Pack analyst btn         PAC        
 
Report 09 Feb 2026

TCS (Tata Consultancy Services) - Vendor Profile - Worldwide

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.

 

Recommended advisory: PAC Leadership Session – AI in Business Transformation

profile-image
Dominique Raviart

SHARE :

Related Content

View all reports >

DXC Technology - Vendor Profile - Slovakia

This short vendor profile provides a quick overview of the local portfolio and performance of DXC Technology in Slovakia. We analyze the ...

Event Date : August 19, 2023

Read more >

EPAM - Figures - US – FY 31-Dec-2025

This Excel document is part of the company profiles PAC publishes every year at local, regional and worldwide level.

Event Date : March 19, 2026

Read more >

Optimising Supply Chain Operations with Agentic AI – InBrief Analysis

Supply chain operations in large organisations have reached a point where traditional planning, coordination, and governance no longer keep pace with ...

Event Date : March 09, 2026

Read more >

The AI Search Revolution in Customer Engagement – InBrief Analysis

From the customer’s point of view, AI-driven search delivers more tailored and relevant results. This may lead to better user experiences compared ...

Event Date : September 24, 2025

Read more >

Business Applications-Related Consulting & Systems Integration (C&SI) by Segments - Market Figures - Japan

This document provides market volumes, growth rates and forecasts for the Business Application Software (BAS)-related Consulting & Systems ...

Event Date : March 25, 2025

Read more >

Latest Publications report

View latest publications Reports >

Free reports & webinars

View All Free Reports & Webinars >