TCS reported Q2 results largely in line with expectations, with 1.2% international growth and flat margins at 24% despite the wage hike quarter

Fri 9 Oct 2026

International growth

1.2 percent

Margins

24 percent

Total contract value

9.6 billion dollars

New hires for bench

4,500 people

Heard on business television between 08:38:19 - 08:41:19 IST.

• Management said international business grew 1.2%, marking the fifth consecutive quarter of positive growth.
• TCV (total contract value) rose to $9.6 billion, reflecting strong AI-related demand.
• Margins stayed flat at 24% despite being the quarter after wage hikes, due to four key investments: strategic partnerships/M&A (including MHP acquisition costs), hiring niche talent, higher bench strength (about 4,500 people hired for capacity), and subcontractor costs.
• Management said more AI-driven net-new projects are expected to offset AI-driven pricing deflation, and declined to predict when expansion would outweigh contraction, citing fast-evolving technology.
• Multiple industry segments and geographies were cited as showing positive growth trends.

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