TATA CONSULTANCY SERVICES LTD. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 3,821 INR | -0.80% |
|
-0.13% | +0.74% |
| Apr. 25 | Tech companies plug into India's smaller cities for talent | RE |
| Apr. 24 | India's LTIMindtree's Q4 revenue misses estimates | RE |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 7,510,961 | 6,852,230 | 11,755,030 | 13,684,669 | 11,730,553 | 13,825,979 | - | - |
| Enterprise Value (EV) 1 | 7,148,195 | 6,548,500 | 11,421,230 | 13,249,619 | 11,300,103 | 13,657,333 | 13,375,283 | 13,297,198 |
| P/E ratio | 24.1 x | 21.2 x | 36.6 x | 36.1 x | 27.8 x | 30.8 x | 27 x | 24.2 x |
| Yield | 1.5% | 4% | 1.2% | 1.15% | 3.59% | 1.88% | 2.82% | 3.12% |
| Capitalization / Revenue | 5.13 x | 4.37 x | 7.16 x | 7.14 x | 5.2 x | 5.82 x | 5.32 x | 4.86 x |
| EV / Revenue | 4.88 x | 4.17 x | 6.96 x | 6.91 x | 5.01 x | 5.67 x | 5.14 x | 4.67 x |
| EV / EBITDA | 18.1 x | 15.6 x | 24.5 x | 25 x | 19.1 x | 21.2 x | 18.9 x | 16.9 x |
| EV / FCF | 26.9 x | 22 x | 31.7 x | 35.4 x | 28.7 x | 32.4 x | 26.7 x | 24.6 x |
| FCF Yield | 3.71% | 4.56% | 3.16% | 2.83% | 3.49% | 3.09% | 3.75% | 4.06% |
| Price to Book | 8.48 x | 8.14 x | 13.8 x | 15.4 x | 13 x | 15.5 x | 14 x | 12.7 x |
| Nbr of stocks (in thousands) | 3,752,385 | 3,752,385 | 3,699,051 | 3,659,051 | 3,659,051 | 3,618,088 | - | - |
| Reference price 2 | 2,002 | 1,826 | 3,178 | 3,740 | 3,206 | 3,821 | 3,821 | 3,821 |
| Announcement Date | 4/12/19 | 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 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,464,630 | 1,569,490 | 1,641,770 | 1,917,540 | 2,254,580 | 2,408,930 | 2,599,930 | 2,847,020 |
| EBITDA 1 | 395,060 | 421,090 | 465,460 | 530,570 | 592,590 | 642,960 | 709,468 | 784,732 |
| EBIT 1 | 374,500 | 385,800 | 424,810 | 484,530 | 542,370 | 593,110 | 655,565 | 727,622 |
| Operating Margin | 25.57% | 24.58% | 25.88% | 25.27% | 24.06% | 24.62% | 25.21% | 25.56% |
| Earnings before Tax (EBT) 1 | 415,630 | 422,480 | 437,600 | 516,870 | 569,070 | 619,970 | 692,366 | 768,904 |
| Net income 1 | 314,720 | 323,400 | 324,300 | 383,270 | 421,470 | 459,080 | 514,087 | 570,815 |
| Net margin | 21.49% | 20.61% | 19.75% | 19.99% | 18.69% | 19.06% | 19.77% | 20.05% |
| EPS 2 | 83.05 | 86.19 | 86.71 | 103.6 | 115.2 | 125.9 | 141.7 | 157.6 |
| Free Cash Flow 1 | 265,400 | 298,310 | 360,830 | 374,660 | 394,330 | 421,360 | 501,539 | 539,976 |
| FCF margin | 18.12% | 19.01% | 21.98% | 19.54% | 17.49% | 17.49% | 19.29% | 18.97% |
| FCF Conversion (EBITDA) | 67.18% | 70.84% | 77.52% | 70.61% | 66.54% | 65.53% | 70.69% | 68.81% |
| FCF Conversion (Net income) | 84.33% | 92.24% | 111.26% | 97.75% | 93.56% | 91.78% | 97.56% | 94.6% |
| Dividend per Share 2 | 30.00 | 73.00 | 38.00 | 43.00 | 115.0 | 73.00 | 107.6 | 119.2 |
| Announcement Date | 4/12/19 | 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 Q2 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 468,670 | 488,850 | 505,910 | 527,580 | 553,090 | 582,290 | 591,620 | 593,810 | 596,920 | 605,830 | 612,370 | 630,151 | 648,697 | 665,451 | 682,465 |
| EBITDA 1 | 131,160 | 134,330 | 138,450 | 134,160 | 145,160 | 155,530 | 157,740 | 149,980 | 157,460 | 163,880 | 171,640 | 166,890 | 174,569 | 182,016 | 187,774 |
| EBIT 1 | 120,000 | 122,370 | 126,280 | 121,860 | 132,790 | 142,840 | 144,880 | 137,550 | 144,830 | 151,550 | 159,180 | 154,769 | 162,704 | 171,073 | 176,552 |
| Operating Margin | 25.6% | 25.03% | 24.96% | 23.1% | 24.01% | 24.53% | 24.49% | 23.16% | 24.26% | 25.02% | 25.99% | 24.56% | 25.08% | 25.71% | 25.87% |
| Earnings before Tax (EBT) 1 | 129,690 | 131,910 | 133,640 | 127,760 | 140,960 | 146,440 | 153,910 | 149,890 | 153,300 | 148,290 | 168,490 | 163,238 | 170,869 | 180,173 | 185,612 |
| Net income 1 | 96,240 | 97,690 | 99,260 | 94,780 | 104,310 | 108,460 | 113,920 | 110,740 | 113,420 | 110,580 | 124,340 | 120,824 | 126,592 | 133,575 | 137,607 |
| Net margin | 20.53% | 19.98% | 19.62% | 17.97% | 18.86% | 18.63% | 19.26% | 18.65% | 19% | 18.25% | 20.3% | 19.17% | 19.51% | 20.07% | 20.16% |
| EPS 2 | 26.02 | 26.41 | 26.85 | 25.90 | 28.51 | 29.64 | 31.14 | 30.26 | 31.00 | 30.29 | 34.37 | 33.01 | 34.82 | 36.48 | 37.57 |
| Dividend per Share | 7.000 | 7.000 | 22.00 | 8.000 | 8.000 | 75.00 | 24.00 | - | - | - | - | - | - | - | - |
| Announcement Date | 10/8/21 | 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 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | 362,766 | 303,730 | 333,800 | 435,050 | 430,450 | 367,460 | 450,696 | 528,780 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 265,400 | 298,310 | 360,830 | 374,660 | 394,330 | 421,360 | 501,539 | 539,976 |
| ROE (net income / shareholders' equity) | 36.1% | 37.3% | 38% | 43.7% | 46.9% | 51.5% | 53.1% | 53.7% |
| ROA (Net income/ Total Assets) | 28.5% | 27.4% | 25.8% | 28.2% | 29.6% | 32.1% | 31.5% | 30.9% |
| Assets 1 | 1,106,194 | 1,179,212 | 1,258,289 | 1,361,363 | 1,425,826 | 1,428,198 | 1,632,180 | 1,846,072 |
| Book Value Per Share 2 | 236.0 | 224.0 | 231.0 | 244.0 | 247.0 | 250.0 | 273.0 | 301.0 |
| Cash Flow per Share 2 | 75.40 | 86.30 | 104.0 | 109.0 | 115.0 | 122.0 | 145.0 | 163.0 |
| Capex 1 | 20,530 | 25,380 | 27,190 | 24,830 | 25,320 | 22,020 | 44,325 | 47,154 |
| Capex / Sales | 1.4% | 1.62% | 1.66% | 1.29% | 1.12% | 0.91% | 1.7% | 1.66% |
| Announcement Date | 4/12/19 | 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
44
Last Close Price
3,821
INR
Average target price
4,199
INR
Spread / Average Target
+9.89%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +0.74% | 166B | |
| -12.23% | 194B | |
| +2.19% | 153B | |
| +4.34% | 99.85B | |
| +7.04% | 77.56B | |
| +19.09% | 73.55B | |
| -7.30% | 71B | |
| -20.54% | 52.81B | |
| +0.53% | 47.86B | |
| +7.60% | 37.14B |
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