TATA CONSULTANCY SERVICES LTD. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 3,671 INR | -1.74% |
|
-4.64% | -3.23% |
| 31/05 | Indian Equities Close with Mild Gains on Friday, Helped by Financial, Telecom Stocks | MT |
| 28/05 | Tata Consultancy Ties Up With IIT-Bombay to Develop Quantum Diamond Microchip Imager | MT |
Valuation
| Fiscal Period: March | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 68,52,230 | 1,17,55,030 | 1,36,84,669 | 1,17,30,553 | 1,40,24,793 | 1,32,81,818 | - | - |
| Enterprise Value (EV) 1 | 65,48,500 | 1,14,21,230 | 1,32,49,619 | 1,13,00,103 | 1,36,57,333 | 1,28,33,143 | 1,27,68,771 | 1,26,70,412 |
| P/E ratio | 21.2 x | 36.6 x | 36.1 x | 27.8 x | 30.8 x | 25.8 x | 23.2 x | 21.2 x |
| Yield | 4% | 1.2% | 1.15% | 3.59% | 1.88% | 2.93% | 3.25% | 3.69% |
| Capitalization / Revenue | 4.37 x | 7.16 x | 7.14 x | 5.2 x | 5.82 x | 5.11 x | 4.67 x | 4.31 x |
| EV / Revenue | 4.17 x | 6.96 x | 6.91 x | 5.01 x | 5.67 x | 4.94 x | 4.49 x | 4.11 x |
| EV / EBITDA | 15.6 x | 24.5 x | 25 x | 19.1 x | 21.2 x | 18.1 x | 16.2 x | 14.7 x |
| EV / FCF | 22 x | 31.7 x | 35.4 x | 28.7 x | 32.4 x | 25.6 x | 23.7 x | 21.8 x |
| FCF Yield | 4.56% | 3.16% | 2.83% | 3.49% | 3.09% | 3.91% | 4.22% | 4.6% |
| Price to Book | 8.14 x | 13.8 x | 15.4 x | 13 x | 15.5 x | 13.5 x | 12.3 x | 11.8 x |
| Nbr of stocks (in thousands) | 37,52,385 | 36,99,051 | 36,59,051 | 36,59,051 | 36,18,088 | 36,18,088 | - | - |
| Reference price 2 | 1,826 | 3,178 | 3,740 | 3,206 | 3,876 | 3,671 | 3,671 | 3,671 |
| Announcement Date | 16/04/20 | 12/04/21 | 11/04/22 | 12/04/23 | 12/04/24 | - | - | - |
1INR in Million2INR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 15,69,490 | 16,41,770 | 19,17,540 | 22,54,580 | 24,08,930 | 25,98,437 | 28,44,012 | 30,80,796 |
| EBITDA 1 | 4,21,090 | 4,65,460 | 5,30,570 | 5,92,590 | 6,42,960 | 7,10,014 | 7,86,238 | 8,59,517 |
| EBIT 1 | 3,85,800 | 4,24,810 | 4,84,530 | 5,42,370 | 5,93,110 | 6,56,111 | 7,29,287 | 7,96,620 |
| Operating Margin | 24.58% | 25.88% | 25.27% | 24.06% | 24.62% | 25.25% | 25.64% | 25.86% |
| Earnings before Tax (EBT) 1 | 4,22,480 | 4,37,600 | 5,16,870 | 5,69,070 | 6,19,970 | 6,93,895 | 7,71,236 | 8,41,377 |
| Net income 1 | 3,23,400 | 3,24,300 | 3,83,270 | 4,21,470 | 4,59,080 | 5,15,309 | 5,72,599 | 6,26,363 |
| Net margin | 20.61% | 19.75% | 19.99% | 18.69% | 19.06% | 19.83% | 20.13% | 20.33% |
| EPS 2 | 86.19 | 86.71 | 103.6 | 115.2 | 125.9 | 142.1 | 158.1 | 172.8 |
| Free Cash Flow 1 | 2,98,310 | 3,60,830 | 3,74,660 | 3,94,330 | 4,21,360 | 5,01,413 | 5,39,391 | 5,82,297 |
| FCF margin | 19.01% | 21.98% | 19.54% | 17.49% | 17.49% | 19.3% | 18.97% | 18.9% |
| FCF Conversion (EBITDA) | 70.84% | 77.52% | 70.61% | 66.54% | 65.53% | 70.62% | 68.6% | 67.75% |
| FCF Conversion (Net income) | 92.24% | 111.26% | 97.75% | 93.56% | 91.78% | 97.3% | 94.2% | 92.96% |
| Dividend per Share 2 | 73.00 | 38.00 | 43.00 | 115.0 | 73.00 | 107.7 | 119.3 | 135.5 |
| Announcement Date | 16/04/20 | 12/04/21 | 11/04/22 | 12/04/23 | 12/04/24 | - | - | - |
1INR in Million2INR
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: March | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 4,88,850 | 5,05,910 | 5,27,580 | 5,53,090 | 5,82,290 | 5,91,620 | 5,93,810 | 5,96,920 | 6,05,830 | 6,12,370 | 6,29,658 | 6,48,442 | 6,65,450 | 6,82,864 | 7,02,240 |
| EBITDA 1 | 1,34,330 | 1,38,450 | 1,34,160 | 1,45,160 | 1,55,530 | 1,57,740 | 1,49,980 | 1,57,460 | 1,63,880 | 1,71,640 | 1,66,524 | 1,74,378 | 1,82,015 | 1,88,074 | 1,88,225 |
| EBIT 1 | 1,22,370 | 1,26,280 | 1,21,860 | 1,32,790 | 1,42,840 | 1,44,880 | 1,37,550 | 1,44,830 | 1,51,550 | 1,59,180 | 1,54,594 | 1,62,595 | 1,71,073 | 1,76,724 | 1,75,585 |
| Operating Margin | 25.03% | 24.96% | 23.1% | 24.01% | 24.53% | 24.49% | 23.16% | 24.26% | 25.02% | 25.99% | 24.55% | 25.07% | 25.71% | 25.88% | 25% |
| Earnings before Tax (EBT) 1 | 1,31,910 | 1,33,640 | 1,27,760 | 1,40,960 | 1,46,440 | 1,53,910 | 1,49,890 | 1,53,300 | 1,48,290 | 1,68,490 | 1,63,141 | 1,70,934 | 1,80,428 | 1,86,164 | 1,86,031 |
| Net income 1 | 97,690 | 99,260 | 94,780 | 1,04,310 | 1,08,460 | 1,13,920 | 1,10,740 | 1,13,420 | 1,10,580 | 1,24,340 | 1,20,751 | 1,26,641 | 1,33,766 | 1,38,019 | 1,38,795 |
| Net margin | 19.98% | 19.62% | 17.97% | 18.86% | 18.63% | 19.26% | 18.65% | 19% | 18.25% | 20.3% | 19.18% | 19.53% | 20.1% | 20.21% | 19.76% |
| EPS 2 | 26.41 | 26.85 | 25.90 | 28.51 | 29.64 | 31.14 | 30.26 | 31.00 | 30.29 | 34.37 | 33.00 | 34.83 | 36.53 | 37.66 | 37.13 |
| Dividend per Share | 7.000 | 22.00 | 8.000 | 8.000 | 75.00 | 24.00 | - | - | - | - | - | - | - | - | - |
| Announcement Date | 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 | - | - | - | - | - |
1INR in Million2INR
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | 3,03,730 | 3,33,800 | 4,35,050 | 4,30,450 | 3,67,460 | 4,48,675 | 5,13,048 | 6,11,406 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 2,98,310 | 3,60,830 | 3,74,660 | 3,94,330 | 4,21,360 | 5,01,413 | 5,39,391 | 5,82,297 |
| ROE (net income / shareholders' equity) | 37.3% | 38% | 43.7% | 46.9% | 51.5% | 53.2% | 54% | 54.8% |
| ROA (Net income/ Total Assets) | 27.4% | 25.8% | 28.2% | 29.6% | 32.1% | 31.4% | 30.9% | 29.8% |
| Assets 1 | 11,79,212 | 12,58,289 | 13,61,363 | 14,25,826 | 14,28,198 | 16,39,158 | 18,54,471 | 21,02,965 |
| Book Value Per Share 2 | 224.0 | 231.0 | 244.0 | 247.0 | 250.0 | 272.0 | 299.0 | 310.0 |
| Cash Flow per Share 2 | 86.30 | 104.0 | 109.0 | 115.0 | 122.0 | 145.0 | 162.0 | 181.0 |
| Capex 1 | 25,380 | 27,190 | 24,830 | 25,320 | 22,020 | 44,310 | 47,289 | 51,529 |
| Capex / Sales | 1.62% | 1.66% | 1.29% | 1.12% | 0.91% | 1.71% | 1.66% | 1.67% |
| Announcement Date | 16/04/20 | 12/04/21 | 11/04/22 | 12/04/23 | 12/04/24 | - | - | - |
1INR in Million2INR
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
44
Last Close Price
3,671
INR
Average target price
4,191
INR
Spread / Average Target
+14.16%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -3.23% | 159B | |
| -19.53% | 177B | |
| +2.05% | 153B | |
| +5.13% | 100B | |
| +9.84% | 81.11B | |
| +22.85% | 75.87B | |
| -8.81% | 69.81B | |
| -31.57% | 45.63B | |
| -9.69% | 42.96B | |
| -1.67% | 34.48B |
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