Interim report
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9th Floor Nirmal Building Nariman Point Mumbai 400 021 Tel 91 22 6778 9595 Fax 91 22 6630 3672 e-mail corporate.office@tcs.com website www.tcs.com Registered Office 9th Floor Nirmal Building Nariman Point Mumbai 400 021 Corporate Identity No. (CIN): L22210MH1995PLC084781 TCS/BM/179/SE/2025-26 January 12, 2026 N ational Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, Block G, P. J. Towers, Bandra Kurla Complex, Bandra (East) Dalal Street, Mumbai - 400051 Mumbai - 400001 Symbol - TCS Scrip Code No. 532540 D ear Sirs, Sub: Financial Results for the quarter and nine-month period ended December 31, 2025, and declaration of third interim dividend and special dividend We en close the audited standalone financial results of the Company and audited consolidated financial results of the Company and its subsidiaries for the quarter and nine-month period ended December 31, 2025, under Indian Accounting Standards, which have been approved and taken on record at a meeting of the Board of Directors of the Company held today. We would like to inform you that at the Board Meeting held today, the Directors have declared a third interim dividend of INR 11 and a special dividend of INR 46 per Equity Share of INR 1 each of the Company. The third interim dividend and the special dividend shall be paid on Tuesday, February 3, 2026, to the equity shareholders of the Company, whose names appear on the Register of Members of the Company or in the records of the Depositories as beneficial owners of the shares as on Saturday, January 17, 2026, which is the Record Date fixed for the purpose. T he above information is also available on the website of the Company www.tcs.com. Thanking you, Y ours faithfully, For Tata Consultancy Services Limited Y ashaswin Sheth Company Secretary ACS 15388 Encl: As above cc: 1. N ational Securities Depository Limited 2. C entral Depository Services (India) Limited 3. MUFG Intime India Private Limited (Formerly known as Link Intime India Private Limited)
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B S R & Co. LLPChartered Accountants14th Floor, Central B Wing and North C WingNesco IT Park 4, Nesco CenterWestern Express HighwayGoregaon (East), Mumbai – 400 063, IndiaTelephone: +91 (22) 6257 1000Fax: +91 (22) 6257 1010 Registered Office:B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP (a Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 201314th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063Page 1 of 6 ’Independent Auditor s ReportTo the Board of Directors of Tata Consultancy Services LimitedReport on the audit of the Consolidated Financial ResultsOpinionWe have audited the accompanying Statement of Consolidated Financial Results of Tata Consultancy Services Limited (“Holding Company”) and its subsidiaries (Holding Company and its subsidiaries together referred to as “the Group”), for the quarter ended 31 December 2025 and for the period from 01 April 2025 to 31 December 2025, (“the Statement”), being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").In our opinion and to the best of our information and according to the explanations given to us, the Statement:a. includes the results of the entities mentioned in Annexure I to the Statement;b. is presented in accordance with the requirements of Regulation 33 of the Listing Regulations as amended; andc. gives a true and fair view in conformity with the applicable accounting standards, and other accounting principles generally accepted in India, of consolidated total comprehensive income (comprising of net profit and other comprehensive income) and other financial information of the Group for the quarter ended 31 December 2025 and for the period from 01 April 2025 to 31 December 2025.Basis for OpinionWe conducted our audit in accordance with the Standards on Auditing (“SAs”) specified under section 143(10) of the Companies Act, 2013 (“the Act”). Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Results section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained, is sufficient and appropriate to provide a basis for our opinion on the consolidated financial results.Management’s and Board of Directors’/Trustees' Responsibilities for the Consolidated Financial ResultsThese quarterly consolidated financial results as well as the year to date consolidated financial results have been prepared on the basis of the consolidated interim financial statements.The Holding Company’s Management and the Board of Directors are responsible for the preparation and presentation of these consolidated financial results that give a true and fair view of the consolidated net profit/ loss and other comprehensive income and other financial information of the Group in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, ‘Interim Financial Reporting’ prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Management and Board of Directors/Trustees of the companies/entities included in the Group are responsible for maintenance of adequate accounting records
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B S R & Co. LLPIndependent Auditor’s Report(Continued)Tata Consultancy Services Limited Page 2 of 6 in accordance with the provisions of the Act for safeguarding of the assets of each company/entity and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial results by the Management and the Board of Directors of the Holding Company, as aforesaid.In preparing the consolidated financial results, the respective Management and the Board of Directors/Trustees of the companies/entities included in the Group are responsible for assessing the ability of each company/entity to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors/Trustees either intends to liquidate the company/entity or to cease operations, or has no realistic alternative but to do so. The respective Board of Directors/Trustees of the companies/entities included in the Group is responsible for overseeing the financial reporting process of each company/entity.Auditor’s Responsibilities for the Audit of the Consolidated Financial ResultsOur objectives are to obtain reasonable assurance about whether the consolidated financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial results.As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:– Identify and assess the risks of material misstatement of the consolidated financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.– Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.– Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the consolidated financial results made by the Management and Board of Directors.– Conclude on the appropriateness of the Management’s and Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.– Evaluate the overall presentation, structure and content of the consolidated financial results, including the disclosures, and whether the consolidated financial results represent the underlying transactions and events in a manner that achieves fair presentation.
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B S R & Co. LLP Independent Auditor’s Report (Continued) Tata Consultancy Services Limited Page 3 of 6 We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated financial results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. We also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable. For B S R & Co. LLP Chartered Accountants Firm’s Registration No.:101248W/W-100022 Aniruddha Godbole Partner Mumbai Membership No.: 105149 12 January 2026 UDIN:26105149HGNXGN9217 Aniruddha Shreekant Godbole Digitally signed by Aniruddha Shreekant Godbole Date: 2026.01.12 15:09:01 +05'30'
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B S R & Co. LLPIndependent Auditor’s Report(Continued)Tata Consultancy Services Limited Page 4 of 6 Annexure IThe consolidated financial results include financial results of the Holding Company and the following entities:Sr. No Name of component Relationship1 APTOnline Limited Subsidiary2 C-Edge Technologies Limited Subsidiary3 Diligenta Limited Subsidiary4 MahaOnline Limited Subsidiary5 MP Online Limited Subsidiary6 Tata America International Corporation Subsidiary7 Tata Consultancy Services (Africa) (Proprietary) Limited Subsidiary8 Tata Consultancy Services Asia Pacific Pte. Ltd. Subsidiary9 Tata Consultancy Services Belgium Subsidiary10 Tata Consultancy Services Canada Inc. Subsidiary11 Tata Consultancy Services Deutschland GmbH Subsidiary12 Tata Consultancy Services Netherlands B.V. Subsidiary13 Tata Consultancy Services Qatar Subsidiary14 Tata Consultancy Services Sverige Aktiebolag Subsidiary15 TCS e-Serve International Limited Subsidiary16 TCS FNS Pty Limited Subsidiary17 TCS Iberoamerica S.A. Subsidiary18 PT Tata Consultancy Services Indonesia Subsidiary19 Tata Consultancy Services (China) Co., Ltd. Subsidiary20 Tata Consultancy Services (Philippines) Inc. Subsidiary21 Tata Consultancy Services (Thailand) Limited Subsidiary22 MGDC S.C. Subsidiary23 Tata Consultancy Services Argentina S.A. Subsidiary24 Tata Consultancy Services De Mexico, S.A. De C.V. Subsidiary25 Tata Consultancy Services Do Brasil Ltda. Subsidiary26 TCS Inversiones Chile Limitada Subsidiary
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B S R & Co. LLPIndependent Auditor’s Report(Continued)Tata Consultancy Services Limited Page 5 of 6 Sr. No Name of component Relationship27 Tata Consultancy Services France Subsidiary28 TCS Uruguay S.A. Subsidiary29 TCS Solution Center S.A.(Merged with TCS Uruguay S.A. w.e.f. 01 October 2025)Subsidiary30 Tata Consultancy Services De Espana S.A. Subsidiary31 Tata Consultancy Services Luxembourg S.A. Subsidiary32 Tata Consultancy Services Osterreich GmbH Subsidiary33 Tata Consultancy Services Saudi Arabia Subsidiary34 Tata Consultancy Services Switzerland Ltd Subsidiary35 TCS Business Services GmbH Subsidiary36 Tata Consultancy Services Ireland Limited Subsidiary37 TCS Technology Solutions GmbH Subsidiary38 Tata Consultancy Services Bulgaria EOOD Subsidiary39 Tata Consultancy Services Guatemala, S.A. Subsidiary40 Tata Consultancy Services UK Limited Subsidiary41 Diligenta (Europe) B.V. Subsidiary42 TCS Foundation Subsidiary43 Tata Consultancy Services Japan, Ltd. Subsidiary44 Tata Consultancy Services Malaysia Sdn. Bhd. Subsidiary45 Tata Consultancy Services Italia S.R.L. Subsidiary46 Tata Consultancy Services (South Africa) (Proprietary) Limited Subsidiary47 Tata Consultancy Services Chile S.A. Subsidiary48 Tatasolution Center S.A. Subsidiary49 Tata Consultancy Services (Portugal), Unipessoal Lda Subsidiary50 TCS Financial Solutions Australia Pty Limited Subsidiary51 TCS Financial Solutions Beijing Co., Ltd.(Merged with Tata Consultancy Services (China) Co., Ltd. w.e.f. 01 July 2024)Subsidiary52TRIL Bengaluru Real Estate Five Limited (Acquired w.e.f. 29 January 2025)Subsidiary
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B S R & Co. LLPIndependent Auditor’s Report(Continued)Tata Consultancy Services Limited Page 6 of 6 Sr. No Name of component Relationship53TRIL Bengaluru Real Estate Six Limited (Acquired w.e.f .29 January 2025)Subsidiary54HyperVault AI Data Center Limited (Incorporated w.e.f. 29 October 2025)Subsidiary55Tata Consultancy Services BT Private Limited (Incorporated w.e.f. 16 December 2025)Subsidiary56 3-101-951221 S.A. (Incorporated w.e.f. 15 December 2025) Subsidiary57TCS North America Corporation (Incorporated w.e.f. 15 December 2025)Subsidiary58 Trident LE LLC (Incorporated w.e.f. 15 December 2025) Subsidiary59 ListEngage MidCo, LLC (Acquired w.e.f. 10 October 2025) Subsidiary60 ListEngage, LLC (Acquired w.e.f. 10 October 2025) Subsidiary61 Tata Sons & Consultancy Services Employees’ Welfare Trust Trust62 TCS e-Serve International Limited - Employees’ Welfare Benefit Trust Trust
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Year ended December 31, September 30, December 31, December 31, December 31, March 31, 2025 2025 2024 2025 2024 2025 Revenue from operations 67,087 65,799 63,973 1,96,323 1,90,845 2,55,324 Other income 1,118 867 1,243 3,645 2,934 3,962 TOTAL INCOME 68,205 66,666 65,216 1,99,968 1,93,779 2,59,286 Expenses Employee benefit expenses 38,530 38,606 35,956 1,14,851 1,09,026 1,45,788 Cost of equipment and software licences 1,262 967 3,519 2,955 8,900 11,648 Finance costs 538 229 234 962 569 796 Depreciation and amortisation expense 1,380 1,413 1,377 4,154 3,863 5,242 Other expenses 9,026 8,248 7,464 25,395 22,492 30,481 TOTAL EXPENSES 50,736 49,463 48,550 148,317 144,850 193,955 PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX 17,469 17,203 16,666 51,651 48,929 65,331 Exceptional items Re-structuring expenses (Refer note 2) 253 1,135 - 1,388 - - Statutory impact of new Labour Codes (Refer note 3) 2,128 - - 2,128 - - Provision towards legal claim (Refer note 4) 1,010 - - 1,010 - - PROFIT BEFORE TAX 14,078 16,068 16,666 47,125 48,929 65,331 Tax expense Current tax 3,424 3,969 4,217 11,556 12,585 16,910 Deferred tax (66) (32) 5 (101) (160) (376) TOTAL TAX EXPENSE 3,358 3,937 4,222 11,455 12,425 16,534 PROFIT FOR THE PERIOD 10,720 12,131 12,444 35,670 36,504 48,797 OTHER COMPREHENSIVE INCOME (OCI) Items that will not be reclassified subsequently to profit or loss Remeasurement of defined employee benefit plans 236 45 41 289 54 (106) Net change in fair values of investments in equity shares carried at fair value through OCI 67 - (6) 105 (18) (24) Income tax on items that will not be reclassified subsequently to profit or loss (66) (7) (14) (75) (22) 18 Items that will be reclassified subsequently to profit or loss Net change in fair values of investments other than equity shares carried at fair value through OCI (164) (354) (133) (311) 313 593 Net change in intrinsic value of derivatives designated as cash flow hedges - (20) 29 (11) 19 1 Net change in time value of derivatives designated as cash flow hedges 15 18 22 (7) - (9) Exchange differences on translation of financial statements of foreign operations 262 649 (780) 2,016 (237) 262 Income tax on items that will be reclassified subsequently to profit or loss 38 89 21 83 (82) (146) TOTAL OTHER COMPREHENSIVE INCOME / (LOSSES) 388 420 (820) 2,089 27 589 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 11,108 12,551 11,624 37,759 36,531 49,386 Profit for the period attributable to: Shareholders of the Company 10,657 12,075 12,380 35,492 36,329 48,553 Non-controlling interests 63 56 64 178 175 244 10,720 12,131 12,444 35,670 36,504 48,797 Other comprehensive income for the period attributable to: Shareholders of the Company 417 410 (776) 2,075 30 571 Non-controlling interests (29) 10 (44) 14 (3) 18 388 420 (820) 2,089 27 589 Total comprehensive income for the period attributable to: Shareholders of the Company 11,074 12,485 11,604 37,567 36,359 49,124 Non-controlling interests 34 66 20 192 172 262 11,108 12,551 11,624 37,759 36,531 49,386 Paid up equity share capital (Face value: 1 per share) 362 362 362 362 362 362 Total reserves (including Non-controlling interests) 95,409 ( crore) Audited Consolidated Interim Statement of Financial Results Tel: +91 22 6778 9595 e-mail: investor.relations@tcs.com Website: www.tcs.com CIN: L22210MH1995PLC084781 Registered Office: 9th Floor, Nirmal Building, Nariman Point, Mumbai 400 021 TATA CONSULTANCY SERVICES LIMITED Three months ended Nine months ended Earnings per equity share:- Basic and diluted ( ) 29.45 33.37 34.21 98.09 100.40 134.19 Dividend per share (Par value 1 each) Interim dividend on equity shares ( ) 57.00 11.00 76.00 79.00 96.00 96.00 Final dividend on equity shares ( ) - - - - - 30.00 Total dividend on equity shares ( ) 57.00 11.00 76.00 79.00 96.00 126.00 Total equity dividend percentage 5,700 1,100 7,600 7,900 9,600 12,600 11v
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Year ended December 31, September 30, December 31, December 31, December 31, March 31, 2025 2025 2024 2025 2024 2025 SEGMENT REVENUE Banking, Financial Services and Insurance 25,889 25,717 23,481 76,342 70,340 94,597 Manufacturing 6,580 6,631 6,194 19,612 18,775 25,170 Consumer Business 10,581 10,351 10,035 31,087 30,051 40,197 Communication, Media and Technology 9,902 9,802 11,989 29,140 34,871 45,893 Life Sciences and Healthcare 7,068 6,884 6,426 20,374 19,965 26,456 Others 7,067 6,414 5,848 19,768 16,843 23,011 Total 67,087 65,799 63,973 1,96,323 1,90,845 2,55,324 SEGMENT RESULT Banking, Financial Services and Insurance 6,861 6,818 6,403 19,894 18,759 25,135 Manufacturing 1,910 2,021 2,042 5,929 6,196 8,225 Consumer Business 3,089 2,868 2,971 8,756 8,293 11,222 Communication, Media and Technology 2,913 2,833 2,390 8,401 7,206 9,582 Life Sciences and Healthcare 1,982 1,891 1,816 5,448 5,757 7,448 Others 1,514 1,547 1,412 4,694 4,216 5,795 Total 18,269 17,978 17,034 53,122 50,427 67,407 Unallocable expenses* 5,309 2,777 1,611 9,642 4,432 6,038 Operating income 12,960 15,201 15,423 43,480 45,995 61,369 Other income 1,118 867 1,243 3,645 2,934 3,962 PROFIT BEFORE TAX 14,078 16,068 16,666 47,125 48,929 65,331 TATA CONSULTANCY SERVICES LIMITED Audited Consolidated Interim Segment Information ( crore) Three months ended Nine months ended Note: The assets and liabilities of the Group are used interchangeably amongst segments. Allocation of such assets and liabilities is not practicable and any forced allocation would not result in any meaningful segregation. Hence, assets and liabilities have not been identified to any of the reportable segments. *All expenses which are not attributable or allocable to segments or are non-recurring in nature have been disclosed as unallocable expenses. Following non-recurring expenses are part of unallocable expenses: Re-structuring expenses of 253 crore and 1,135 crore in the three months ended December 31, 2025 and September,30,,2025,,respectively. Re-structuring expenses of 1,388 crore in the nine months ended December 31, 2025. Statutory impact of new labour codes of 2,128 crore in three and nine months ended December 31, 2025. Provision towards legal claim of 1,010 crore in three and nine months ended December 31, 2025. "" 11v 11v 11v 11v 11v • • • •
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Select explanatory notes to the Statement of Audited Consolidated Interim Financial Results for three months and nine months ended December 31, 2025 1. Audited Consolidated Interim Statement of Financial Results for the three months and nine months ended December 31, 2025 have been prepared in accordance with the Indian Accounting Standard (referred to as "Ind AS") 34 - Interim Financial Reporting prescribed under Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules as amended from time to time. These results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on January 12, 2026. The statutory auditors have expressed an unmodified audit opinion on these results. 2. In July 2025, the Group announced re-structuring initiatives. As a part of this initiative, the Group released / will release certain associates from the organisation whose deployment may not be feasible. Termination benefits have been provided as per policy devised for this purpose. Such termination benefits, due to their size, nature or occurrence are disclosed as Re-structuring expenses under Exceptional items in the consolidated interim financial statements. 3. On November 21, 2025, the Government of India notified the four Labour Codes - the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 - consolidating 29 existing labour laws. The Ministry of Labour & Employment published draft Central Rules and FAQs to enable assessment of the financial impact due to changes in regulations. The Group has assessed and disclosed the incremental impact of these changes on the basis of legal opinion obtained and the best information available, consistent with the guidance provided by the Institute of Chartered Accountants of India. Considering the materiality and regulatory-driven, non-recurring nature of this impact, the Group has presented such incremental impact as Statutory impact of new Labour Codes under Exceptional Items in the consolidated interim statement of profit and loss for the period ended December 31, 2025. The incremental impact consisting of gratuity of 1,816 crore and long-term compensated absences of 312 crore primarily arises due to change in wage definition. The Group continues to monitor the finalisation of Central / State Rules and clarifications from the Government on other aspects of the Labour Code and would provide appropriate accounting effect on the basis of such developments as needed. 4. In April 2019, Computer Sciences Corporation (referred to as CSC) filed a legal claim against the Company in the Court of Northern District of Texas and Dallas Division (trial court) alleging misappropriation of trade secrets and other CSCs confidential information and sough t preliminary and permanent injunctive relief, and unspecified monetary damages and disgorgement of profits. A trial before an advisory jury was held and on November 17, 2023, the jury returned an advisory verdict in favour of CSC, finding that the Company misappropriated CSCs trade secrets and recommended compensation of US $70 million (equivalent to 629 crore) and a further punitive damage of US $140 million (equivalent to 1,259 crore) to be paid by the Company to CSC. Subsequently, the parties filed their respective written submissions in the matter. On June 13, 2024, the trial court passed a judgement as follows: 1. The Court ordered that the Company is liable to CSC for US $56 million (equivalent to 505 crore) in compensatory damages and US $112 million (equivalent to 1,010 crore) in exemplary damages. 2. The Court also assessed that the Company is liable for US $26 million (equivalent to 232 crore) in prejudgment interest through June 13, 2024. 3. The Court also passed certain injunction and other reliefs against the Company. Pursuant to US Court procedures, a Letter of Credit has been made available to CSC for US $250 million (equivalent to 2,248 crore) as financial security in order to stay execution of the judgement pending appeal proceedings and conclusion. On November 21, 2025, the Fifth Circuit issued a decision affirming the District Courts rulings on liability but vacating the previously granted Injunction and remanding to the district court to re-enter a narrower injunction. The Company filed a petition for rehearing en banc and a petition for panel rehearing in the appellate court on December 5, 2025, which was denied on December 19, 2025. The Company, based on consultation with the external lawyers and legal assessment, believes that it has a strong case and would defend its position vigorously and pursue legal remedies to overturn the decision of the Fifth Circuit. Considering all the facts and various legal precedence, on a conservative and prudent basis, the Company provided US $112 million ( 1,010 crore) towards this legal claim in the consolidated interim statement of profit and loss for period ended December 31, 2025 as Provis ion towards legal claim under Exceptional items. In addition, the Company has also provided US $38 million ( 342 crore) towards pre and post judgement interest until expected date of settlement of this liability and disclosed it under Other interest costs. 5. On October 10, 2025, the Company acquired 100% ownership interest of ListEngage Midco, LLC along with its subsidiary ListEngage, LLC (ListEngage), limited liability companies in Delaware and leading Salesforce summit partner, for a consideration of $69 million ( 610 crore). ListEngage is a full stack Salesforce partner that specialises in Marketing Cloud, CRM, Data Cloud, Agentforce, and AI advisory services for enterprises. This strategic acquisition strengthens TCS Salesforce capabilities, adding specialisations across the full range of Salesforce marketing tool s. The consideration includes $4 million ( 40 crore), the payment of which is contingent upon achievement of certain key performance indicators as set out in the agreement to be achieved over a period of two years and the fair value of which is $4 million (38 crore) on initial recognition. The excess of purchase consideration over net assets has been recognised as goodwill amounting to $66 million ( 587 crore). The resultant goodwill is non-tax deductible. The Group is in the process of making a final determination of purchase price allocation, including fair value of assets and liabilities which may result in the value of certain assets and liabilities. 6. The Company has signed a definitive agreement to acquire 100% stake in Coastal Cloud Holdings, LLC along with its subsidiaries ("Coastal Cloud"), a leading Salesforce Summit partner that specializes in Salesforce Consulting for an all cash consideration of $700 million (equivalent to 6,294 crore). The Company, through ListEngage Midco, LLC, a wholly owned subsidiary of the Company in U.S.A. will acquire Coastal Cloud. HY' HY' HY' HY' HY' HY' HY' HY' HY' HY' HY' HY' HY' HY' HY'
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7. The Company incorporated a wholly owned subsidiary, HyperVault AI Data Center Limited on October 29, 2025. 8. ListEngage Midco, LLC incorporated a subsidiary, TCS North America Corporation in U.S.A. on December 15, 2025. 9. ListEngage Midco, LLC incorporated a subsidiary, Trident LE LLC in U.S.A. on December 15, 2025. 10. TCS Iberoamerica S.A. incorporated a subsidiary, 3-101-951221 S.A. in Costa Rica on December 15, 2025. 11. Tata Consultancy Services Asia Pacific Pte. Ltd. incorporated a subsidiary, Tata Consultancy Services BT Private Limited in Bhutan on December 16, 2025. 12. The Board of Directors at its meeting held on January 12, 2026, has declared an interim dividend of 11.00 per equity share and special dividend of 46.00 per equity share. 13. The results for three months and nine months ended December 31, 2025, are available on the BSE Limited website (URL: www.bseindia.com), the National Stock Exchange of India Limited website (URL: www.nseindia.com) and on the Companys website (URL: www.tcs.com/investors). For and on behalf of the Board of Directors Mumbai K Krithivasan January 12, 2026 CEO and Managing Director DIN: 10106739 Digitally signed by KUNCHITHAM KUNCHITHAM KRITHIVASAN KRITHIVASAN Date:2026.01.1214:58 :33 +05'30'
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B S R & Co. LLPChartered Accountants14th Floor, Central B Wing and North C WingNesco IT Park 4, Nesco CenterWestern Express HighwayGoregaon (East), Mumbai – 400 063, IndiaTelephone: +91 (22) 6257 1000Fax: +91 (22) 6257 1010 Registered Office:B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP (a Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 201314th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063Page 1 of 3 ’Independent Auditor s ReportTo the Board of Directors of Tata Consultancy Services LimitedReport on the audit of the Standalone Financial ResultsOpinionWe have audited the accompanying standalone quarterly financial results of Tata Consultancy Services Limited (“the Company”) for the quarter ended 31 December 2025 and the year-to-date results for the period from 01 April 2025 to 31 December 2025, attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").In our opinion and to the best of our information and according to the explanations given to us, these standalone financial results:a. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; andb. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards, and other accounting principles generally accepted in India, of the net profit and other comprehensive loss and other financial information for the quarter ended 31 December 2025 as well as for the year to date results for the period from 01 April 2025 to 31 December 2025.Basis for OpinionWe conducted our audit in accordance with the Standards on Auditing (“SAs”) specified under section 143(10) of the Companies Act, 2013 (“the Act”). Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Standalone Financial Results section of our report. We are independent of the Company, in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained, is sufficient and appropriate to provide a basis for our opinion.Management’s and Board of Directors’ Responsibilities for the Standalone Financial ResultsThese quarterly financial results as well as the year to date standalone financial results have been prepared on the basis of the interim financial statements.The Company’s Management and the Board of Directors are responsible for the preparation of these standalone financial results that give a true and fair view of the net profit/ loss and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, ‘Interim Financial Reporting’ prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial results that give a true and fair view and are
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B S R & Co. LLPIndependent Auditor’s Report(Continued)Tata Consultancy Services Limited Page 2 of 3 free from material misstatement, whether due to fraud or error.In preparing the standalone financial results, the Management and the Board of Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. The Board of Directors are also responsible for overseeing the Company’s financial reporting process.Auditor’s Responsibilities for the Audit of the Standalone Financial ResultsOur objectives are to obtain reasonable assurance about whether the standalone financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial results.As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:– Identify and assess the risks of material misstatement of the standalone financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.– Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control.– Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the standalone financial results made by the Management and Board of Directors.– Conclude on the appropriateness of the Management’s and Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the standalone financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.– Evaluate the overall presentation, structure and content of the standalone financial results, including the disclosures, and whether the standalone financial results represent the underlying transactions and events in a manner that achieves fair presentation.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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B S R & Co. LLP Independent Auditor’s Report (Continued) Tata Consultancy Services Limited Page 3 of 3 We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. For B S R & Co. LLP Chartered Accountants Firm’s Registration No.:101248W/W-100022 Aniruddha Godbole Partner Mumbai Membership No.: 105149 12 January 2026 UDIN:26105149DCXTPC6650 Aniruddha Shreekant Godbole Digitally signed by Aniruddha Shreekant Godbole Date: 2026.01.12 15:07:38 +05'30'
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Year ended December 31, September 30, December 31, December 31, December 31, March 31, 2025 2025 2024 2025 2024 2025 Revenue from operations 55,567 54,531 53,883 1,62,886 1,60,717 2,14,853 Other income 2,049 1,768 2,118 6,520 7,720 9,642 TOTAL INCOME 57,616 56,299 56,001 1,69,406 1,68,437 2,24,495 Expenses Employee benefit expenses 27,842 28,030 26,613 83,512 80,085 1,07,300 Cost of equipment and software licences 960 775 3,463 2,358 8,699 11,372 Finance costs 512 203 211 886 502 703 Depreciation and amortisation expense 1,102 1,139 1,125 3,344 3,102 4,220 Other expenses 11,071 10,058 9,080 30,897 28,073 38,252 TOTAL EXPENSES 41,487 40,205 40,492 1,20,997 1,20,461 1,61,847 PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX 16,129 16,094 15,509 48,409 47,976 62,648 Exceptional items Re-structuring expenses (Refer note 2) 79 850 - 929 - - Statutory impact of new Labour Codes (Refer note 3) 2,128 - - 2,128 - - Provision towards legal claim (Refer note 4) 1,010 - - 1,010 - - PROFIT BEFORE TAX 12,912 15,244 15,509 44,342 47,976 62,648 Tax Expense Current tax 2,903 3,437 3,638 10,000 11,049 14,823 Deferred tax (181) (21) 39 (228) (14) (232) TOTAL TAX EXPENSE 2,722 3,416 3,677 9,772 11,035 14,591 PROFIT FOR THE PERIOD 10,190 11,828 11,832 34,570 36,941 48,057 OTHER COMPREHENSIVE INCOME (OCI) Items that will not be reclassified subsequently to profit or loss Remeasurement of defined employee benefit plans 95 2 21 96 (29) (180) Income tax on items that will not be reclassified subsequently to profit or loss (24) - (6) (24) 7 45 Items that will be reclassified subsequently to profit or loss Net change in fair values of investments other than equity shares carried at fair value through OCI (164) (354) (134) (311) 312 593 Net change in intrinsic value of derivatives designated as cash flow hedges - (20) 29 (11) 19 1 Net change in time value of derivatives designated as cash flow hedges 15 18 22 (7) - (9) Income tax on items that will be reclassified subsequently to profit or loss 38 89 20 83 (83) (146) TOTAL OTHER COMPREHENSIVE INCOME / (LOSSES) (40) (265) (48) (174) 226 304 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 10,150 11,563 11,784 34,396 37,167 48,361 Paid up equity share capital (Face value: 1 per share) 362 362 362 362 362 362 Total reserves 75,255 Audited Standalone Interim Statement of Financial Results TATA CONSULTANCY SERVICES LIMITED Registered Office: 9th Floor, Nirmal Building, Nariman Point, Mumbai 400 021 CIN: L22210MH1995PLC084781 Tel: +91 22 6778 9595 e-mail: investor.relations@tcs.com Website: www.tcs.com Three months ended Nine months ended ( crore) Earnings per equity share:- Basic and diluted ( ) 28.16 32.70 32.71 95.55 102.11 132.83 Dividend per share (Par value 1 each) Interim dividend on equity shares ( ) 57.00 11.00 76.00 79.00 96.00 96.00 Final dividend on equity shares ( ) - - - - - 30.00 Total dividend on equity shares ( ) 57.00 11.00 76.00 79.00 96.00 126.00 Total equity dividend percentage 5,700 1,100 7,600 7,900 9,600 12,600 ltv 11v ltv ltv ltv ltv
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Select explanatory notes to the Statement of Audited Standalone Interim Financial Results for three months and nine months ended December 31, 2025 1. Audited Standalone Interim Statement of Financial Results for the three months and nine months ended December 31, 2025 have been prepared in accordance with the Indian Accounting Standard (referred to as "Ind AS") 34 - Interim Financial Reporting prescribed under Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules as amended from time to time. These results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on January 12, 2026. The statutory auditors have expressed an unmodified audit opinion on these results. 2. In July 2025, the Company announced re-structuring initiatives. As a part of this initiative, the Company released / will release certain associates from the organisation whose deployment may not be feasible. Termination benefits have been provided as per policy devised for this purpose. Such termination benefits, due to their size, nature or occurrence are disclosed as Re-structuring expenses under Exceptional items in the standalone interim financial statements. 3. On November 21, 2025, the Government of India notified the four Labour Codes - the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 - consolidating 29 existing labour laws. The Ministry of Labour & Employment published draft Central Rules and FAQs to enable assessment of the financial impact due to changes in regulations. The Company has assessed and disclosed the incremental impact of these changes on the basis of legal opinion obtained and the best information available, consistent with the guidance provided by the Institute of Chartered Accountants of India. Considering the materiality and regulatory-driven, non-recurring nature of this impact, the Company has presented such incremental impact as Statutory impact of new Labour Codes under Exceptional items in the standalone interim statement of profit and loss for the period ended December 31, 2025. The incremental impact consisting of gratuity of 1,816 crore and long-term compensated absences of 312 crore primarily arises due to change in wage definition. The Company continues to monitor the finalisation of Central / State Rules and clarifications from the Government on other aspects of the Labour Code and would provide appropriate accounting effect on the basis of such developments as needed. 4. In April 2019, Computer Sciences Corporation (referred to as CSC) filed a legal claim against the Company in the Court of Northern District of Texas and Dallas Division (trial court) alleging misappropriation of trade secrets and other CSCs confidential information and sough t preliminary and permanent injunctive relief, and unspecified monetary damages and disgorgement of profits. A trial before an advisory jury was held and on November 17, 2023, the jury returned an advisory verdict in favour of CSC, finding that the Company misappropriated CSCs trade secrets and recommended compensation of US $70 million (equivalent to 629 crore) and a further punitive damage of US $140 million (equivalent to 1,259 crore) to be paid by the Company to CSC. Subsequently, the parties filed their respective written submissions in the matter. On June 13, 2024, the trial court passed a judgement as follows: 1. The Court ordered that the Company is liable to CSC for US $56 million (equivalent to 505 crore) in compensatory damages and US $112 million (equivalent to 1,010 crore) in exemplary damages. 2. The Court also assessed that the Company is liable for US $26 million (equivalent to 232 crore) in prejudgment interest through June 13, 2024. 3. The Court also passed certain injunction and other reliefs against the Company. Pursuant to US Court procedures, a Letter of Credit has been made available to CSC for US $250 million (equivalent to 2,248 crore) as financial security in order to stay execution of the judgement pending appeal proceedings and conclusion. On November 21, 2025, the Fifth Circuit issued a decision affirmi ng the District Courts ruli ngs on liability but vacating the previously granted injunction and remanding to the district court to re-enter a narrower injunction. The Company filed a petition for rehearing en banc and a petition for panel rehearing in the appellate court on December 5, 2025, which was denied on December 19, 2025. The Company, based on consultation with the external lawyers and legal assessment, believes that it has a strong case and would defend its position vigorously and pursue legal remedies to overturn the decision of the Fifth Circuit. Considering all the facts and various legal precedence, on a conservative and prudent basis, the Company provided US $112 million ( 1,010 crore) towards this legal claim in the standalone interim statement of profit and loss for the period ended December 31, 2025 as Provision towards legal claim under Exceptional items. In addition, the Company has also provided US $38 million ( 342 crore) towards pre and post judgement interest until expected date of settlement of this liability and disclosed it under Other interest costs. 5. On October 10, 2025, the Company acquired 100% ownership interest of ListEngage Midco, LLC along with its subsidiary ListEngage, LLC, limited liability companies in Delaware and leading Salesforce summit partner, for a consideration of $69 million ( 610 crore).The consideration includes $4 million ( 40 crore), the payment of which is contingent upon achievement of certain key performance indicators as set out in the agreement to be achieved over a period of two years and the fair value of which is $4 million ( 38 crore) on initial recognition. 6. The Company has signed a definitive agreement to acquire 100% stake in Coastal Cloud Holdings, LLC along with its subsidiaries ("Coastal Cloud"), a leading Salesforce Summit partner that specializes in Salesforce Consulting for an all cash consideration of $700 million (equivalent to 6,294 crore). The Company, through ListEngage Midco, LLC, a wholly owned subsidiary of the Company in U.S.A. will acquire Coastal Cloud. th' th' th' th' th' th' th' th' th' th' th' th' th' th'
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7. The Company incorporated a wholly owned subsidiary, HyperVault AI Data Center Limited on October 29, 2025. 8. The Board of Directors at its meeting held on January 12, 2026, has declared an interim dividend of 11.00 per equity share and special dividend of 46.00 per equity share. 9. The results for three months and nine months ended December 31, 2025, are available on the BSE Limited website (URL: www.bseindia.com), the National Stock Exchange of India Limited website (URL: www.nseindia.com) and on the Companys website (URL: www.tcs.com/investors). F or and on behalf of the Board of Directors Mumbai K Krithivasan January 12, 2026 CEO and Managing Director DIN: 10106739 KUNCHITHAM Digitallysignedby KUNCHITHAM KRITHIVASAN KRITHIVASAN ~~~~~~.026.01.1214,59,os
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9th Floor Nirmal Building Nariman Point Mumbai 400 021Tel 91 22 6778 9595 Fax 91 22 6630 3672 e-mail corporate.office@tcs.com website www.tcs.comRegistered Office 9th Floor Nirmal Building Nariman Point Mumbai 400 021Corporate Identity No. (CIN): L22210MH1995PLC084781 Intimation as per NSE and BSE circulars dated July 14, 2023This is to inform you that pursuant to NSE circular no. NSE/CML/2023/57 and BSE Circular no. 20230714- 34 dated July 14, 2023, the meeting of the Board of Directors of the Company was held today, January 12, 2026 at 11.30 a.m. and concluded at 3:35 p.m.Thanking you,Yours faithfully,For Tata Consultancy Services LimitedYashaswin ShethCompany SecretaryACS 15388