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Dear Shareholders,
It is my privilege to present to you the Integrated Annual Report 2025-26 of Tata Consultancy Services for the financial year ended March 31, 2026.
The year 2026 began with expectations of steady global growth, soft inflation and easier financial conditions. The year witnessed positive developments including the signing of the landmark India-EU trade agreement and the interim India-US trade deal. However, by early March, the start of the West Asia crisis brought rising concerns about stagflation—falling output coupled with rising inflation.
We are in the midst of intensifying geopolitical tensions, shifts in trade and supply chains, and uneven economic growth. Across markets, corporates are prioritising resilience, productivity and trust based decisions. In this backdrop, your company delivered a strong performance with the fiscal 2026 consolidated revenue of ₹ 267,021 crore, delivering a growth of 4.6% over the previous year. The Operating Income was ₹ 66,838 crore with an Operating Margin of 25.0%. The Net Income was ₹ 52,820 crore, a growth of 8.8% over the previous year, with the Net Margin of 19.8%. Both the Operating Margin and Net Margin were the highest over the past four years. The cash flows from operations were 105.9% of the net profit.
Fiscal 2026 performance saw strong client metrics with healthy additions across every revenue band, validating the critical role of the company in clients’ transformation journey. Clients generating over US$ 100 million revenue annually rose by 2 to 66, and the US$ 50 million revenue band increased by 9 to 139 clients. Your company signed several large deals including 5 mega deals in the year resulting in a strong demand. The total contract value exceeded US$ 40 bn. The Board has recommended a final dividend of ₹ 31/- per share, subject to your approval. The total dividend is ₹110/- per share for Fiscal 2026.
AI is now becoming the infrastructure of intelligence. It will influence how enterprises invest, organize supply chains, manage risk, and serve stakeholders. GenAI and agentic AI are entering a new phase of growth. AI will not just be a layer but will be the operating foundation.
AI is a foundational technology that cuts across all industries. The advancements in AI are creating industry wide shifts towards automation and transformation.
Your company has created a comprehensive AI strategy to provide full stack AI solutions to customers across industries. TCS is repositioning itself as an AI & Digital transformation partner. In fiscal 2026, TCS scaled up execution of the ‘Human+AI’ operating model and industry specific agent marketplace. Your company generated annualised revenues of US$ 2.3 billion in AI Services and US$ 11.5 billion in new-age services including Cloud, Data, Enterprise Solutions and Cyber Security.
During the year, we launched HyperVault a secure by design AI infrastructure platform, in partnership with TPG and supported by a deep partner ecosystem. As global constraints on power, compute, and geography intensify, India is emerging as a strategic ‘+1’ destination for AI infrastructure. HyperVault positions us at the centre of this shift.
TCS is also focusing on acquiring and scaling next-gen capabilities through inorganic initiatives. This year your Company completed acquisition of two companies with deep expertise in AI, cloud, and SaaS. TCS announced the acquisition of Coastal Cloud, for US$ 700 million in December 2025, and ListEngage in October 2025. These will boost TCS’ Salesforce practice and agentic AI capabilities.
AI is now becoming the infrastructure of intelligence. It will influence how enterprises invest, organize supply chains, manage risk, and serve stakeholders. GenAI and agentic AI are entering a new phase of growth. AI will not just be a layer but will be the operating foundation. Customers will move from pilots to scale, embedding AI into core functions.
Your company is working closely with customers across industries in their AI led transformation. For a European airline, we modernised a mission critical crew management system using GenAI, rebuilding decades of legacy logic. For a leading U.S. utility, AI driven dispatch optimisation improved field efficiency by 30%. For an electronics manufacturer, Physical AI is now improving safety and productivity.
As AI scales, key aspects of trust, security, and data sovereignty will be non-negotiable. Enterprises will need an AI Operating System. This Operating System will be a foundation of infrastructure, data, models, context, agents, and governance. Building it demands deep industry expertise, partnerships, and a clear understanding of enterprise context.
Looking ahead, your Company will prioritize efforts across four focus areas:
As we build a future ready TCS, we will lead with purpose, innovate responsibly, and uphold stakeholder’s trust in everything we do. This is anchored in the Tata value system—integrity, responsibility, inclusion, and respect for every individual.
Guided by Project Aalingana, the Tata Group’s vision for a greener, cleaner and more equitable future, sustainability remains integral to your company. In Fiscal 2026, nearly 79% of our global energy consumption was sourced from renewables, re-affirming our commitment to sustainable operations.
During the year, your company helped over 18.13 million people worldwide through our programs in education, skills, healthcare, and the environment. Women, youth, and marginalised groups gained new opportunities. The TCS Literacy and Women Empowerment Programs supported rural India helping the youth find jobs and learning digital skills. Your company’s employees volunteered 9.42 million hours, impacting 12.96 million lives.
I thank our customers, partners, and shareholders for their trust. I thank our associates for their commitment and ingenuity.
As technology reshapes the world, our responsibility is clear - innovate with integrity, scale with trust, and grow with humanity.
Warm regards,
N Chandrasekaran, Chairman
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