Tata Consultancy Services Limited will announce its results for the Q2FY27, ended Sept 30, 2026, on Thursday, after-market trading hours. The company will host an Earnings conference call at 7:00 pm IST during which the leadership team will discuss financial performance and take questions.
Bloomberg estimates suggest revenue rise 1.2% quarter-on-quarter to Rs 73,152 crore from Rs 72,275 crore, while EBIT is projected to increase 2.8% to Rs 17,802 crore from Rs 17,317 crore. EBIT margin is expected to expand to 24.33% from 24% in the previous quarter. The net profit is estimated to rise 3.3% to Rs 13,794 crore, compared with Rs 13,349 crore in Q1.
TCS Q2 Preview (Consolidated, QoQ, Bloomberg Estimates)
- Revenue seen 1.2% higher at Rs 73,152 crore versus Rs 72,275 crore
- EBIT seen 2.8% higher at Rs 17,802 crore versus Rs 17,317 crore
- EBIT margin seen at 24.33% versus 24%
- Profit seen 3.3% higher at Rs 13,794 crore versus Rs 13,349 crore
Here's what analysts are expecting from TCS Q2 results:
Jefferies
- Expect QoQcc revenue growth to improve slightly in 2Q to 0.6% QoQcc led by UK and Europe and India regions.
- Expect margins to be largely steady as any excess profits are likely to be reinvested in the business.
- Deal wins are likely to be steady in the US$9-10bn range. Demand outlook especially in BFSI vertical, North America and European region.
- Second Phase of BSNL deal and impact of AI on growth and execution at TCS amid boardroom uncertainty at Tata Sons will be key areas to watch.
Citi
- Expect revenue growth of ~0.7% qoq in cc terms.
- Margins likely to improve marginally qoq - limited operating leverage given slow growth.
- Expect deal TCV to be in the range of approx $9-10b.
- Key things to watch - demand outlook, margin trajectory, deal TCV and views on BFSI & Retail verticals.
JP Morgan
- Expect organic TCS CC QQ revenue growth to be 0.4%.
- Do not think the business model is broken and expect it to benefit from an eventual turn in the business cycle.
- TCS is trading at -2SD on 5/10 yr P/E bands with low expectations going into earnings.
- Key downside risk include Rupee appreciation vs the FX basket, lower-than-expected revenue growth, decrease in tech spends, and weak economic activity in the US.
CLSA
- Macro is similar as in the previous quarter. TCS Is seeing positive momentum.
- Win ratios have not deteriorated for TCS. Orderbook should be in US$7bn-US$9bn range excluding mega deals.
- BFSI continues to lead growth, along with the tech services vertical.
- Believe that the services industry market size has shrunk leading to no meaningful growth for TCS.
- TCS are not seeing any incremental deflation due to AI.
ICICI Securities
- Estimate revenue growth of 0.6% QoQ CC in Q2FY27, led by healthy deal ramp up in Jul'26/Aug'26, part
- TCS is seeing recovery in its manufacturing vertical, but softness in retail and CMT continues.
- Expect EBIT margins to increase slightly by 10bps QoQ, despite impact of wage hike.
- Expect Q2FY27 deal TCV to be in line with previous four quarter average TCV run-rate of approximately $10bn.
HSBC
- 2Q27 sales growth for TCS is expected to be 0.6% q-o-q in USD terms and 0.8% q-o-q in organic CC terms
- Expect the operating margin to improve q-o-q by c35bp on account of favourable currency movement and part absorption of wage hikes taken in Q1.
Systematix
- Expect that CC revenue will grow by 0.6% QoQ, driven by recovery in international business.
- BFSI and Manufacturing are expected to aid growth.
- EBIT margin is expected to expand 10 bps QoQ; margins typically rebound in 2Q as the wage-revision impact eases.
- Deal TCVs expected to be healthy around $9-10bn.
READ | TCS Q2 Results: Announcement Date, Dividend Record Date, Earnings Call, Share Price Performance
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