Tata Consultancy Services Ltd Management Discussions

Market and Industry Context

The past year commenced with elevated global uncertainty, shaped by evolving trade policies, geopolitical tensions and uneven economic growth across regions. The world GDP grew at a rate of 3.4% in 2025. While moderating inflation and continued digital investments provided pockets of resilience, global GDP growth remained subdued, with enterprises exercising greater caution in discretionary spending. Technology spending faced sharper scrutiny, with decisions tied to clear business outcomes, productivity gains, and cost optimisation.

In recent months, new geopolitical tensions have emerged as a significant source of uncertainty for the global economy, particularly through disruptions to energy markets and global trade flows. The conflict has led to volatility in oil and gas prices due to supply risks and logistical constraints in critical transit routes, which has translated into higher input costs across industries and contributed to renewed inflationary pressures in several economies. Elevated energy prices have weighed on consumer purchasing power and corporate margins, while heightened geopolitical risk has increased financial market volatility, tightened financial conditions, and dampened investment sentiment globally. The broader global economy has experienced slower growth momentum and increased downside risks to the medium-term outlook, prompting IMF to lower its 2026 global growth projection by 0.2% to 3.1% 1 .

Despite persistent macroeconomic headwinds, customers continued to demonstrate strong conviction in sustained technology investments, reinforcing confidence in the medium-term outlook. Demand was primarily driven by technology-led transformation initiatives, with investments focused on scaling AI adoption, modernising core systems and data infrastructure, enhancing operational efficiency and resilience as well as ensuring regulatory compliance. Despite a challenging macro environment, enterprises continued to prioritise technology as a strategic lever for competitiveness and long-term transformation.

FY 2026 marked a pivotal year for enterprise AI adoption across industries, as organisations increasingly transitioned from experimentation to scaled deployment for the first time since the emergence of generative AI in late 2022. AI increasingly became integral to customer engagements and solution design, shaping demand conversations during the year. At the same time, organisations sought to fund AI programmes through savings generated from cost optimisation and vendor consolidation initiatives, placing greater emphasis on delivering measurable returns on investment.

Services, including application & infrastructure implementation, managed services and Infrastructure as a Service, is forecast 2 to see the largest overall spending in IT, growing by 6.8% 3 to surpass US$ 1.87 trillion in 2026.

TCS Business

Overview

TCS is an IT services, consulting and business solutions organisation partnering with many of the worlds largest businesses in their transformational journeys for the last 58 years. With a global presence and deep domain expertise across multiple industry verticals, TCS offers a comprehensive portfolio of services and offerings spanning application development and management, digital transformation, AI, data and cloud services, engineering services, cognitive business operations, cyber security, and products & platforms - targeting every C-suite stakeholder.

The Company leverages all these capabilities and deep contextual knowledge of its customers businesses to create bespoke, high quality, and impactful solutions designed to achieve differentiated business outcomes. These solutions are delivered through its AI-enabled operating model which integrates global talent, platforms and intelligent automation to support distributed delivery at scale.

TCS has an extensive geographic footprint spanning North America, Latin America, the United Kingdom, Continental Europe, Asia Pacific, India and Middle East Africa.

TCS considers industry verticals as its primary go-to-market business segments. The five key vertical clusters are: Banking, Financial Services and Insurance (BFSI), Communication, Media and Technology (CMT), Consumer Business, Life Sciences and Healthcare, Manufacturing and Others such as Energy, Resources and Utilities, Public Services and Products.

Strategy for Sustainable Growth 4

TCS has successfully navigated through multiple technology cycles over the last five decades, pivoting and adapting each time to build relevant new capabilities and helping clients realise the benefits from emerging technologies. TCS responsiveness, resilience, and adaptability have enabled it to manage these transitions effectively while sustaining long-term growth.

Customer-centricity is at the core of TCS strategy, organization structure, and investment decisions. The Company has consistently focused on expanding and deepening customer engagements by identifying new areas across the customers value chain, supported by proactive investments in new-age capabilities. This approach has driven sustained expansion of customer relationships, reflected in higher service intensity, revenue growth and increased share of wallet, supported by strong execution, high customer satisfaction and long-standing relationships.

TCSs strategy for sustainable growth is guided by a clear aspiration to become the worlds largest AI-led technology services company . This aspiration builds naturally on the Companys long-standing customer-centric approach, as trusted client relationships and deep contextual understanding provide the foundation for embedding AI meaningfully into enterprises. Recognising AI as a foundational capability shaping the future of enterprise transformation, and TCS is embedding AI across its service offerings, operating model, and investments to help customers drive growth, productivity, and differentiation.

This aspiration is anchored in the Companys strategy to lead across the full AI stack, from foundational infrastructure to advanced intelligence. This strategy integrates compute, cloud, data, platforms, models, and applications into an integrated framework that enables enterprises to scale AI with speed and confidence. Delivering on this ambition, however, requires coordinated transformation across every dimension of the organisation.

To support this journey, TCS has structured its transformation agenda around five strategic pillars: driving internal transformation, redefining services, building a future-ready talent model, enabling AI adoption for clients and strengthening its AI ecosystem play. These pillars are discussed in greater detail in the thematic section of this report.

Enabling Investments

TCS approach to long-term investments is centred on balancing speed of innovation with scalable and profitable growth. The Companys overarching strategy revolves around three growth engines: Build, Acquire and Partner . These investments are aimed at building a scalable, future ready TCS that spans across the entire full AI stack from Infrastructure to Intelligence.

1. Build Build investments focus on internal innovation through continuous investment in talent development, intellectual property, infrastructure and organic capability enhancement across the organisation.

Talent Management

TCS continues its focused investments in building a future ready talent model ensuring workforce readiness.

(i) Talent Acquisition

TCS follows an analytics-driven, agile hiring ecosystem which enables global scaling, while maintaining local nuances in building a heterogeneous workforce. The Company remains one of the largest job creators within the IT services sector across several markets and continues to strengthen its future-ready organisation through the strategic recruitment of both fresh graduates and experienced professionals.

In FY 2026, the Company hired over 44,000 freshers . For experienced hires, recruitment efforts have been focused on expertise in AI, Data, Enterprise Solutions, Cloud, Cybersecurity, and Digital engineering. TCS also hired over 750 employees with deep advisory and consulting expertise.

(ii) Talent Development

Talent Development (TD) at TCS continues to be the core, driving force to build a future ready workforce. TCS believes that every employee should acquire market relevant skills. Under the OneTD framework, learning opportunities span across five pillars i.e., Technology, Leadership, Domain, Functional, and Process to inculcate a culture of #LifeLongLearning and ensuring deep skill development and career progression.

In FY 2026, TCS associates completed a total of 69 million learning hours, and acquired 5.2 million competencies. Over 270,000 associates now possess advanced proficiencies in AI and machine learning. The learning intensity increased by 25% Y-o-Y to 120 hours per associate per year.

(iii) Talent Retention

TCS continues to foster a high-performance culture by recognising and rewarding talent through objective, fair, transparent and multidimensional evaluation processes. Compensation levels are merit-based, determined by qualification, experience levels, special skills (if any) and individual performance.

TCS values-driven culture and investment in people have helped create a strong sense of belonging. By nurturing leaders from within, the Company has developed a robust management pipeline that supports seamless succession into senior leadership roles. All these efforts have helped the Company to maintain a high talent retention rate, with voluntary IT services attrition at 13.7% for FY 2026. At TCS, three months notice is required from either side for termination 5 .

To enable the Companys transformation to a future-ready organization, the Company has undertaken reskilling and restructuring program during the year to ensure greater alignment with organizational aspirations and ensuring future readiness.

(iv) Equal Opportunity and Inclusion

TCS is dedicated to promoting an inclusive culture within its workforce. As an Equal Opportunity Employer, TCS actively supports the Social Sustainability Pillar of the ESG framework through various initiatives aimed at cultivating a culture of inclusion. This inclusive environment is crucial for driving innovation, fostering creativity, and shaping business strategies. The Company also maintains a zero-tolerance approach towards workplace harassment and discrimination.

Research and Innovation

For more than four decades, TCS Research has systematically invested in research on computing and its intersection with physical, biological, mathematical, and behavioural science. TCS researchers apply scientific rigour and a collaborative mindset to solve pressing problems faced by industry and society. During FY 2026, R&I spend was 2,900 crore , which was 1.1% of revenue. More details on TCS R&I investments during the year are available in the Intellectual Capital section.

Infrastructure

During the year, TCS continued to invest in infrastructure expansion and capability enhancement through several strategic initiatives, including:

Expansion of pan-India footprint further in both Tier 1-and Tier-2 cities to the tune of about 50,000 seats in the next 2 to 3 years

Establishment of Pace Ports in Singapore and Sao Paulo, strengthening the Companys global AI research and innovation footprint and enabling clients to accelerate innovation through faster access to advanced capabilities and TCS expertise

A new AI-driven operations centre in Mexico City

Opened new office in Romania to strengthen TCS local capabilities as a digital engineering services hub and power up TCS European Delivery Network

Expanded software-defined vehicle innovation capabilities with three new hubs in Europe

Launch of the flagship TCS Interactive Design Studio in New York City to help clients design seamless and unified products, services, and digital experiences across ecosystems

Brand Building

Throughout the year, TCS demonstrated exceptional brand strength, achieving premier rankings and reinforcing its position as a trusted, future-ready partner. The brands valuation and rankings remained consistently high. Brand Finance ranked TCS as the worlds second-most valuable IT services brand for the 5 th consecutive year, with a valuation of US$ 21.2 billion, accompanied by a prestigious upgrade to an AAA brand strength rating for the first time. Further testament to its brand equity, Kantar BrandZ recognised TCS with two distinct valuations reflecting different geographic scopes, at both global and India level: US$ 57.3 billion valuation as the 45 th Most Valuable Global Brand worldwide across all sectors, and US$ 44 billion valuation as Indias 2 nd most valuable brand. TCS was further acknowledged as the #1 most valuable Asian brand in IT Services, in the inaugural listing of this award.

Strategic partnerships and purpose-led initiatives were central to the brands narrative. TCS global marathon brand sponsorship portfolio, which expanded to 14 properties with the new technology partnership of the Paris Marathon this financial year and inclusion of the TCS Sydney Marathon as a Major race (one of the worlds top 7 races), served as a powerful platform for engagement, with over 6,000 clients participating in these forums. The Marathons 50 report evaluated that the TCS had seen the largest brand uplift among sponsors of marathons with a 40% increase in brand consideration among marathon runners, a third of whom are senior business executives. The London Marathon 2025 edition set a Guinness World Record for the most marathon finishers, a milestone later surpassed by the New York City Marathon. Meanwhile, participation in the TCS World 10K Bengaluru more than doubled compared with the previous year.

A report published by United Nations Global Compact, titled The CMO Blueprint for Sustainable Growth, also recognised TCS Rescore digital application as a best practice example for improving sustainability in sporting events.

Notably, TCS was named one of Fortunes Worlds Most Admired CompaniesT for the 4 th consecutive year and the Company ranked first among IT Services firms globally in Newsweeks list of the Most Reliable Companies in America.

New Ventures

During the year, TCS made selective investments aimed at strengthening its position across the AI value chain, spanning Infrastructure to Intelligence.

In November 2025, TCS announced a strategic partnership with TPG for the establishment of a dedicated entity, HyperVault AI Data Center Limited (HyperVault), to develop a 1 GW AI data center aimed at addressing anticipated demand for AI-grade compute and sovereign infrastructure while strengthening engagement with Hyperscalers, Deep-tech companies, and public sector clients. The first phase of 100 MW will be built for OpenAI as the anchor customer, with an option to scale to 1 GW.

HyperVault will be funded through a combination of equity contributions from TCS and TPG, alongside debt financing. Together, the partners plan to invest up to 18,000 crore over the next few years, in the proportion of 51:49 respectively. The partnership with TPG is expected to support stronger shareholder returns, optimise capital allocation and create long-term value for the data centre platform.

2. Acquire

Acquire focuses on enhancing existing capabilities through inorganic route to fill capability gaps and drive synergies.

During FY 2026, TCS acquired ListEngage and Coastal Cloud , two premier US-based Salesforce consulting firms. These acquisitions position TCS as a top 5, end-to-end AI driven Salesforce transformation partner globally.

Coastal Cloud brings deep AI-led advisory and business consulting expertise across Sales, Service, Marketing, Revenue, CPQ, Commerce, and Salesforce Data Cloud solutions. Complementing TCSs Salesforce capabilities, this acquisition will enable TCS to deliver more comprehensive, platform-led transformations at enterprise scale across industries. ListEngage further enhances these capabilities through its specialised expertise in Marketing Cloud, Agentforce and Data Cloud, reinforcing TCS offerings in intelligent digital engagement, hyper-personalisation and automation.

Collectively, the two firms add more than 500 experienced Salesforce professionals with deep platform and process expertise, supported by over 3,400 multi-cloud Salesforce certifications. Both organisations are also recognised as Salesforce Summit partners and hold multiple positions on Salesforce Partner Advisory Boards.

TCS is working closely to unlock meaningful revenue synergies through joint go-to-market initiatives, cross-selling, and access to TCSs global client network, while retaining and expanding top talent. Early results have shown strong momentum in joint enterprise wins and cross-sell opportunities, positioning the Company to deliver stronger client outcomes and accelerate growth across key markets.

TCS plans to pursue acquisitions to accelerate AI capabilities across technology and advisory domains, build deep domain expertise in high-growth areas such as Cyber security, Cloud, Digital engineering and Enterprise solutions, and enhance market access.

3. Partner

Partner specific investments include accelerated integration of partner solutions in client environments, building deep capabilities, and access to shared investment models. Most notably, partnerships provide early access to innovative solutions and support the development of industry-specific solutions.

During FY 2026, TCS continued to deepen relationships with hyperscalers, enterprise software providers, semiconductor and hardware companies as well as emerging AI-native firms. These partnerships are structured as strategic collaborations, extending beyond traditional implementation roles. By participating across multiple layers of the AI stack, TCS aims to act as an integrator and orchestrator.

Some of the partnerships TCS has announced over the past financial year are:

- TCS announced a multi-dimensional strategic partnership with OpenAI that spans multiple high-impact areas, including powering AI-led innovation across Tata Group companies, jointly driving AI transformation initiatives across industries globally, developing AI infrastructure, and supporting social impact initiatives.

TCS HyperVault and OpenAI have agreed to a multi-year partnership to develop AI infrastructure in India, with 100 MW capacity in the initial phase, and an option to scale to 1 GW. This infrastructure will power next-generation AI workloads and position India as a global AI hub.

- TCS launched its seventh Gemini Experience Center (GEC) at TCS Innovation Hub in Troy, Michigan, in partnership with Google Cloud , to enable global manufacturers to co-innovate and scale cutting edge Physical AI solutions for smarter, resilient operations. The facility forms part of the Companys broader global expansion of GECs, with additional centres already established in Bangalore, New York, Chennai, Riyadh, Singapore and Sao Paulo.

- TCS entered a strategic partnership with AMD , a leader in high-performance and AI computing, on the co-development of industry-specific AI and GenAI solutions by combining TCS deep domain expertise, systems integration capabilities and global innovation ecosystem with AMDs high-performance computing and AI product portfolio. Through this collaboration, the Companies aim to help enterprises modernise hybrid cloud and edge environments, deploy AI-powered workplace solutions, and accelerate innovation across cloud-to-edge workloads.

Expanding the collaboration, TCS HyperVault and AMD will co-develop a rack-scale AI infrastructure design based on the AMD Helios platform. The partnership will also offer an AI-ready data center blueprint supporting capacities of up to 200 MW, while working with hyperscalers and AI companies to accelerate sovereign AI-focused data centre development in India.

- TCS introduced Rapid Outcome AI platform built on NVIDIA to help organisations accelerate their journey from AI experimentation to scalable, real-world business outcomes.

By leveraging predictive analytics, generative AI, computer vision, and agentic and Physical AI blueprints tailored for industry-specific processes, TCS and NVIDIA will help enterprises achieve higher levels of autonomy across their enterprise workflows.

- TCS signed a multi-year partnership with ServiceNow for developing trusted, AI-powered solutions on the ServiceNow platform to reimagine back-office functions such as HR, finance, supply chain, procurement, and employee services. These solutions will enhance workflow efficiency, governance and insight-driven decision-making, and will be delivered through TCS AI-led global business solutions portfolio.

- TCS established a collaboration with GitLab Inc. , the intelligent orchestration platform for DevSecOps, to combine TCS expertise in AI-led enterprise transformation capabilities with GitLabs pre-built AI agents and intelligent orchestration for software development. Together, TCS and GitLab will enable customers to accelerate software delivery, enhance security, and orchestrate AI agents across the entire software development lifecycle (SDLC) within their organizations full context, standards, and guardrails.

In summary, all these accelerated investments across

Infrastructure to Intelligence, strengthen TCSs execution of its AI-led strategy and enhance its ability to deliver differentiated value at scale.

The discussions in this section relate to the consolidated, Rupee-denominated financial results pertaining to the year that ended March 31, 2026. The financial statements of Tata Consultancy Services Limited and its subsidiaries (collectively referred to as TCS or the Company) are prepared in accordance with the Indian Accounting Standards (referred to as Ind AS) prescribed under Section 133 of the Companies Act, 2013, read with the Companies (Indian Accounting Standards) Rules, as amended from time to time. Significant accounting policies used in the preparation of the financial statements are disclosed in the notes to the consolidated financial statements.

The following table gives an overview of the consolidated financial results of the Company:

( H crore)

		FY 2026		FY 2025
	Amount	% of Revenue	% Growth	Amount	% of Revenue
Revenue from operations	267,021	100.0	4.6	255,324	100.0
Earnings before interest and tax (EBIT) (Before other income)	66,838	25.0	7.5	62,165	24.3
Profit after tax attributable to shareholders of the Company	52,820	19.8	8.8	48,553	19.0
Earnings per share (in )	145.99		8.8	134.19

Analysis of revenue growth and margin performance

On a reported basis, TCS revenue grew 4.6% in FY 2026, compared to 6.0% in the prior year. Movements in currency exchange rates during the year resulted in a positive impact of 7.0% on the reported revenue. The constant currency revenue growth for the year, which is the reported revenue growth stripped of the currency impact, was a decline of 2.4%.

Growth was impacted by completion of a large domestic deal, heightened macroeconomic uncertainty and geopolitical tensions continuing during the year. Against this backdrop, clients remained focused on initiatives centred around cost optimisation, vendor consolidation and technology modernisation, including legacy and mainframe transformation. Cloud and data modernisation was another major theme as clients focused on the prerequisites for deploying AI at scale. However, TCS closed the year with a strong and resilient order book of US$ 40.7 billion.

EBIT margins reached 25.0% in FY 2026, up from 24.3% the previous year, marking the highest operating margin in four years.

Through its investments in Build-Acquire-Partner, TCS reinvested most of the operating gains back in business to strengthen capabilities and support growth.

Margins saw support from greater productivity and realisation, pyramid restructuring, and favorable currency trends, which enabled investments in talent, learning and development, research and innovation, infrastructure, capability building, and business growth. Despite these investments, operating margins expanded by 70 basis points. The following exceptional items have been considered as one-offs and excluded from reported numbers:

Pursuant to the Government of India notifying the four Labour Codes (consolidating 29 existing labour laws), the Company has assessed and disclosed the incremental impact of these changes amounting to 2,128 crore consisting of gratuity of 1,816 crore and long-term compensated absences of 312 crore, primarily arising due to change in definition of wages that is applied while computing the respective components in respect of past service periods.

Pursuant to a lawsuit filed by Computer Sciences

Corporation (CSC) alleging the Company of misappropriation of trade secrets, the appeals court confirmed the verdict of trial court and ordered the Company to pay US$ 56 million in compensatory damages and US$ 112 million in exemplary damages. On the basis of facts and legal precedence, the Company has provided US$ 112 million towards this claim.

Pursuant to the reskilling and redeployment initiatives undertaken by the Company to make it future-ready, some associates were released from the organisation whose deployment may not be feasible. Termination benefits amounting to 1,388 crore have been provided as per policy devised for this purpose.

Segmental Performance

TCS has identified business segments (Industry vertical) as reportable segments. The revenue break-up by Industry Vertical and Geography is provided below:

	Segment Revenue (Rs crore)		YoY Revenue	Segment Margin (%)
Industry Vertical	FY 2026	FY 2025	Growth %	FY 2026	FY 2025
Banking, Financial Services and Insurance	103,363	94,597	9.3	26.1	26.6
Consumer Business	42,432	40,197	5.6	28.5	27.9
Communication, Media and Technology	39,474	45,893	(14.0)	29.1	20.9
Life Sciences and Healthcare	27,745	26,456	4.9	27.0	28.2
Manufacturing	26,614	25,170	5.7	30.3	32.7
Others	27,393	23,011	19.0	22.9	25.2
Total	267,021	255,324	4.6	25.0	24.3

Overview of Funds Invested

TCS investment strategy focuses on selecting a balanced mix of long-term and short-term instruments to seize market opportunities and achieve higher yields. By optimising working capital, TCS enhances efficiency, resulting in improved overall returns.

( H crore)

	FY 2026	FY 2025
Investments in mutual funds, Government securities and others	34,887	30,956
Deposits with banks	10,433	12,831
Inter-corporate deposits	1,500	-
Cash and bank balances	3,200	3,435
Total	50,020	47,222

Business Outlook

Global GDP growth is projected to be 3.1% in 2026 and 3.2% in 2027 6 , slower than its recent pace of 3.4% in 2025 6 . The global economy continues to face heightened uncertainty from both geopolitical tensions and shifting policies. These pressures are expected to be partly offset by supportive tailwinds, including continued strength in technology-led investment, particularly in AI, more pronounced in North America and Asia than in other regions. Continued fiscal and monetary support, broadly accommodative financial conditions and the demonstrated resilience of the private sector are also expected to support economic activity. The outlook remains subject to downside risks, including potential volatility linked to AI-related investment expectations, renewed trade, or geopolitical tensions and fiscal pressures affecting financial conditions. At the same time, continued AI adoption, easing trade frictions, and timely policy actions focused on stability, fiscal resilience, and structural reforms could support more long-term growth.

In recent months, the global technology landscape experienced a structural shift with the rapid emergence of deep-tech AI companies offering platform-led, product-centric solutions. These players, leveraging advances in foundation models, agentic workflows and developer tools, have demonstrated meaningful efficiency gains in selected activities, raising expectations around faster delivery cycles and incremental deflation in parts of the value chain. While this expanded the overall AI opportunity, it also introduced new competitive dynamics for traditional technology services models.

However, a gap often exists between performance demonstrated in controlled environments and outcomes realized at scale within large enterprises. Most organisations typically operate in a complex and deeply embedded technology environment, characterised by legacy systems, fragmented data landscapes and rigorous safety and regulatory requirements. As a result, scaling AI adoption requires substantial upfront investments in process digitisation, application rationalisation, cyber security enhancement and the creation of robust AI-ready data foundation. These transformation initiatives are generally multi-year in nature and require deep domain expertise, disciplined execution and the ability to deliver consistently across geographies and complex technology estates. Customers continue to trust service providers with strong domain knowledge, proven execution capabilities and the capacity to deliver integrated, enterprise-wide transformation outcomes.

AI-driven productivity gains may continue to influence pricing structures and engagement models in the near term, however, they are also expected to accelerate transformation programmes and expand the scope of technology-led change across enterprises. Over the medium term, the industry is expected to witness increased adoption of outcome-based engagements, deeper strategic partnerships and an expanding addressable market.

In summary, the current environment is marked by rapid AI adoption, geopolitical volatility, and macroeconomic uncertainty. Customers continue to extend decision-making cycles while applying heightened scrutiny to discretionary spending. Service providers need to closely track evolving customer priorities to understand both immediate and second-order impacts. Sustained resilience will depend on continuous transformation, anticipatory market sensing, agile execution, and the ability to convert disruption into long-term strategic growth.

Key demand drivers expected to power the Companys growth in the medium to long term include:

Technology Modernisation and Transformation:

Modernisation demand will be driven by the need to build AI-ready, resilient and efficient digital foundations. Enterprises are likely to continue investing in cloud and hybrid cloud transformation, data estate modernisation and legacy system simplification to enhance agility and improve cost efficiency. Scaling intelligent operations through AI, data platforms, automation, IoT, computer vision, and robotics will gain momentum, alongside modernization of core platforms such as ERP, core banking, telecom, and manufacturing systems. Establishing robust data, cybersecurity, AI governance, and sovereign cloud foundations will remain critical to enable secure and scalable enterprise-wide AI adoption.

Business Transformation: Business-led demand will increasingly focus on AI-enabled growth, experience differentiation, and decision intelligence. Enterprises will invest in customer experience transformation through AI-driven commerce, hyper-personalisation, omnichannel engagement, and intelligent marketing. At the same time, supply chain modernisation, pricing intelligence and real-time analytics are expected to support margin protection and operational resilience. Data-driven insights, embedded AI across business workflows and trusted AI frameworks will enable faster innovation, improved monetisation and differentiated outcomes across industry verticals.

Operating Model Transformation: Demand will be shaped by the continued shift toward leaner, more resilient operating models. Organisations are expected to prioritise cost optimisation, vendor consolidation and AI and GenAI-led transformation of IT and business operations to reduce cost-to -serve and improve productivity. Managed services, platform-led delivery models, and Human + AI operating constructs will expand, supported by greater automation, real-time operational visibility, and autonomous or semi-autonomous operations. In addition, risk, compliance, cybersecurity, and regulatory-driven transformation initiatives will further reinforce operating model redesign across industries.

Quality Initiatives

TCS has established a comprehensive quality and governance framework to ensure the highest levels of quality, superior customer experience, best in class service management, robust information security and privacy practices, and mature business continuity management. Quality management is an integral component of the Companys governance architecture and supports long term value creation for customers and other stakeholders.

The TCS Integrated Quality Management System (iQMST) provides a structured, enterprise wide framework for planning, execution, monitoring, and continual improvement of delivery processes. The framework is periodically reviewed and enhanced to remain aligned with evolving regulatory requirements, market expectations, and emerging technologies, including AI. The Company continues to maintain robust quality and information security certifications aligned to globally recognised standards.

In response to the industrys AI-first paradigm, TCS has embedded AI-enabled controls within its quality management processes. AI-infused iQMS assets strengthen lifecycle engineering, project management and service delivery by enabling the development of AI-based solutions and facilitating the systematic integration of AI across the Software Development Life Cycle (SDLC). Standardised and reusable AI artefacts further support the adoption of generative AI across requirements, design, build, testing, deployment and operations, enhancing speed, consistency, and quality outcomes.

Delivery governance processes, including project initiation, project reviews, audits and final inspections, have been strengthened with AI-specific controls. The metrics catalogue has been expanded to include AI-focused performance indicators across application development, operations, infrastructure services and AI-led business solutions. In addition, human-in-the-loop mechanisms, lifecycle traceability, auditability and ethical AI guardrails have been embedded within quality gates to support reliable, accountable and responsible AI adoption at scale.

The Company continues to assess and enhance its process framework to address evolving AI-related regulatory requirements across jurisdictions. This includes initiatives covering AI literacy, risk classification and management, contractual controls across the value chain, strengthened security and data protection frameworks, and the integration of Responsible AI principles across internal initiatives, products and platforms, and customer engagements. TCSs sustained focus on customer centricity, operational rigor, quality governance and AI-led transformation has contributed to consistently high customer satisfaction levels, as reflected in internal assessments and independent third-party recognitions.

Enterprise Risk Management

The TCS Enterprise Risk Management (ERM) framework is a robust and continuously evolving system aligned with globally recognised practices under the COSO 2017 and ISO 31000:2018 frameworks, enabling the Company to effectively navigate an increasingly complex risk environment. Guided by the Risk Management Policy approved by the Board, the ERM framework encompasses risk identification, assessment, response planning, monitoring and governance to support the achievement of strategic objectives. Risk reviews, assessments, and scenario planning are carried out regularly to anticipate potential challenges and develop mitigation plans. Key risk indicators and control indicators are used to assess risks, provide early warnings, and evaluate effectiveness of the mitigation actions, respectively. The Company also promotes a risk-aware culture that encourages leaders to take informed risks and pursue opportunities that maximise long-term value creation. Transparent and collaborative engagement with stakeholders - including customers, employees, suppliers, partners and regulatory authorities, ensures transparent and collaborative risk management.

TCS adopts a holistic view of its enterprise risk profile, covering strategic, operational, compliance, financial and catastrophic risks, thus enabling informed decision-making and right investments. Risks are assessed and managed at various levels with a top-down and bottom-up approach across the enterprise, business units, geographies, corporate functions, customer relationships and individual projects.

The Board of Directors, through its Risk Management Committee (RMC), oversees the framing, implementation, and periodic review of the Risk Management Policy and ERM framework. It meets regularly to review the Companys risk profile, risk mitigation plans, and discuss emerging threats and opportunities.

By proactively managing risks and identifying opportunities arising from uncertainty, the Company aims to support its long-term sustainability and growth. Robust risk management initiatives, coupled with TCS commitment to innovation and excellence, will enable the Company to navigate evolving industry dynamics and capitalise on future opportunities.

While the Company tracks various risks to the enterprise, listed below are some of the key risks (R) and opportunities (O), anticipated impact on the Company 7 and mitigation strategies 8 .

Volatile global, political and economic environment (R) Risk	Impact On: Financial implications of R/O: - Mitigation
The volatility of geo-political events and macroeconomic changes, such as wars, adverse trade policies and continuing high inflation in major economies can I pact client spending and squeeze liquidity.	Broad-based business mix with diversified focus across geographies and industry verticals and targeting CxO business in addition to CIOs aid in balancing the risk impact. Active monitoring of the changing geo-political landscape, ensuring business continuity plans and strengthening internal controls against secondary risks continue.
Such developments could weaken the business outlook for TCS customers, leading to demand uncertainty for the Companys services and a higher cost of doing business. In addition, risks relating to service delivery, business continuity, cybersecurity, sanctions compliance and human rights in geo-politically sensitive zones may increase costs and impact revenue growth.	Investments in large-scale re-skilling of TCS associates on AI and other new technologies are progressing well. The Company has developed a future-ready workforce by providing all associates with foundational AI and GenAI awareness training, while a significant proportion of employees have also acquired advanced AI capabilities.
Technology disruption is happening at an unprecedented pace.
Inadequate guardrails and governance to address inherent risks of use of emerging technology can cause significant quality, security, IP and ethical concerns. GenAI technologies could disrupt existing software development methods, causing unrealistic market expectations in the short term, impacting TCS value proposition, resulting in competitive disadvantage and impact on the Companys growth prospects.	In parallel, TCS continues to invest in innovation across frameworks, methods, guardrails to address risks, investments in the required infrastructure and safe environments are being made. This is complemented by strategic partnerships and continued investment in research and innovation to ensure secure and scalable adoption. Across every service line, the Company is working on service transformation using AI. There is an increasing focus on building, partnering or acquiring capabilities required to adapt to customer requirements.
	TCS is uniquely positioned to help customers navigate increasing complexity across technology, operating models and business transformation. Through its five-pillar transformation framework, combined with sustained investments spanning Infrastructure to Intelligence, the Company continues to strengthen its AI-led engineering capabilities, scalable and highly skilled talent base, differentiated solutions portfolio and robust partner ecosystem.
	These capabilities enable TCS to help customers reimagine customer experiences, improve productivity and drive meaningful transformation across their organisations.
For the IT services industry, sustained organisational growth depends on the ability to attract, develop, motivate and retain skilled talent. TCS strategic transition towards becoming an AI- first enterprise is fundamentally dependent on building a globally scalable and future-ready workforce enhanced by AI capabilities.	Huge investments in talent engagement, development with the focus of re-skilling to adapt to new and emerging technologies have been made and continue at a rapid pace. This includes massive investments in structured, role-based learning pathways to equip every employee with AI skills. Talent retention is further supported through reward and recognition programmes, career development opportunities and continuous learning initiatives.
Intensifying global competition for specialised AI talent may increase attrition levels, creating challenges in retaining critical expertise required to drive transformation initiatives.	TCS has expanded business delivery centres to tier-2/tier-3 cities in India to enable leveraging local talent supply and diversification also aids in addressing the talent risk. Investments are also made in branding, STEM/GoIT programmes and campus engagements in global markets, to improve local hiring and retention.
Advancements in foundational models by deep tech AI companies and their capabilities could fundamentally transform business models and pricing models. Emerging foundational models are likely to further replace or augment traditional offerings in the future. As a result, clients may increasingly delay or reconsider investments under current contracts and engagements as they assess the potential impact and value of these rapidly advancing technologies. Such delays in spending and contract commitments can adversely affect the Companys operational results, particularly if TCS is unable to rapidly adapt its pricing, commercial models, and value propositions to align with the benefits and efficiencies delivered by new foundational technologies. In addition, if spending growth associated with these technologies does not sufficiently offset potential declines in traditional service revenues, the Company could face revenue pressures.	TCS closely monitors advancements in foundational AI models and proactively adapts service offerings, delivery models, and commercial structures. Investments in building patterns and frameworks, fine tuned SLM models to build contextualised solutions for customers. In parallel, TCS engages customers through immersion sessions and rapid-build demonstrations to showcase practical AI use cases, accelerate decision-making and support scaled enterprise adoption.
	Opportunity
	Growing capabilities of foundational AI models increases demand for service providers who can contextualize, integrate, and fine tune generic models for enterprise grade adoption at scale.
	This creates opportunities for TCS to expand into higher-value services spanning AI consulting, transformation, platform integration and managed AI operations.
	The evolving technology landscape also presents opportunities to deepen long-term customer relationships and participate in new technology-led investment cycles as AI adoption matures across industries.
Restrictions on global mobility, location strategies (R) Risk	Impact On: Financial implications of R/O: - Mitigation
The Companys global delivery model depends on the cross- border mobility of skilled professionals. Consequently, regulatory restrictions in key markets may limit access to specialised talent, constrain capability expansion, increase the cost of doing business and potentially delay client project execution.	Diversified sourcing and local hiring strategies, supported by strong employer branding and multi-channel access to active and passive talent pools. Increased hiring of local talent and promoting local talent building in STEM areas help to materially reduce dependency on work visas.
Cyber security threats continue to evolve rapidly, with the frequency and sophistication of cyber-attacks increasing significantly. Such threats may arise from geopolitical developments, pandemic-themed cyber campaigns and other emerging vulnerabilities. Security breaches can result in reputational damage, operational disruption, regulatory penalties, and legal and financial liabilities for TCS.	To strengthen cyber resilience, TCS continues to invest in state- of-the -art security operations centres supported by automated response playbooks. The Company maintains stringent security policies, procedures and controls aligned with ISO 27001 standards, complemented by enterprise-wide awareness and training programmes as well as regular internal and external audits. Use of advanced AI/ML based tools to detect and prevent incursions with advanced quarantine capabilities, including perimeter security controls with enhanced internal vulnerability detection, data leak prevention tools, incident management and recovery process, red / purple teaming, breach-and-attack simulations in compliance with industry best practices are implemented. Close collaboration with Computer Emergency Response Team (CERT) and other private cyber intelligence agencies help to stay ahead of the curve.
	In addition, cyber insurance coverage is maintained to address residual risk exposure.
	Opportunity
	It is imperative for all enterprises to create robust and proactive cyber resilience strategies to address increasing threats. This presents opportunities for TCS to modernise security operations, strengthening cyber defence and cyber offence capabilities, expanding GenAI and cloud-based security offerings, and preparing for future risks associated with quantum computing-driven attacks.
TCS global nature of operations requires it to comply with ever-evolving, complex regulatory requirements across multiple jurisdictions and compliance areas. Failure to comply can result in penalties, reputational damage, and criminal prosecution.	The Company has established a centralised programme for horizon scanning and monitoring regulatory developments globally.
	This is supported by an enterprise-wide compliance framework that integrates regulatory requirements into policies, processes and internal controls. Continued focus on fostering an ethical and compliance culture, with governance at Board, executive and management levels through quarterly declarations, risk assessments and audits enable the Company to stay compliant in an ever-changing environment. Where feasible, automated preventive controls - such as real-time sanctions screening - are implemented to minimise the risk of non-compliance.
	Opportunity
	As regulatory frameworks continue to evolve across industries and geographies, enterprises are increasingly required to strengthen their compliance programmes and governance structures. TCS provides Governance, Risk and Compliance (GRC) services and offerings to enterprises in various industry compliance domains, especially regulated industries.
Risk of infringement of IP of customers, suppliers, partners and alliance organisations by TCS associates may lead to potential liabilities, increased litigation and reputation impact.	To address these risks, TCS has implemented a comprehensive IP policy and an industry-leading IP management framework encompassing the creation, protection, assetisation, commercialisation, usage and governance of intellectual property. These measures are further supported through extensive IP awareness and training initiatives across the organisation.
Using AI without the right guardrails additionally presents risks, including the potential for copyright infringement and confidential data input into public models. Also, inadequate protection of TCS IP may lead to potential loss of ownership rights, revenue and value.	Only IP Safe certified TCS intellectual property assets are positioned and marketed to customers. In addition, process- and system-based controls ensure appropriate access to and usage of TCS, customer and third-party IP across internal operations and customer delivery engagements, including AI-based systems.
	Employee IP and confidentiality agreements, organisational structures designed to prevent IP contamination and infringement, and quarterly IP compliance declarations by product teams further strengthen the Companys IP governance framework and minimise associated risks.
	TCS continues to foster and reward a strong culture of innovation across the organisation, reflected in the growing number of patents granted to the Company. This continued focus on innovation strengthens its intellectual property portfolio and supports the development of differentiated solutions and long-term value creation.
The global nature of TCS operations requires compliance with a wide range of data privacy regulations across jurisdictions, many of which carry significant penalties for violations and data breaches.	TCS global privacy policy is implemented through the PriVACE framework and a robust organisational structure comprising the Global Privacy Office, Geography level DPOs, and Business Privacy Leaders.
Privacy-related risks have further intensified with the widespread democratisation of AI adoption and the rapid proliferation of advanced AI tools. Any breach of privacy regulations or compromise of sensitive data could adversely affect the Companys operations, reputation and financial position through material liabilities and regulatory actions.	The Company continuously monitors the evolving regulatory landscape to track emerging privacy-related requirements, including developments such as Indias Digital Personal Data Protection Act (DPDPA). Training and awareness is key, with data privacy training mandated for all associates.
	Data protection controls are implemented and assessed through internal and third-party external audits across all the areas of operations.
	Opportunity
	As enterprises continue to increase investments in strengthening data privacy and governance frameworks, significant growth opportunities are emerging for TCS in the area of data privacy services and solutions. This opportunity is expected to expand further in markets such as India following the introduction of new privacy regulations.
With globally distributed operations, TCS is vulnerable to physical risks arising from climate change, such as disruptions to operations due to climate catastrophes, water scarcity across water stressed locations, resource constraints, among others. TCS also faces transition risks considering a global shift towards a low carbon economy due to evolving policies, regulations, market demand, technology and stakeholder expectations.	TCS has conducted a climate risk assessment through climate scenarios to assess the physical and transition risks over short, medium and long term. The Company ensures implementation of mitigating controls by means of timely engagement with internal and external stakeholders, continuous alignment with evolving national and international regulations, and integration of management system requirements into business operations. The Company has reinforced initiatives across energy efficiency, carbon management, water management, waste management, preserving biodiversity in campuses, and supply chain sustainability to ensure ongoing relevance, effective implementation and sustained compliance across the organisation.
Physical climate-related risks may adversely affect the health and safety of local communities, disrupt business continuity and impact supply chain operations. In parallel, transition risks associated with the shift towards a low-carbon economy could influence TCS growth prospects, profitability and reputation.
	Across major global markets, sustainability has decisively moved beyond compliance and purpose-led initiatives to become a core business strategy. Enterprises are now viewing sustainability through the lens of resilience, efficiency, and value creation. Against this backdrop, TCSs targeted investments in products, services, and strategic partnerships are enabling new, scalable growth streams for clients and the enterprise.
	For more information on TCS Climate risks and opportunities, refer to TCS IFRS S2 report here.
Litigation risks may arise from commercial disputes, alleged intellectual property rights (IPR) violations, personal data or information breach incidents, and employment-related matters. In addition, the increasing scale and market profile of TCS may make the Company more susceptible to opportunistic or meritless legal claims. Such matters may lead to reputation risk, legal expenses and adverse rulings which can result in substantive damages.	To mitigate these risks, TCS has established robust processes, controls and governance mechanisms focused on compliance with contractual obligations, information security standards, IP protection policies and immigration regulations.
	The Company has also strengthened its network of in-house legal counsel across major geographies, supported by reputed global law firms in regions where it operates. In addition, arbitration mechanisms have increasingly been incorporated into contractual arrangements as an alternative to court proceedings, along with waivers of jury trials, particularly within the US market.
Volatility in INR, which serves as the functional currency for	To limit impact of short-term exchange volatility, the currency hedging policy aligned with best practices is in place. Hedging strategies are guided and monitored by the Risk Management
TCS, against major global currencies may result in fluctuations in reported revenue, profitability and operating margins. Such currency movements may also influence stakeholder perceptions regarding the underlying momentum and profitability of the business.	Committee of the Board. Management commentary is based on constant currency for better stakeholder understanding of business performance.

Internal Financial Control Systems and their Adequacy

TCS has aligned its systems of internal financial control in line with the globally accepted risk-based framework issued by the Committee of Sponsoring Organizations (COSO) of the Treadway Commission. This framework of internal financial controls meets the requirement of the Companies Act, 2013. The Internal Control - Integrated Framework (the 2013 framework) is intended to increase transparency and accountability in an organisations process of designing and implementing a system of internal control. The framework requires a company to identify and analyze risks and manage appropriate responses. The Company has successfully laid down the framework and ensured its effectiveness.

TCS internal controls are commensurate with its size and the nature of its operations. These have been designed to provide reasonable assurance with regard to recording and providing reliable financial and operational information, complying with applicable statutes, safeguarding assets from unauthorised use, executing transactions with proper authorisation and ensuring compliance with corporate policies. TCS has a well-defined delegation of power with authority limits commensurate with the responsibilities for approving engagements with all stakeholders that commit organizational resources and results in creation of assets and liabilities, income and expenditure. TCS employs an advanced enterprise resource planning (ERP) system that connects all parts of the organisation, to record data for accounting, consolidation and management information purposes. It has continued its efforts to align all its processes and controls with global best practices.

TCS management assessed the effectiveness of the Companys internal control over financial reporting (as defined in Regulation 17 of Securities and Exchange Board of India (SEBI) LODR Regulations 2015) as of March 31, 2026.

B S R & Co. LLP, the Statutory auditors of TCS, have audited the financial statements included in this annual report and have issued an attestation report on the Companys internal control over financial reporting (as defined in section 143 of Companies Act, 2013).

TCS has appointed PricewaterhouseCoopers Services LLP to oversee and carry out an internal audit of its activities. Design and operating effectiveness of process controls on financial transactions is also audited by an independent in-house internal audit team. The audit is based on an internal audit plan, which is reviewed each year in consultation with the Statutory auditors and approved by the Audit Committee. In line with international practice, the conduct of internal audit is oriented towards the review of internal controls and risks in the Companys operations such as software delivery, accounting and finance, procurement, employee engagement, human resource management, regulatory compliances, travel, insurance, IT processes, including the subsidiaries and foreign branches.

TCS also undergoes periodic audit by specialized third party consultants and professionals for business specific compliances such as quality management, service management, information security, etc. The Audit Committee reviews reports submitted by the Management and audit reports submitted by internal auditors and statutory auditors. Suggestions for improvement are considered, and the audit committee follows corrective action. The Audit Committee also meets TCS statutory auditors to ascertain, inter alia, their views on the adequacy of internal control systems and keeps the Board of Directors informed of its major observations periodically.

Based on its evaluation (as defined in Section 177 of Companies Act, 2013 and Regulation 18 of SEBI (LODR) Regulations 2015), TCS Audit Committee concluded that, as of March 31, 2026, the Companys internal financial controls were adequate and operating effectively.

Performance Trend - 10 years

(Rs crore)

	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Revenue from operations	267,021	255,324	240,893	225,458	191,754	164,177	156,949	146,463	123,104	117,966
Revenue by geographic segments
Americas	134,998	127,870	127,939	124,336	100,072	84,278	82,000	77,562	66,145	66,091
United Kingdom	46,444	42,977	39,852	33,861	30,399	25,659	24,899	22,862	17,625	16,404
Continental Europe	41,023	36,510	35,772	33,575	30,743	26,687	23,138	20,594	16,530	13,634
India	15,775	22,060	13,562	11,271	9,805	8,449	8,964	8,393	7,921	7,415
Others	28,781	25,907	23,768	22,415	20,735	19,104	17,948	17,052	14,883	14,422
Cost*
Employee cost	154,994	145,788	140,131	127,522	107,554	91,814	85,952	78,246	66,396	61,621
Other operating cost	45,189	47,371	41,451	43,699	35,747	29,882	32,417	30,767	26,206	26,021
Total operating cost	200,183	193,159	181,582	171,221	143,301	121,696	118,369	109,013	92,602	87,642
Profitability*
EBIT	66,838	62,165	59,311	54,237	48,453	42,481	38,580	37,450	30,502	30,324
Profit before tax	70,355	65,331	63,038	56,907	51,687	44,978	42,248	41,563	34,092	34,513
Profit after tax	52,820	48,553	46,585	42,147	38,327	33,388	32,340	31,472	25,826	26,289
Financial Position
PPE- Owned and leased (net)	13,441	12,407	10,805	11,336	11,797	11,874	11,667	11,374	11,494	11,598
Intangible and	9,284	2,800	2,342	2,725	2,888	2,278	1,993	1,879	1,757	1,644
Goodwill
Invested Funds	50,020	47,222	46,963	49,824	56,053	50,430	44,311	49,649	47,686	48,434
Business assets (net)	34,495	32,327	30,379	26,539	18,401	21,851	26,155	26,544	24,191	24,538
Net worth	107,240	94,756	90,489	90,424	89,139	86,433	84,126	89,446	85,128	86,214
Earnings per share in *
EPS- as reported	145.99	134.19	127.74	115.19	103.62	89.27	86.19	83.05	134.19	133.41
EPS- adjusted for	145.99	134.19	127.74	115.19	103.62	89.27	86.19	83.05	67.10	66.71
Bonus Issue
Headcount	584,519	607,979	601,546	614,795	592,195	488,649	448,464	424,285	394,998	387,223

*Excludes provision (FY 2021), settlement (FY 2024) of legal claim and exceptional line items (FY 2026) comprising of provision towards legal claim, re-structuring expenses and statutory impact of new Labour codes.

Ratio Analysis - 10 years

	Units	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Ratios - Financial
Performance*
Employee Cost / Total	%	58.1	57.1	58.2	56.6	56.1	55.9	54.8	53.4	53.9	52.2
Revenue
Other Operating Cost / Total	%	16.9	18.6	17.2	19.4	18.6	18.2	20.7	21.0	21.3	22.1
Revenue
Total operating cost / Total	%	75.0	75.7	75.4	75.9	74.7	74.1	75.4	74.4	75.2	74.3
Revenue
EBIT / Total Revenue	%	25.0	24.3	24.6	24.1	25.3	25.9	24.6	25.6	24.8	25.7
Profit Before Tax / Total	%	26.3	25.6	26.2	25.2	27.0	27.4	26.9	28.4	27.7	29.3
Revenue
Effective Tax Rate- Tax / PBT	%	24.6	25.3	25.8	25.7	25.6	25.5	23.2	24.1	24.1	23.6
Profit After Tax / Total	%	19.8	19.0	19.3	18.7	20.0	20.3	20.6	21.5	21.0	22.3
Revenue
Ratios - Growth
Total Revenue	%	4.6	6.0	6.8	17.6	16.8	4.6	7.2	19.0	4.4	8.6
EBIT*	%	7.5	4.8	9.4	11.9	14.1	10.1	3.0	22.8	0.6	5.3
Profit After Tax*	%	8.8	4.2	10.5	10.0	14.8	3.2	2.8	21.9	(1.8)	8.3
Ratios - Balance Sheet
Days Sales Outstanding	Days	74	71	67	65	64	68	67	69	74	73
(DSO) in US$ terms
Invested Funds / Capital	%	41.8	44.9	47.3	50.4	57.4	53.1	47.7	55.2	55.6	55.8
Employed
Capital Expenditure / Total	%	1.8	1.9	1.1	1.4	1.5	1.9	2.0	1.5	1.5	1.7
Revenue
Operating Cash Flows /	%	105.9%	100.7%	96.6%	99.6%	104.2%	119.6%	100.1%	90.9%	97.1%	95.9%
Profit after tax attributable to shareholders of the
Company
Ratios - Per Share
EPS- adjusted for Bonus*		145.99	134.19	127.74	115.19	103.62	89.27	86.19	83.05	67.10	66.71
Price Earnings Ratio, end of year*	Times	16.2	26.9	30.3	27.8	36.1	35.6	21.2	24.1	21.2	18.2
Dividend Per Share		110.00	126.00	73.00	115.00	43.00	38.00	73.00	30.00	50.00	47.00
Dividend Per Share- adjusted		110.00	126.00	73.00	115.00	43.00	38.00	73.00	30.00	25.00	23.50
for Bonus
Market Capitalisation / Total	Times	3.2	5.1	5.8	5.2	7.1	7.2	4.4	5.1	4.4	4.1
Revenue

* Excludes provision (FY 2021), settlement (FY 2024) of legal claim and exceptional line items (FY 2026) comprising of provision towards legal claim, re-structuring expenses and statutory impact of new Labour codes.

xii. Commodity price risk or foreign exchange risk and hedging activities

The Company does not deal in commodities and hence the disclosure pursuant to SEBI Master Circular updated on January 30, 2026 (erstwhile SEBI Master Circular dated November 11, 2024) is not applicable.

For details on foreign exchange risk and hedging activities, please refer to Management Discussion and Analysis, which forms part of this Integrated Annual Report.

xiii. Loans and advances

The Company has not given any loans and advances to firms/companies in which directors are interested.

xiv. Equity shares in the suspense account

In accordance with the requirement of Regulation 34(3) and Part F of Schedule V to the SEBI Listing Regulations, details of equity shares in the suspense account are as follows:

Particulars	Number of shareholders	Number of equity shares
Aggregate number of Shareholders and the outstanding shares in the suspense account lying as on April 1, 2025	26	820
Shareholders who approached the Company for transfer of shares from suspense account during the year	-	-
Shareholders to whom shares were transferred from the suspense account during the year	-	-
Shareholders whose shares are transferred to the demat account of the IEPF	26	820
Authority as per Section 124 of the Act
Aggregate number of Shareholders and the outstanding shares in the suspense account lying as on March 31, 2026	-	-