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Tata Consultancy Services Ltd.
TCSLarge CapNSEBSE
Information Technology · Information Technology
₹2,334.00up 85.60up 3.81 percentas of 28 Aug 2026
Book value ₹295.44Div yield 4.76%
Key metrics
- Market Cap
- 8,41,205.34 ₹ cr
- P/E
- 17.22 x
- P/B
- 7.90 x
- ROE
- 18.54%
- ROCE
- 24.66%
- Debt to Equity
- 0.22 x
- Net Margin
- 16.38%
- Dividend Yield
- 4.76%
- Revenue Growth (YoY)
- 13.93%
Observations
Mechanical observations generated from stored data, not analysis or opinion. Each one names the threshold that produced it — the ROCE check below uses 20%, a fixed default rather than a value tailored to this company.
- ROCE above 20% in each of the last 3 financial years (2023-2024, 2024-2025, 2025-2026).
- Revenue grew year-on-year in each of the last 3 years.
- Net margin declined year-on-year in 2 of the last 3 years.
- Promoter holding 71.8% (pledge data not available).
- Debt-to-equity 0.22 — below the Information Technology median of 0.34.
TCS
₹2,334.00up 3.81 percent
EOD Synced: 28 Aug 2026 18:30 ISTOverview & Live Price Chart
Executive Investment Verdict & Quality Synthesis
Autonomous V2Multi-dimensional quantitative synthesis across capital efficiency, forensic accounting, intrinsic valuation, and ownership governance.
Factual Quantitative Consensus
1. Capital Efficiency & MoatHigh ROCE Compounder
51.57%ROCE
ROE: 45.89%·P/B: 7.90x
2. Forensic Health & SolvencyPiotroski 4/9 · Adequate Health
4/9Piotroski Score
Altman: 8.3 (Safe Zone)
3. Valuation & DCF SpreadOvervalued
₹2,011DCF Fair Value
CMP: ₹2,334.0
4. Ownership & GovernanceClean Promoter Holding
71.77%Promoter Stake
Pledged: 0.0%·Inst: 14.75%
Institutional Factor Scores
QVGM Factor Grade Matrix
Institutional Multi-Factor Profile (QVGM)
Composite 0–100 percentile ranks normalized across all 500 universe constituents
Rank #25 of 31 in Information TechnologyQVGM 50/100
Quality (Q)74
ROE, ROCE, Margins & Cash Conversion
Value (V)60
P/E, P/B, EV/EBITDA vs Sector Benchmarks
Growth (G)30
3Y Sales & EPS Compounded Growth
Momentum (M)28
Relative Strength & Trend Position
TheScreener Radar™ 5-Pillar Quantitative Scorecard
Holistic quantitative radar evaluating fundamental quality, valuation multiples, balance sheet health, growth, and price momentum
Sector Rank:Rank #25 of 31 in Information Technology
Valuation
Moderate60/100
P/E Ratio:17.22x
P/B Ratio:7.90x
Dividend Yield:4.76%
P/E, P/B, EV/EBITDA & Dividend Yield relative to 5Y medians and sector
Growth
Weak30/100
3Y Sales CAGR:—
3Y PAT CAGR:—
Quarterly YoY:+12.4%
3-Year Compounded Sales & Net Profit Growth trajectory
Profitability
Strong74/100
ROE:45.9%
ROCE:51.6%
OPM %:—
Return on Equity (ROE), ROCE & Operating Margin efficiency
Solvency & Health
Moderate44/100
Piotroski F-Score:4/9
Altman Z-Score:8.30
Debt / Equity:0.00
Balance Sheet strength, Altman Z-Score & Piotroski F-Score checklist
Momentum
Weak28/100
1Y Return:—
RSI (14):54.2
From 52W High:—
1-Year Relative Strength vs NIFTY 500, RSI-14 & 52W High distance
Quantitative Drivers & Growth Analysis
52-week corridor, deep valuation multiples, compounded CAGR trajectory, and institutional flow shifts
52-Week Low₹1,982.60
From 52W High-29.80%
52-Week High₹3,324.90
Valuation MultiplesCash Flow & Yield
PEG Ratio2.17
Earnings Yield10.72%
Price / FCF4,746.94
FCF Yield0.02%
Payout Ratio44.36%
Net-Net Ratio-0.24
Solvency & SafetyPiotroski & Altman
Piotroski F-Score4/9
Altman Z-Score8.30
Graham Number₹1,289.71
1Y Flow & Margin ShiftsTrailing 12M
FII Stake:▼ 0.59%
DII Stake:▼ 0.09%
OPM Margin:▼ 0.90%
Net Margin:▼ 0.59%
Compounded Annual Growth Rate (CAGR Matrix)
Historical Fundamental Trajectory| Metric | QoQ Shift | YoY Shift | 1Y CAGR | 3Y CAGR | 5Y CAGR |
|---|---|---|---|---|---|
| Revenue Growth | ▲ +2.23% | ▲ +13.93% | 4.58% | 5.80% | 10.22% |
| Net Profit Growth | ▼ 2.69% | ▲ +4.62% | 1.35% | 5.30% | 8.70% |
| EPS Growth | ▲ +1.43% | ▲ +8.57% | 7.96% | 7.94% | 10.24% |
Intrinsic Valuation Models & DCF Sensitivity
Institutional DCF & Intrinsic Valuation Studio — TCS
2-Stage Discounted Cash Flow, Reverse DCF Implied Growth, and Benjamin Graham & Peter Lynch valuation benchmarks.
DCF Intrinsic Fair Value
₹2,060.0
Verdict:Overvalued (-11.7%)
Benjamin Graham Number
₹982.7
-57.9% vs CMPPeter Lynch Fair Value
₹724.0
-69% vs CMPReverse DCF Implied Growth
9.9% CAGR
Realistic Market ExpectationsValuation Spectrum PositioningCMP: ₹2,334.0
₹0 (Distress)CMP: ₹2,334DCF: ₹2,060Graham: ₹983
Scenario Calibration & Sensitivity Levers
Tune Discount Rate (WACC), 5-Year Growth, and Terminal Value to model bear, base, and bull cases.
Discount Rate (WACC)11.5%
Cost of Capital Hurdle
5-Year FCF Growth CAGR6.0%
Assumed stage-1 cash flow expansionTerminal Growth Rate4.5%
Long-term perpetual GDP growth rate5-Year Projected Cash Flow Schedule (₹ Cr)
| Projection Period | Growth Rate | Projected FCF | Discount Factor | Present Value |
|---|---|---|---|---|
| Year 1 | 6% | ₹50,238 | 0.8969 | ₹45,056 |
| Year 2 | 6% | ₹53,252 | 0.8044 | ₹42,834 |
| Year 3 | 6% | ₹56,447 | 0.7214 | ₹40,721 |
| Year 4 | 6% | ₹59,834 | 0.6470 | ₹38,712 |
| Year 5 | 6% | ₹63,424 | 0.5803 | ₹36,803 |
2D Sensitivity Matrix (WACC vs Terminal Growth Rate)
Click any cell to apply WACC & terminal growth scenario. Values in ₹ / share.| WACC \ g(Terminal) | 3.0% | 4.0% | 4.5% | 5.0% | 6.0% |
|---|---|---|---|---|---|
| 10.0% | ₹2166 -7% | ₹2451 +5% | ₹2632 +13% | ₹2850 +22% | ₹3449 +48% |
| 11.0% | ₹1888 -19% | ₹2094 -10% | ₹2221 -5% | ₹2369 +2% | ₹2754 +18% |
| 11.5% | ₹1774 -24% | ₹1952 -16% | ₹2060 -12% | ₹2185 -6% | ₹2502 +7% |
| 12.0% | ₹1673 -28% | ₹1827 -22% | ₹1920 -18% | ₹2026 -13% | ₹2291 -2% |
| 13.0% | ₹1500 -36% | ₹1620 -31% | ₹1690 -28% | ₹1769 -24% | ₹1961 -16% |
Discounted cash flow (DCF) and valuation models are quantitative projections based on user-supplied assumptions — not a forecast, not a guarantee of future performance, and not SEBI-registered investment advice. Actual financial performance and stock price movements may differ materially.
New to intrinsic valuation models? Learn how Discounted Cash Flow and Terminal Growth rates work.Read DCF Academy Guide →
Valuation history
P/E17.22current
ReportedComputed, approximate
P/B7.90current
ReportedComputed, approximate
The dashed line is computed from historical close price divided by the most recently reported annual EPS or book value — not IndianAPI's own figure, which only ever gives a single current reading with no history behind it. Real results are typically disclosed several weeks after the fiscal year ends, so a computed point right around a year transition can lag what the market actually knew that day. The solid line is the real reported figure.
EV/EBITDA is not shown — there is no verified source for it in our data feed, and estimating it would misrepresent an estimate as a reported figure.
| Date | P/E | P/B |
|---|---|---|
| 31 Aug 2026 | 17.22 | 7.90 |
Analyst Consensus, Price Targets & Forecasts
Analyst Consensus & Recommendations
Aggregated institutional equity research ratings · 31 Aug 2026
Buy(2.40 / 5)
Strong Buy:8
Buy:15
Hold:12
Sell:3
Strong Sell:2
Coverage: 40 contributing analystsScale: 1 (Strong Buy) – 5 (Strong Sell)
Ratings shown are third-party analyst estimates compiled from institutional brokers. They do not constitute investment advice.
Risk Profile & Volatility
Statistical return volatility classification · 31 Aug 2026
Balanced risk
Low RiskModerate RiskHigh Risk
Annualised Standard Deviation:32.38%
Analyst Price Targets
12-month forward price consensus · 31 Aug 2026
Upside: +3.77%
Mean Target₹2,422.00vs CMP ₹2,334.00
High Target₹3,480.00+49.1% max upside
Low Target₹1,693.00-27.5% downside
Median Target₹2,400.0039 estimates
Low: ₹1,693.00Mean: ₹2,422.00High: ₹3,480.00
Mean Target Current Price (₹2,334.00)
Price targets are third-party analyst estimates compiled from institutional brokers. They do not constitute investment advice.
Forward Financial Forecasts & Consensus Estimates
Institutional broker consensus estimates and forward earnings trajectory
FY2024EConsensus
Mean Estimate
₹30.26
Low:—
High:—
FY2024EConsensus
Mean Estimate
₹34.37
Low:—
High:—
FY2024EConsensus
Mean Estimate
₹31.00
Low:—
High:—
FY2024EConsensus
Mean Estimate
₹32.91
Low:—
High:—
FY2025E21 Analysts
Mean Estimate
₹32.92
Low:—
High:—
FY2025EConsensus
Mean Estimate
₹33.28
Low:—
High:—
FY2025E20 Analysts
Mean Estimate
₹34.21
Low:—
High:—
FY2025E20 Analysts
Mean Estimate
₹33.79
Low:—
High:—
FY2026E18 Analysts
Mean Estimate
₹35.27
Low:—
High:—
FY2026E13 Analysts
Mean Estimate
₹36.51
Low:—
High:—
FY2026E12 Analysts
Mean Estimate
₹38.82
Low:—
High:—
FY2026E13 Analysts
Mean Estimate
₹37.92
Low:—
High:—
FY2027E9 Analysts
Mean Estimate
₹37.97
Low:₹37.00
High:₹39.00
FY2027E8 Analysts
Mean Estimate
₹38.62
Low:₹37.00
High:₹39.00
FY2027E8 Analysts
Mean Estimate
₹39.49
Low:₹38.00
High:₹40.00
FY2027E12 Analysts
Mean Estimate
₹36.90
Low:—
High:—
FY2028E4 Analysts
Mean Estimate
₹40.13
Low:₹39.00
High:₹41.00
FY2028E4 Analysts
Mean Estimate
₹39.81
Low:₹38.00
High:₹40.00
FY2028E4 Analysts
Mean Estimate
₹38.76
Low:₹37.00
High:₹39.00
FY2028E4 Analysts
Mean Estimate
₹40.83
Low:₹39.00
High:₹42.00
FY2029E1 Analysts
Mean Estimate
₹40.42
Low:₹40.00
High:₹40.00
| Period / Fiscal Year | Consensus Mean | Bull Case (High) | Bear Case (Low) | Brokers |
|---|---|---|---|---|
| FY2024 Forecast | ₹30.26 | — | — | — |
| FY2024 Forecast | ₹34.37 | — | — | — |
| FY2024 Forecast | ₹31.00 | — | — | — |
| FY2024 Forecast | ₹32.91 | — | — | — |
| FY2025 Forecast | ₹32.92 | — | — | 21 |
| FY2025 Forecast | ₹33.28 | — | — | — |
| FY2025 Forecast | ₹34.21 | — | — | 20 |
| FY2025 Forecast | ₹33.79 | — | — | 20 |
| FY2026 Forecast | ₹35.27 | — | — | 18 |
| FY2026 Forecast | ₹36.51 | — | — | 13 |
| FY2026 Forecast | ₹38.82 | — | — | 12 |
| FY2026 Forecast | ₹37.92 | — | — | 13 |
| FY2027 Forecast | ₹37.97 | ₹39.00 | ₹37.00 | 9 |
| FY2027 Forecast | ₹38.62 | ₹39.00 | ₹37.00 | 8 |
| FY2027 Forecast | ₹39.49 | ₹40.00 | ₹38.00 | 8 |
| FY2027 Forecast | ₹36.90 | — | — | 12 |
| FY2028 Forecast | ₹40.13 | ₹41.00 | ₹39.00 | 4 |
| FY2028 Forecast | ₹39.81 | ₹40.00 | ₹38.00 | 4 |
| FY2028 Forecast | ₹38.76 | ₹39.00 | ₹37.00 | 4 |
| FY2028 Forecast | ₹40.83 | ₹42.00 | ₹39.00 | 4 |
| FY2029 Forecast | ₹40.42 | ₹40.00 | ₹40.00 | 1 |
Third-party broker forecasts compiled from institutional research houses, not IndiScreener's proprietary estimates. Provided strictly for analytical benchmarking and does not constitute investment advice.
Forensic Accounting Audit & Solvency Risk
Accounting Health & Governance Quality Radar
Algorithmic accounting analysis across balance sheet solvency, cash conversion efficiency, and ownership stability.
Clean Governance & Solvency
Financial Strengths & Catalysts
4 Factors- •Company has delivered a high Return on Equity (ROE) of 45.9%.
- •Company maintains conservative leverage with D/E of 0.11x.
- •Strong cash generation: Operating Cash Flow is 105.9% of reported Net Profit.
- •High promoter holding of 71.8% with zero encumbrance / pledge.
Risk Factors & Watchouts
0 WatchoutsClean profile: No major debt, leverage, or working capital red flags detected.
Forensic Accounting & Health Audit
Piotroski F-Score, Altman Z-Score Distress Model & Beneish Earnings Manipulation Checks
Piotroski F-Score4 / 9
● Moderate (Neutral)
Altman Z-Score8.30
● Safe Zone
Negligible risk of financial distress over the next 2 years.
Beneish M-Score-2.57
● Low Risk (Clean Accounting)
Cash flows closely match reported earnings with conservative accruals.
Learn how Piotroski F-Score (9 criteria) and Altman Z-Score detect earnings manipulation and bankruptcy risk.Read Forensic Guide →
10-Year Financial Statements & DuPont ROE
Financial Statements
consolidated · amounts in ₹ Crores
Accounting Flow:
Wall Street Cash Flow & Free Cash Flow (FCF) Cascade
FY26 (2025-2026)3-Stage institutional flow from reported earnings to owner Free Cash Flow and capital allocation
FCF Conversion Rate (FCF / PAT)
96.3%Healthy
Measures how much reported accounting profit turns into real liquid cash.
Free Cash Flow Margin
17.7%of Gross Revenue
Liquid cash retained per ₹100 of top-line revenue generated.
CapEx Reinvestment Rate
9.0%of Operating Cash
Portion of operating cash reinvested in future capacity and maintenance.
Reported Net Profit (PAT)₹49,210 CrInflow
49,210
+ D&A Non-Cash Charge₹5,560 CrAdd-back
5,560
Working Capital Adjustment-₹2,676 Cr- Tied Up
2,676
= Operating Cash Flow (CFO)₹52,094 CrOperating Cash
52,094
- Capital Expenditures (CapEx)-₹4,700 CrReinvestment
4,700
= Free Cash Flow (FCF)₹47,394 CrFree Cash Flow
47,394
- Dividends & Debt Repayment-₹10,826 CrCapital Return
10,826
= Net Change in Cash₹36,568 CrNet Balance
36,568
Multi-Year Historical FCF vs Reported PAT Trajectory:
Free Cash Flow (FCF) Reported Net Profit (PAT)
| Metric | 2014-201531 Mar 2015 | 2015-201631 Mar 2016 | 2016-201731 Mar 2017 | 2017-201831 Mar 2018 | 2018-201931 Mar 2019 | 2019-202031 Mar 2020 | 2020-202131 Mar 2021 | 2021-202231 Mar 2022 | 2022-202331 Mar 2023 | 2023-202431 Mar 2024 | 2024-202531 Mar 2025 | 2025-202631 Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | ₹1.34 L | ₹1.57 L | ₹1.64 L | ₹1.92 L | ₹2.25 L | ₹2.41 L | ₹2.55 L | ₹2.67 L |
| Operating profit | — | — | — | — | ₹26,702.10 | ₹38,581.00 | ₹41,364.00 | ₹48,451.00 | ₹54,235.00 | ₹58,360.00 | ₹62,183.00 | ₹62,632.00 |
| OPM | — | — | — | — | 20.00% | 24.58% | 25.19% | 25.27% | 24.06% | 24.23% | 24.35% | 23.46% |
| Net profit | — | — | — | — | ₹24,605.00 | ₹32,340.00 | ₹32,430.00 | ₹38,327.00 | ₹42,147.00 | ₹45,908.00 | ₹48,553.00 | ₹49,210.00 |
| EPS | — | — | — | — | 68.06 | 86.09 | 88.91 | 103.56 | 115.14 | 127.81 | 134.12 | 144.79 |
| Net margin | — | — | — | — | 18.43% | 20.61% | 19.75% | 19.99% | 18.69% | 19.06% | 19.02% | 18.43% |
| ROE | — | — | — | — | 30.46% | 38.44% | 37.52% | 43.00% | 46.61% | 50.73% | 51.24% | 45.89% |
| ROCE | 50.00% | 51.00% | 44.00% | 39.00% | 24.91% | 41.11% | 42.82% | 48.86% | 54.18% | 58.16% | 58.32% | 51.57% |
| Debt / equity | — | — | — | — | 0.33 | 0.10 | 0.09 | 0.09 | 0.09 | 0.09 | 0.10 | 0.11 |
Compounded growth (CAGR)
| Metric | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|
| Revenue | 4.58% | 5.80% | 10.22% | — |
| Net profit | 1.35% | 5.30% | 8.70% | — |
| EPS | 7.96% | 7.94% | 10.24% | — |
Each column only appears when 12 real reported years actually support it — never extrapolated from fewer.
Balance sheet
| Metric | 2014-2015 | 2015-2016 | 2016-2017 | 2017-2018 | 2018-2019 | 2019-2020 | 2020-2021 | 2021-2022 | 2022-2023 | 2023-2024 | 2024-2025 | 2025-2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | — | — | — | — | ₹1.47 L | ₹1.21 L | ₹1.31 L | ₹1.42 L | ₹1.44 L | ₹1.46 L | ₹1.60 L | ₹1.82 L |
| Total liabilities | — | — | — | — | ₹66,087.70 | ₹36,773.00 | ₹44,326.00 | ₹52,375.00 | ₹53,227.00 | ₹55,960.00 | ₹64,873.00 | ₹75,132.00 |
| Total equity | — | — | — | — | ₹80,773.85 | ₹84,126.00 | ₹86,433.00 | ₹89,139.00 | ₹90,424.00 | ₹90,489.00 | ₹94,756.00 | ₹1.07 L |
| Total debt | — | — | — | — | ₹26,435.08 | ₹8,174.00 | ₹7,795.00 | ₹7,818.00 | ₹7,688.00 | ₹8,021.00 | ₹9,392.00 | ₹11,409.00 |
| Cash | — | — | — | — | ₹17,623.39 | ₹8,241.00 | ₹5,272.00 | ₹2,211.00 | ₹2,124.00 | ₹2,795.00 | ₹3,424.00 | ₹3,188.00 |
| Current assets | — | — | — | — | ₹66,087.70 | ₹90,237.00 | ₹99,280.00 | ₹1.08 L | ₹1.10 L | ₹1.13 L | ₹1.23 L | ₹1.36 L |
| Current liabilities | — | — | — | — | ₹36,715.39 | ₹27,060.00 | ₹34,155.00 | ₹42,351.00 | ₹43,558.00 | ₹46,104.00 | ₹53,001.00 | ₹60,914.00 |
| Inventory | — | — | — | — | ₹13,351.05 | ₹144.00 | ₹168.00 | ₹224.00 | ₹121.00 | ₹204.00 | ₹247.00 | ₹255.00 |
| Receivables | — | — | — | — | ₹16,021.26 | ₹41,300.00 | ₹41,107.00 | ₹46,706.00 | ₹56,290.00 | ₹60,187.00 | ₹66,167.00 | ₹75,860.00 |
| Payables | — | — | — | — | ₹12,015.95 | ₹6,740.00 | ₹7,860.00 | ₹8,045.00 | ₹10,515.00 | ₹9,981.00 | ₹13,909.00 | ₹14,808.00 |
| Net PP&E | — | — | — | — | ₹58,744.62 | ₹19,841.00 | ₹19,669.00 | ₹19,615.00 | ₹19,024.00 | ₹18,826.00 | ₹21,799.00 | ₹24,724.00 |
| Retained earnings | — | — | — | — | ₹60,580.39 | ₹81,312.00 | ₹83,069.00 | ₹86,122.00 | ₹87,189.00 | ₹86,946.00 | ₹90,554.00 | ₹1.01 L |
Cash flow
| Metric | 2014-2015 | 2015-2016 | 2016-2017 | 2017-2018 | 2018-2019 | 2019-2020 | 2020-2021 | 2021-2022 | 2022-2023 | 2023-2024 | 2024-2025 | 2025-2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | — | — | — | — | ₹30,756.25 | ₹32,369.00 | ₹38,802.00 | ₹39,949.00 | ₹41,965.00 | ₹44,338.00 | ₹48,908.00 | ₹52,094.00 |
| Capital expenditure | — | — | — | — | ₹8,010.63 | ₹-3,249.00 | ₹-3,176.00 | ₹-2,995.00 | ₹-3,100.00 | ₹-2,674.00 | ₹-5,000.00 | ₹-4,700.00 |
| Free cash flow | — | — | — | — | ₹22,745.62 | ₹29,120.00 | ₹35,626.00 | ₹36,954.00 | ₹38,865.00 | ₹41,664.00 | ₹43,908.00 | ₹47,394.00 |
| OCF / net profit | — | — | — | — | 1.25 | 1.00 | 1.20 | 1.04 | 1.00 | 0.97 | 1.01 | 1.06 |
| FCF / Capex intensity | — | — | — | — | 0.06 | 2.07 | 1.93 | 1.56 | 1.38 | 1.11 | 1.96 | 1.76 |
Income statement detail
| Metric | 2014-2015 | 2015-2016 | 2016-2017 | 2017-2018 | 2018-2019 | 2019-2020 | 2020-2021 | 2021-2022 | 2022-2023 | 2023-2024 | 2024-2025 | 2025-2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross profit | — | — | — | — | ₹46,728.68 | ₹1.55 L | ₹1.63 L | ₹1.91 L | ₹2.24 L | ₹2.37 L | ₹2.44 L | ₹2.63 L |
| Cost of revenue | — | — | — | — | ₹86,781.83 | ₹1,905.00 | ₹1,462.00 | ₹1,163.00 | ₹1,881.00 | ₹3,702.00 | ₹11,648.00 | ₹4,399.00 |
| EBITDA | — | — | — | — | ₹29,372.31 | ₹42,110.00 | ₹45,429.00 | ₹53,055.00 | ₹59,257.00 | ₹63,345.00 | ₹67,425.00 | ₹68,192.00 |
| Income before tax | — | — | — | — | ₹32,724.65 | ₹42,248.00 | ₹43,760.00 | ₹51,687.00 | ₹56,907.00 | ₹61,997.00 | ₹65,331.00 | ₹65,487.00 |
| Interest expense | — | — | — | — | ₹6,675.53 | — | — | — | — | — | — | — |
| Tax expense | — | — | — | — | ₹8,119.65 | ₹9,801.00 | ₹11,198.00 | ₹13,238.00 | ₹14,604.00 | ₹15,898.00 | ₹16,534.00 | ₹16,033.00 |
| D&A | — | — | — | — | ₹5,340.42 | ₹3,529.00 | ₹4,065.00 | ₹4,604.00 | ₹5,022.00 | ₹4,985.00 | ₹5,242.00 | ₹5,560.00 |
| EBITDA margin | — | — | — | — | 22.00% | 26.83% | 27.67% | 27.67% | 26.28% | 26.30% | 26.41% | 25.54% |
Financial ratios
| Metric | 2014-2015 | 2015-2016 | 2016-2017 | 2017-2018 | 2018-2019 | 2019-2020 | 2020-2021 | 2021-2022 | 2022-2023 | 2023-2024 | 2024-2025 | 2025-2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current ratio | — | — | — | — | 1.80 | 3.33 | 2.91 | 2.56 | 2.53 | 2.45 | 2.32 | 2.23 |
| Quick ratio | — | — | — | — | 1.44 | 3.33 | 2.90 | 2.55 | 2.53 | 2.45 | 2.32 | 2.22 |
| Interest coverage | — | — | — | — | 4.00 | — | — | — | — | — | — | — |
| Inventory days | — | — | — | — | 45.00 | 27.59 | 41.94 | 70.30 | 23.48 | 20.11 | 7.74 | 21.16 |
| Receivable days | 79.00 | 81.00 | 70.00 | 74.00 | 35.00 | 96.05 | 91.39 | 88.90 | 91.13 | 91.20 | 94.59 | 103.70 |
| Payable days | — | — | — | — | 40.00 | 1,291.39 | 1,962.31 | 2,524.87 | 2,040.39 | 984.08 | 435.85 | 1,228.67 |
| Cash conversion cycle | 79.00 | 81.00 | 70.00 | 74.00 | 40.00 | -1,167.75 | -1,828.98 | -2,365.67 | -1,925.78 | -872.77 | -333.52 | -1,103.82 |
| Working capital days | 33.00 | 62.00 | 62.00 | 61.00 | 70.00 | 64.00 | 59.00 | 33.00 | 30.00 | 34.00 | 34.00 | 38.00 |
| Fixed asset turnover | — | — | — | — | 2.27 | 7.91 | 8.35 | 9.78 | 11.85 | 12.80 | 11.71 | 10.80 |
| ROA | — | — | — | — | 16.75% | 26.75% | 24.80% | 27.08% | 29.34% | 31.35% | 30.42% | 26.98% |
| ROIC | — | — | — | — | 27.47% | 35.25% | 34.60% | 38.04% | 42.00% | 45.34% | 46.11% | 40.96% |
| Gross margin | — | — | — | — | 35.00% | 98.79% | 99.11% | 99.39% | 99.17% | 98.46% | 95.44% | 98.35% |
DuPont 3-Stage ROE Factor Decomposition
Deconstructing Return on Equity into Profitability, Asset Efficiency, and Financial Leverage
High Quality Moat (Margin Driven, Low Debt Risk)FY2025-2026
Net marginProfitability
18.43%
Net Profit generated per ₹100 of revenue (Profitability)
×
Asset turnoverEfficiency
1.46
Revenue generated per ₹1 of total assets (Capital Efficiency)
×
Equity multiplierLeverage
1.70
Total assets supported per ₹1 of shareholder equity (Leverage)
=
Implied DuPont ROEFinal Output
45.89%
Reported: 45.89%
Explore the 3-Stage DuPont Formula: Net Margin × Asset Turnover × Leverage Multiplier.Read DuPont Guide →
Corporate Actions, Dividends & Capital Changes
Chronological Corporate Actions Registry
Historical stock splits, bonus shares, rights issues, and corporate schemes
| Year | Execution Date | Action Type | Ratio / Term |
|---|---|---|---|
| 2026 | 15 Jul 2026 | dividend | 1200% |
| 17 Jan 2026 | dividend | 1100% | |
| 17 Jan 2026 | dividend | 4600% | |
| 2025 | 15 Oct 2025 | dividend | 1100% |
| 16 Jul 2025 | dividend | 1100% | |
| 04 Jun 2025 | dividend | 3000% | |
| 17 Jan 2025 | dividend | 1000% | |
| 17 Jan 2025 | dividend | 6600% | |
| 2024 | 18 Oct 2024 | dividend | 1000% |
| 20 Jul 2024 | dividend | 1000% | |
| 16 May 2024 | dividend | 2800% | |
| 19 Jan 2024 | dividend | 900% | |
| 19 Jan 2024 | dividend | 1800% | |
| 2023 | 19 Oct 2023 | dividend | 900% |
| 20 Jul 2023 | dividend | 900% | |
| 15 Jun 2023 | dividend | 2400% | |
| 17 Jan 2023 | dividend | 800% | |
| 17 Jan 2023 | dividend | 6700% | |
| 2022 | 18 Oct 2022 | dividend | 800% |
| 16 Jul 2022 | dividend | 800% | |
| 26 May 2022 | dividend | 2200% | |
| 20 Jan 2022 | dividend | 700% | |
| 2021 | 19 Oct 2021 | dividend | 700% |
| 16 Jul 2021 | dividend | 700% | |
| 27 May 2021 | dividend | 1500% | |
| 16 Jan 2021 | dividend | 600% | |
| 2020 | 15 Oct 2020 | dividend | 1200% |
| 17 Jul 2020 | dividend | 500% | |
| 04 Jun 2020 | dividend | 600% | |
| 20 Mar 2020 | dividend | 1200% | |
| 25 Jan 2020 | dividend | 500% | |
| 2019 | 18 Oct 2019 | dividend | 500% |
| 18 Oct 2019 | dividend | 4000% | |
| 17 Jul 2019 | dividend | 0% | |
| 17 Jul 2019 | dividend | 500% | |
| 17 Jul 2019 | dividend | 500% | |
| 06 Jun 2019 | dividend | 1800% | |
| 06 Jun 2019 | dividend | 1800% | |
| 18 Jan 2019 | dividend | 400% | |
| 18 Jan 2019 | dividend | 400% | |
| 2018 | 24 Oct 2018 | dividend | 400% |
| 24 Oct 2018 | dividend | 400% | |
| 18 Jul 2018 | dividend | 400% | |
| 18 Jul 2018 | dividend | 400% | |
| 02 Jun 2018 | bonus | 1:1 | |
| 02 Jun 2018 | dividend | 2900% | |
| 23 Jan 2018 | dividend | 700% | |
| 2017 | 26 Oct 2017 | dividend | 700% |
| 25 Jul 2017 | dividend | 700% | |
| 15 Jun 2017 | dividend | 2750% | |
| 24 Jan 2017 | dividend | 650% | |
| 2016 | 25 Oct 2016 | dividend | 650% |
| 26 Jul 2016 | dividend | 650% | |
| 08 Jun 2016 | dividend | 2700% | |
| 22 Jan 2016 | dividend | 550% | |
| 2015 | 26 Oct 2015 | dividend | 550% |
| 21 Jul 2015 | dividend | 550% | |
| 09 Jun 2015 | dividend | 2400% | |
| 28 Jan 2015 | dividend | 500% | |
| 2014 | 30 Oct 2014 | dividend | 500% |
| 30 Jul 2014 | dividend | 500% | |
| 30 Jul 2014 | dividend | 4000% | |
| 10 Jun 2014 | dividend | 2000% | |
| 28 Jan 2014 | dividend | 400% | |
| 2013 | 28 Oct 2013 | dividend | 400% |
| 30 Jul 2013 | dividend | 400% | |
| 08 Jun 2013 | dividend | 1300% | |
| 24 Jan 2013 | dividend | 300% | |
| 2012 | 01 Nov 2012 | dividend | 300% |
| 24 Jul 2012 | dividend | 300% | |
| 09 Jun 2012 | dividend | 800% | |
| 09 Jun 2012 | dividend | 800% | |
| 28 Jan 2012 | dividend | 300% | |
| 2011 | 29 Oct 2011 | dividend | 300% |
| 29 Jul 2011 | dividend | 300% | |
| 10 Jun 2011 | dividend | 800% | |
| 28 Jan 2011 | dividend | 200% | |
| 2010 | 02 Nov 2010 | dividend | 200% |
| 30 Jul 2010 | dividend | 200% | |
| 17 Jun 2010 | dividend | 1000% | |
| 17 Jun 2010 | dividend | 400% | |
| 28 Jan 2010 | dividend | 200% | |
| 2009 | 29 Oct 2009 | dividend | 200% |
| 29 Jul 2009 | dividend | 200% | |
| 17 Jun 2009 | dividend | 500% | |
| 17 Jun 2009 | bonus | 1:1 | |
| 29 Jan 2009 | dividend | 300% | |
| 2008 | 31 Oct 2008 | dividend | 300% |
| 01 Aug 2008 | dividend | 300% | |
| 20 Jun 2008 | dividend | 500% | |
| 24 Jan 2008 | dividend | 300% | |
| 2007 | 23 Oct 2007 | dividend | 300% |
| 30 Jul 2007 | dividend | 300% | |
| 19 Jun 2007 | dividend | 400% | |
| 23 Jan 2007 | dividend | 300% | |
| 2006 | 26 Oct 2006 | dividend | 300% |
| 31 Jul 2006 | dividend | 300% | |
| 31 Jul 2006 | bonus | 1:1 | |
| 20 Jun 2006 | dividend | 450% | |
| 19 Jan 2006 | dividend | 300% |
Dividend Intelligence & Capital Return History
Historical cash payout track record across 26 dividend distributions
Latest Year DPS:₹100.00
Yield on CMP:4.28%
3Y Dividend CAGR:-5.1%
Annual Dividend Payout Progression (Per Share)Total Cumulative DPS: ₹494.00
₹100.0
2026
₹128.0
2025
₹75.0
2024
₹117.0
2023
₹45.0
2022
₹29.0
2021
| Ex-Date | Amount (Per Share) | Dividend Type |
|---|---|---|
| 15 Jul 2026 | ₹12.00 | Interim |
| 25 May 2026 | ₹31.00 | Final |
| 16 Jan 2026 | ₹11.00 | Interim |
| 16 Jan 2026 | ₹46.00 | Special |
| 15 Oct 2025 | ₹11.00 | Interim |
| 16 Jul 2025 | ₹11.00 | Interim |
| 04 Jun 2025 | ₹30.00 | Final |
| 17 Jan 2025 | ₹10.00 | Interim |
| 17 Jan 2025 | ₹66.00 | Special |
| 18 Oct 2024 | ₹10.00 | Interim |
| 19 Jul 2024 | ₹10.00 | Interim |
| 16 May 2024 | ₹28.00 | Final |
| 19 Jan 2024 | ₹9.00 | Interim |
| 19 Jan 2024 | ₹18.00 | Special |
| 19 Oct 2023 | ₹9.00 | Interim |
| 20 Jul 2023 | ₹9.00 | Interim |
| 15 Jun 2023 | ₹24.00 | Final |
| 16 Jan 2023 | ₹8.00 | Interim |
| 16 Jan 2023 | ₹67.00 | Special |
| 17 Oct 2022 | ₹8.00 | Interim |
| 14 Jul 2022 | ₹8.00 | Interim |
| 25 May 2022 | ₹22.00 | Final |
| 19 Jan 2022 | ₹7.00 | Interim |
| 14 Oct 2021 | ₹7.00 | Interim |
| 15 Jul 2021 | ₹7.00 | Interim |
| 25 May 2021 | ₹15.00 | Final |
Industry Peer Group & Valuation Spread
Compare valuation multiples and market cap relative to sector competitors
Information TechnologyCompare Peers in Studio
Market Cap8,41,205.34 ₹ cr
Beats 100% of 35 industry peers · median 16,695.36 ₹ cr
P/E17.22 x
Beats 18% of 33 industry peers · median 26.39 x
P/B7.90 x
Beats 82% of 33 industry peers · median 4.43 x
ROE18.54%
Beats 57% of 35 industry peers · median 18.05%
ROCE24.66%
Beats 63% of 35 industry peers · median 19.95%
Debt to Equity0.22 x
Beats 29% of 35 industry peers · median 0.34 x
Net Margin16.38%
Beats 83% of 35 industry peers · median 14.01%
Dividend Yield4.76%
Beats 100% of 29 industry peers · median 1.61%
Revenue Growth (YoY)13.93%
Beats 29% of 34 industry peers · median 17.76%
| Company | Market Cap ▼ | P/E | P/B |
|---|---|---|---|
Infosys Ltd.INFY | ₹4.64 L | 15.55 | 4.84 |
HCL Technologies Ltd.HCLTECH | ₹3.55 L | 21.45 | 4.75 |
Wipro Ltd.WIPRO | ₹1.77 L | 14.40 | 2.14 |
Tech Mahindra Ltd.TECHM | ₹1.59 L | 30.28 | 5.43 |
LTM Ltd.LTM | ₹1.39 L | 26.39 | 5.51 |
Peers are chosen strictly by industry classification. A classification doesn't always describe what a company actually competes in, but gives an objective starting point across the universe.
Regulatory Filings & Market Intelligence
Announcements
- Tata Consultancy Services Ltd: Intimation under Regulation 30 of SEBI (LODR) Regulations, 2015Secretarial Filing25 Jul 2026
- Tata Consultancy Services Ltd: Investor Presentation on Q4 Financial Results and Growth OutlookInvestor Presentation12 Jul 2026
- Tata Consultancy Services Ltd: Press Release: Business Updates and New Strategic InitiativesPress Release11 Jul 2026
- Tata Consultancy Services Ltd: Outcome of Board Meeting for Approval of Audited Financial ResultsFinancial Results13 Jun 2026
- Tata Consultancy Services Ltd: Notice of Annual General Meeting and Record Date for DividendAGM / EGM22 Apr 2026
- Tata Consultancy Services Ltd: Transcript of Earnings Conference Call with Institutional InvestorsEarnings Call09 Apr 2026
- Tata Consultancy Services Ltd: Quarterly Statement of Shareholding Pattern filed with NSE/BSEShareholding03 Mar 2026
- Tata Consultancy Services Ltd: Recommendation of Final Dividend for the Financial Year 2025-26Corporate Action08 Jan 2026
News
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- IndianAPIBuy or sell: Ganesh Dongre of Anand Rathi recommends 3 stocks to buy on Monday - 31 August 2026
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- IndianAPIIT stocks surge: Why Nifty IT is up today - Reason behind TCS, Infosys, Wipro, Tech Mahindra, HCL Tech share price jump
Tata Consultancy Services (TCS), HCL Technologies and Tech Mahindra emerged among the top gainers on the Nifty 50, on Friday, 28 August.
- IndianAPITCS Q1 variable pay: Mid, senior employees get 60-70% while juniors receive full payout, says report
Tata Consultancy Services has reportedly lowered variable compensation for mid- and senior-level employees in the April-June quarter, disbursing only 60-70% of eligible pay as operating margins shrink amid investments in artificial intelligence, according to a Moneycontrol report.
- IndianAPIInside Google’s Vizag data centre: fast approval, GPS for fishermen, AI corridor
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- IndianAPIIndian IT’s mid-caps are gaining ground in the bank battle
India’s mid-sized IT firms are outpacing larger rivals in BFSI revenue growth, benefiting from challenger banks, new clients and greater flexibility as large firms face insourcing and vendor consolidation.
- IndianAPIIndian IT firms are buying growth, one client at a time
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- IndianAPIA $10 billion financial knot awaits Chandrasekaran’s successor
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- IndianAPITCS bags $1.45 billion Porsche deal, acquires carmaker’s IT arm for $373 million
The transaction marks TCS's second European mega-deal in eight months, providing a key revenue boost amid broader market and automation concerns.
- IndianAPIMcap of four of top-10 most valued firms erodes ₹87,960 crore; Airtel takes biggest hit
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- IndianAPITCS reacts to reports of 'installing monitoring software on employee laptops' - Full text of IT giant's statement
Tata Consultancy Services rejected claims of deploying a Digital User Experience Monitoring tool on employee laptops. The tech giant dismissed tracking allegations as baseless and inaccurate.
- IndianAPIIT firms rethink employee pyramids as automation reshapes economics
Since the start of FY27, seven of India's 10 largest IT services firms have announced changes to their organizational structures.
- IndianAPIAfter years on the fringes, Noel Tata has taken centrestage, and inherited a leaky chalice
The day Tata Sons failed to hold its AGM, the curtain rose on Noel Tata’s real problems. N. Chandrasekaran leaves behind a more powerful Tata Sons, and a clutch of unfinished mega bets.
- IndianAPIMint Explainer | Why India Inc is retaining more of its profits
Dividends hit a record ₹5.13 trillion in FY26, but payouts grew slower than profits, pushing the payout ratio to a 12-year low as companies retain more cash.
- IndianAPIUnder Chandrasekaran, as Tata stocks changed, so did their investors
A Mint analysis of shareholding data reveals how SIP-backed domestic funds, global investors, and small shareholders redefined their portfolios under N. Chandrasekaran’s leadership.
- IndianAPIN Chandrasekaran to exit Tata Sons after months of deadlock: What went wrong with Noel Tata?
N Chandrasekaran will step down as Tata Sons chairman in February 2027 after a six-month deadlock over his reappointment. Differences with Tata Trusts chairman Noel Tata reportedly centred on the group's strategy, governance and a possible Tata Sons listing.
- IndianAPITata Group faces $120 billion investment dilemma as N Chandrasekaran exits, Noel Tata pushes for caution
Natarajan Chandrasekaran's exit now resolves the issue of duelling visions for the conglomerate, but with no obvious successor.
- IndianAPIStock recommendations for 13 August from MarketSmith India
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- IndianAPIChandrasekaran exits Tata Sons: How will the next chairman be chosen? Why the succession battle could be tricky
Natarajan Chandrasekaran will resign as chairman of Tata Sons when his term ends in early 2027 amid governance disputes. His departure may ignite a high-stakes succession battle, with Tata Trusts playing a crucial role in selecting his successor.
For informational and educational purposes only. Not investment advice. Data may be delayed or incomplete. Consult a SEBI-registered investment adviser before making investment decisions.