7 | 26.4 |
| 21.2 | 22.4 | 22.3 | 21.0 | 21.6 | 20.7 | 19.8 | 20.1 | 18.8 | 19.1 | 19.1 |
| 51.8 | 44.7 | 39.9 | 40.0 | 46.7 | 46.8 | 47.1 | 54.1 | 58.8 | 63.7 | 63.5 |
| 39.6 | 34.2 | 30.6 | 30.4 | 35.3 | 38.6 | 37.7 | 43.1 | 46.8 | 50.9 | 51.5 |
| 27.2 | 27.3 | 25.5 | 24.4 | 27.5 | 26.8 | 24.9 | 27.2 | 29.4 | 31.5 | 30.6 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
Tata Consultancy Services (TCS) is a global leader in IT services, consulting, and business solutions, with a 55+ year legacy of enabling digital transformation for enterprises worldwide. As of November 2025, TCS continues to solidify its position as a preferred strategic partner across key industries, leveraging its deep domain expertise, innovation-driven platforms, and robust global delivery model. The company operates in over 46 countries, serving clients across major sectors including Banking & Financial Services, Retail, Healthcare, Telecommunications, Manufacturing, and Public Services.
TCS delivers solutions through its **Secure Borderless Workspaces™ (SBWS™)** operating model, enabling agile, distributed, and resilient digital delivery. With a **Location Independent Agile™** approach, TCS supports complex, large-scale transformation programs while maintaining high client trust, security, and operational excellence.
---
### **Recent Strategic Developments (October 2025 – Current)**
TCS has witnessed aggressive growth and innovation momentum in 2025, particularly in the areas of **Artificial Intelligence (AI), cloud transformation, semiconductor engineering, data center expansion, and automotive digitalization**.
#### **1. AI & Generative AI Leadership**
TCS has accelerated its adoption of **AI, GenAI, and agentic AI** across verticals:
- Partnered with a **major UK bank** to establish a **GenAI Office** for enterprise-wide AI deployment, enhancing personalized banking experiences.
- Co-developing **domain-specific AI agents** with **Google Cloud** using **Gemini Enterprise**, supported by **five global Gemini Experience Centres**.
- Deployed **150+ domain-specific AI agents** across industries, enhancing operational automation, decision-making, and customer experience.
- **Cognix™** and **ignio™ AIOps** platforms are central to AI-powered transformations in IT operations, finance, HR, and supply chain.
#### **2. Cloud & Sovereign Infrastructure Expansion**
- Launched **SovereignSecure™ Cloud**, gaining traction with Indian clients seeking secure, compliant, and sovereign cloud infrastructure.
- Expanded strategic cloud partnerships with **AWS, Microsoft Azure, and Google Cloud**, including joint GTM models and hyperscaler-aligned accelerators.
- Formed dedicated **geographically distributed partner teams** to deepen co-innovation with hyperscalers and enterprise clients.
#### **3. New Market Initiatives**
- **Identified a significant unmet demand in the data center market**, projecting a tenfold increase in demand over the next 5–6 years.
- Current committed capacity: only **5–6 gigawatts**; existing capacity: just **1.2 GW**.
- Strategic move to enter the **high-growth data center space**, offering long-term annuity revenue and deeper hyperscaler collaboration.
- Opened a **new office in Mexico City**, focusing on AI, cloud, cybersecurity, and IoT, reinforcing TCS’s strategic footprint in **Latin America**.
#### **4. Semiconductor & AI Hardware Innovation**
- Launched **Chiplet-based System Engineering Services** to help semiconductor firms design faster, more efficient processors using **modular chiplet design**.
- Supports **UCIe™ and HBM** standards, **2.5D/3D interposers**, and multi-layer substrates.
- Collaborated with a **North American semiconductor firm** to accelerate AI processor development via modern chiplet architectures.
- Strengthened R&D in semiconductor engineering with proprietary tools like **TCS WaferWise™** and **NeurEDA™**, enabling AI-powered yield and quality optimization.
#### **5. Automotive & Software-Defined Vehicles (SDV)**
- Expanded **autonomous and connected vehicle innovation** in Europe by **establishing three new hubs**.
- Delivered **digital engineering solutions** in **digital cockpit, electrification, ADAS, and connected car ecosystems**.
- Leveraged **SDx capabilities** and **TCS Mobility Cloud Suite** for next-gen mobility platforms, including **subscription models and usage-based insurance**.
#### **6. Major Client Engagements (Q3–Q4 2025)**
TCS secured several high-value, multi-year contracts, reinforcing its role as a transformation catalyst:
| Client | Industry | Project Scope | Value |
|-------|--------|---------------|-------|
| **Tryg** (Scandinavia) | Insurance | 7-year, **$647M** agreement to standardize IT ops, unify systems across DK, SE, NO, and integrate AI. | $647M |
| **Global Healthcare Company** | Life Sciences | Multi-hundred-million-dollar contract to transform value-based care, pharmacy services, and customer experience using AI, cloud, cybersecurity. | >$100M |
| **U.S. Insurer** | Insurance | Infrastructure consolidation using AI, scalable cloud ops, and site reliability engineering. | Multi-year |
| **Unilab, Inc.** | Pharma (Philippines) | Core systems modernization via **strategic cloud migration**. | Multi-year |
| **ARN Media** | Media & Entertainment (Australia) | Automation, global delivery optimization, and cloud-first data platform to streamline operations. | Multi-year |
| **North American Networking Co.** | Technology | AI-powered Application Maintenance & Support, **expansion of Full Stack Observability Lab**. | Multi-year |
---
### **Industry Platforms & IP-Led Solutions**
TCS continues to invest heavily in **proprietary platforms** to differentiate its offerings and drive faster transformation:
| Platform | Use Case | Key Clients/Adoption Highlights |
|--------|--------|-------------------------------|
| **TCS BaNCS™** | Core banking, insurance, capital markets | >400 financial institutions; deployed in 100+ countries; **CTBC Bank, UniCredit, KBZ, Burgan Bank** |
| **TCS Aviana™** | Cloud-native platform for intelligent airline operations | Partners with **Virgin Atlantic, Air New Zealand, Air France-KLM** |
| **TCS Optumera™** | AI-powered retail intelligence | Deployed in 800+ stores; used by global retailers for **pricing, merchandising, supply chain** |
| **TCS HOBS™** | Digital BSS/OSS for telecom | Used by **Community Fibre, Xoserve, Converge ICT** |
| **TCS TwinX™** | Enterprise Digital Twin | Enables scenario simulation for marketing, operations; **used by MTN, PostNord, SonyLIV** |
| **ignio™** | AIOps, autonomous IT operations | Deployed across 80% of SaaS customers; **150% productivity gain** in code generation |
| **Cognix™** | AI-driven human-machine collaboration | Used in finance, HR, supply chain; supports **600+ pre-built Value Builders** |
| **TCS Quartz™** | Blockchain platform | Used in finance, pharma, insurance for smart contracts, digital payments, and asset tracking |
---
### **Global Innovation & Delivery Hubs**
- **Pace Ports™**: Co-innovation hubs in **New York, Amsterdam, Tokyo, Toronto, and Pittsburgh** – used for rapid prototyping with clients, startups, and academia.
- **Design Studios**: Opened a **flagship design studio in NYC** to create unified digital experiences across ecosystems.
- **COIN™ Network**: Collaborates with **2,700+ startups and 80+ academic institutions** to accelerate R&D.
- **Specialized Centers of Excellence**: Established in **AI, aerospace (France), quantum computing, GenAI, and sustainable energy**.
---
### **Sustainability & Digital Transformation Focus**
- Supports **Energy Transition, Smart Cities, and ESG** initiatives through platforms like **DeXAM™**, **Clever Energy™**, and **Envirozone™**.
- Partners with UK’s **Openreach** and **Western Power** to build **smart grid platforms** using IoT and DERs aggregation.
- Embedded **responsible AI frameworks**, **carbon tracking**, and **circular economy solutions** in client engagements.
---
### **Financial & Operational Highlights (2025 Update)**
- **Strong Q3 growth** driven by **AI, cloud, and GenAI services**, with clients moving beyond basic chatbots to **agentic AI** with planning and reasoning capabilities.
- Increasing demand for **multi-service transformation deals** and **vendors-of-record (VOR)** relationships.
- Positioned to benefit from **long-term digital infrastructure investments**, including **data centers, sovereign cloud, and network modernization**.
---
### **Leadership & Client Recognition**
- Ranked **#1 in customer satisfaction in Europe for 12 consecutive years** (Whitelane Research).
- Ranked **#1 in the UK** by independent CIO survey for **IT service excellence**.
- Recognized as a **Leader in Everest Group’s PEAK Matrix®** for Banking Operations, Life Sciences, and Capital Markets.
- Serves **200+ FTSE100 and Fortune 500 clients**, including **50% of FTSE100**, demonstrating deep enterprise integration.