Q2 Results Live Updates: TCS Declares Rs 12 Interim Dividend; Profit, Revenue Meet Estimates

Max Healthcare's revenue is forecasted to expand 19% YoY supported by bed additions according to Nuvama. However, Ebitda margin is likely decline 180bp YoY to 25.9% due to looming high clinician costs, pricing challenges in oncology drugs and losses from new beds.

Nuvama projects Fortis Healthcare Ltd.'s hospital revenue is expected to rise about 16% year-on-year, supported by the addition of new beds across its network.

However, the hospital business's Ebitda margin is likely to soften to around 22%, down 100 basis points from a year ago, due to higher employee stock ownership plan (ESOP) expenses and increased clinician costs. Elevated interest expenses are also expected to weigh on overall profitability.

Nuvama anticipates the healthcare sector’s Ebitda expanding approximately 18% YoY, driven by 17% growth in hospitals and 26% in diagnostics for the second quarter of fiscal 2027.

• CC revenue growth at 0.5% QoQ
• International revenue grew 1.2% QoQ in CC terms
• BFSI revenue grew 2.5% QoQ in CC terms
• Manufacturing revenue grew 3.1% QoQ in CC terms
• Technology & Services revenue grew 3.1% QoQ in CC terms
• Annualised AI revenue at $3.1 billion, crossing 10% of revenue
• Q2 total contract value (TCV) at $9.6 billion

TCS has announced a rise of 4% in net profit to Rs 13,884 crore, as compared to Rs 13,349 crore in the previous quarter. Revenue also rose marginally to Rs 73,188 crore. 

TCS Q2 Results - Cons, QoQ

• Net profit up 4% at Rs 13,884 crore vs Rs 13,349 crore QoQ
• Revenue up 1.3% at Rs 73,188 crore vs Rs 72,275 crore QoQ
• EBIT up 1.4% at Rs 17,553 crore vs Rs 17,317 crore QoQ
• EBIT margin at 24% vs 24.38% QoQ

Read more: TCS Q2 Results: Profit, Revenue Meet Estimates; Dividend Declared

Tata Consultancy Services Ltd. declared a second interim dividend of Rs 12, after posting its financial results for the second quarter of FY27.

Read more: TCS Q2 Results: IT Giant Declares Rs 12 Interim Dividend, Check Record Date

Tata Consultancy Services Ltd., slipped to red and traded 0.16% lower 2,077 apiece as of 3:18 p.m. after bucking the bearish trend for most of the day. TCS's share price had gained as much as 2.94% to Rs 2,141.50 apiece on the NSE.

Read more: TCS Share Price Slips To Red Ahead Of Q2 Results, As Nifty Tanks To 18-Month Low

The BSE Sensex fell as much as 1.69%, or 1,231.91 points, to an intraday low of 71,406.79, while the Nifty 50 declined 1.82%, or 413.05 points, to around 22,190.

The sell-off has also resulted in a sharp erosion in investors' wealth. As of now, investors have lost Rs 10,51,614.06 crore (Rs 10.52 lakh crore), with the market capitalisation of all BSE-listed companies falling to Rs 4,61,83,659.33 crore, from Rs 4,72,35,273.39 crore at Wednesday's market close.

Read more: Nearly Rs 11,00,00,00,00,000 Wiped Out! Investors Lose As Sensex Crashes 1,232 Points, Nifty Slips Below 22,200

Nuvama projects a soft performance for Max Healthcare Institute Ltd., Fortis Healthcare Ltd. and Jupiter Life Line Hospitals.

The benchmark Nifty 50 briefly slumped below the 22,200 mark on Thursday, extending its losing streak despite resilient domestic macroeconomic parameters. 

Read more: Nifty Breaks Below 22,200: Bottom-Fishing Or Value Trap? What Should Investors Do Now

Nuvama expects Dr Lal Path Labs Ltd., Apollo Hospitals Ltd., Vijaya Diagnostic Centre Ltd., and Yatharth Hopsital And Trauma Care Services Ltd. to post good numbers for their financial results for the second quarter of fiscal 2027.

Anand Rathi continues to view Mastek as a turnaround play, citing leadership changes in the US business, improving growth prospects and the resilience of its UK operations. The brokerage said early signs of improvement could emerge over the coming quarters.

Anand Rathi's preferred mid-cap IT picks are Persistent Systems and Mphasis. The brokerage cited Persistent's strong deal wins and execution track record, while highlighting Mphasis as a beneficiary of a BFSI recovery and growing pipeline momentum.

Among large-cap IT stocks, Anand Rathi prefers Tech Mahindra and LTIMindtree, citing execution, telecom exposure and strong growth visibility. Infosys also remains a 'Buy' due to its AI partnerships, disciplined capital allocation, strong free cash flow yield and dividend profile.

While AI has created pricing pressure in legacy services, Anand Rathi believes scaled AI deployment could emerge as a meaningful growth driver. The brokerage said companies are seeing opportunities in GenAI implementation, agentic workflows and modernization projects as clients move beyond experimentation.

Anand Rathi said FY27 is shaping up to be the fourth straight year of subdued growth for the IT sector amid AI-led deflation, GCC insourcing, rising competitive intensity and a challenging macro environment. The brokerage expects management commentary on discretionary spending, furloughs and demand trends to be closely watched.

Persistent Systems is expected to post 6%-7% QoQ constant-currency growth in Q2FY27, while Mphasis is seen delivering more than 3% growth, including 2%-2.5% organic growth. Anand Rathi said both companies continue to outperform within the mid-cap IT space.

Anand Rathi expects Wipro to report an organic revenue decline of around 2% in Q2FY27, while LTIMindtree's growth is likely to remain below 1% QoQ in constant-currency terms. Tech Mahindra is expected to grow around 1%-1.5% during the quarter.

According to Anand Rathi, TCS indicated a strong start to the quarter in July and August, but September was impacted by higher interest rates and weakness in the Middle East. Manufacturing and retail verticals were among the affected segments.

Anand Rathi estimates the top six Indian IT companies will report median constant-currency revenue growth of about 1.1% QoQ in Q2FY27, compared with around 0.35% in Q1FY27. Year-on-year constant-currency growth is expected to remain at about 2.9%.

Vedanta's board has approved its first interim dividend for FY27 of Rs 5 per equity share, with the total payout estimated at approximately Rs 1,955 crore. The company has fixed Oct. 14, 2026 as the record date to determine shareholders eligible to receive the dividend. The dividend will be paid within the timelines prescribed under applicable law.

Anand Rathi expects Indian IT companies to report only a modest seasonal improvement in Q2FY27, with growth driven more by normal seasonality than a demand recovery. The brokerage said discretionary spending remains weak, while deal activity continues to be dominated by cost-takeout programs.

HDFC Securities said Infosys remains its preferred pick among tier-1 IT companies. In the mid-tier segment, it prefers Persistent Systems, Mphasis and LTIMindtree, while Cyient and Zensar Technologies are its preferred smaller-cap names.

• GM Breweries shares fell up to 6.61% to hit an intraday low of Rs 921 on BSE.
• The fall came after the company declared its Q2 FY27 results.
   

HDFC Securities said AI-led productivity gains are increasingly being passed on to clients through renewals and new contracts, creating pricing pressure for IT services firms. While companies continue to win AI-led deals, conversion remains gradual and demand visibility is still limited.

Maruti Suzuki India will announce its Q2FY27 results on Oct. 27, according to an exchange filing by the company. The board will consider and approve the financial results for the quarter ended Sept. 30.

The brokerage upgraded Cyient to 'Buy' and downgraded Birlasoft to 'Add' after revising FY27-FY29 revenue estimates lower by around 0.4%-0.6%. It cited a slower-than-expected recovery and continued demand uncertainty across the sector.

GM Breweries reported a 12.6% year-on-year increase in consolidated net profit to Rs 39.3 crore in Q2FY27, compared with Rs 34.9 crore a year earlier. Revenue grew 19.9% to Rs 214 crore from Rs 181 crore, while EBITDA rose 11.2% to Rs 49.8 crore from Rs 44.8 crore. EBITDA margin, however, narrowed to 23.3% from 24.8% in the year-ago quarter.

HDFC Securities expects Infosys to lower its FY27 constant-currency growth guidance to 2%-3% from 2%-3.5%. HCLTech may trim the upper end of its services growth guidance to 3% from 3.5%, while Wipro could guide for -1% to 0% QoQ constant-currency growth for Q3FY27.

Among mid-tier IT companies, Persistent Systems is expected to deliver 6.3% QoQ constant-currency growth, aided by the Concise Systems acquisition. Cyient DET is seen growing 5.5%, LTIMindtree 5.3% and Mphasis 3.5%, according to HDFC Securities.

HDFC Securities expects HCLTech to post the strongest Q2 performance among tier-1 IT companies with 2% QoQ constant-currency growth, followed by Tech Mahindra at 0.9%. Infosys is seen growing 1.3%, TCS 0.5%, while Wipro is expected to decline 0.4% QoQ.

HDFC Securities expects a subdued Q2FY27 for Indian IT companies despite the seasonally strong quarter. Tier-1 firms are likely to report revenue growth between -0.4% and 2% QoQ in constant currency terms as deal wins remain soft, discretionary spending stays weak and pricing pressure persists amid AI-led productivity pass-through.

• Devarsh Vakil, Head of Prime Research at HDFC Securities, said Tata Consultancy Services (TCS) will report its Q2 FY27 results today after market hours, with the board also scheduled to consider a second interim dividend.

• Vakil said the Street expects revenue growth of around 0.5% QoQ and 2.8% YoY, along with largely stable margins compared with Q1 FY27.

• The brokerage expects total contract value (TCV) for the quarter to be in the $10-11 billion range.

• Key investor focus areas will be whether growth has stabilised across major markets and verticals, and the pace at which margins can move toward the company's 25% exit margin target.

• Management commentary on deal wins, discretionary spending, BFSI demand, AI-led opportunities and margin outlook will remain critical monitorables during the earnings call.

• Cyient is benefiting from strong demand in transportation and mobility, while the TAO Digital acquisition is expected to support scale and margin improvement.
   
• Key risks include execution of large deals and integration challenges.
   
• Birlasoft remains a contrarian Buy, supported by improving deal activity in BFSI and life sciences and attractive valuations of around 12.2x earnings.
   
• While Coforge remains one of the strongest growth stories in the sector, IDBI Capital believes the stock is fully valued at around 33.3x earnings, limiting further upside.
   

• IDBI Capital said mid-tier IT companies continue to outgrow large caps, although acquisition-led growth is playing a meaningful role in some cases.
   
• Growth at Coforge and Sonata Software is being supported by contributions from Encora and domestic business momentum, respectively.
   
• The brokerage highlighted Cyient and Birlasoft as its preferred mid-cap IT picks.

• IDBI Capital prefers HCLTech and TCS among large-cap IT names.
   
• The brokerage expects HCLTech to deliver the strongest sequential growth, aided by Jaspersoft, the HPE telecom business, and seasonal tailwinds.
   
• Margin recovery at HCLTech is expected to remain on track, with management commentary on guidance and AI-driven data centre spending being key monitorables.
   
• For TCS, IDBI Capital expects modest growth but believes AI-led services demand and easing wage pressures should support margins.
   
• The brokerage said TCS offers relatively attractive valuations at around 13.8x FY27 estimated earnings.

• IDBI Capital expects a muted September quarter for Indian IT companies, citing macro uncertainty, pricing pressure and slower conversion of mega deals.
• The brokerage said large-cap IT firms are likely to report USD revenue growth of around 1%, with margin improvement driven more by currency benefits and easing wage costs than demand recovery.
• Infosys remains a weak spot due to pricing pressures, while Wipro continues to face growth challenges.

• The contrast between TCS' post-pandemic growth period and current conditions highlights the moderation in global technology spending.
   
• Analysts expect Q2 FY27 constant-currency growth of around 0.5%-0.8%, significantly below the growth levels seen during FY23 and FY25.
   
• Management commentary around discretionary spending, deal conversion, AI-led demand and client budgets will be closely monitored for signs of a broader recovery in the IT sector.

• During Q2 FY25, BFSI showed signs of recovery, while manufacturing and energy emerged as stronger-performing verticals for TCS.
   
• However, North America, TCS' largest market, remained under pressure and declined 2.1% in constant-currency terms during the quarter.
   
• Investors will closely watch whether the recovery in BFSI spending has continued into Q2 FY27 and whether demand trends in North America have improved.

• Tata Consultancy Services (TCS) shares were trading 2.5% higher ahead of its Q2 FY27 earnings announcement.

• The stock has gained 2.67% over the last five trading sessions, indicating some pre-results buying interest.

• Despite the recent rebound, TCS remains under pressure over longer periods and is down 5.68% in the last one month.

• The stock has declined 16.87% over the last six months and is down 34% on a year-to-date basis.

• On an annual basis, TCS has fallen 29.7% over the past year.

• Over a five-year period, the stock has declined 45.95%, reflecting the broader correction in IT stocks amid slowing demand, pricing pressure and concerns around discretionary technology spending.

• Investors will watch the Q2 earnings, deal wins, AI revenue growth, margins and management commentary for signs of a recovery in the demand environment.

• Tata Consultancy Services (TCS) enters the Q2 FY27 earnings season after a year marked by a challenging demand environment for IT services companies.
   
• In Q2 FY23, TCS reported 8.6% year-on-year revenue growth in dollar terms and 15.4% growth in constant currency, reflecting strong post-pandemic demand across industries and geographies. Operating margin stood at 24% during the quarter.
   
• Growth moderated in Q2 FY24, when revenue rose 4.8% year-on-year in dollar terms and 2.8% in constant currency. Operating margin improved to 24.3%, while the company reported a $11.2 billion order book, among its highest quarterly deal totals at the time.
   
• In Q2 FY25, revenue growth improved to 6.4% year-on-year in dollar terms and 5.5% in constant currency, reaching $7.67 billion. However, operating margin eased to 24.1% from 24.3% a year earlier.

• Tata Consultancy Services (TCS) has signed a multi-year strategic agreement with Best Buy, under which the retailer's India Global Capability Centre (GCC) will transition to TCS.

• As part of the agreement, the Best Buy India team will become part of TCS, strengthening the IT services company's delivery and capability base.

• TCS said the GCC will evolve into an AI-native capability centre, with a focus on accelerating technology-led transformation.

• The partnership will focus on AI-led innovation, digital capabilities and enterprise transformation initiatives.

• The development comes as enterprises increasingly look to leverage AI and GCC models to drive operational efficiency and business transformation.

TCS is currently the top gainer on both BSE 30-share Sensex Index as well as NSE Nifty 50 index.

• TCS shares were trading higher in trade on Thursday.
• Currently, the shares were trading nearly 3% higher at Rs 2,136 apiece.
• The 52-week high is 3,336.70, while 52-week low is Rs 1,976.

• Investors will monitor headcount additions, demand trends in the data centre business, and any impact from AI-led productivity gains.
• Updates on hiring, utilisation, wage costs and margin sustainability will be key talking points during the management commentary.
• Any commentary on pricing pressure from AI adoption and large transformation deals will also be closely watched.

• A major focus area for investors will be TCS' AI business, which had reached an annualised revenue run-rate of $2.6 billion in Q1 FY27, up 13.6% QoQ.
• Analysts will seek updates on AI-related demand, monetisation, pricing trends and potential margin implications.
• The company's AI revenue run-rate has grown steadily from $1.5 billion at its December 2025 Analyst Day to $2.6 billion in Q1 FY27.

• Analysts expect TCS' Q2 deal wins to be around $10 billion, compared with $9.5 billion in Q1 FY27.
• Investors will closely track management commentary on discretionary spending trends, BFSI demand, and the demand environment in major markets.
• Commentary around the impact of the Middle East conflict and slower demand recovery on organic growth will also remain in focus.

• Tata Consultancy Services (TCS) is expected to report 0.5%-0.8% constant-currency growth for Q2 FY27, with Bloomberg consensus estimating revenue at Rs 73,026 crore, up 1% QoQ from Rs 72,275 crore.
• Net profit is estimated at Rs 13,788 crore, up 3.3% QoQ, while EBIT is seen rising 2.8% to Rs 17,805 crore.
• EBIT margin is expected to improve 42 basis points to 24.38%.

• Besides TCS, companies scheduled to announce Q2 FY27 results on Oct. 8 include GM Breweries, Grand Oak, Ind Bank Housing, K&R Rail Engineering, Lotus Chocolate Company and Onix Solar Energy.
• However, TCS remains the marquee earnings event of the day and is expected to set the tone for the upcoming IT earnings season.

• Analysts expect quarterly deal wins worth $9-10 billion for TCS.
• Investors will watch commentary on BFSI demand, North America and Europe trends, manufacturing recovery, and AI-led productivity initiatives.
• Management's outlook on the second phase of the BSNL project and deal conversion pipeline will also remain in focus.

• Brokerages expect TCS' constant-currency revenue growth to be in the 0.4%-0.8% QoQ range.
• Jefferies expects 0.6% CC growth, Citi sees 0.7%, while JP Morgan estimates 0.4% growth.
• ICICI Securities, HSBC and Systematix expect growth of around 0.6%, 0.8% and 0.6%, respectively.

• According to Bloomberg estimates, TCS revenue is expected to rise 1.2% QoQ to Rs 73,152 crore from Rs 72,275 crore.
• EBIT is projected at Rs 17,802 crore, up 2.8% QoQ, while EBIT margin is seen improving to 24.33% from 24%.
• Net profit is estimated to increase 3.3% QoQ to Rs 13,794 crore from Rs 13,349 crore.

• Tata Consultancy Services (TCS) is set to announce its Q2 FY27 results after market hours on Oct. 8.
• The company will hold its earnings conference call at 7:00 p.m. IST following the results announcement.
• Investors will closely track management commentary on demand trends, BFSI spending, AI adoption and key geography performance.

Q2 Results Live: Welcome to NDTV Profit’s live coverage of the September quarter (Q2 FY27) earnings season. TCS, GM Breweries, Grand Oak, Ind Bank Housing, K&R Rail, Lotus Chocolate Company and Onix Solar Energy are among the companies set to announce their Q2 FY27 results today. 

Stay with us for real-time earnings updates, key financial numbers, management commentary and the latest developments as companies report their quarterly performance.