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India's largest IT-services firm, running global banks' and enterprises' technology and back-office operations.
India's largest IT-services firm, running global banks' and enterprises' technology and back-office operations.
Is paid under multi-year outsourcing contracts that run clients' software and back-office work, billed for time and effort or at fixed prices, with banks and insurers the biggest buyers and North America the largest market. Tata Sons, the Tata group's holding company, owns most of the shares.
In one line: India's Accenture.
Moat: narrow (switching costs, scale, brand). Multi-year outsourcing contracts embedded in client IT systems are costly and risky to switch away from.
Headquarters: Mumbai, India · Founded: 1968 · Employees: 584,519
Size Tata Consultancy Services (TCS.NS) is an India Information Technology company (Information Technology Services) with a market value of $95.7B, the 7th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹2,498 on 6 Nov 2026.
Performance Over six months the shares gained 4.0%, against +21.7% for the median peer and 0.0% for the India market (cap-weighted) — 4th lowest of 14 in its peer set.
Growth Revenue grew 9.9% over the last twelve months (peer median +7.4%); the operating margin is 24.6% (peer median 12.6%).
Valuation It trades at 16.2× forward earnings against a peer median of 18.0× (6th cheapest of 14).
Price implies For today's price to make sense, revenue must grow about 12% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is +2 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 51.6 points above its cost of capital (14.9% WACC).
Next results Next results expected around 14 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹2.83T | ₹2.67T | ₹2.55T | ₹2.41T | ₹2.25T |
| Revenue growth | — | +5% | +6% | +7% | — |
| Gross profit | ₹869B | ₹826B | ₹766B | ₹763B | ₹697B |
| EBITDA | ₹749B | ₹724B | ₹676B | ₹643B | ₹593B |
| Net income | ₹516B | ₹492B | ₹486B | ₹459B | ₹421B |
| Free cash flow | ₹508B | ₹505B | ₹482B | ₹444B | ₹415B |
| Capital expenditure | ₹40.8B | ₹47.0B | ₹50.0B | ₹26.7B | ₹31.0B |
| Total debt | ₹119B | ₹114B | ₹93.9B | ₹80.2B | ₹76.9B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Tata Consultancy Services TCS.NS | $95.7B | +4% | +10% | 25% | 16.2× | 12.0% |
| Infosys INFY.NS | $50.7B | +2% | +6% | 21% | 15.5× | 6.6% |
| Accenture ACN | $154B | +44% | +6% | 15% | 17.8× | 3.7% |
| Wipro WIPRO.NS | $20.7B | 0% | +8% | 16% | 14.9× | 9.0% |
| HCL Technologies HCLTECH.NS | $41.4B | +22% | +13% | 18% | 19.5× | 11.8% |
| Cognizant CTSH | $28.9B | +26% | +5% | -1% | 10.5× | 0.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TCS.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +20.1% | +2.7% | 3rd highest of 14 |
| 6-month return | +4.0% | +21.7% | 4th lowest of 14 |
| Distance from 52-week high | -25.4% | -26.3% | 7th highest of 14 |
| Revenue growth (TTM) | +9.9% | +7.4% | 6th highest of 14 |
| Operating margin | 24.6% | 12.6% | 2nd highest of 14 |
| Forward P/E | 16.2× | 18.0× | 6th cheapest of 14 |
| Growth the price implies (Req g, 7 yrs) | 12.0% | 5.5% | 3rd most demanding of 12 |
| Growth delivered (Del g) | +10.2% | +7.2% | 5th highest of 12 |
| Hurdle (Req g minus delivered) | +1.8 pp | +0.3 pp | 5th most demanding of 12 |
| ROIC minus cost of capital | +51.6 pp | +4.9 pp | highest of 13 |
| EV / EBITDA | 11.5× | 11.4× | 6th cheapest of 11 |
| Net debt / EBITDA | -0.6× | 0.1× | 6th least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tata Consultancy Services TCS.NS | India | $95.7B | +4% | +10% | 25% | 16.2× | 12.0% | +10.2% |
| Cloudflare NET | United States | $95.7B | +37% | +34% | -8% | 168.8× | n/a | n/a |
| Fortinet FTNT | United States | $87.3B | +4% | +20% | 33% | 31.6× | 22.4% | +21.3% |
| Hygon Information Technology 688041.SS | China | $66.0B | -36% | +59% | 19% | 100.6× | n/a | n/a |
| Accenture ACN | United States | $154B | +44% | +6% | 15% | 17.8× | 3.7% | +8.0% |
| Infosys INFY.NS | India | $50.7B | +2% | +6% | 21% | 15.5× | 6.6% | +12.2% |
| Workday WDAY | United States | $46.5B | +51% | +14% | 13% | 16.0× | 19.7% | +17.3% |
| HCL Technologies HCLTECH.NS | India | $41.4B | +22% | +13% | 18% | 19.5× | 11.8% | +11.5% |
| IBM IBM | United States | $232B | +6% | +7% | 21% | 18.8× | 7.6% | +4.1% |
| Nec 6701.T | Japan | $36.3B | +5% | +7% | 12% | 18.6× | 5.5% | +3.7% |
| Fujitsu 6702.T | Japan | $35.4B | +1% | +4% | 10% | 18.0× | 4.1% | -0.5% |
| Cognizant CTSH | United States | $28.9B | +26% | +5% | -1% | 10.5× | 0.8% | +4.9% |
| HP Inc. HPQ | United States | $25.7B | +27% | +9% | 7% | 9.5× | -7.0% | -0.4% |
| Capgemini CAP.PA | France | $24.1B | +31% | +6% | 11% | 10.4× | -0.1% | +7.2% |