By Dalal Street Investment Journal (DSIJ)
TCS and Infosys show different strengths in 2026, with TCS reporting higher margins, ROE and deal scale, while Infosys recorded stronger FY26 growth and trades at lower valuation multiples.
TCS and Infosys are two large IT services firms in India. Their financial profiles differ in 2026: TCS is larger in size and reports higher margins and returns, while Infosys reported higher revenue and profit growth in FY26.
During FY26, the revenue generated by TCS was ₹2,67,021 crore, and its adjusted operating margin was 25%. The revenue generated by Infosys was ₹1,78,650 crore, with a year-on-year growth rate of 9.6%, compared with 4.6% for TCS.
TCS shows higher profitability and capital efficiency metrics in FY26, while Infosys shows higher revenue and profit growth and trades at lower valuation multiples over the same period.
TCS and Infosys operate across similar areas, including application development, cloud, consulting, infrastructure management, data analytics and AI-led transformation. The differences lie in scale, sector mix and geographic exposure.
FY26 business mix
Metric | TCS | Infosys |
Largest vertical | BFSI: 32% | Financial Services: 27.9% |
Second largest vertical | Consumer Business: 15.5% | Manufacturing: 16.3% |
North America | 48.60% | 56.10% |
Europe incl. UK | 32.80% | 32.10% |
(Source: TCS Annual Reports, Infosys Annual Reports, BSE, NSE, DSIJ)
Financial services account for the largest revenue share for both firms. TCS recorded a BFSI contribution of 32% of total revenues in FY26, followed by consumer at 15.5% and life sciences and healthcare at 10.4%. Infosys generated 27.9% of revenue from financial services, 16.3% from manufacturing, 13.3% from energy, utilities, resources and services, and 12.9% from retail.
The geographic mix also differs. TCS had 48.6% of its revenues from North America, compared with 56.1% for Infosys. Europe, comprising the UK at 17.4% and Continental Europe at 15.4%, contributed 32.8% to TCS revenues, compared with 32.1% for Infosys.
Both companies operate internationally, with Infosys reporting a higher revenue share from North America. This exposure may make changes in US technology spending and enterprise IT budgets relevant to its results.
The financial comparison shows a difference in profile: TCS reports higher scale and profitability, while Infosys reported higher revenue and profit growth in FY26.
Particulars | TCS FY24 | TCS FY25 | TCS FY26 | Infosys FY24 | Infosys FY25 | Infosys FY26 |
Revenue | ₹2,40,893 crore | ₹2,55,324 crore | ₹2,67,021 crore | ₹1,53,670 crore | ₹1,62,990 crore | ₹1,78,650 crore |
Revenue growth | 6.80% | 6.00% | 4.60% | 4.70% | 6.10% | 9.60% |
PAT | ₹45,908 crore | ₹48,553 crore | ₹49,210 crore | ₹26,233 crore | ₹26,713 crore | ₹29,440 crore |
PAT growth | - | 5.80% | 1.40% | - | 1.80% | 10.20% |
Operating margin* | 24.60% | 24.30% | 25.00% | 20.70% | 21.10% | 20.30%
|
(Source: TCS Annual Reports, Infosys Annual Reports, BSE, NSE, DSIJ)
TCS revenue increased from ₹2.41 lakh crore in FY24 to ₹2.67 lakh crore in FY26, with growth of 4.6% in FY26. In constant currency terms, FY26 revenue declined 2.4%, which the company partly attributed to the completion of a large transformation programme in India. Its operating margin was 25% in FY26, which it noted as a four-year high.
Infosys reported revenue growth of 9.6% to ₹1,78,650 crore and PAT growth of 10.2% to ₹29,440 crore in the fiscal year ending March 2026. Revenue growth on a constant currency basis was 3.1%. Reported operating margin moved from 21.1% to 20.3% over the same period.
The margin difference between the two companies remained in FY26. After adjusting Infosys's FY26 margin for the ₹1,289 crore Labour Code impact, its adjusted margin was 21.0%, around four percentage points below TCS.
Note: TCS's FY24 and FY26 operating margin figures exclude disclosed one-off items. The PAT figures in the table are statutory reported PAT attributable to shareholders, so the profit comparison is on a reported basis.
Following the correction in IT stocks, valuation multiples for both companies have moderated. As of the reference date below, Infosys trades at lower multiples than TCS on both earnings and book value.
Metric | TCS | Infosys |
P/E | 15.6x | 13.7x |
P/B | 7.5x | 4.6x |
FY26 ROE | 51.40% | 31.60% |
FY26 Dividend/Share | ₹ 110 | ₹ 48 |
Dividend Yield* | 4.90% | 4.40%
|
(Source: TCS Annual Reports, Infosys Annual Reports, BSE, NSE, DSIJ)
As of September 8, 2026, TCS was trading around ₹2,261, at a price-to-earnings multiple of about 16.4 times and a price-to-book of 7.7 times. Infosys, at around ₹1,095, traded at roughly 14.6 times earnings and 5.1 times book value.
TCS's return on equity for FY26 was 51.4%, compared with 31.6% for Infosys. This difference in return on equity is one factor associated with the difference in valuation multiples between the two companies.
On dividends, TCS paid ₹110 per share for FY26 compared with ₹48 for Infosys, corresponding to yields of roughly 4.9% and 4.4%, respectively, at the prices noted above.
Infosys trades at lower valuation multiples than TCS across the metrics shown, while TCS reports higher profitability and return on equity figures. The data points are in different directions depending on which metric is weighted more heavily and do not resolve into a single conclusion on their own.
Dividend yield is calculated using the FY26 dividend per share and September 8, 2026, market prices.
Both companies report limited balance sheet leverage as of FY26.
FY26 balance sheet metric
Particulars | TCS | Infosys |
Cash and cash equivalents | ₹6,417 crore | ₹22,201 crore |
Current investments | ₹33,770 crore | ₹12,950 crore |
Shareholders' equity/net worth | ₹1,07,240 crore | ₹93,297 crore |
Interest-bearing borrowings | No material debt | No material debt
|
(Source: TCS Annual Reports, Infosys Annual Reports, BSE, NSE, DSIJ)
TCS ended FY26 with ₹33,770 crore in current investments and ₹6,417 crore in cash and cash equivalents, against shareholders' equity of ₹1,07,240 crore. The company reported no material interest-bearing borrowings, with liabilities primarily comprising lease obligations.
Infosys reported ₹22,201 crore in cash and ₹12,950 crore in current investments, with a total equity of ₹93,297 crore. The company also reported no material interest-bearing debt, with lease liabilities related to its operations.
Based on these figures, leverage does not appear to be a differentiating factor between TCS and Infosys. Both companies report cash, investment balances and limited debt that support funding of investments, acquisitions and shareholder payouts through internal cash generation.
The weekly chart of Infosys shows a breakdown from a bearish head-and-shoulders pattern. The stock is now approaching a key support zone that lines up with the 61.8% Fibonacci retracement of the rally from the March 2020 low to the December 2024 high.
On the contrary, TCS is still heading downwards in the weekly chart. The price structure displays a repetitive pattern of lower highs and lower lows, which indicates a strong sell-off where each attempted bounce has failed.
The stock has retraced nearly 78.6% of its rally from the March 2020 low to the September 2024 high. After finding some support near this level, TCS staged a pullback, but the recovery failed to clear the previous swing high, resulting in yet another lower high. The downtrend has since resumed.
To determine which stock is showing better momentum, the relative performance of TCS against Infosys provides useful insight. The relative strength chart has taken support near the lower end of its channel and has started moving higher, indicating an improving performance of TCS compared with Infosys.
From the technical perspective and evidence available at present, it is likely that TCS has a relative advantage compared to Infosys. Nonetheless, both stocks are under correction.
The latest June 2026 shareholding data shows foreign institutional ownership declining in both TCS and Infosys, although domestic institutions remain significant shareholders.
Shareholding Pattern | TCS Mar 2026 | TCS June 2026 | Infosys Mar 2026 | Infosys June 2026 |
Promoters | 71.77% | 71.77% | 14.38% | 13.82% |
FIIs | 9.66% | 9.07% | 28.45% | 27.09% |
DIIs | 13.33% | 13.40% | 43.13% | 42.76% |
Government | 0.00% | 0.00% | 0.00% | 0.00% |
Public | 5.24% | 5.76% | 14.04% | 16.33% |
(Source: TCS Annual Reports, Infosys Annual Reports, BSE, NSE, DSIJ)
In TCS, FII ownership declined by 59 basis points quarter on quarter, while DII holdings increased to 13.40%. Promoter ownership remained unchanged at 71.77%. Infosys recorded a larger reduction in FII holding, from 28.45% to 27.09%, alongside a modest decline in domestic institutional ownership.
The decline in Infosys promoter holdings should not be read entirely as promoter selling. During June, Shreyas Shibulal and Bhairavi Madhusudhan Shibulal were reclassified from the promoter group to the public category, which mechanically reduced the reported promoter percentage.
Institutional ownership data does not point to a single conclusion in the TCS vs Infosys comparison. TCS shows a smaller change in domestic institutional ownership over the period.
A comparison relevant to IT services companies covers revenue growth, margins, deal wins, client relationships, employee metrics and emerging technology revenues.
Key Metrics
Metric | TCS | Infosys |
Q2 FY27 revenue | ₹73,188 crore | ₹49,244 crore |
Q2 FY27 YoY CC growth | 2.8% | 1.5% |
FY26 CC revenue growth | 11.2% decline | 10.7% |
Q2 FY27 operating margin | 24.00% | 21.00% |
FY26 large deal TCV | $9.6 billion | $5.2 billion |
FY27 revenue growth guidance | _ | 1%–2% in constant-currency terms |
AI Revenue Indicator | $3.1 billion annualised AI revenue | AI contributed 10.5% of quarterly revenue |
Net profit | ₹13,884 crore | ₹7,823 crore |
Net profit growth YoY | 14.9% | 6.2% |
FY27 operating margin guidance | _ | 20%–22% |
TCS and Infosys reported different strengths in Q2 FY27, with TCS maintaining higher operating margins and recording larger deal wins, while Infosys continued to report year-on-year revenue growth amid a cautious demand environment.
TCS reported revenue of ₹73,188 crore, up 11.2% year-on-year, while net profit increased 14.9% to ₹13,884 crore. Its operating margin stood at 24%. The company recorded a large-deal total contract value (TCV) of $9.6 billion, equivalent to approximately ₹86,400 crore at an illustrative exchange rate of ₹90 per dollar. Annualised AI revenue reached $3.1 billion, crossing 10% of total revenue. Growth during the quarter was supported by banking and financial services, manufacturing, and technology and services.
Infosys reported revenue of ₹49,244 crore, an increase of 10.7% year-on-year, while net profit attributable to shareholders rose approximately 6.2% to ₹7,823 crore. Its operating margin remained stable at 21%. The company secured $5.2 billion in large-deal TCV, of which 62% was classified as net-new business. AI contributed 10.5% of quarterly revenue, with AI revenue growing 29% sequentially.
Looking ahead, Infosys revised its FY27 constant-currency revenue growth guidance to 1%–2%, while retaining its operating margin guidance of 20%–22%. TCS's results highlighted continued deal activity and AI-related demand, although constant-currency revenue growth remained modest. Overall, TCS reported higher profitability and larger deal wins, while Infosys continued to expand its AI business. Future performance at both companies will depend on deal execution, client spending and the pace of enterprise technology investment.
For investors comparing TCS and Infosys over a longer horizon, the data separates into two categories: metrics related to earnings visibility and scale and metrics related to growth rate and valuation multiples.
TCS reported higher figures on execution metrics, margins and client relationship metrics referenced above. It entered FY27 with a quarterly order book of $9.5 billion and annualised AI revenue of $2.6 billion for Q1 FY27. A leadership transition at TCS during this period is a factor relevant to future growth trends and client engagement.
Q2 FY27 results provide an updated view of demand and business momentum at both companies. TCS reported a large-deal total contract value of $9.6 billion and annualised AI revenue of $3.1 billion during the quarter. Infosys recorded $5.2 billion in large-deal wins, with 62% classified as net-new business, while AI contributed 10.5% of its quarterly revenue. Infosys also revised its FY27 constant-currency revenue growth guidance to 1%–2%, while retaining its operating margin guidance of 20%–22%. TCS reported an operating margin of 24% for the quarter. These indicators offer a basis for assessing deal momentum, AI adoption and profitability, although future performance will depend on execution and client spending.
In Q2 FY27, TCS reported an operating margin of 24%, compared with 21% for Infosys. TCS recorded $9.6 billion in large-deal wins, while Infosys reported $5.2 billion. Infosys, meanwhile, reported 10.7% year-on-year revenue growth in rupee terms.
TCS shows higher figures on consistency and margin-related metrics over a three-year horizon based on the data above. Over this horizon, trends in discretionary technology spending drive Infosys's relevance and affect its growth trajectory.
In FY26, Infosys reported higher revenue growth. Revenue increased 9.6% year on year, compared with 4.6% for TCS. In constant currency terms, Infosys grew 3.1%, while TCS revenue declined 2.4%.
Based on valuation figures as of September 2026, Infosys trades at lower P/E and P/B ratios compared with TCS. TCS trades at higher multiples, which is associated with its higher margins and ROE figures.
Based on the metrics covered in this comparison, TCS reports higher figures across most operating and profitability metrics, while Infosys reports a combination of lower valuation multiples and higher FY26 growth.
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Founded in 1986, Dalal Street Investment Journal (DSIJ) brings decades of experience in India’s equity markets. DSIJ's research combines fundamental analysis with price action, guided by disciplined risk management and capital preservation. They follow a structured, data-driven approach designed to help investors and traders make informed decisions beyond short-term market noise.
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Bajaj Financial Securities Limited or its associates may have received compensation from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have managed or co-managed public offering of securities for the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have received compensation for investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates have not received any compensation or other benefits from the Subject Company or third party in connection with the research report. Research analyst or his/her relative or Bajaj Financial Securities Limited’s associates may have financial interest in the subject company. Bajaj Financial Securities Limited, its associates, research analyst and his/her relative may have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report or at the time of public appearance.
Research analyst has served as an officer, director or employee of subject Company: No
Bajaj Financial Securities Limited has financial interest in the subject companies: No
Bajaj Financial Securities Limited’s Associates may have actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report.
Research analyst or his/her relative has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No
Bajaj Financial Securities Limited has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No
Subject company may have been client during twelve months preceding the date of distribution of the research report.
There were no instances of non-compliance by Bajaj Financial Securities Limited on any matter related to the capital markets, resulting in significant and material disciplinary action during the last three years. A graph of daily closing prices of the securities is also available at NSE
ANALYST CERTIFICATION
The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report.
RISK DISCLOSURE ON DERIVATIVES
SEBI study dated January 25, 2023 on “Analysis of Profit and Loss of Individual Traders dealing in equity Futures and Options (F&O) Segment”, wherein Aggregate Level findings are based on annual Profit/Loss incurred by individual traders in equity F&O during FY 2021-22.
BROKERAGE DISCLAIMER
All leveraged intraday positions will be squared off on the same day. There is no restriction on the withdrawal of the unutilised margin amount. Brokerage will not exceed the SEBI prescribed limit. Visit : Pricing
MTF
As subject to the provisions of SEBI Circular CIR/MRD/DP/54/2017 dated June 13, 2017, and the terms and conditions mentioned in the lights and obligations statement issued by the TM (if applicable).
US INVESTING
International investment is not supervised by any regulatory body in India. Thus, any claim or dispute relating to such investment or enforcement of any agreement/contract /claim will not be under laws and regulations of the recognized stock exchanges and investor protection under Indian Securities Law. The account opening process will be carried out on Vested platform and Bajaj Financial Securities Limited will not have any role in it.
IPO
This should not be construed as soliciting investment. Investors’ discretion is required. Kindly consult your financial expert before investing. No need to issue cheques by investors while subscribing to IPO. Investments in securities markets are subject to market risks, read all the related documents carefully before investing.
SCREENERS
Screeners is not Exchange-approved products and any disputes related to the same will not be dealt on the Exchange platform.
SECURITIES
Securities quoted are exemplary and not recommendatory.
IPV
Account would be open after all procedure relating to IPV and client due diligence is completed.
IMAGES
The images used are only for representation purpose. Proper due diligence has been done for the images and the image is not of any artist. The same is captured from royalty free sites.
THIRD PARTY PRODUCT DISCLAIMER
Bajaj Financial Securities Limited is a distributor for Non-Broking Products/Services such as Mutual Funds, Mutual Funds SIP, IPO, Bonds, Insurance, PMS, Global Investing, any other third-party products/services. These are not Exchange Traded Products, and we are only acting as distributors. All disputes with respect to the distribution activity, would not have access to SCORES/ODR, Exchange investor redressal forum or Arbitration mechanism. Please refer to the detailed disclaimer for Third-Party Products.
As per SEBI circular no. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/84 dated June 08, 2023, Stockbrokers are required to upstream the entire client funds lying with them to the Clearing Corporation. Based on client’s request the funds’ release request must be placed with the Clearing Corporation. Based on the internal process and cut-off timelines of the Clearing Corporation the funds will be released to the Stock Broker. In view of this new process, as specified by the regulatory and the cut-off time of Clearing Corporation/Banks processing the funds, Bajaj Financial Securities Limited cannot commit the exact time for releasing funds payout to its client. Clients are requested to note that, Bajaj Financial Securities Limited will not be responsible for any inconvenience caused to clients due to delay in release of funds payout, including fines, delayed charges, defaults, etc.
