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TCS
TATA CONSULTANCY SERVICES (TCS)
Prepared by: Mayank Singh
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TATA CONSULTANCY
DCF VALUATION & 3 STATEMENT FINANCIAL MODEL
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SERVICES
3-Statement Forecast | DCF | WACC | Sensitivity Analysis
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DCF INTRINSIC VALUEACTUAL MARKET PRICEPREMIUM / (DISCOUNT) TO DCFVALUATION VIEWWACC Valuation Date
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₹2,359.53₹3,606.18(34.6%)OVERVALUED9.5%31-Mar-25
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DCF outputMarket above DCFLTGR
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2.5%
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PROFIT & LOSS | FY25BALANCE SHEET | FY25CASH FLOW | FY25
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Revenue (₹ Cr)255,324.0Total Assets (₹ Cr)159,629.0CFO (₹ Cr)48,908.0
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EBITDA (₹ Cr)67,407.0Total Equity (₹ Cr)95,771.0CFI (₹ Cr)(2,318.0)
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Net Income (₹ Cr)48,797.0Cash (₹ Cr)8,342.0CFF (₹ Cr)(47,438.0)
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Historical: FY17 – FY25    |    Forecast: FY26E – FY30E
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ABCDEFGHLMNO
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1Metric (in ₹ Crores)1718192021222327282930
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2Total Assets103252106296114943120899130759141514143651231634271839.7314084.9358909.2
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3Total Equity86580855308989984749871088984691206163501.7200186238955.3279959.7
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4Cash & Cash Equivalents3597488372248646685812488712361183.191899.9123937.5156147.3
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FINAL FINANCIAL CONCLUSION
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3 STATEMENT FINANCIAL MODEL
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TCS shows steady operating growth, rising profitability and strong cash  generation, with a strengthening  balance sheet through FY30
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DCF VALUATION
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DCF view: Market price is 52.8%  above intrinsic value, implying 34.6% downside
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OVERALL CALL
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Overall: TCS is operationally strong, but valuation offers limited margin of safety
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