Financials Tata Consultancy Services Ltd.

Stocks

TCS

INE467B01029

IT Services & Consulting

Market Closed - NSE India S.E. Other stock markets 12:05:10 10/07/2026 BST			5-day change	1st Jan Change
2,069.00 ^INR	+0.95%		-1.17%	-35.47%

09:31am	India's Tata Consultancy Services plans up to 8,900 AI deployment engineers, seeks AI acquisitions	RE
07-10	UK to regulate cloud service providers Microsoft, Google and others to protect financial stability	RE

Projected Income Statement: Tata Consultancy Services Ltd.

Fiscal Period: March	2022	2023	2024	2025	2026	2027	2028	2029
Net sales ¹	1,917,540	2,254,580	2,408,930	2,553,240	2,670,210	2,907,537	3,036,027	3,173,341
Change	-	17.58%	6.85%	5.99%	4.58%	8.89%	4.42%	4.52%
EBITDA ¹	530,570	592,590	642,960	674,070	723,980	770,026	811,399	847,022
Change	-	11.69%	8.5%	4.84%	7.4%	6.36%	5.37%	4.39%
EBIT ¹	484,530	542,370	593,110	621,650	668,380	716,560	751,117	786,803
Change	-	11.94%	9.36%	4.81%	7.52%	7.21%	4.82%	4.75%
Interest Paid ¹	-7,840	-7,790	-7,780	-7,960	-12,270	-11,326	-12,906	-11,251
Earnings before Tax (EBT) ¹	516,870	569,070	619,970	653,310	654,870	751,205	787,828	826,698
Change	-	10.1%	8.94%	5.38%	0.24%	14.71%	4.88%	4.93%
Net income ¹	383,270	421,470	459,080	485,530	492,100	558,397	586,450	615,176
Change	-	9.97%	8.92%	5.76%	1.35%	13.47%	5.02%	4.9%
Announcement Date	11/04/22	12/04/23	12/04/24	10/04/25	09/04/26	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4	2028 Q1	2028 Q2	2028 Q3	2028 Q4	2029 Q1
Net sales ¹	468,670	488,850	505,910	527,580	553,090	582,290	591,620	593,810	596,920	605,830	612,370	626,130	642,590	639,730	644,790	633,470	657,990	670,870	706,980	722,750	722,442	727,339	734,584	746,675	757,634	763,643	774,330	783,514
Change	-	4.31%	3.49%	4.28%	4.84%	5.28%	1.6%	0.37%	0.52%	1.49%	1.08%	2.25%	2.63%	-0.45%	0.79%	-1.76%	3.87%	1.96%	5.38%	2.23%	-0.04%	0.68%	1%	1.65%	1.47%	0.79%	1.4%	1.19%
EBITDA ¹	131,160	134,330	138,450	134,160	145,160	155,530	157,740	149,980	157,460	163,880	171,640	166,620	167,310	170,340	169,800	168,750	179,780	182,690	192,760	185,560	187,587	191,523	196,193	194,356	196,953	198,528	201,506	205,917
Change	-	2.42%	3.07%	-3.1%	8.2%	7.14%	1.42%	-4.92%	4.99%	4.08%	4.74%	-2.92%	0.41%	1.81%	-0.32%	-0.62%	6.54%	1.62%	5.51%	-3.74%	1.09%	2.1%	2.44%	-0.94%	1.34%	0.8%	1.5%	2.19%
EBIT ¹	120,000	122,370	126,280	121,860	132,790	142,840	144,880	137,550	144,830	151,550	159,180	154,420	154,650	156,570	156,010	155,140	165,650	168,890	178,700	173,170	176,952	180,228	183,962	183,239	186,958	189,698	193,596	193,380
Change	-	1.98%	3.2%	-3.5%	8.97%	7.57%	1.43%	-5.06%	5.29%	4.64%	5.03%	-2.99%	0.15%	1.24%	-0.36%	-0.56%	6.77%	1.96%	5.81%	-3.09%	2.18%	1.85%	2.07%	-0.39%	2.03%	1.47%	2.05%	-0.11%
Charge d'intérêts ¹	-	-2,510	-2,450	-1,990	-1,480	-1,600	-2,720	-1,630	-1,590	-2,300	-2,260	-1,450	-1,620	-2,340	-2,270	-1,950	-2,290	-5,380	-2,650	-2,730	-2,743	-2,767	-2,789	-	-	-	-	-
Earnings before Tax (EBT) ¹	129,690	131,910	133,640	127,760	140,960	146,440	153,910	149,890	153,300	148,290	168,490	162,310	160,320	166,660	164,020	169,790	160,680	140,780	183,620	179,440	186,964	190,264	194,909	192,000	198,000	201,000	207,000	-
Change	-	1.71%	1.31%	-4.4%	10.33%	3.89%	5.1%	-2.61%	2.28%	-3.27%	13.62%	-3.67%	-1.23%	3.95%	-1.58%	3.52%	-5.37%	-12.38%	30.43%	-2.28%	4.19%	1.77%	2.44%	-1.49%	3.12%	1.52%	2.99%	-
Net income ¹	96,240	97,690	99,260	94,780	104,310	108,460	113,920	110,740	113,420	110,580	124,340	120,400	119,090	123,800	122,240	127,600	120,750	106,570	137,180	133,490	138,894	141,933	145,286	144,000	148,000	151,000	155,000	-
Change	-	1.51%	1.61%	-4.51%	10.05%	3.98%	5.03%	-2.79%	2.42%	-2.5%	12.44%	-3.17%	-1.09%	3.95%	-1.26%	4.38%	-5.37%	-11.74%	28.72%	-2.69%	4.05%	2.19%	2.36%	-0.89%	2.78%	2.03%	2.65%	-
Announcement Date	08/10/21	12/01/22	11/04/22	08/07/22	10/10/22	09/01/23	12/04/23	12/07/23	11/10/23	11/01/24	12/04/24	11/07/24	10/10/24	09/01/25	10/04/25	10/07/25	09/10/25	12/01/26	09/04/26	09/07/26	-	-	-	-	-	-	-	-

¹INR in Million

Estimates

Forecast Balance Sheet: Tata Consultancy Services Ltd.

Fiscal Period: March	2022	2023	2024	2025	2026	2027	2028	2029
Net Debt ¹	-435,050	-430,450	-367,460	-367,600	-353,950	-374,015	-472,100	-554,978
Change	-	1.06%	14.63%	-0.04%	3.71%	-5.67%	-26.22%	-17.56%
Announcement Date	11/04/22	12/04/23	12/04/24	10/04/25	09/04/26	-	-	-

¹INR in Million

Estimates

Cash Flow Forecast: Tata Consultancy Services Ltd.

Fiscal Period: March	2022	2023	2024	2025	2026	2027	2028	2029
CAPEX ¹	24,830	25,320	22,020	29,170	36,700	50,689	53,837	55,252
Change	-	1.97%	-13.03%	32.47%	25.81%	38.12%	6.21%	2.63%
Free Cash Flow (FCF) ¹	374,660	394,330	421,360	459,910	484,240	519,548	563,865	589,290
Change	-	5.25%	6.85%	9.15%	5.29%	7.29%	8.53%	4.51%
Announcement Date	11/04/22	12/04/23	12/04/24	10/04/25	09/04/26	-	-	-

¹INR in Million

Estimates

Forecast Financial Ratios: Tata Consultancy Services Ltd.

Fiscal Period: March	2022	2023	2024	2025	2026	2027	2028	2029
Profitability
EBITDA Margin (%)	27.67%	26.28%	26.69%	26.4%	27.11%	26.48%	26.73%	26.69%
EBIT Margin (%)	25.27%	24.06%	24.62%	24.35%	25.03%	24.64%	24.74%	24.79%
EBT Margin (%)	26.95%	25.24%	25.74%	25.59%	24.53%	25.84%	25.95%	26.05%
Net margin (%)	19.99%	18.69%	19.06%	19.02%	18.43%	19.21%	19.32%	19.39%
FCF margin (%)	19.54%	17.49%	17.49%	18.01%	18.13%	17.87%	18.57%	18.57%
FCF / Net Income (%)	97.75%	93.56%	91.78%	94.72%	98.4%	93.04%	96.15%	95.79%
Profitability
ROA	28.15%	29.56%	32.14%	31.73%	30.78%	28.9%	28.35%	28.23%
ROE	43.66%	46.94%	51.54%	52.42%	52.11%	49.97%	49.31%	48.27%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	1.29%	1.12%	0.91%	1.14%	1.37%	1.74%	1.77%	1.74%
CAPEX / EBITDA (%)	4.68%	4.27%	3.42%	4.33%	5.07%	6.58%	6.64%	6.52%
CAPEX / FCF (%)	6.63%	6.42%	5.23%	6.34%	7.58%	9.76%	9.55%	9.38%
Items per share
Cash flow per share ¹	109.2	114.7	122.5	135.1	143.9	155.4	171	178.9
Change	-	5.05%	6.82%	10.31%	6.51%	7.96%	10.06%	4.63%
Dividend per Share ¹	43	115	73	126	110	126.6	134.4	142.6
Change	-	167.44%	-36.52%	72.6%	-12.7%	15.13%	6.14%	6.11%
Book Value Per Share ¹	243.5	247.1	250	261.8	296.2	317.3	340.5	367.1
Change	-	1.44%	1.18%	4.72%	13.17%	7.1%	7.32%	7.82%
EPS ¹	103.6	115.2	125.9	134.2	136	154.2	161.9	170
Change	-	11.17%	9.28%	6.6%	1.36%	13.39%	4.98%	5.03%
Nbr of stocks (in thousands)	3,659,051	3,659,051	3,618,088	3,618,088	3,618,088	3,618,088	3,618,088	3,618,088
Announcement Date	11/04/22	12/04/23	12/04/24	10/04/25	09/04/26	-	-	-