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“One worry for the market has been the high attrition and TCS has lost lot of tier-one, tier-two leadership roles. Once the management comments in detail on headcount and what are their plans around that, I can then probably get more clarity. But the way IT stocks are positioned, the numbers looks pretty decent to me.”

“The number which we always should look in IT company should be the order book and also the commentary. From that perspective, this looks very, very decent compared to what was the expectation. On revenue front, it is broadly in line to slight surprise. The key number is the order book and the 2.3 billion in annualised revenue in AI, those are good numbers.”

“We run a PMS, and we have a policy of not commenting on any particular company. But let me put it this way, that we like the whole IT services space after being negative for 15 long months. Since index has corrected 40-50%, we like everything in IT services, except the ER&D space, where still there is too much of froth, but otherwise, most of the IT companies are very good bet from here.”

“TCS trades at 15–16 times on earnings, which is, I think, the lowest it has ever traded. Because of the AI disruption the market was expecting the worst. So maybe from a positioning point of view, you might see a bit of a tactical bounce. From a fundamental point of view, would you still want to add it? I would want to hear the management and the commentary first,” Gurmeet Chadha of Complete Circle Consultants told CNBC-TV18.

TCS reported constant currency revenue growth of 1.2% during the March quarter.

A CNBC-TV18 poll had pegged the figure at 1%.

This is the highest constant currency revenue growth reported by the company in the last seven quarters.

MD & CEO of TCS, K Krithivasan said that TCS reported its third consecutive quarter of sequential growth, supported by three mega deals and a $12 billion Total Contract Value (TCV).

“It is equally encouraging that this momentum was broad based across major markets and most industries. While the macro-economic headwinds continue, we see sustained customer conviction in technology investments, which positions us well for the opportunities ahead,” Krithivasan added.

– TCS added 2 clients to the $100 million+ bracket, taking the total count to 66

– The company also added 9 new clients to the $50 million+ bracket, taking the total count to 139

– The company also added 65 new clients in the $1 million+ bracket, taking the total figure to 1,397

– Net profit up 28.7% sequentially at ₹13,718 crore compared to ₹10,657 crore

– Revenue in rupee terms up 5.4% to ₹70,698 crore versus ₹67,087 crore sequentially

– EBIT up 5.8% quarter-on-quarter to ₹17,870 crore versus ₹16,889 crore

– EBIT margin at 25.3% from 25.2% sequentially

– Net profit at ₹13,718 crore compared to CNBC-TV18 poll of ₹13,727.6 crore

– Revenue in rupee terms at ₹70,698 crore compared to CNBC-TV18 poll of ₹69,370 crore

– EBIT at ₹17,870 crore, marginally higher versus the CNBC-TV18 poll of ₹17,603 crore

– EBIT margin at 25.3% compared to CNBC-TV18 poll of 25.4%

TCS reported constant currency revenue growth of 1.2% on a sequential basis, compared to a CNBC-TV18 poll of 1%.

TCS has reported results for the March quarter, which are largely in-line with analyst expectations.

The company reported a revenue of ₹70,698 crore in rupee terms.

EBIT margins stood at 25.3%.

Stay tuned for more updates.

Shares of TCS have ended with gains of 1.2% on Thursday ahead of their results announcement.

Results will be announced anytime soon.

Stay tuned for all the Live updates.

Majority of the analysts covering TCS continue to have a bullish stance on the stock.

51 analysts have coverage on the stock, of which, 37 have a “buy” recommendation.

Nine others have a “hold” rating, while five have a “sell” stance.

CLSA Reiterated its “Outperform” rating on TCS, noting an attractive risk-reward profile with a free cash flow (FCF) yield of ~6%.

– Open 30-day upside view

– TCS has underperformed Nifty IT significantly over the last 12 months

– Stock now trades at 15.5 times its estimated financial year 2027 earnings

– Stock trades at significant discount to peers like Infosys and HCLTech

– Expect a relatively decent Q4

– Expect deal wins to range between $10 billion to $11 billion

– Stock could see some upside in next 30 days

TCS shares are off the highs of the day, in-line with the sell-off seen in the Nifty 50 index.

Maintains an Overweight rating but cut the target PE multiple to 19x (from 25x) due to a slower expected growth recovery.

Over the last six months, TCS has signaled aggression by announcing a 1GW data center plan and conducting its first analyst meet in a decade.

– Vertical-wise demand commentary remains intact with BFSI continuing to see tailwinds for all four companies, tech is doing well for HCLTech & TCS, while retail, auto and healthcare verticals remain soft

– Have an outperform rating on Infosys, TCS, Tech Mahindra & LTIMindtree

– Deal pipelines remain strong and valuations for India’s IT sector at its 10-year average now look highly attractive

– Overweight rating

– Price target of ₹3,540 per share

– View partnerships with global AI cos similar to partnerships formed by these vendors with hyperscalers during cloud / digital cycle

– Continue to believe that data centre business adds long-term optionality for TCS, & investors would eventually gravitate toward valuing co on a sum-of-the-parts basis with greater revenue visibility from this business

– The ramp-up of the second phase of the BSNL contract

– Benefit due to INR depreciation

– Guidance for International business growth for FY27

– Disruptions from ongoing conflict in the Middle East across verticals.

– Progress on AI

– TCS trades at 15.5X financial year 2028 estimated price-to-earnings

– Infosys trades at 16.5X financial year 2028 estimated price-to-earnings

– HCLTech at 17-17.5X financial year 2028 estimated price-to-earnings

A top priority for investors is the timeline for the ramp-up of the second phase of the BSNL contract. Jefferies explicitly notes they do not expect revenue contribution from this deal in the Q4 print.

Shares of TCS have seen a significant recovery from the lows of the day ahead of their results announcement and are now at the highs of the day.

– Margins may expand by 20 basis points from the December quarter

– Margins will see a currency benefit by 60 – 70 basis points along with improved operating leverage

– Higher variable allowances, senior-level promotions, tactical investments will be some headwinds

– EBIT margin seen expanding by 20 basis points from the previous quarter

– Net profit seen 29% higher on a sequential basis at ₹13,727.6 crore

– Profit in the third quarter was impacted by exceptional items of ₹3,391 crore

– US Dollar Revenue growth seen 1.5% quarter-on-quarter to $7,619.5 million

– Constant Currency Revenue Growth seen at 1%

– Brokerages have pegged the CC growth range to be between 0.6% to 1.4%

– Topline to be boosted by inorganic contribution of approximately 30–40 basis points from the Coastal Cloud and ListEngage acquisitions

#CNBC-TV18 Poll

TCS will be the first Nifty 50 company that would be reporting its Q4 results today.

Along with TCS, broader market names like Anand Rathi Wealth and GM Breweries will also be reporting their results today.

Good Morning!

Welcome to CNBC-TV18’s Live coverage of the fourth quarter results from Tata Group giant, Tata Consultancy Services (TCS).

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