TATA CONSULTANCY SERVICES LTD. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 3,851 INR | +0.45% |
|
-2.44% | +1.53% |
| May. 17 | Indian Equities Extend Gains on Friday, Led by Real Estate, Auto and Metal Names | MT |
| May. 15 | INDICES - India & Brazil weaken |  |
Valuation
| Fiscal Period: March | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 6,852,230 | 11,755,030 | 13,684,669 | 11,730,553 | 14,024,793 | 13,872,109 | - | - |
| Enterprise Value (EV) 1 | 6,548,500 | 11,421,230 | 13,249,619 | 11,300,103 | 13,657,333 | 13,412,612 | 13,335,749 | 13,260,703 |
| P/E ratio | 21.2 x | 36.6 x | 36.1 x | 27.8 x | 30.8 x | 27 x | 24.3 x | 22.2 x |
| Yield | 4% | 1.2% | 1.15% | 3.59% | 1.88% | 2.81% | 3.11% | 3.53% |
| Capitalization / Revenue | 4.37 x | 7.16 x | 7.14 x | 5.2 x | 5.82 x | 5.34 x | 4.88 x | 4.5 x |
| EV / Revenue | 4.17 x | 6.96 x | 6.91 x | 5.01 x | 5.67 x | 5.16 x | 4.69 x | 4.3 x |
| EV / EBITDA | 15.6 x | 24.5 x | 25 x | 19.1 x | 21.2 x | 18.9 x | 17 x | 15.4 x |
| EV / FCF | 22 x | 31.7 x | 35.4 x | 28.7 x | 32.4 x | 26.7 x | 24.7 x | 22.8 x |
| FCF Yield | 4.56% | 3.16% | 2.83% | 3.49% | 3.09% | 3.74% | 4.04% | 4.39% |
| Price to Book | 8.14 x | 13.8 x | 15.4 x | 13 x | 15.5 x | 14 x | 12.7 x | 12.4 x |
| Nbr of stocks (in thousands) | 3,752,385 | 3,699,051 | 3,659,051 | 3,659,051 | 3,618,088 | 3,618,088 | - | - |
| Reference price 2 | 1,826 | 3,178 | 3,740 | 3,206 | 3,876 | 3,834 | 3,834 | 3,834 |
| Announcement Date | 4/16/20 | 4/12/21 | 4/11/22 | 4/12/23 | 4/12/24 | - | - | - |
1INR in Million2INR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,569,490 | 1,641,770 | 1,917,540 | 2,254,580 | 2,408,930 | 2,599,247 | 2,845,472 | 3,084,048 |
| EBITDA 1 | 421,090 | 465,460 | 530,570 | 592,590 | 642,960 | 710,189 | 786,275 | 859,517 |
| EBIT 1 | 385,800 | 424,810 | 484,530 | 542,370 | 593,110 | 656,317 | 729,255 | 798,099 |
| Operating Margin | 24.58% | 25.88% | 25.27% | 24.06% | 24.62% | 25.25% | 25.63% | 25.88% |
| Earnings before Tax (EBT) 1 | 422,480 | 437,600 | 516,870 | 569,070 | 619,970 | 694,040 | 771,247 | 841,377 |
| Net income 1 | 323,400 | 324,300 | 383,270 | 421,470 | 459,080 | 515,381 | 572,598 | 626,363 |
| Net margin | 20.61% | 19.75% | 19.99% | 18.69% | 19.06% | 19.83% | 20.12% | 20.31% |
| EPS 2 | 86.19 | 86.71 | 103.6 | 115.2 | 125.9 | 142.1 | 158.1 | 172.8 |
| Free Cash Flow 1 | 298,310 | 360,830 | 374,660 | 394,330 | 421,360 | 501,413 | 539,391 | 582,297 |
| FCF margin | 19.01% | 21.98% | 19.54% | 17.49% | 17.49% | 19.29% | 18.96% | 18.88% |
| FCF Conversion (EBITDA) | 70.84% | 77.52% | 70.61% | 66.54% | 65.53% | 70.6% | 68.6% | 67.75% |
| FCF Conversion (Net income) | 92.24% | 111.26% | 97.75% | 93.56% | 91.78% | 97.29% | 94.2% | 92.96% |
| Dividend per Share 2 | 73.00 | 38.00 | 43.00 | 115.0 | 73.00 | 107.7 | 119.3 | 135.5 |
| Announcement Date | 4/16/20 | 4/12/21 | 4/11/22 | 4/12/23 | 4/12/24 | - | - | - |
1INR in Million2INR
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: March | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 | 2025 Q3 | 2025 Q4 | 2026 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 488,850 | 505,910 | 527,580 | 553,090 | 582,290 | 591,620 | 593,810 | 596,920 | 605,830 | 612,370 | 629,658 | 648,442 | 665,450 | 682,864 | 702,240 |
| EBITDA 1 | 134,330 | 138,450 | 134,160 | 145,160 | 155,530 | 157,740 | 149,980 | 157,460 | 163,880 | 171,640 | 166,524 | 174,378 | 182,015 | 188,074 | 188,225 |
| EBIT 1 | 122,370 | 126,280 | 121,860 | 132,790 | 142,840 | 144,880 | 137,550 | 144,830 | 151,550 | 159,180 | 154,594 | 162,595 | 171,073 | 176,724 | 175,585 |
| Operating Margin | 25.03% | 24.96% | 23.1% | 24.01% | 24.53% | 24.49% | 23.16% | 24.26% | 25.02% | 25.99% | 24.55% | 25.07% | 25.71% | 25.88% | 25% |
| Earnings before Tax (EBT) 1 | 131,910 | 133,640 | 127,760 | 140,960 | 146,440 | 153,910 | 149,890 | 153,300 | 148,290 | 168,490 | 163,141 | 170,934 | 180,428 | 186,164 | 186,031 |
| Net income 1 | 97,690 | 99,260 | 94,780 | 104,310 | 108,460 | 113,920 | 110,740 | 113,420 | 110,580 | 124,340 | 120,751 | 126,641 | 133,766 | 138,019 | 138,795 |
| Net margin | 19.98% | 19.62% | 17.97% | 18.86% | 18.63% | 19.26% | 18.65% | 19% | 18.25% | 20.3% | 19.18% | 19.53% | 20.1% | 20.21% | 19.76% |
| EPS 2 | 26.41 | 26.85 | 25.90 | 28.51 | 29.64 | 31.14 | 30.26 | 31.00 | 30.29 | 34.37 | 33.00 | 34.83 | 36.53 | 37.66 | 37.13 |
| Dividend per Share | 7.000 | 22.00 | 8.000 | 8.000 | 75.00 | 24.00 | - | - | - | - | - | - | - | - | - |
| Announcement Date | 1/12/22 | 4/11/22 | 7/8/22 | 10/10/22 | 1/9/23 | 4/12/23 | 7/12/23 | 10/11/23 | 1/11/24 | 4/12/24 | - | - | - | - | - |
1INR in Million2INR
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | 303,730 | 333,800 | 435,050 | 430,450 | 367,460 | 459,498 | 536,361 | 611,406 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 298,310 | 360,830 | 374,660 | 394,330 | 421,360 | 501,413 | 539,391 | 582,297 |
| ROE (net income / shareholders' equity) | 37.3% | 38% | 43.7% | 46.9% | 51.5% | 53.2% | 54% | 55.5% |
| ROA (Net income/ Total Assets) | 27.4% | 25.8% | 28.2% | 29.6% | 32.1% | 31.4% | 30.9% | 29.8% |
| Assets 1 | 1,179,212 | 1,258,289 | 1,361,363 | 1,425,826 | 1,428,198 | 1,639,387 | 1,854,469 | 2,102,965 |
| Book Value Per Share 2 | 224.0 | 231.0 | 244.0 | 247.0 | 250.0 | 273.0 | 302.0 | 310.0 |
| Cash Flow per Share 2 | 86.30 | 104.0 | 109.0 | 115.0 | 122.0 | 145.0 | 162.0 | 181.0 |
| Capex 1 | 25,380 | 27,190 | 24,830 | 25,320 | 22,020 | 44,310 | 47,289 | 51,529 |
| Capex / Sales | 1.62% | 1.66% | 1.29% | 1.12% | 0.91% | 1.7% | 1.66% | 1.67% |
| Announcement Date | 4/16/20 | 4/12/21 | 4/11/22 | 4/12/23 | 4/12/24 | - | - | - |
1INR in Million2INR
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
45
Last Close Price
3,834
INR
Average target price
4,191
INR
Spread / Average Target
+9.30%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +1.53% | 167B | |
| -13.48% | 191B | |
| +3.37% | 155B | |
| +8.31% | 103B | |
| +11.19% | 82.06B | |
| -6.43% | 71.79B | |
| -18.66% | 54.05B | |
| -8.68% | 43.34B | |
| +9.88% | 38.62B | |
| -0.19% | 34.95B |
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