TCS To Kick Off Q4 Earnings Season On April 9: Here’s What Analysts Expect

Last Updated:April 08, 2026, 5:01 PM IST

India Inc’s March-quarter earnings season is set to begin with Tata Consultancy Services (TCS) announcing its Q4FY26 results on Thursday, April 9.

TCS Q4 Results.

India Inc’s March-quarter earnings season is set to begin with Tata Consultancy Services (TCS) announcing its Q4FY26 results on Thursday, April 9. The country’s largest IT services firm will set the tone for the sector at a time when global demand remains uncertain and concerns around AI-led disruption continue to shape outlook and deal pipelines.

Other frontline IT players, including Wipro (April 16), HCL Technologies (April 21) and Tech Mahindra (April 22), will follow, making management commentary on demand, deal wins and discretionary spending trends critical for investors.

Brokerages largely expect a muted but stable quarter for TCS, with modest revenue growth and steady margins supported by currency tailwinds.

According to Kotak Institutional Equities, TCS is likely to report 1.2% constant currency (CC) revenue growth in Q4, including 0.8% organic expansion and a 40 basis point contribution from the Coastal Cloud acquisition. While international business is expected to outperform, India revenues may see a marginal decline. Ebit margins are projected to remain stable at around 25.3%, with wage hikes and acquisition-related costs offset by rupee depreciation.

Kotak estimates deal total contract value (TCV) at $9–10 billion for the quarter, implying a 22% year-on-year decline, largely due to a high base in the year-ago period that included large deal renewals. Sequentially, TCV is expected to remain flat, with no major mega-deal closures during the quarter. Analysts say the focus will be on management’s strategy to accelerate growth amid a softer demand environment.

Analysts at Emkay Global Financial Services estimate a 1.3% sequential growth in dollar revenues, supported by a 30 basis point cross-currency tailwind. Ebit margins are expected to expand 20 basis points quarter-on-quarter to 27.5%, largely due to favourable currency movements.

Motilal Oswal Financial Services expects slightly better momentum, forecasting 1.5% quarter-on-quarter CC revenue growth, driven by stable international business and a 0.3% contribution from the Coastal Cloud acquisition, reflecting a two-month impact in Q4. The brokerage sees Ebit margins holding steady at 25.1%, aided by currency support and the absence of one-off expenses.

Motilal Oswal highlights that commentary around demand recovery, technology budgets, AI-led investments, BFSI spending and deal wins will be key triggers. It also expects recent acquisitions such as ListEngage and Coastal Cloud to support near-term growth, with synergies remaining an important monitorable.

Meanwhile, Nuvama Institutional Equities expects 1.2% CC growth and 1.7% growth in US dollar revenues, with broad-based traction across developed markets and other regions. Margins are likely to remain largely flat at around 25.4%, supported by forex gains but partially offset by reinvestments and higher variable pay provisions.

Overall, the Street expects TCS to deliver a steady but unspectacular quarter, with limited growth visibility in the near term. Investors will closely track management commentary on deal pipelines, discretionary spending recovery and the impact of AI-led transformation, which could shape the sector’s trajectory in FY27.

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