Financials Tata Consultancy Services Ltd.

Equities

TCS

INE467B01029

IT Services & Consulting

Market Closed - NSE India S.E. Other stock markets 05:19:42 20/06/2025 pm IST			5-day change	1st Jan Change
3,435.70 ^INR	+0.34%		-0.29%	-16.10%

20/06	TCS Sets Up Two New Automotive Delivery Centres In Germany	RE
20/06	Cognizant to invest $183 million for new India campus, add 8,000 jobs	RE

Projected Income Statement: Tata Consultancy Services Ltd.

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	16,41,770	19,17,540	22,54,580	24,08,930	25,53,240	26,55,457	28,67,912	30,50,612
Change	-	16.8%	17.58%	6.85%	5.99%	4%	8%	6.37%
EBITDA ¹	4,65,460	5,30,570	5,92,590	6,42,960	7,53,310	7,17,502	7,84,032	8,40,721
Change	-	13.99%	11.69%	8.5%	17.16%	-4.75%	9.27%	7.23%
EBIT ¹	4,24,810	4,84,530	5,42,370	5,93,110	7,00,890	6,60,064	7,22,808	7,76,435
Change	-	14.06%	11.94%	9.36%	18.17%	-5.82%	9.51%	7.42%
Interest Paid ¹	-6,370	-7,840	-7,790	-7,780	-7,960	-8,258	-8,386	-8,997
Earnings before Tax (EBT) ¹	4,37,600	5,16,870	5,69,070	6,19,970	6,53,310	6,96,681	7,63,524	8,16,447
Change	-	18.11%	10.1%	8.94%	5.38%	6.64%	9.59%	6.93%
Net income ¹	3,24,300	3,83,270	4,21,470	4,59,080	4,85,530	5,18,412	5,68,154	6,07,916
Change	-	18.18%	9.97%	8.92%	5.76%	6.77%	9.6%	7%
Announcement Date	12/04/21	11/04/22	12/04/23	12/04/24	10/04/25	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	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
Net sales ¹	3,83,220	4,01,350	4,20,150	4,37,050	4,54,110	4,68,670	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	6,26,130	6,42,590	6,39,730	6,44,790	6,47,105	6,60,489	6,67,802	6,77,756	7,20,433	7,35,884	7,49,178	7,66,477
Change	-	4.73%	4.68%	4.02%	3.9%	3.21%	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%	0.36%	2.07%	1.11%	1.49%	6.3%	2.14%	1.81%	2.31%
EBITDA ¹	1,00,240	1,15,130	1,22,080	1,28,010	1,26,630	1,31,160	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	1,66,620	1,67,310	1,70,340	1,90,360	1,73,130	1,79,527	1,80,576	1,87,764	1,91,076	1,98,706	2,00,957	2,08,315
Change	-	14.85%	6.04%	4.86%	-1.08%	3.58%	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%	11.75%	-9.05%	3.69%	0.58%	3.98%	1.76%	3.99%	1.13%	3.66%
EBIT ¹	90,480	1,05,150	1,11,840	1,17,340	1,15,880	1,20,000	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	1,54,420	1,54,650	1,56,570	1,76,570	1,57,087	1,59,813	1,65,690	1,70,505	1,78,829	1,86,196	1,88,221	1,95,284
Change	-	16.21%	6.36%	4.92%	-1.24%	3.56%	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%	12.77%	-11.03%	1.73%	3.68%	2.91%	4.88%	4.12%	1.09%	3.75%
Charge d'intérêts ¹	-	-1,740	-	-	-	-	-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	-2,030	-2,046	-2,056	-2,071	-	-	-	-
Earnings before Tax (EBT) ¹	95,040	1,00,370	1,16,920	1,25,270	1,21,630	1,29,690	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	1,62,310	1,60,320	1,66,660	1,64,020	1,67,079	1,68,589	1,73,027	1,78,209	1,87,956	1,95,538	1,97,804	2,04,983
Change	-	5.61%	16.49%	7.14%	-2.91%	6.63%	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%	1.86%	0.9%	2.63%	2.99%	5.47%	4.03%	1.16%	3.63%
Net income ¹	70,080	74,750	87,010	92,460	90,080	96,240	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	1,20,400	1,19,090	1,23,800	1,22,240	1,22,515	1,26,683	1,29,987	1,33,808	1,39,775	1,45,426	1,47,106	1,52,455
Change	-	6.66%	16.4%	6.26%	-2.57%	6.84%	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%	0.23%	3.4%	2.61%	2.94%	4.46%	4.04%	1.16%	3.64%
Announcement Date	09/07/20	07/10/20	08/01/21	12/04/21	08/07/21	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	-	-	-	-	-	-	-	-

¹INR in Million

Estimates

Forecast Balance Sheet: Tata Consultancy Services Ltd.

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-3,33,800	-4,35,050	-4,30,450	-3,67,460	-3,67,600	-4,77,156	-6,05,085	-8,30,376
Change	-	-30.33%	1.06%	14.63%	-0.04%	-29.8%	-26.81%	-37.23%
Announcement Date	12/04/21	11/04/22	12/04/23	12/04/24	10/04/25	-	-	-

¹INR in Million

Estimates

Cash Flow Forecast: Tata Consultancy Services Ltd.

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	27,190	24,830	25,320	22,020	29,170	44,710	46,466	48,195
Change	-	-8.68%	1.97%	-13.03%	32.47%	53.27%	3.93%	3.72%
Free Cash Flow (FCF) ¹	3,60,830	3,74,660	3,94,330	4,21,360	4,59,910	5,15,012	5,47,637	5,98,910
Change	-	3.83%	5.25%	6.85%	9.15%	11.98%	6.33%	9.36%
Announcement Date	12/04/21	11/04/22	12/04/23	12/04/24	10/04/25	-	-	-

¹INR in Million

Estimates

Forecast Financial Ratios: Tata Consultancy Services Ltd.

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	28.35%	27.67%	26.28%	26.69%	29.5%	27.02%	27.34%	27.56%
EBIT Margin (%)	25.88%	25.27%	24.06%	24.62%	27.45%	24.86%	25.2%	25.45%
EBT Margin (%)	26.65%	26.95%	25.24%	25.74%	25.59%	26.24%	26.62%	26.76%
Net margin (%)	19.75%	19.99%	18.69%	19.06%	19.02%	19.52%	19.81%	19.93%
FCF margin (%)	21.98%	19.54%	17.49%	17.49%	18.01%	19.39%	19.1%	19.63%
FCF / Net Income (%)	111.26%	97.75%	93.56%	91.78%	94.72%	99.34%	96.39%	98.52%
Profitability
ROA	25.77%	28.15%	29.56%	32.14%	31.73%	29.54%	29.46%	28.58%
ROE	38.03%	43.66%	46.94%	51.54%	52.42%	51.91%	53.62%	54.08%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	1.66%	1.29%	1.12%	0.91%	1.14%	1.68%	1.62%	1.58%
CAPEX / EBITDA (%)	5.84%	4.68%	4.27%	3.42%	3.87%	6.23%	5.93%	5.73%
CAPEX / FCF (%)	7.54%	6.63%	6.42%	5.23%	6.34%	8.68%	8.48%	8.05%
Items per share
Cash flow per share ¹	103.7	109.2	114.7	122.5	135.1	147.8	184.3	208.7
Change	-	5.21%	5.05%	6.82%	10.31%	9.42%	24.67%	13.27%
Dividend per Share ¹	38	43	115	73	126	120.5	130.8	139.9
Change	-	13.16%	167.44%	-36.52%	72.6%	-4.35%	8.52%	6.95%
Book Value Per Share ¹	231.1	243.5	247.1	250	261.8	279.7	298.6	316.3
Change	-	5.39%	1.44%	1.18%	4.72%	6.87%	6.73%	5.92%
EPS ¹	86.71	103.6	115.2	125.9	134.2	143.2	157.1	168.3
Change	-	19.5%	11.17%	9.28%	6.6%	6.68%	9.74%	7.15%
Nbr of stocks (in thousands)	36,99,051	36,59,051	36,59,051	36,18,088	36,18,088	36,18,088	36,18,088	36,18,088
Announcement Date	12/04/21	11/04/22	12/04/23	12/04/24	10/04/25	-	-	-