With $30.2bn in FY25 revenues, TCS is the second-largest IT services provider globally (after Accenture) and the largest India-centric (ahead of Cognizant and Infosys). The company has long stood out for its ability to execute well, grow faster organically than competitors, and operate in a higher EBIT margin range (24% in FY25 vs. 21% for Infosys). TCS also benefits from the Tata Group, which has proven very effective in attracting talent and providing its IT services to Tata Group companies. TCS is also extremely effective at satisfying clients – and keeping them.
TCS is one of the most diversified Indian IT services firms in terms of geographical footprint. It has a significant presence in South America, Japan, and India. In India, the company won the high-visibility BNSL contract (with a TCV of ~$2bn).
Since Q1 FY26, TCS has lost some of its organic growth momentum and moved into negative territory, partly due to the end of the main BNSL contract in India. However, TCS’s woes are not only linked to the BNSL contract. The company has posted low or negative growth in its main geographies, including North America, as well as, more recently, the UK and Continental Europe. Only Latin America and MEA have performed well, but they represent only ~4% of revenues. Clearly, TCS has a growth problem.
Despite its current lack of revenue momentum, TCS has a well-oiled contract engine with a massive B2B ratio of 1.5 in FY24 and 1.3 in FY25. The company continues to win mega deals (e.g., the recent $500m deal with Danish insurance firm Tryg). However, unlike HCLTech and Infosys, the company has struggled to convert these bookings into revenue.
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