TCS reported Q2 results with 0.5% QoQ constant currency revenue growth, international revenue up 1.2% while India revenue fell 10%, and margins flat at 24%

Thu 8 Oct 2026

QoQ constant currency revenue growth

0.5 percent

International revenue growth QoQ

1.2 percent

India revenue decline

10 percent

BFSI revenue growth QoQ

2.5 percent

Prior quarter BFSI growth

1.6 percent

Heard on business television between 15:49:11 - 15:52:11 IST.

• Overall constant currency revenue growth was about 0.5% QoQ, with international business growing 1.2% while India revenue declined 10%.
• Consumer vertical remained weak due to geopolitical tensions and inflationary pressures, a trend flagged in the prior quarter too; BFSI revenue growth accelerated to 2.5% QoQ from 1.6%.
• Net headcount rose by 4,258, the third consecutive quarterly increase, seen as a positive demand signal even as the headcount-revenue linear model has weakened.
• Attrition eased slightly to 13.3% from 13.6%; AI revenue growth accelerated to 20% QoQ from 13.6% in the prior quarter.
• Margins came in at 24% versus 24.2%, slightly below street expectations of improvement from Q1's wage-hike-depressed levels; speaker noted Accenture's CEO Julie Sweet flagged pricing pressure in Q4 deals, questioning whether AI investment or competitive deal pricing is pressuring margins.

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