Tata Consultancy Services Ltd. share price target

Weak start for FY26 likely. Salary hike postponed due to uncertainty in the demand environment

TCS Q4FY25 reported revneue stood at $7,465 million, down 1% q-o-q/up 1.4% y-o-y, missing our estimate of $7,501 million. Revenue growth in constant currency (CC) terms stood at 2.5% y-o-y. Revenue in rupee terms stood at Rs. 64,479 crore, up 0.8% q-o-q/5.3% y-o-y.

3QFY25 broadly in line. International growth weaker than expected. 4Q TCV must be a bumper one for FY25 to match FY24

TCS reported revenue of USD7.5b in 3QFY25, down 1.7% QoQ in USD terms vs. our estimated decline of 0.3%. Growth was driven by India (up 8.2% QoQ/66.3% YoY) and MEA (up 7.7% QoQ), while North America was down 1.5% QoQ.

Reported revenue growth stood at $7,539 million, down 1.7% q-o-q/up 3.5% y-o-y missing our estimates of $7,591 million. Revenue growth in constant currency (CC) terms stood at 4.5% y-o-y. Revenue in rupee terms stood at Rs. 63,973 crore, down 0.4% q-o-q/up 5.6% y-o-y. Seasonality and softness in discretionary demand led to the decline in revenues

Tata Consultancy Services Limited (TCS) recorded revenue of Rs. 64,259 Crore, a growth of 7.6% YoY. The company recorded constant currency revenue growth of 5.5% in Q2 FY25.