Market snapshot
Equities: Thursday close
Nifty 50 closed at 22,231.80, nearly 370 points below its opening level. It opened almost flat at 22,599 but came under selling pressure immediately as global markets were weak, oil prices rose sharply on supply concerns, and domestic sentiment remained fragile.
Selling increased around 11:15 AM and pushed the index below 22,400. It moved below 22,300 around 12:30 PM, then fell to around 22,180 near 3 PM before recovering slightly in the final minutes.
Nifty fell 1.64% to its lowest close since 7 April 2025. Its intraday low was slightly below its previous 52-week low, and the index is now 15.7% below its 52-week high. The Sensex fell 1.44% to 71,593.24, its lowest close since 13 February 2024. BSE market capitalisation fell by ₹9.96 trillion.
Broader markets were weaker. The Nifty 100 fell 1.82% to 23,266.75, the BSE 150 MidCap fell 2.48% to 15,752.06, and the BSE 250 SmallCap fell 2.49% to 6,853.67.
Zerodha AfterMarket Report
| Index | Close | Today | 5 sessions | 20 sessions |
|---|---|---|---|---|
| Nifty 50 | 22,232 | -1.6% | -1.7% | -5.9% |
| Nifty Next 50 | 67,614 | -2.6% | -3.1% | -7.3% |
| Nifty Midcap 150 | 21,312 | -2.4% | -2.5% | -7.7% |
| Nifty Smallcap 250 | 17,488 | -2.4% | -1.7% | -5.6% |
| Nifty Microcap 250 | 25,468 | -2.8% | -3.0% | -4.7% |
| Nifty 500 | 21,616 | -2.0% | -2.1% | -6.5% |
Zerodha AfterMarket Report, NSE index prices to 8 October 2026
Sector performance
All 15 sectors ended lower. IT held up best, falling only 0.08%, while Metals were the weakest and fell 3.55%. Media, Private Banks and Pharma remain the strongest relative performers over the past 20 and 60 sessions.
Zerodha AfterMarket Report
| Sector | Close | Change | Sector | Close | Change |
|---|---|---|---|---|---|
| IT | 27,737 | -0.1% | Pharma | 25,823 | -2.3% |
| Private Bank | 26,869 | -0.9% | Healthcare | 15,685 | -2.3% |
| Nifty Bank | 54,515 | -1.0% | Auto | 24,513 | -2.5% |
| Financial Services | 24,640 | -1.1% | Oil & Gas | 10,355 | -2.5% |
| PSU Bank | 7,996 | -1.1% | Media | 1,534 | -2.8% |
| Chemicals | 27,808 | -1.8% | Realty | 796.60 | -3.2% |
| Consumer Durables | 35,613 | -2.0% | Metal | 11,870 | -3.5% |
| FMCG | 43,898 | -2.0% |
Zerodha AfterMarket Report, Nifty sector indices ranked by change on 8 October 2026
Stocks: Winners and losers
Adani Green Energy fell 7.88% on 4.1 times its usual volume, while Jubilant Foodworks fell 7.16% on heavy trading. Vodafone Idea saw the largest rise in implied volatility, up 6 points to 47.5%. Cupid was among the few stocks that reached a 52-week high.
Reliance fell around 2.6%, cutting nearly $5 billion from its market value after Elon Musk’s comments about alleged opposition to Starlink. The fall contributed roughly 53 points to the Nifty’s decline.
Shares of oil marketing companies, airlines and other businesses that are sensitive to crude oil prices fell by as much as 5%. Tata Power also touched a fresh 52-week low of ₹338.40.
ITC fell 4.03% after GQG Partners funds sold ₹1,839 crore and ₹6,831 crore of its shares through bulk deals on the BSE, mostly to mutual funds. Shyam Metalics rose more than 5% after Q2 sales volume increased 26%.
Zerodha AfterMarket Report
| F&O stock | Price | Change | Vol vs usual |
|---|---|---|---|
| LIC Housing Finance | ₹537.00 | +4.2% | 3.9x |
| ICICI Lombard General | ₹1,624 | +2.1% | 0.9x |
| PNB Housing Finance | ₹1,150 | +1.7% | 2.1x |
| SRF | ₹2,485 | +1.0% | 1.3x |
| MphasiS | ₹2,303 | +0.6% | 1.6x |
| Adani Enterprises | ₹2,596 | -5.4% | 2.2x |
| Tube Investments | ₹2,241 | -6.2% | 2.9x |
| Inox Wind | ₹62.43 | -7.0% | 1.9x |
| Jubilant Foodworks | ₹427.60 | -7.2% | 3.6x |
| Adani Green Energy | ₹1,236 | -7.9% | 4.1x |
Zerodha AfterMarket Report, five biggest rises and falls among Nifty 500 F&O stocks, 8 October 2026
Zerodha AfterMarket Report
| Non-F&O stock | Price | Change | Vol vs usual |
|---|---|---|---|
| Ifci | ₹66.43 | +3.8% | 2.1x |
| Cupid | ₹356.65 | +3.7% | 1.4x |
| Firstsource Solutions | ₹266.35 | +2.8% | 9.2x |
| NTPC Green Energy | ₹90.80 | +2.6% | 2.6x |
| Deepak Nitrite | ₹1,584 | +1.9% | 2.4x |
| JSW Infrastructure | ₹333.75 | -5.7% | 1.2x |
| Jyoti CNC Automation | ₹1,010 | -5.7% | 1.5x |
| Anupam Rasayan India | ₹1,098 | -5.8% | 1.3x |
| Engineers India | ₹289.00 | -6.3% | 2.0x |
| Tega Industries | ₹1,958 | -7.8% | 0.9x |
Zerodha AfterMarket Report, five biggest rises and falls among Nifty 500 stocks outside F&O, 8 October 2026
Commodities and currency
By 19:05 IST, MCX crude oil was up 4.6% at ₹8,946. Natural gas was 1.9% higher at ₹315.80 and was up 11.4% over 20 sessions. Gold rose slightly by 0.2% to ₹1,49,430, while silver fell 1.0% to ₹2,21,410 and was down 9.3% over 20 sessions.
Zerodha AfterMarket Report
| MCX contract | Price (₹) | Today to 19:05 | 5 sessions | 20 sessions |
|---|---|---|---|---|
| Crude oil | 8,946 | +4.6% | +2.4% | +1.5% |
| Natural gas | 315.80 | +1.9% | +8.8% | +11.4% |
| Gold | 1,49,430 | +0.2% | +0.3% | -3.7% |
| Silver | 2,21,410 | -1.0% | -1.0% | -9.3% |
| Copper | 1,414 | -0.4% | +0.9% | -1.1% |
| Aluminium | 335.20 | -1.3% | -1.6% | -5.7% |
| Zinc | 417.25 | -0.6% | +0.2% | -0.7% |
| Lead | 195.35 | 0.0% | +0.9% | -0.9% |
MCX futures quotes taken 19:05 IST, 8 October 2026; snapshot prices, not closing prices
Crude oil moved above $92.6 a barrel, its highest level in nearly a month, as fears of Middle East supply disruptions returned after reports of possible US military action against Iran.
The rupee fell 13 paise to close at ₹96.88 per dollar as geopolitical tensions increased risk aversion. Forex traders said suspected RBI intervention helped limit the fall.
Institutional flows and derivatives positioning
FIIs net sold ₹12,944 crore on 8 October on a provisional NSE basis, while DIIs net bought ₹10,703 crore. Foreign selling was larger than domestic buying for the first time in three sessions.
Call writing increased, taking the put-call ratio down from 0.89 to 0.73. Implied volatility rose from 11.9% to 13.5%. FIIs held only 8.5% of their index-futures positions long, compared with 84% for retail investors and HNIs. Seven of the 12 largest changes in stock-futures open interest were increases in short positions.
FIIs have net sold ₹57,979 crore in September and October so far. At HDFC Bank, domestic institutional ownership reached 43.44%, above FII ownership of 39.39% for the first time in more than 10 years.
Zerodha AfterMarket Report
| Session | FII net (₹ cr) | DII net (₹ cr) |
|---|---|---|
| 24 Sep | +1,705 | +4,301 |
| 25 Sep | -4,618 | +2,838 |
| 28 Sep | -3,574 | +5,189 |
| 29 Sep | -5,538 | +6,953 |
| 30 Sep | -10,743 | +11,272 |
| 1 Oct | -9,570 | +10,042 |
| 5 Oct | -9,635 | +5,182 |
| 6 Oct | -4,281 | +5,089 |
| 7 Oct | -2,490 | +4,597 |
| 8 Oct (provisional) | -12,944 | +10,703 |
NSDL (foreign investors), latest session NSE provisional, and BSE/NSE (domestic institutions) via India Data Hub
The macro view
GST Council: Procedural overhaul without rate changes
The GST Council approved one of the biggest procedural changes since GST was introduced in 2017. Tax rates were left unchanged, but officials’ arrest powers will be removed and the refund process will be expanded and made faster. The changes are targeted to take effect from 1 April 2027.
The council expanded input tax credit eligibility and allowed refunds of accumulated credit on input services and capital goods. Businesses will also be able to claim ITC on employee health and life insurance, telecom towers, pipelines and certain written-off inventory.
Every refund claim must be acknowledged within 10 days, compared with a current average of 15 days. For exporters and inverted-duty cases, which make up about two-thirds of claims, 90% of the refund will be released automatically within three days after a risk check.
A committee of officers will study a proposal that would allow honest buyers to claim input tax credit when suppliers have defaulted. The committee has three months to study the issue.
Inflation and prices
- Retail inflation is expected to have risen to a 23-month high of 5.6% in September from 4.8% in August. This was the median forecast in a Mint poll of 19 economists, whose estimates ranged from 5% to 5.9%. Official data is due on 12 October.
- The Centre is preparing to cap trade margins on all non-scheduled anti-cancer medicines at 30% of MRP. Officials said this could reduce retail prices by as much as 70% and save patients ₹2,500-3,500 crore a year. The Supreme Court is due to hear the matter on 12 October.
- SBI chairman C.S. Setty said he does not expect deposit rates to rise for up to three months because the banking system still has excess liquidity. He also said the RBI’s move towards tighter policy could help banks expand net interest margins for up to three quarters.
Activity, trade and industry
- E-way bill generation rose 7.2% year-on-year to 141.53 million in September, the highest monthly level in FY27. Interstate e-way bills rose 8.2% to 49.85 million.
- Commerce minister Piyush Goyal said India is targeting $1 trillion in exports in FY27 after $863 billion in FY26. Reaching that level would require growth of nearly 16%. Communications minister Jyotiraditya Scindia said India aims to increase 5G users from 550 million to 1 billion by 2030.
- India plans to use Exim Bank credit to help buyers in Africa and Latin America purchase Indian solar modules after the US imposed duties of up to 126%. Solar PV exports to the US were $61.47 million in April-July, compared with $646.23 million a year earlier.
- More than half a dozen firms, including Dixon, Optiemus, Lava, Mivi, Boltt and CMF, are said to be seeking incentives under the ₹62,500 crore Mobile Phone Manufacturing Scheme. The scheme offers incentives of up to 6.5% of annual sales, plus 3% for local R&D.
- India’s apparel market is projected to grow 9% a year to $146.3 billion by 2029 from $95.7 billion in 2025. Apparel makers are expanding into Odisha, Bihar, Jharkhand and Madhya Pradesh because of labour availability and state subsidies.
- India ranks third among emerging economies in the Global Innovation Index 2026, behind China and Malaysia.
Mint, 9 October 2026
CMAI and 1Lattice, via Mint
Regulation
- SEBI is considering whether an individual mutual fund distributor may also hold a registered investment adviser licence. India has 1,048 RIAs and more than 100,000 MFDs.
- India is considering delaying the planned 0.4% merchant fee on UPI payments above ₹2,000 by a few months.
- The Supreme Court directed the Centre to create a three-member committee to study pharmaceutical marketing to doctors, including whether a statutory framework is needed. The matter is listed for 29 January.
- India’s microfinance loan book fell 11% to ₹3.34 trillion in FY26. Loans overdue by 180 days or more rose to 17.04% from 10.67%.
- The road transport ministry plans an annual FASTag local pass, likely costing around ₹3,000, for residents living within 20 km of toll plazas. A CAQM expert panel also recommended that all new cars sold or registered in Delhi-NCR be electric by 2030.
Mint, 9 October 2026; Zerodha AfterMarket Report
Corporate action and earnings
Domestic corporate developments
TCS and Indian IT
TCS reported Q2 FY27 net profit of ₹13,884 crore, up 14.9% year-on-year. Revenue rose 11.2% to ₹73,188 crore. Annualised AI revenue reached $3.1 billion, crossing 10% of total revenue. TCS reported total contract value of $9.6 billion in Q2, compared with $9.5 billion in Q1.
TCS dollar revenue was $7.64 billion, up 0.2% sequentially and 2.36% from a year earlier. This was above the $7.55 billion forecast in a Bloomberg poll of 34 analysts, but it was the company’s slowest second-quarter growth in three years. Infosys, HCLTech and Wipro report in the coming weeks.
The US suspended Cognizant, Infosys, TCS, Wipro, HCL and Capgemini, along with Microsoft and Adobe, from the permanent labour certification programme. Indian IT companies received fewer than 1,400, or less than 2%, of 117,849 permanent labour requests filed between October 2024 and September.
Companies and deals
- Tata Steel’s consolidated Q2 sales fell slightly to 7.96 million tonnes. India sales rose 8% to 5.97 million tonnes, while domestic crude steel production rose 10% to 6.21 million tonnes.
- Elon Musk posted “Is Ambani the real boss of India?” after earlier alleging that Indian “oligarchs” were blocking Starlink. The communications ministry said India has a fair and non-discriminatory authorisation framework and that security assessments of all three satellite licensees are underway.
- Jio Platforms MD Akash Ambani said the company wants its IPO, estimated at around ₹35,000 crore, to be India’s largest. Bharti Airtel’s market capitalisation stands at ₹11.2 trillion.
- Shyam Metalics’ Q2 sales volume rose 26% to 1.5 million tonnes. It also signed an MoU with Maharashtra for a 9 mtpa integrated steel plant at Chandrapur involving ₹50,000 crore of investment.
- JLR’s retail volume in China fell 60% year-on-year in Q2, while UK retail rose 31%. The company announced 4,000 job cuts over two years and is targeting £1.7 billion in savings.
- Creator-led and social commerce now account for about 10% of Myntra’s revenue. United Spirits launched Smirnoff Ice in India’s ready-to-drink segment, where consumption crossed $200 million in 2025, up 11%.
- Honeywell Aerospace will deliver 16 HTT-40 trainer engines directly to HAL by mid-2027, about two years ahead of schedule. Anup Bagchi has been appointed MD and CEO of HDFC Bank, and NPCI chief Dilip Asbe joined Swift’s new supervisory board.
- FSSAI issued notices to Dr Reddy’s, Nestle Health Science, Tirupati Wellness, Flipkart, Amazon and Netmeds over misleading health-supplement claims. SAT reserved its order on Jane Street’s appeal against SEBI until 21 October.
Primary market and fundraising
- Brookfield-backed Avaada Electro plans to launch an IPO of up to ₹7,600 crore, or $786 million, around mid-November.
- DailyObjects raised ₹332 crore led by Xponentia Capital, Anicut Capital and Axiom Asia at a valuation of about ₹1,050 crore.
- Neo Secondaries Fund and Kenro Capital are expected to acquire a combined ₹400 crore stake in SK Finance.
- Broadcom has been working to arrange more than $50 billion in financing for OpenAI’s custom AI chip. SpaceX has also spoken to lenders about raising $40 billion to finance Nvidia chips.
Mint, 9 October 2026; Zerodha AfterMarket Report
Upcoming events
| Date | Event | Type |
|---|---|---|
| Sat, 10 Oct | Cargo traffic at major ports; tenders awarded, FY cumulative (previous: 29.57% year on year) | Industry |
| Mon, 12 Oct | CPI inflation (previous: 4.82%), flagged high impact | Inflation |
| Mon, 12 Oct | Supreme Court hearing on cancer-drug affordability framework | Policy |
| Wed, 14 Oct | PPI and WPI inflation (previous: 9.92% each) | Inflation |
| Wed, 14 Oct | US consumer inflation (previous: 3.4%) and China inflation (previous: 0.8%) | Global |
| Wed, 14 Oct | Record date: TCS second interim dividend of ₹12 | Corporate |
| Thu, 15 Oct | Unemployment rate (previous: 5%) | Labour market |
| Wed, 21 Oct | SAT order on Jane Street appeal | Legal |
| Fri, 30 Oct | Payment date: TCS second interim dividend | Corporate |
| Mid-Nov | Avaada Electro IPO expected | Primary market |
Zerodha AfterMarket Report releases calendar to 8 October 2026; Mint, 9 October 2026; TCS exchange filing dated 8 October 2026
For results, dividends and corporate actions, check NSE, BSE and the Tijori App.
Global pulse
Global indices
Every tracked overseas market fell in its latest session. Hong Kong’s Hang Seng fell the most at 1.6%, followed by the DAX 40 at 1.2% and the Nikkei 225 at 1.1%.
Zerodha AfterMarket Report
| Index | Level | Latest session | 5 sessions | 20 sessions |
|---|---|---|---|---|
| S&P 500 | 7,822 | -0.2% | +1.2% | +0.7% |
| Nasdaq 100 | 31,395 | -0.3% | +2.2% | +6.4% |
| Dow 30 | 51,201 | -0.7% | +0.5% | -4.7% |
| FTSE 100 | 10,457 | -0.8% | -1.4% | -3.4% |
| Shanghai Composite | 3,809 | -0.8% | -0.4% | -3.4% |
| Nikkei 225 | 69,510 | -1.1% | +0.8% | +5.4% |
| DAX 40 | 25,116 | -1.2% | -0.3% | -3.7% |
| Hang Seng | 23,743 | -1.6% | -3.5% | -6.6% |
Zerodha AfterMarket Report, snapshot 19:05 IST, 8 October 2026
Geopolitics
- Houthi attacks damaged airports in Riyadh and Abha in Saudi Arabia, killing three people and injuring 36, according to Saudi aviation authorities. A tanker was also hit by multiple projectiles off the coast of Qatar, UKMTO said.
- Air India, Air India Express and Akasa Air cancelled Riyadh flights until 10 October. IndiGo cancelled them until Friday.
- WTO director general Ngozi Okonjo-Iweala described the current period as unprecedented for global trade. Separately, the Trump administration proposed a $70,000 fee for international students seeking US work training under OPT.
Global business and technology
- Samsung projected Q3 operating profit of 107.4 trillion won, or $80.2 billion, almost nine times the year-earlier level because of demand for AI memory chips. That would be a record quarterly profit for a technology company.
- TSMC reported record Q3 revenue of NT$1.49 trillion, or $46.7 billion, up 50% year-on-year and above expectations because of strong AI chip demand.
- Fast Retailing reported a 32% rise in annual operating profit to ¥743 billion, its fifth consecutive record year. North America and Europe overtook China as its largest market.
- The Ellison family invested about $17 billion to complete Paramount Skydance’s acquisition of Warner Bros. Discovery, buying about 1.4 billion shares at $12 each.
- Among around 120,000 companies using Anthropic and OpenAI tools, spending was roughly evenly split between the two in September. At the start of the year, Anthropic had about three-quarters of this spending. Anthropic is working towards an IPO as soon as November.
- Google launched a Gemini workplace agent. Tencent is considering a bond sale of as much as $5 billion. Amazon cut fewer than 1,000 white-collar jobs, mainly in its stores unit.
- Canadian poet Anne Carson won the Nobel Prize in literature.
Zerodha AfterMarket Report; Mint, 9 October 2026
Management chatter
Verbatim quotes from named individuals, as published by Zerodha and Mint.
“The demand environment has not materially changed since last quarter, and discretionary programs without near-term value remain under scrutiny.”
“The time has come for AI regulations. I’ll request the department to come out with a regulation-focused consultation paper, which focuses on safety. That’s the most important point: safety related to AI use.”
“The Council’s recommendations on removal of arrest provisions, greater decriminalization and simpler procedures will have a very positive impact. The focus is clear: Faster decisions. Lower compliance costs. Automated refunds.”
“This is an unprecedented time for global trade. We are seeing disruptions to trade, emerging fragmentation, in a way we’ve not seen since really 80 years.”
“Growth was in line with expectations but margins were on the lower side during a time when it was expected to expand. This had to be done in order to win more deals as they now have to prioritise growth, which is coming at the cost of margins.”
“Of course, the IPO is the biggest step for us as a company. We are a 10-year-old company. We truly believe that the future ahead is very exciting.”
“The key risks are a sharp rise in global interest rates or oil prices, particularly if the Middle East conflict escalates. Otherwise, valuations have already come closer to fair value in banks, insurance companies, tech, and others.”
“I would not expect an immediate project delivery crisis. PERM is not the same as an H-1B or other work visa; so, existing employees do not suddenly lose their ability to work because their green card process is suspended.”
Zerodha; Mint
TCS Q2 FY27: ₹13,884 crore profit on $7.64 billion revenue
Tata Consultancy Services reported its July-September results on 8 October after market hours. The quarter included steady revenue growth, higher profit, strong deal wins and fast-growing AI revenue, but margins remained under pressure.
Headline numbers
Consolidated revenue from operations was ₹73,188 crore, up 11.2% from ₹65,799 crore a year earlier and 1.3% from ₹72,275 crore in the June quarter. In dollar terms, revenue was $7,642 million, up 0.2% sequentially and 2.4% year-on-year. In constant currency, revenue grew 0.5% sequentially and 2.8% year-on-year, while international revenue grew 1.2% sequentially.
Net profit attributable to shareholders was ₹13,884 crore, up 14.9% from ₹12,075 crore a year earlier. The year-ago quarter included ₹1,135 crore of restructuring expenses as an exceptional item, while the June quarter included ₹668 crore for settlement of a legal claim related to litigation with Computer Sciences Corporation. There were no exceptional items this quarter. Operating margin was 24.0%, unchanged sequentially and down from 25.2% a year earlier. Net margin was 19.0%.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Revenue from operations | 73,188 | 72,275 | 65,799 |
| Employee benefit expenses | 41,890 | 42,137 | 38,606 |
| Other income | 1,337 | 1,568 | 867 |
| Profit before exceptional items and tax | 18,638 | 18,612 | 17,203 |
| Exceptional items | None | 668 | 1,135 |
| Profit before tax | 18,638 | 17,944 | 16,068 |
| Net profit (attributable to shareholders) | 13,884 | 13,349 | 12,075 |
| EPS (₹) | 38.37 | 36.90 | 33.37 |
| Dividend per share (₹) | 12.00 | 12.00 | 11.00 |
TCS, audited consolidated interim financial results, filed with NSE and BSE on 8 October 2026
For the first half of FY27, revenue was ₹1,45,463 crore compared with ₹1,29,236 crore a year earlier. Net profit attributable to shareholders was ₹27,233 crore compared with ₹24,835 crore. During the quarter, other expenses rose to ₹11,131 crore from ₹8,248 crore a year earlier, while the cost of equipment and software licences rose to ₹1,352 crore from ₹967 crore. On a standalone basis, revenue was ₹60,441 crore and profit was ₹14,104 crore.
Both revenue and profit were above Bloomberg estimates of ₹73,108 crore and ₹13,786 crore. An LSEG poll cited by Kotak Neo had estimated revenue at ₹73,148 crore, while a CNBC-TV18 poll had estimated profit at ₹13,673 crore.
Industries and markets
Banking, financial services and insurance made up 32.8% of revenue and grew 2.5% sequentially and 3.9% year-on-year in constant currency. Manufacturing grew 3.1% sequentially and 4.2% year-on-year. Technology & Services grew 3.1% and 4.8%. Consumer Business, which made up 14.9% of revenue, fell 0.7% sequentially and 1.0% year-on-year. Regional Markets fell 5.8% sequentially but rose 3.6% year-on-year.
North America, which contributed 48.3% of revenue, grew 0.4% sequentially and 1.5% year-on-year in constant currency. The UK grew 3.5% and 4.5%, Continental Europe 0.4% and 3.3%, and Asia Pacific 2.0% and 4.1%. India revenue fell 10.3% sequentially because of a project deferral, according to K Krithivasan, but rose 6.0% year-on-year.
TCS
| Reported segment (₹ crore) | Revenue Q2 FY27 | Revenue Q2 FY26 | Result Q2 FY27 |
|---|---|---|---|
| Banking, Financial Services and Insurance | 28,882 | 25,717 | 7,351 |
| Consumer Business | 11,137 | 10,351 | 3,316 |
| Communication, Media and Technology | 10,862 | 9,802 | 2,913 |
| Life Sciences and Healthcare | 7,589 | 6,884 | 1,918 |
| Others | 7,372 | 6,414 | 1,273 |
| Manufacturing | 7,346 | 6,631 | 2,044 |
TCS, audited consolidated interim segment information, 8 October 2026
“We are pleased with the broad-based growth in all our international markets and most industry segments.”
Deals and AI
Total contract value of deal wins was $9.6 billion, compared with $9.5 billion in the June quarter and $10 billion a year earlier. On the analyst call, the CEO said this figure excludes the quarter’s Porsche and Best Buy deals. The Porsche deal is a five-year partnership that includes the proposed acquisition of Porsche AG’s consulting and IT subsidiary MHP. The Best Buy deal involves moving Best Buy’s India global capability centre into a TCS AI Capability Centre.
TCS
According to the results filing, a TCS subsidiary signed a definitive agreement to acquire 100% of MHP Management- und IT-Beratung GmbH for cash, based on an enterprise value of €320 million, or ₹3,484 crore, subject to regulatory approvals. Annualised AI revenue reached $3.1 billion, more than 10% of total revenue, up from $2.6 billion in the June quarter. In his opening remarks, Krithivasan said: “Fourth, AI continues to scale as a structural growth opportunity.”
TCS
“Definitely we see AI as a net new driver of new opportunities.”
People, cash and dividend
TCS had 598,056 employees at the end of September, a net addition of 4,258. Last-twelve-month attrition in IT services was 13.3%. Net cash from operations was ₹14,190 crore, equal to 102.2% of net income. The board declared a second interim dividend of ₹12 per share, with a record date of 14 October and payment on 30 October. First-half dividends therefore reached ₹24 per share, compared with ₹22 a year earlier.
TCS paid ₹15,558 crore in dividends in the first half. Equity attributable to shareholders stood at ₹1,18,986 crore on 30 September, compared with ₹1,07,240 crore on 31 March. Chief HR Officer Sudeep Kunnumal said on the analyst call that TCS “onboarded 10,000 grads from the university this year globally.”
“We are seeing definitely the demand up, and especially for next gen skills.”
Margins and outlook
CFO Samir Seksaria said acquisition-related costs, especially from MHP, are expected to reduce margins by about 50 basis points in the second half. He also said: “At the same time, we are seeing better pricing on the AI revenues which we are generating.”
“Overall, our long-term aspiration remains unchanged, to continue to 26%-28%.”
“First, we sustained our growth momentum this quarter despite the environment that remains selective and uneven.”
Market reaction
TCS shares closed 0.42% lower at ₹2,075.25 on the BSE on 8 October, before the results were announced. The stock was down about 35.7% for the year. On 9 October, it rose as much as 4.19% to ₹2,163 in early trade on the NSE.
Nomura kept a Buy rating with a target price of ₹2,630 and cut its FY27 EPS estimate by 2.6%. Motilal Oswal kept its Buy rating with a target of ₹2,400 and reduced its FY27 and FY28 margin estimates by 40 and 20 basis points. It said, “we believe the near-term outlook remains dependent on pipeline conversion and a recovery in regional markets”. Emkay, with an Add rating, called the quarter’s operating performance “softer than our expectations”, while Nirmal Bang said EBIT margin was 35 basis points below consensus.
Sources for this feature
Primary: Tata Consultancy Services, audited standalone and consolidated financial results for the quarter and six months ended 30 September 2026, and second interim dividend declaration, filed with NSE and BSE (8 Oct 2026); TCS newsroom, “International Growth and Strategic Wins Underpin TCS’ Q2” (8 Oct 2026); Zerodha AfterMarket Report (8 Oct 2026).
Analyst call and coverage: Investing.com, TCS Q2 FY27 earnings call transcript and results slides (8 Oct 2026); Business Standard, “TCS Q2 results: Net profit rises 15% to ₹13,884 crore” (8 Oct 2026) and “TCS Q2 review: Analysts flag weak margins amid steady growth; stock up 4%” (9 Oct 2026); Kotak Neo, TCS Q2 FY 2026-27 results (8 Oct 2026); IANS via DT Next (8 Oct 2026); NiftyTrader, “TCS Q2 FY27 Results: AI Business Crosses $3 Billion” (8 Oct 2026); Outlook Business, TCS Q2 results (8 Oct 2026).
At a glance
- Nifty fell 1.64% to 22,231.80, its lowest close since 7 April 2025, and the Sensex 1.44% to 71,593.24, its lowest since 13 February 2024.
- All 15 sectors ended lower, with IT most resilient at -0.08% and Metals the weakest at -3.55%.
- Reliance fell around 2.6% after Elon Musk’s Starlink comments, and ITC fell 4.03% after GQG Partners funds sold its shares through bulk deals.
- MCX crude oil was up 4.6% at ₹8,946 as crude moved above $92.6 a barrel, and the rupee fell 13 paise to ₹96.88 per dollar.
- FIIs net sold ₹12,944 crore while DIIs net bought ₹10,703 crore, with foreign selling larger than domestic buying for the first time in three sessions.
- The GST Council approved a procedural overhaul without rate changes, removing arrest powers and speeding refunds from 1 April 2027.
- September retail inflation is expected at a 23-month high of 5.6%, with official data due on 12 October.
- TCS reported ₹13,884 crore Q2 FY27 profit on $7.64 billion revenue, with annualised AI revenue reaching $3.1 billion.
- Every tracked overseas market fell, led by Hong Kong’s Hang Seng, as Houthi attacks damaged Saudi airports and a tanker was hit off Qatar.
Closing
DayStarter by Devraj compiles reported facts from the Zerodha AfterMarket Report, Mint and the public sources named above. It is for information only and is not investment advice.