Shares of Tata Consultancy Services (TCS) were trading sharply higher on Friday, rising over 4 per cent on the National Stock Exchange after the country’s largest IT firm reported its second-quarter results on Thursday. As of 12.21 PM, the stock was at ₹2,161, up ₹85 or 4.09 per cent from its previous close of ₹2,076, after touching an intraday high of ₹2,204. Traded volume stood at 81.04 lakh shares worth ₹1,758 crore, reflecting heavy institutional and retail activity.
The move brings some relief to investors who have seen TCS shares decline sharply over the past year. The stock is down nearly 29 per cent over the last 12 months and has shed almost 33 per cent year-to-date, significantly underperforming the Nifty 50, which is down about 14 per cent over the same period. The stock remains well below its 52-week high of ₹3,350, touched on February 3, 2026, though it has recovered from its 52-week low of ₹1,976.80 hit on July 1, 2026.
Analyst reactions to the quarterly print were largely divided. Goldman Sachs maintained a Buy with a target price of ₹2,210, citing broad-based sequential growth across most regions and a third consecutive quarter of headcount additions. Nomura was the most bullish, holding a Buy with a target of ₹2,630. JPMorgan reiterated Overweight at ₹2,300, while Kotak Institutional Equities retained Add with a revised target of ₹2,320, down from ₹2,450. Axis Securities and Anand Rathi maintained Buy ratings with targets of ₹2,360 and ₹2,430, respectively.
However, caution dominated the sell-side as well. Citi maintained a Sell with a target of ₹1,840, flagging that forward contract value growth turned negative year-on-year and margins have consistently missed the company’s aspirational 26-28 per cent band. Jefferies rated the stock Underperform with a target of ₹1,800, citing uninspiring growth and rising margin pressures. CLSA and HSBC held neutral stances with targets of ₹2,038 and ₹2,350 respectively, while Morgan Stanley kept an Equal-weight at ₹2,160.
A notable external development flagged by Kotak was the US administration’s suspension of new and pending PERM applications involving TCS and other major Indian IT firms including Infosys and Wipro. Analysts assessed this as having limited operational impact given the extent to which Indian IT companies have already localised their US workforces.
TCS reported Q2FY27 net profit of ₹13,884 crore, up 4 per cent sequentially, on revenue of ₹73,188 crore. EBIT margin held steady at 24 per cent, slightly below estimates, while constant currency revenue growth came in at 0.5 per cent. Total contract value stood at $9.6 billion and AI revenues crossed 10 per cent of total sales.
Published on October 9, 2026
