How has Tata Consultancy Services Ltd. (TCS) been holding up? This analysis digs into revenue trends, profitability, valuation, and ownership patterns.
TCS Revenue Trend
Tata Consultancy Services Ltd. grew its top line 4.7% in FY2026, with revenue reaching ₹2,71,423 Cr.
Over the past 10 years, revenue has compounded at a 9.6% CAGR, climbing from ₹1,08,646 Cr to ₹2,71,423 Cr. Solid growth, though not the kind that turns heads.
At ₹2,71,423 Cr in annual revenue, Tata Consultancy Services Ltd. is firmly established as a major computers - software company by any measure of scale.
What stands out is the consistency: 10 consecutive years of top-line growth.
| Year | Revenue | YoY % |
|---|---|---|
| FY2026 | ₹2,71,423 Cr | +4.7% |
| FY2025 | ₹2,59,286 Cr | +5.7% |
| FY2024 | ₹2,45,315 Cr | +7.2% |
| FY2023 | ₹2,28,907 Cr | +16.9% |
| FY2022 | ₹1,95,772 Cr | — |
View Tata Consultancy Services Ltd.'s full 10-year revenue trend with CAGR analysis →
TCS Profitability
Earnings came in at ₹49,454 Cr for FY2026, a 1.3% improvement over the ₹48,797 Cr recorded in FY2025.
Margin pressure was visible, with net margin slipping to 18.2% from 18.8% the prior year.
On a per-share basis, diluted EPS was ₹136.01 in FY2026, up from ₹134.19 in FY2025.
Is TCS Undervalued
Using the P/E Ratio model, Tata Consultancy Services Ltd. carries an estimated intrinsic value of ₹4,241 (105.9% upside).
Shares of Tata Consultancy Services Ltd. are currently trading at ₹2,059.60.
Craytheon also runs the EPS Growth and DCF models for intrinsic value. The full breakdown with assumptions is available in the detailed analysis.
| Model | Est. Fair Value | vs. Current Price |
|---|---|---|
| P/E Ratio | ₹4,241 | 105.9% upside to fair value |
| EPS Growth | Upgrade | Upgrade |
| DCF | Upgrade | Upgrade |
See all valuation models for Tata Consultancy Services Ltd. with detailed assumptions →
TCS Shareholding Pattern
Promoters hold 71.8% of the company, a stake that has remained unchanged over recent quarters.
FII ownership stood at 9.7% as of March 2026, down from 11.5% in the year-ago period.
DII holding has edged up to 13.4%, compared to 12.0% in the year-ago quarter.
| Quarter | Promoter | FII | DII | Public |
|---|---|---|---|---|
| Mar 2026 | 71.8% | 9.7% | 13.4% | 5.2% |
| Dec 2025 | 71.8% | 10.4% | 12.9% | 5.0% |
| Sep 2025 | 71.8% | 10.3% | 12.7% | 5.2% |
| Jun 2025 | 71.8% | 11.5% | 12.0% | 4.8% |
Track quarterly shareholding changes for Tata Consultancy Services Ltd. →
TCS Balance Sheet
Proportional view as of 23 Jun 2026. Hover blocks for details.
Assets
Liabilities & Equity
Total assets stood at ₹1,823.72B at the end of FY2026, up 14.2% from ₹1,596.29B a year earlier.
Other Assets is the largest block at 33.6%, followed by Receivables at 31.6% and Cash & ST Investments at 22.0%.
Equity makes up 59.5% of liabilities and equity, with debt at 6.2% and operating liabilities at 34.3%. Over the year, debt is up 20.1% and equity is up 13.3%.
Balance sheet composition — FY 2026
| Category | Value |
|---|---|
| Cash & ST Investments | 401.87B |
| Receivables | 576.30B |
| Inventories | 290.00M |
| Property, Plant & Equipment | 136.97B |
| Investments | 2.18B |
| Intangibles & Goodwill | 92.84B |
| Other Assets | 613.27B |
| Category | Value |
|---|---|
| Equity | 1,084.78B |
| Short-term Debt | 18.30B |
| Long-term Debt | 94.53B |
| Trade Payables | 148.08B |
| Other Liabilities | 478.03B |
TCS — The Bottom Line
Taken together, Tata Consultancy Services Ltd. (TCS) offers the following picture for fundamental analysts.
FY2026 revenue was ₹2,71,423 Cr, up 4.7% year-over-year.
Over 10 years, the top line has compounded at 9.6% annually.
The business remains profitable, with a net margin of 18.2% and net income of ₹49,454 Cr.
The P/E Ratio model implies 105.9% upside to fair value from the current price. The remaining two models are worth cross-checking before drawing a conclusion — sign up to see the full analysis.
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Get the complete view of Tata Consultancy Services Ltd. on Craytheon — 10 years of financials, three valuation models, and institutional holding trends.