TATA CONSULTANCY SERVICES LTD. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 3,863 INR | +1.12% |
|
-0.29% | +1.84% |
| 29/04 | HCLTech falls most in nearly 17 months on lower-than-expected FY25 outlook | RE |
| 25/04 | Tech companies plug into India's smaller cities for talent | RE |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 75,10,961 | 68,52,230 | 1,17,55,030 | 1,36,84,669 | 1,17,30,553 | 1,39,77,758 | - | - |
| Enterprise Value (EV) 1 | 71,48,195 | 65,48,500 | 1,14,21,230 | 1,32,49,619 | 1,13,00,103 | 1,36,57,333 | 1,35,18,216 | 1,34,40,497 |
| P/E ratio | 24.1 x | 21.2 x | 36.6 x | 36.1 x | 27.8 x | 30.8 x | 27.3 x | 24.5 x |
| Yield | 1.5% | 4% | 1.2% | 1.15% | 3.59% | 1.88% | 2.79% | 3.09% |
| Capitalization / Revenue | 5.13 x | 4.37 x | 7.16 x | 7.14 x | 5.2 x | 5.82 x | 5.38 x | 4.91 x |
| EV / Revenue | 4.88 x | 4.17 x | 6.96 x | 6.91 x | 5.01 x | 5.67 x | 5.2 x | 4.72 x |
| EV / EBITDA | 18.1 x | 15.6 x | 24.5 x | 25 x | 19.1 x | 21.2 x | 19.1 x | 17.1 x |
| EV / FCF | 26.9 x | 22 x | 31.7 x | 35.4 x | 28.7 x | 32.4 x | 27 x | 24.9 x |
| FCF Yield | 3.71% | 4.56% | 3.16% | 2.83% | 3.49% | 3.09% | 3.71% | 4.02% |
| Price to Book | 8.48 x | 8.14 x | 13.8 x | 15.4 x | 13 x | 15.5 x | 14.1 x | 12.8 x |
| Nbr of stocks (in thousands) | 37,52,385 | 37,52,385 | 36,99,051 | 36,59,051 | 36,59,051 | 36,18,088 | - | - |
| Reference price 2 | 2,002 | 1,826 | 3,178 | 3,740 | 3,206 | 3,863 | 3,863 | 3,863 |
| Announcement Date | 12/04/19 | 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: Maart | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 14,64,630 | 15,69,490 | 16,41,770 | 19,17,540 | 22,54,580 | 24,08,930 | 25,99,930 | 28,47,020 |
| EBITDA 1 | 3,95,060 | 4,21,090 | 4,65,460 | 5,30,570 | 5,92,590 | 6,42,960 | 7,09,461 | 7,84,738 |
| EBIT 1 | 3,74,500 | 3,85,800 | 4,24,810 | 4,84,530 | 5,42,370 | 5,93,110 | 6,55,565 | 7,27,622 |
| Operating Margin | 25.57% | 24.58% | 25.88% | 25.27% | 24.06% | 24.62% | 25.21% | 25.56% |
| Earnings before Tax (EBT) 1 | 4,15,630 | 4,22,480 | 4,37,600 | 5,16,870 | 5,69,070 | 6,19,970 | 6,92,366 | 7,68,904 |
| Net income 1 | 3,14,720 | 3,23,400 | 3,24,300 | 3,83,270 | 4,21,470 | 4,59,080 | 5,14,087 | 5,70,815 |
| Net margin | 21.49% | 20.61% | 19.75% | 19.99% | 18.69% | 19.06% | 19.77% | 20.05% |
| EPS 2 | 83.05 | 86.19 | 86.71 | 103.6 | 115.2 | 125.9 | 141.7 | 157.6 |
| Free Cash Flow 1 | 2,65,400 | 2,98,310 | 3,60,830 | 3,74,660 | 3,94,330 | 4,21,360 | 5,01,539 | 5,39,976 |
| FCF margin | 18.12% | 19.01% | 21.98% | 19.54% | 17.49% | 17.49% | 19.29% | 18.97% |
| FCF Conversion (EBITDA) | 67.18% | 70.84% | 77.52% | 70.61% | 66.54% | 65.53% | 70.69% | 68.81% |
| FCF Conversion (Net income) | 84.33% | 92.24% | 111.26% | 97.75% | 93.56% | 91.78% | 97.56% | 94.6% |
| Dividend per Share 2 | 30.00 | 73.00 | 38.00 | 43.00 | 115.0 | 73.00 | 107.7 | 119.3 |
| Announcement Date | 12/04/19 | 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 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 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 | 6,30,151 | 6,48,697 | 6,65,451 | 6,82,465 |
| EBITDA 1 | 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 | 1,66,890 | 1,74,569 | 1,82,016 | 1,87,774 |
| EBIT 1 | 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 | 1,54,769 | 1,62,704 | 1,71,073 | 1,76,552 |
| Operating Margin | 25.6% | 25.03% | 24.96% | 23.1% | 24.01% | 24.53% | 24.49% | 23.16% | 24.26% | 25.02% | 25.99% | 24.56% | 25.08% | 25.71% | 25.87% |
| Earnings before Tax (EBT) 1 | 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 | 1,63,238 | 1,70,869 | 1,80,173 | 1,85,612 |
| Net income 1 | 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 | 1,20,824 | 1,26,592 | 1,33,575 | 1,37,607 |
| Net margin | 20.53% | 19.98% | 19.62% | 17.97% | 18.86% | 18.63% | 19.26% | 18.65% | 19% | 18.25% | 20.3% | 19.17% | 19.51% | 20.07% | 20.16% |
| EPS 2 | 26.02 | 26.41 | 26.85 | 25.90 | 28.51 | 29.64 | 31.14 | 30.26 | 31.00 | 30.29 | 34.37 | 33.01 | 34.82 | 36.48 | 37.57 |
| Dividend per Share | 7.000 | 7.000 | 22.00 | 8.000 | 8.000 | 75.00 | 24.00 | - | - | - | - | - | - | - | - |
| 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 | - | - | - | - |
1INR in Million2INR
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | 3,62,766 | 3,03,730 | 3,33,800 | 4,35,050 | 4,30,450 | 3,67,460 | 4,59,542 | 5,37,260 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 2,65,400 | 2,98,310 | 3,60,830 | 3,74,660 | 3,94,330 | 4,21,360 | 5,01,539 | 5,39,976 |
| ROE (net income / shareholders' equity) | 36.1% | 37.3% | 38% | 43.7% | 46.9% | 51.5% | 53.1% | 53.7% |
| ROA (Net income/ Total Assets) | 28.5% | 27.4% | 25.8% | 28.2% | 29.6% | 32.1% | 31.5% | 30.9% |
| Assets 1 | 11,06,194 | 11,79,212 | 12,58,289 | 13,61,363 | 14,25,826 | 14,28,198 | 16,32,180 | 18,46,072 |
| Book Value Per Share 2 | 236.0 | 224.0 | 231.0 | 244.0 | 247.0 | 250.0 | 273.0 | 302.0 |
| Cash Flow per Share 2 | 75.40 | 86.30 | 104.0 | 109.0 | 115.0 | 122.0 | 145.0 | 163.0 |
| Capex 1 | 20,530 | 25,380 | 27,190 | 24,830 | 25,320 | 22,020 | 44,325 | 47,154 |
| Capex / Sales | 1.4% | 1.62% | 1.66% | 1.29% | 1.12% | 0.91% | 1.7% | 1.66% |
| Announcement Date | 12/04/19 | 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
45
Last Close Price
3,821
INR
Average target price
4,192
INR
Spread / Average Target
+9.73%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +1.84% | 166B | |
| -14.64% | 188B | |
| +0.26% | 151B | |
| +3.82% | 101B | |
| +5.59% | 77.06B | |
| +18.76% | 71.46B | |
| -8.33% | 70.46B | |
| -20.85% | 52.14B | |
| -7.19% | 44.34B | |
| +5.56% | 36.2B |
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