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TCS’s latest reported results are for Q2 FY27, the three months ended September 30, 2026, announced October 8, 2026. Revenue was $7,642 million, while operating margin was 24.0%, net margin was 19.0%, and quarterly contract value was $9.6 billion. To interpret those figures, keep the period, currency and comparison basis attached—and treat signed contract value as a demand signal, not revenue already earned.
Start with the reporting period
TCS’s fiscal year runs from April 1 through March 31. Q2 FY27 therefore covers July 1 to September 30, 2026. The results were announced on October 8, 2026. Always identify the quarter and end date before comparing numbers; “latest quarter” changes over time.
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The figures below are company-reported consolidated results. TCS reports under both Ind AS and IFRS. Its investor relations site organizes quarterly reports by period, and its financial statements page says the company adopted Ind AS effective April 1, 2016. See the TCS investor relations page, financial statements, and investor FAQ for the official reporting materials and fiscal-year context.
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Revenue is the value of services reported as delivered during the period. For Q2 FY27, TCS reported revenue of $7,642 million and ₹731,880 million. These are the same quarter expressed in different currencies; do not compare one with a growth rate stated in the other currency.
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Growth depends on the comparison. TCS reported that Q2 FY27 revenue was up 2.4% year over year in USD, up 0.2% quarter over quarter in USD, and up 0.5% quarter over quarter in constant currency. Year-over-year compares with the same quarter one year earlier; quarter-over-quarter compares with the immediately preceding quarter. Constant currency adjusts for currency movements, helping show underlying change without treating exchange-rate effects as business growth.
| Q2 FY27 measure | Reported figure | How to read it |
|---|---|---|
| Revenue | $7,642 million; ₹731,880 million | Revenue reported for the three months ended September 30, 2026. |
| Revenue growth | +2.4% year over year in USD | Compared with Q2 FY26, in reported USD. |
| Revenue growth | +0.2% quarter over quarter in USD | Compared with Q1 FY27, in reported USD. |
| Revenue growth | +0.5% quarter over quarter in constant currency | Compared with Q1 FY27 after adjusting for currency movements. |
For sequential constant-currency context, TCS said BFSI grew 2.5%, Manufacturing 3.1%, and Technology & Services 3.1%. International revenue grew 1.2% quarter over quarter in constant currency. These are company-reported segment and geography figures, not independent forecasts.
How to interpret profit and margins
Operating income and operating margin focus on profitability from operations. Net income and net margin reflect what remains after items such as other income and taxes. In Q2 FY27, TCS reported operating income of $1,833 million and net income of $1,450 million under IFRS, with an operating margin of 24.0% and net margin of 19.0%.
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A margin is a proportion, not a dollar amount: it expresses income relative to revenue. Operating margin helps assess the profitability of the company’s operations; net margin captures the share of revenue left as net income. They answer different questions, so do not treat the two percentages as interchangeable.
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When comparing historical margins, check the relevant release’s notes for exceptional items. TCS’s comparative financial table marks some periods as excluding exceptional items, which can affect whether a comparison is like-for-like.
What deal wins and TCV tell you—and what they do not
TCS reported Q2 FY27 total contract value (TCV) of $9.6 billion. TCV is the total contract value reported for contracts signed during the quarter. It can indicate demand and bookings, but it is not revenue recognized in that quarter. Revenue is reported as services are delivered; the results materials do not establish a formula or schedule that converts this quarter’s TCV into future revenue.
Among the announcements, TCS described a five-year strategic partnership with Porsche AG and the acquisition of MHP, Porsche’s Germany-based management and IT consulting subsidiary. It also announced an agreement to transition Best Buy’s India Global Capability Center to TCS and transform it into an AI Capability Center. These announcements provide context about the quarter’s commercial activity; an announced partnership or transition agreement should not be presented as immediate revenue or guaranteed future results.
Use cash flow to cross-check earnings
Net cash from operations was $1.48 billion, or 102.2% of net income, in Q2 FY27. Comparing operating cash flow with net income offers a cash-conversion check alongside the reported profit figures. It is a separate measure from revenue, margin and contract value.
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A practical checklist for comparing TCS quarters
- Match the period: compare the same quarter year over year, or clearly label a sequential comparison.
- Match the currency and basis: distinguish reported USD or INR from constant-currency growth.
- Read both margins: examine operating and net margins, and check historical footnotes for exceptional-item exclusions.
- Check cash conversion: compare net cash from operations with net income for the quarter.
- Separate bookings from delivery: read TCV and named deal announcements as demand context, not as revenue already earned.
- Look for mix: review which segments and geographies contributed to reported growth, while keeping company-reported figures distinct from forecasts.
For longer-term context, TCS reported FY26 revenue of $30,017 million and net income of $5,938 million. Annual figures cover a different time span than a quarterly result and should not be compared as though they describe the same period.
CEO and Managing Director K Krithivasan said, “We are pleased with the broad-based growth in all our international markets and most industry segments.” This is management commentary. It is distinct from the reported revenue, profit, margin and cash-flow figures, which are financial results for the stated period.
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