TCS reported quarterly results with revenue broadly in line but margins and deal wins (TCV) coming in below Street expectations

Thu 8 Oct 2026

Constant currency revenue growth

0.5 percent

Deal wins TCV

9.6 billion dollars

Street expected deal wins

10 billion dollars

AI revenue this quarter

3 billion dollars

AI revenue previous quarter

2.6 billion dollars

Heard on business television between 15:54:15 - 15:57:15 IST.

• Analysts said revenue growth of 0.5% constant currency was in line with expectations, but margins showed marginal disappointment despite a currency tailwind.
• TCV/deal wins came in at $9.6 billion versus Street expectations of $8-10 billion, with analysts split on whether this was a miss.
• Manav Medewala of Mirae Asset Sharekhan said margin miss was due to rising fees to external consultants, which rose from 4.9% to 6.8% of revenue, plus pricing pressure across deals.
• AI revenue crossed $3 billion, up from $2.6 billion last quarter, now forming nearly 10% of overall revenue; Sunny expects this contribution to keep scaling.
• Geography-wise, India revenue dropped 10% (5.5% of total), while MEA, Latin America and UK saw sequential growth; energy resources and utilities declined 0.5% on constant currency basis.
• Analysts flagged BSNL contract revenue contribution and Porsche partnership/acquisition plans as key things to watch in management commentary.

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