Arthneeti

Tata Consultancy Services (TCS) Q2 FY27 Share Price & Earnings Call Analysis

₹2,501.70-0.04% today
Market cap
₹9.05L Cr
P/E
16.56
ROE
51.81%
PEG
2.21
Price to sales
3.20
Debt to equity
0.10
52W high / low
₹3,325 / ₹1,983
Sales growth (5Y)
10.22%
EBITDA margin
26.45%
Net profit margin
19.69%
Promoter holding
71.77%
Sales (last year)
₹2.83L Cr

Guidance scorecard · Q2 FY27 call

What TCS's management guided
and where it ranks in IT - Software

#15of 38 in
IT - Software
Revenue10–20%MarginsUp 0–2%CapexPlannedFundraisingWhat management saidOrder bookRising

RevenueQ2 FY27 call

10–20%
  • Confident in converting pipeline opportunities into growth as client spending improves and enterprise AI adoption scales.
  • Medium-term expectation of India revenue recovery after deferral-related dip.
  • International markets showed 1.2% sequential growth; expected to continue growth momentum in medium term.
  • BFSI, Manufacturing, Technology and Services verticals showed strong sequential growth; Consumer and Energy sectors expected to improve in medium term.
  • Annualized AI services revenue crossed $3.1 billion, with AI seen as a structural growth driver contributing over 10% of revenue.
  • Continued investments in new service areas, strategic partnerships, and acquisitions to fuel growth.

2 more points from TCS's call on revenue

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Full Q2 FY27 analysis

MarginsQ2 FY27 call

Up 0–2%

See what TCS said on margins — free account, 30 seconds.

Full Q2 FY27 analysis

CapexQ2 FY27 call

Planned
  • These investments aim at driving long-term sustainable growth while managing margin discipline.
Full Q2 FY27 analysis

FundraisingQ2 FY27 call

See what TCS said on fundraising — free account, 30 seconds.

Full Q2 FY27 analysis

Order bookQ2 FY27 call

Rising
  • Total Contract Value (TCV) for Q2 was $9.6 billion.
  • This TCV excludes the Porsche and Best Buy deals.
  • Order book remains healthy with strong win rates.
  • The pipeline and client conversations indicate confidence in continued growth momentum.

2 more points from TCS's call on the order book

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Full Q2 FY27 analysis
Full IT - Software ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in IT - Software
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. CapitalNumbersGood growth
    3
See all potential multibaggersWhere does TCS rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

IT - Software companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹552 Cr33.7
240%+Flat₹327 Cr7.1
3CapitalNumbers20–40%Up 2%+₹180 Cr9.2
420–40%Up 2%+₹142 Cr10.2
520–40%Up 0–2%₹1,703 Cr26.6
620–40%Flat₹4,000 Cr78.1

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Pro shows every company guiding 40%+ revenue growth →Full IT - Software ranking

TCS announcements

All announcements →

Financials of TCS

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

TCS

Shareholding breakup across reporting periods.

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters +72.30%72.41%71.77%71.77%71.77%71.77%71.77%71.77%71.77%71.77%71.77%71.77%
FIIs +12.47%12.46%12.70%12.35%12.66%12.68%12.04%11.48%10.33%10.37%9.66%9.07%
DIIs +10.01%10.03%10.61%11.00%10.86%10.86%11.49%11.95%12.64%12.81%13.34%13.41%
Government +0.05%0.05%0.06%0.06%0.06%0.06%0.06%0.06%0.06%0.06%0.06%0.06%
Public +5.17%5.03%4.86%4.82%4.66%4.63%4.63%4.77%5.21%4.98%5.16%5.69%
No. of Shareholders23,67,00323,36,01622,03,20921,81,39120,93,96220,75,11721,15,09321,64,28923,88,23223,32,27524,50,09026,05,182

Financials of TCS

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +59,69260,58361,23762,61364,25963,97364,47963,43765,79967,08770,69872,27573,188
Expenses +43,94644,19544,07345,95147,52846,93947,49946,56247,82148,81851,42253,71954,373
Operating Profit15,74616,38817,16416,66216,73117,03416,98016,87517,97818,26919,27618,55618,815
OPM %26%27%28%27%26%27%26%27%27%27%27%26%26%
Other Income +1,006-961,1579627291,2431,0281,660-268-2,2737579001,337
Interest159230226173162234227195229538265273252
Depreciation1,2631,2331,2461,2201,2661,3771,3791,3611,4131,3801,4061,2391,262
Profit before tax15,33014,82916,84916,23116,03216,66616,40216,97916,06814,07818,36217,94418,638
Tax %26%25%26%25%25%25%25%24%24%24%25%25%25%
Net Profit +11,38011,09712,50212,10511,95512,44412,29312,81912,13110,72013,78413,42013,934
EPS in Rs31.0030.5634.3733.2832.9234.2233.7935.2733.3729.4537.9236.9038.37

Financials of TCS

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +94,648108,646117,966123,104146,463156,949164,177191,754225,458240,893255,324267,021283,248
Expenses +70,16777,96985,65590,588106,957114,840117,631138,697166,199176,597187,917194,623208,332
Operating Profit24,48230,67732,31132,51639,50642,10946,54653,05759,25964,29667,40772,39874,916
OPM %26%28%27%26%27%27%28%28%26%27%26%27%26%
Other Income +3,7203,0844,2213,6424,3114,5921,9164,0183,4493,4643,962-124721
Interest1043332521989246377847797787961,2271,328
Depreciation1,7991,8881,9872,0142,0563,5294,0654,6045,0224,9855,2425,5605,287
Profit before tax26,29831,84034,51334,09241,56342,24843,76051,68756,90761,99765,33165,48769,022
Tax %24%24%24%24%24%23%26%26%26%26%25%24%
Net Profit +20,06024,33826,35725,88031,56232,44732,56238,44942,30346,09948,79749,45451,858
EPS in Rs50.6861.5866.7167.4683.8786.1987.67104.75115.19126.88134.20136.01142.64
Dividend Payout %78%35%35%37%36%85%43%41%100%58%94%81%

Financials of TCS

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital196197197191375375370366366362362362362
Reserves50,43970,87586,01784,93789,07183,75186,06388,77390,05890,12794,394106,878118,624
Borrowings +358245289247628,1747,7957,8187,6888,0219,39211,28311,808
Other Liabilities +22,32516,97415,83019,75124,39327,82735,76443,96744,74746,96254,50162,64459,988
Total Liabilities73,31888,291102,333105,126113,901120,127129,992140,924142,859145,472158,649181,167190,782
Fixed Assets +11,63811,77411,70111,97312,29020,92821,02121,29820,51519,60423,05331,34332,872
CWIP2,7661,6701,5411,2789639069261,2051,2341,5641,5462,6652,380
Investments1,66222,82241,98036,00829,33026,35629,37330,48537,16331,76230,96433,98840,840
Other Assets +57,25252,02547,11155,86771,31871,93778,67287,93683,94792,542103,086113,171114,690
Total Assets73,31888,291102,333105,126113,901120,127129,992140,924142,859145,472158,649181,167190,782

Financials of TCS

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +19,36919,10925,22325,06728,59332,36938,80239,94941,96544,33848,90852,094
Cash from Investing Activity +-1,807-5,010-16,8953,1041,6458,968-7,956-7385486,091-2,144-11,886
Cash from Financing Activity +-17,168-9,666-11,026-26,885-27,897-39,915-32,634-33,581-47,878-48,536-47,438-42,133
Net Cash Flow3944,433-2,6981,2862,3411,422-1,7885,630-5,3651,893-674-1,925
Free Cash Flow16,42617,14423,27023,26326,46129,28135,66336,98538,90241,68844,99448,013
CFO/OP110%87%103%100%98%91%103%97%93%88%96%92%

Financials of TCS

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days798170746871678081818493
Inventory Days
Days Payable
Cash Conversion Cycle798170746871678081818493
Working Capital Days336262617064593330343438
ROCE %50%51%44%39%47%47%49%54%59%64%65%63%

Guidance history

How TCS's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q2 FY27 call →10–20%Up 0–2%Planned—Rising
Q1 FY27 call →10–20%FlatPlanned—Rising
Q4 FY26 call →0–10%FlatPlanned—Rising
Q3 FY26 call →0–10%FlatPlanned—Rising

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

27out of 100

Momentum score · price trend

27 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−18.2%38%
Last 6 months+2.9%60%
Last 3 months+1.1%70%

The price is 45.1% below its all-time high of ₹4,553.75 (30 Aug 2024). Stocks more than 20% below their peak have their score halved, so 53 became 27.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For TCS: 0.4 × 38 + 0.4 × 60 + 0.2 × 70 = 53, halved to 27 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 2 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What TCS's management said in earlier quarters

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