ടിസിഎസിന്റെ രണ്ടാം പാദഫലത്തിൽ ഡിമാൻഡ് കുറവാണെന്ന് വ്യക്തമായി. പുതിയ കരാറുകളുടെ മൂല്യം വർധിച്ചെങ്കിലും ലാഭക്ഷമതയിൽ സമ്മർദ്ദമുണ്ട്. എഐ മേഖലയിലെ നിക്ഷേപങ്ങളും സബ്കോൺട്രാക്റ്റിംഗ് ചെലവുകളും കമ്പനിക്ക് വെല്ലുവിളിയാകുന്നു. സാമ്പത്തിക വർഷാവസാനത്തോടെ ലാഭക്ഷമതയിൽ നേരിയ കുറവുണ്ടാകുമെന്ന് നോമുറ റിസർച്ച് വിലയിരുത്തുന്നു.
Demand stays cautious
TCS’s Q2FY27 demand commentary indicated little meaningful change from the previous quarter, with clients continuing to make cautious decisions on discretionary programmes. Total contract value (TCV) of deal wins rose 1.1% sequentially to $9.6 billion but fell 4% year-on-year. The deal TCV excludes the five-year strategic partnership with Porsche AG and the Best Buy deal.
Margins under pressure
TCS’s Q2FY27 Ebit margin was flat sequentially, amid higher subcontracting costs and strategic investments in AI capabilities. Management expects improvement in Q3 as some Q2 headwinds ease, but the usual seasonal furloughs and ongoing investments may constrain the recovery. Management also said the consolidation of MHP could pose a potential 50-basis-point downside risk, depending on when the acquisition closes. Subcontracting costs are likely to rise following the recent tightening of US immigration rules.
TCS has reiterated its long-term margin aspiration of 26-28%, to be backed by growth, cost optimization and operating leverage. But it has refrained from giving a timeline for this target. Nomura Global Markets Research expects TCS to report Ebit margin of 24.1-24.8% in FY27 versus adjusted Ebit margin of 25% achieved in FY26. Thus, Nomura has trimmed its FY27 earnings per share estimate by 2.6%.
Harsha Jethmalani
Harsha Jethmalani is a Deputy Editor at Mint with over a decade of experience covering stock markets and corporate India. As a key member of the Mark to Market team, she specializes in delivering cutting-edge commentary on market trends, the economy, and corporate financial reports.Born and raised in Mumbai, Harsha’s entry into business journalism was a serendipitous pivot. Graduating during the 2008–2009 financial crisis, her initial goal of becoming a research analyst at an MNC was rerouted. However, what began as a chance career move quickly became a conscious choice; she discovered that financial journalism is a powerful storytelling tool capable of influencing and empowering the financial decisions of a massive audience.Harsha began her career in 2009 at IRIS Business Services (Myiris.com), tracking mutual funds and interviewing fund managers. In 2011, she joined the Network18 Group, writing extensively on equity market trends for Moneycontrol.com and hosting pre- and post-market audio updates. Following a stint covering personal finance at Dalal Times, she joined Mint in 2016 as a Content Producer, steadily rising through the ranks to her current editorial position.A defining highlight of her tenure at Mint was her extensive coverage of India's historic Goods and Services Tax (GST) reform. She chronicled the massive indirect tax overhaul from its initial conceptual and execution hurdles to its eventual streamlining. Her impactful reporting earned official recognition when her article exposing a spike in gold smuggling ahead of the GST rollout was formally acknowledged by the Office of the Director General of Audit (Central), Kolkata. Currently, Harsha closely tracks the IT, cement, real estate, and paint sectors. Her sharp news sense and ability to spot emerging trends consistently bring fresh, actionable perspectives to market analysis.She holds a postgraduate degree in financial markets from Indira Gandhi National Open University and a Bachelor of Management Studies from Vivekanand Education Society, Chembur, Mumbai.