Tata Consultancy Services Past Earnings Performance
Past criteria checks 3/6
Tata Consultancy Services has been growing earnings at an average annual rate of 7.7%, while the IT industry saw earnings growing at 20.9% annually. Revenues have been growing at an average rate of 9% per year. Tata Consultancy Services's return on equity is 45.5%, and it has net margins of 18.4%.
Key information
7.71%
Earnings growth rate
8.34%
EPS growth rate
| IT Industry Growth | 24.33% |
| Revenue growth rate | 9.00% |
| Return on equity | 45.54% |
| Net Margin | 18.43% |
| Next Earnings Update | 09 Jul 2026 |
Recent past performance updates
Recent updates
Narrative Update • Jun 23
TCS: Expanding AI Partnerships Will Support Future Services Demand
Analysts have made a small upward adjustment to their fair value estimate for Tata Consultancy Services, with the price target moving from ₹2,939.58 to ₹2,944.56. This reflects updated assumptions around discount rates, revenue growth, profit margins and future P/E levels.Narrative Update • Jun 05
TCS: Expanding AI Partnerships Will Drive Future Upside Potential
Analysts have trimmed their fair value estimate for Tata Consultancy Services slightly, with the price target moving from about ₹2,948 to around ₹2,940, reflecting updated assumptions on the discount rate, revenue growth, profit margins and future P/E expectations. What's in the News QAD | Redzone, Amazon Web Services and Tata Consultancy Services (TCS) announced an expanded collaboration to offer a combined manufacturing platform that uses agentic AI, modern ERP and cloud infrastructure to help mid market manufacturers modernize operations, with TCS acting as the architect for phased ERP transformation and integration.Narrative Update • May 05
TCS: Expanding AI Partnerships Will Support Future Upside Potential
Analysts have maintained their fair value estimate for Tata Consultancy Services at ₹2,948, while a slightly lower discount rate and a small adjustment to the assumed future P/E multiple reflect a modestly more conservative stance on the stock's risk and valuation profile. What's in the News PixerLens Inc.Narrative Update • Apr 21
TCS: AI Alliances And Dividend Visibility Will Drive Future Upside
Analysts have adjusted their price target for Tata Consultancy Services from ₹3,107.05 to ₹2,948.19, citing updates to discount rate assumptions, revenue growth expectations, profit margin projections and the P/E multiple applied to future earnings. What's in the News Nokian Tyres is expanding its cooperation with Tata Consultancy Services, transferring maintenance and development of IT applications and on-site support for internal operations to TCS from June 1, 2026, as part of Nokian Tyres' broader IT transformation (Key Developments).Narrative Update • Apr 07
TCS: AI Partnerships And Legal Overhang Will Shape Future Upside
The analyst price target for Tata Consultancy Services has been revised from about ₹3,399 to roughly ₹3,107. This reflects updated views on slightly lower revenue growth, a reduced profit margin profile and a modestly lower future P/E multiple.Narrative Update • Mar 24
TCS: AI Collaborations And Special Dividend Will Support Future Upside
Analysts have reduced their price target for Tata Consultancy Services by about ₹100 to reflect slightly softer revenue growth expectations, a marginally lower discount rate, and a small uplift in projected profit margins and future P/E multiples. What's in the News TCS declared a special dividend of ₹46 per equity share, with a record date of January 17, 2026, and dividend payout scheduled for February 3, 2026.Narrative Update • Mar 09
TCS: AI Partnerships And New Outsourcing Wins Will Support Future Upside
Analysts now see slightly less upside for Tata Consultancy Services, trimming their price target from ₹3,583.72 to ₹3,497.86. They are factoring in a marginally higher discount rate and a modestly lower future P/E, while keeping revenue growth and profit margin expectations broadly steady.Narrative Update • Feb 23
TCS: AI Alliances And New US Units Will Support Future Upside
Analysts have trimmed their price target on Tata Consultancy Services by about ₹34 to reflect a slightly higher discount rate and marginally softer fair value and margin assumptions, while keeping revenue growth and future P/E expectations broadly unchanged. What's in the News QAD | Redzone entered a long term alliance with TCS to help mid market manufacturers modernize ERP and scale AI driven operations, combining QAD | Redzone's manufacturing platform with TCS's global delivery and engineering capabilities (Key Developments).Narrative Update • Feb 09
TCS: AI Partnerships And New US Units Will Drive Future Upside
Analysts have modestly adjusted their price outlook for Tata Consultancy Services, reflecting updated assumptions for the discount rate, long term revenue growth, profit margins and future P/E levels. Together, these changes fine tune their overall valuation framework without a material shift in fair value.Narrative Update • Jan 25
TCS: AI Data Centers Will Drive Future Upside Despite Legal Overhang
The analyst fair value estimate for Tata Consultancy Services has been adjusted from ₹3,558.47 to ₹3,617.91 as analysts factor in updated views on revenue growth, profit margins, the discount rate, and future P/E assumptions. What's in the News U.S. Court of Appeals for the Fifth Circuit upheld an award of about US$194m to DXC subsidiary CSC in a trade secret misappropriation case, affirming earlier findings that Tata Consultancy Services had intentionally and maliciously misused CSC's trade secrets (Lawsuits & Legal Issues).Narrative Update • Jan 09
TCS: AI Data Centers And Cloud Acquisition Will Shape Measured Future Upside
Analysts have increased their fair value estimate for Tata Consultancy Services from ₹3,476.31 to ₹3,558.47, citing slightly higher assumptions for revenue growth, profit margins and future P/E multiples. What's in the News A board meeting is scheduled on January 12, 2026, to approve audited standalone and consolidated Ind AS financial results for the quarter and nine months ending December 31, 2025, and to consider a third interim dividend for equity shareholders (Board Meeting).Analysis Article • Dec 31
Tata Consultancy Services Limited's (NSE:TCS) Share Price Could Signal Some Risk
There wouldn't be many who think Tata Consultancy Services Limited's ( NSE:TCS ) price-to-earnings (or "P/E") ratio of...Narrative Update • Dec 14
TCS: Future AI Data Centers And Cloud Deal Will Shape Measured Upside Potential
Analysts have nudged their price target on Tata Consultancy Services slightly higher to ₹3,476 from ₹3,467, citing marginally stronger long term revenue growth, stable profit margins, and a modest uplift in expected future valuation multiples. What's in the News Board to meet on December 10, 2025, to approve a Securities Purchase Agreement and Plan of Merger for the acquisition of Coastal Cloud Holdings, LLC and its subsidiaries, marking a sizable inorganic growth move in cloud consulting (Board Meeting) New wholly owned subsidiary HyperVault AI Data Center Limited incorporated to build multiple AI and sovereign data centers in India, fully funded by TCS with INR 75 million in initial capital and 100 percent ownership (Business Expansions) Earlier board approval on October 9, 2025, for setting up a wholly owned Indian subsidiary focused on AI and sovereign data centers, underscoring a strategic pivot toward infrastructure-led AI services (Board Meeting) Strategic partnership with Box, Inc.Narrative Update • Nov 28
TCS: Future AI Data Center Expansion And Partnerships Will Shape Upside Potential
Analysts have adjusted their price target for Tata Consultancy Services slightly downward by ₹3.24 to ₹3466.76. This revision is based on updated projections for discount rate, revenue growth, and profitability.Narrative Update • Nov 14
TCS: Future Expansion Of AI Data Centers Will Drive Further Upside
Analysts have slightly reduced their price target for Tata Consultancy Services from ₹3,500.50 to ₹3,470.00. This reflects minor adjustments to forecasts and key company metrics.Narrative Update • Oct 31
TCS: Expansion Of AI Data Centers Will Drive Long-Term Market Leadership
Analysts have slightly revised their price target for Tata Consultancy Services downward from ₹3,509.55 to ₹3,500.50, citing minor adjustments in discount rates and projected growth estimates as the basis for this change. What's in the News Tata Consultancy Services (TCS) and Box, Inc.Narrative Update • Oct 17
AI And Cloud Modernization Will Unlock Future Markets
Analysts have revised their price target for Tata Consultancy Services downward from ₹3,620 to ₹3,510, citing adjustments in discount rates and future earnings multiples. This comes despite slightly improved growth and margin projections.Narrative Update • Oct 03
AI And Cloud Modernization Will Unlock Future Markets
Analysts have slightly lowered their price target for Tata Consultancy Services, reducing the fair value estimate from ₹3,723.18 to ₹3,619.89. This change reflects updated assumptions about the company's revenue growth and discount rate.Analysis Article • Sep 07
Insufficient Growth At Tata Consultancy Services Limited (NSE:TCS) Hampers Share Price
With a price-to-earnings (or "P/E") ratio of 22.4x Tata Consultancy Services Limited ( NSE:TCS ) may be sending bullish...Narrative Update • Sep 04
AI And Cloud Modernization Will Unlock Future Markets
With both revenue growth and net profit margin forecasts remaining stable, the consensus analyst price target for Tata Consultancy Services was unchanged at ₹3723. What's in the News TCS entered a Memorandum of Understanding with Now Telecom (NOW Corporation) to strengthen the Philippines' digital infrastructure, focusing on digital sovereignty, financial inclusion, trusted networks, sovereign cloud technology, and cyber-defense services.Analysis Article • Jul 14
Tata Consultancy Services' (NSE:TCS) Dividend Will Be ₹11.00
The board of Tata Consultancy Services Limited ( NSE:TCS ) has announced that it will pay a dividend on the 4th of...
New Narrative • Nov 07
Investment In AI And Cloud Powers Global Expansion And Efficiency Gains
Expansion into emerging markets and focus on cloud modernization and AI could drive long-term revenue growth and operational efficiencies.Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Tata Consultancy Services makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Mar 26 | 2,670,210 | 492,100 | 36,870 | 0 |
| 31 Dec 25 | 2,608,020 | 477,160 | 36,320 | 0 |
| 30 Sep 25 | 2,576,880 | 494,390 | 35,640 | 0 |
| 30 Jun 25 | 2,561,480 | 492,730 | 35,440 | 0 |
| 31 Mar 25 | 2,553,240 | 485,530 | 34,560 | 0 |
| 31 Dec 24 | 2,520,820 | 487,630 | 33,530 | 0 |
| 30 Sep 24 | 2,486,920 | 474,410 | 32,670 | 0 |
| 30 Jun 24 | 2,441,250 | 468,740 | 31,700 | 0 |
| 31 Mar 24 | 2,408,930 | 459,080 | 31,000 | 0 |
| 31 Dec 23 | 2,388,180 | 448,660 | -207,190 | 0 |
| 30 Sep 23 | 2,364,640 | 446,540 | 29,200 | 0 |
| 30 Jun 23 | 2,320,810 | 437,430 | 28,030 | 0 |
| 31 Mar 23 | 2,254,580 | 421,470 | 26,550 | 0 |
| 31 Dec 22 | 2,168,870 | 406,810 | 262,460 | 0 |
| 30 Sep 22 | 2,075,430 | 396,040 | 23,930 | 0 |
| 30 Jun 22 | 1,991,010 | 387,970 | 22,330 | 0 |
| 31 Mar 22 | 1,917,540 | 383,270 | 21,390 | 0 |
| 31 Dec 21 | 1,848,680 | 376,470 | 21,430 | 0 |
| 30 Sep 21 | 1,779,980 | 365,790 | 21,020 | 0 |
| 30 Jun 21 | 1,712,660 | 344,300 | 21,100 | 0 |
| 31 Mar 21 | 1,641,770 | 324,300 | 21,310 | 0 |
| 31 Dec 20 | 1,604,180 | 312,330 | 22,230 | 0 |
| 30 Sep 20 | 1,582,570 | 306,500 | 23,520 | 0 |
| 30 Jun 20 | 1,570,990 | 312,170 | 25,560 | 0 |
| 31 Mar 20 | 1,569,490 | 323,400 | 27,020 | 0 |
| 31 Dec 19 | 1,550,130 | 324,170 | 63,100 | 0 |
| 30 Sep 19 | 1,524,970 | 324,040 | -58,340 | 0 |
| 30 Jun 19 | 1,503,740 | 322,630 | 39,040 | 0 |
| 31 Mar 19 | 1,464,630 | 314,720 | 42,620 | 0 |
| 31 Dec 18 | 1,405,280 | 302,500 | -119,720 | 0 |
| 30 Sep 18 | 1,340,940 | 286,760 | 134,860 | 0 |
| 30 Jun 18 | 1,277,810 | 272,210 | 49,790 | 0 |
| 31 Mar 18 | 1,231,040 | 258,260 | 39,380 | 0 |
| 31 Dec 17 | 1,206,710 | 255,300 | 195,950 | 0 |
| 30 Sep 17 | 1,195,020 | 257,770 | 56,200 | 0 |
| 30 Jun 17 | 1,182,450 | 259,170 | 36,850 | 0 |
| 31 Mar 17 | 1,179,660 | 262,890 | 36,850 | 0 |
| 31 Dec 16 | 1,167,730 | 260,210 | 0 | 0 |
| 30 Sep 16 | 1,144,020 | 253,530 | 0 | 0 |
| 30 Jun 16 | 1,122,830 | 248,400 | 0 | 0 |
| 31 Mar 16 | 1,086,460 | 242,700 | 0 | 0 |
| 31 Dec 15 | 1,044,168 | 216,427 | 4,253 | 0 |
| 30 Sep 15 | 1,015,539 | 208,602 | 8,321 | 0 |
Quality Earnings: TCS has high quality earnings.
Growing Profit Margin: TCS's current net profit margins (18.4%) are lower than last year (19%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: TCS's earnings have grown by 7.7% per year over the past 5 years.
Accelerating Growth: TCS's earnings growth over the past year (1.4%) is below its 5-year average (7.7% per year).
Earnings vs Industry: TCS earnings growth over the past year (1.4%) did not outperform the IT industry 14.5%.
Return on Equity
High ROE: TCS's Return on Equity (45.5%) is considered outstanding.
Return on Assets
Return on Capital Employed
Discover strong past performing companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/07/06 12:27 |
| End of Day Share Price | 2026/07/06 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2026/03/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Tata Consultancy Services Limited is covered by 65 analysts. 38 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Pulkit Chawla | 360 ONE Capital Market Private Limited |
| Ashwin Mehta | Ambit Capital |
| Sushovon Nayak | Anand Rathi Shares and Stock Brokers Limited |