MUMBAI — Read the first line of Tata Consultancy Services’ June-quarter results and the company grew 13.9 percent. Read down three lines and it grew 0.4 percent. Both numbers are correct, both are in the same fact sheet, and the distance between them is the exchange rate.
TCS closed Monday, August 24, 2026, at ₹2,284.10 on the National Stock Exchange, down ₹17.90 or 0.78 percent. On the BSE it finished at ₹2,283.00, off 0.65 percent. It opened at ₹2,302.40, reached ₹2,321.60 in the first hour and spent the rest of the session giving it back, closing near the day’s low of ₹2,279.50 on 15.41 lakh shares, the lightest volume in a fortnight. India’s largest software exporter is now 31.8 percent below the ₹3,350 it fetched a year ago, on a day the Nifty 50 fell only 0.14 percent.
The reason the stock has been marked down that hard while the index has not sits in the constant-currency line. Strip the rupee out of the June quarter and TCS grew four-tenths of one percent over three months, the slowest of the past four quarters. Its operating margin fell to 24.0 percent from 25.3 percent. And North America, which is close to half of everything the company sells, shrank.
TCS Share Price Today: NSE and BSE Close for August 24, 2026
| Measure | NSE · TCS | BSE · 532540 |
|---|---|---|
| Closing price | ₹2,284.10 | ₹2,283.00 |
| Previous close | ₹2,302.00 | ₹2,298.00 |
| Change | -₹17.90 (-0.78%) | -₹15.00 (-0.65%) |
| Open | ₹2,302.40 | ₹2,304.00 |
| Day’s high | ₹2,321.60 | ₹2,320.60 |
| Day’s low | ₹2,279.50 | ₹2,280.20 |
| Volume traded | 15.41 lakh shares | – |
| 52-week high | ₹3,350.00 (-31.82% from today’s close) | |
| 52-week low | ₹1,976.80 (+15.55% from today’s close) | |
| Market capitalisation | ₹8,27,846 crore | |
| Trailing P/E · Price to book | 15.4 · 7.72 | |
| Return on capital employed · Return on equity | 63.0% · 51.8% | |
| NSE and BSE closing prices for August 24, 2026. BSE figures come from the exchange’s own quote feed, timestamped 16:00 IST. Valuation ratios and market capitalisation are Screener’s consolidated figures. | ||
A 51.8 percent return on equity and a 63.0 percent return on capital employed are extraordinary numbers by any industrial standard, and they are the reason the market still pays 7.72 times book value for a company whose revenue has stopped growing in dollars. TCS is not a business in trouble. It is a business whose price was set on an assumption about growth that the last four quarters have not supported.
Tata Consultancy Services Stock Code on NSE, BSE and Global Data Feeds
| Exchange or provider | Code | Notes |
|---|---|---|
| NSE (National Stock Exchange) | TCS | Series EQ. Nifty 50 and Nifty IT constituent |
| BSE (Bombay Stock Exchange) | 532540 | Scrip code. Group A, BSE Sensex constituent |
| ISIN | INE467B01029 | Depository identifier. Face value ₹1 |
| Google Finance | NSE:TCS · BOM:532540 | The exchange-prefixed format Google requires |
| Yahoo Finance | TCS.NS · TCS.BO | Suffix marks the exchange |
| ISIN, scrip code and face value confirmed against the BSE’s company header feed. Incorporated in 1968 and listed in 2004, TCS is majority-owned by Tata Sons and headquartered in Mumbai. | ||
Three Ways to Measure the Same Quarter
The June quarter, reported on July 9, produced three different growth rates depending on which currency you count in.
| Measure | Q1 FY27 | Growth QoQ | Growth YoY |
|---|---|---|---|
| Revenue in rupees | ₹72,275 cr | +2.2% | +13.9% |
| Revenue in US dollars | $7,624 mn | 0.0% | +2.7% |
| Revenue in constant currency | – | +0.4% | +3.2% |
| Operating income | ₹17,317 cr | -3.1% | +11.6% |
| Net income (before exceptional items) | ₹13,849 cr | +1.0% | +8.5% |
| Earnings per share (quarter) | ₹38.28 | – | – |
| Order book (total contract value) | $9.5 bn | – | – |
| Closing headcount | 593,798 | +9,279 | – |
| Voluntary attrition, IT services (LTM) | 13.6% | – | – |
| Figures as printed in TCS’s Q1 FY2026-27 fact sheet, converted from millions of rupees to crore. Quarter-on-quarter and year-on-year changes in operating and net income are calculated by The Eastern Herald from the same document. Net income excludes exceptional items, as the company reports it. | |||
The arithmetic that reconciles the first two rows is worth doing in the open. Divide rupee revenue by dollar revenue and the June quarter implies about ₹94.80 to the dollar. Run the same division on the June 2025 quarter, ₹63,437 crore against $7,421 million, and it implies about ₹85.50. That is a 10.9 percent move in the rupee over twelve months. Multiply 2.7 percent of dollar growth by 10.9 percent of currency and you land within a rounding error of the 13.9 percent that leads the release. All of the headline growth, in other words, is the currency.
The Margin, and What Paid for It
TCS’s operating margin has now given back everything it gained through the previous financial year.
| Quarter | Revenue (₹ cr) | Revenue ($ mn) | Constant-currency QoQ | Operating margin | Employee cost as % of revenue |
|---|---|---|---|---|---|
| Q1 · June 2025 | 63,437 | 7,421 | -3.3% | 24.5% | 59.5% |
| Q2 · September 2025 | 65,799 | 7,466 | +0.8% | 25.2% | 58.7% |
| Q3 · December 2025 | 67,087 | 7,509 | +0.8% | 25.2% | 57.4% |
| Q4 · March 2026 | 70,698 | 7,621 | +1.2% | 25.3% | 56.8% |
| Q1 · June 2026 | 72,275 | 7,624 | +0.4% | 24.0% | 58.3% |
| From TCS’s quarterly fact sheets. Operating margin excludes exceptional items. The June quarter is when TCS puts through its annual wage revision, so a sequential margin fall is normal; the size of this one, 130 basis points, is what stands out. | |||||
Employee cost went from 56.8 percent of revenue in March to 58.3 percent in June, and it is not a mystery why: this is the quarter TCS pays its annual increments, and it is also the quarter the company started hiring again, adding 9,279 people after two years of shrinking. Attrition of 13.6 percent is low by the industry’s own history. A company that is raising salaries and expanding headcount is not a company preparing for a downturn.
What makes the quarter awkward is where the growth came from. Read the geography table and the pattern is unmistakable.
| Market | Share of revenue | QoQ growth | YoY growth |
|---|---|---|---|
| North America | 48.3% | -0.4% | +2.0% |
| United Kingdom | 17.2% | +0.3% | -0.6% |
| Continental Europe | 15.4% | -0.2% | +4.3% |
| Asia Pacific | 8.4% | +1.4% | +2.5% |
| India | 6.2% | +7.6% | +22.9% |
| Middle East and Africa | 2.5% | -1.8% | +7.6% |
| Total | 100.0% | +0.4% | +3.2% |
| Constant-currency growth as reported in the Q1 FY2026-27 fact sheet. India is the fastest-growing market and the second smallest; North America is the slowest and by far the largest. | |||
India grew 22.9 percent over the year and accounts for 6.2 percent of revenue. North America grew 2.0 percent and accounts for 48.3 percent. The market carrying the growth is too small to move the total, and the market that could move it is not moving. Consumer Business, the second-largest vertical, contracted 4.0 percent over the quarter and 1.2 percent over the year, the only industry group shrinking on both measures.
What the AI Number Implies About Everything Else
TCS put its artificial-intelligence business at an annualised run rate of $2.6 billion in the June quarter, up 13.6 percent sequentially. Against annualised group revenue of roughly $30.5 billion, that is about 8.5 percent of the company.
The more interesting figure is what the AI growth implies for the rest. A run rate rising 13.6 percent from roughly $2.29 billion adds about $311 million of annualised revenue, which is close to $78 million in the quarter itself. Total constant-currency revenue grew 0.4 percent, or roughly $30 million on a $7.6 billion base. If both figures are read at face value, the part of TCS that is not AI shrank by something like $48 million in the quarter, a little under one percent.
That calculation carries real caveats and they should be stated. A run rate quoted at quarter-end is not the same as revenue booked during the quarter, TCS does not publish a definition of what counts as AI revenue, and work reclassified into the AI line may simply be work that used to sit elsewhere. But the direction survives the caveats: the fastest-growing thing TCS sells is growing faster than the company, which means something else is going backwards.
TCS Share Price: Recent Sessions and the Levels That Matter
| Date | Close (₹) | Change | Volume |
|---|---|---|---|
| August 14, 2026 | 2,361.00 | -0.59% | 22.32 lakh |
| August 17, 2026 | 2,313.20 | -2.02% | 22.38 lakh |
| August 18, 2026 | 2,280.00 | -1.44% | 17.98 lakh |
| August 19, 2026 | 2,289.00 | +0.39% | 33.69 lakh |
| August 20, 2026 | 2,298.00 | +0.39% | 20.48 lakh |
| August 21, 2026 | 2,302.00 | +0.17% | 20.67 lakh |
| August 24, 2026 | 2,284.10 | -0.78% | 15.41 lakh |
| NSE closing prices and volumes. The stock lost 3.5 percent across August 17 and 18, recovered about a third of it over the next three sessions, and gave part of that back on Monday. | |||
The ₹2,280 area has now held three times in six sessions, on August 18, on Monday’s low of ₹2,279.50 and on the intervening dip. That makes it the level worth watching. Above it, ₹2,321.60 capped Monday morning and ₹2,375 was the high of the month.
What this article cannot tell you is whether the June quarter marks a floor. TCS does not publish revenue guidance, so there is no company forecast to test against. The fact sheet gives a total contract value of $9.5 billion without separating renewals from genuinely new work, which is the single number that would settle whether the order book is growing or merely being defended. And the AI run rate arrives without a definition. Until the next quarter, the honest summary is that TCS is being paid for its returns and not for its growth, and that the market has spent a year repricing it accordingly.
Across the rest of Monday’s session, HDFC Bank closed at ₹729 within 2 percent of its 52-week low, Steel Authority of India rose 3.57 percent on four times normal volume, and the large defence names split between a 1.88 percent fall at Hindustan Aeronautics and a 2.26 percent gain at Cochin Shipyard.
TCS’s June-quarter figures come from the company’s own Q1 FY2026-27 fact sheet, published alongside the results on July 9, 2026. Closing prices and the scrip identifiers were verified against the BSE’s own quote feed for scrip 532540.
Related Posts
