Rupee revenue growth during the quarter was the highest in 30 quarters, while the constant currency revenue growth, at 1.2%, was higher than the CNBC-TV18 poll projection of 1%.
However, TCS did report a stat that it had never reported before in its history as a trading company.
For the first time in its history, TCS reported a decline in its US Dollar revenue growth for the full financial year. Revenue in US Dollar terms declined 0.5% in financial year 2026, compared to a 3.8% growth in financial year 2025 and 4.1% in financial year 2024.
The closest that TCS had come to a drop in US Dollar revenue was during the Covid-19 year of financial year 2021. Even then, the US Dollar revenue for TCS had grown by 0.6%. Growth in four out of the last five financial years before FY26 has been in single digits for TCS.
| Financial Year | TCS Dollar Revenue Growth (%) |
| FY12 | 24.2 |
| FY13 | 13.7 |
| FY14 | 16.2 |
| FY15 | 15 |
| FY16 | 7 |
| FY17 | 6.2 |
| FY18 | 8.6 |
| FY19 | 9.6 |
| FY20 | 5.3 |
| FY21 | 0.6 |
| FY22 | 15.9 |
| FY23 | 8.6 |
| FY24 | 4.1 |
| FY25 | 3.8 |
| FY26 | -0.6 |
In constant currency terms, the revenue declined 2.5% for TCS for the full financial year.
“TCS trades at 15–16 times on earnings, which is, I think, the lowest it has ever traded. Because of the AI disruption the market was expecting the worst. So maybe from a positioning point of view, you might see a bit of a tactical bounce. From a fundamental point of view, would you still want to add it? I would want to hear the management and the commentary first,” Gurmeet Chadha of Complete Circle Consultants told CNBC-TV18.
Shares of TCS ended higher at ₹2,590 on Thursday, ahead of the results announcement.
