Tata Consultancy Services Ltd.
NSE: TCS
Technology · Information Technology Services
₹2,530.00 last close on 23 Oct 2026 +0.92%
Research updated
Tata Technologies Ltd.
NSE: TATATECHTechnologyInformation Technology Services
- Last close
- ₹657.35
- Day change
- −₹32.00 (−4.64%)vs
- Market cap
- ₹30,273 crIndian rupees
- Research updated
- 2 reports
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About Tata Technologies
Tata Technologies Ltd. is a global engineering services and product development company. As part of the Tata Group, a prominent business conglomerate in India, its primary function is to provide comprehensive solutions in engineering, research and development services, and IT-enabled services. Tata Technologies focuses on key industries, including automotive, aerospace, and industrial machinery, delivering digital solutions that enhance product lifecycle management, digital manufacturing, and enterprise IT solutions. The company's expertise spans across advanced automotive technologies like electric vehicles and autonomous driving systems, as well as aerospace developments supporting both commercial and defense sectors. It provides cutting-edge digital engineering solutions to improve product design, enhance manufacturing processes, and streamline supply chain operations. Market significance for Tata Technologies Ltd. lies in its ability to leverage global innovation centers and local knowledge to support a broad spectrum of clients worldwide. It plays a pivotal role in advancing clients' capabilities to design and produce competitive products efficiently, thereby impacting crucial sectors that drive technological advancements and economic growth.
- Sector
- Technology
- Industry
- Information Technology Services
- Listing
- NSE: TATATECH
- Chief executive
- Mr. Warren Kevin Harris
- Employees
- 11,529
- Headquarters
- Pune, India
- ISIN
- INE142M01025
- Website
- tatatechnologies.com
Public research · Report of
Business model & financial foundation
Tata Technologies (NSE: TATATECH), Engineering research and development services: revenue of ₹5,506 crore in FY26 (+6.5% on FY25), an EBITDA margin of 15.5%, net profit of ₹546.6 crore and net cash of ₹575.0 crore.
- Revenue, FY26 (₹ crore)
- 5,506
- consolidated
- Revenue growth, FY26
- +6.5%
- on FY25
- EBITDA margin, FY26
- 15.5%
- EBITDA (Operating EBITDA (excludes other income)) / revenue
- Net profit, FY26 (₹ crore)
- 546.6
- to owners
- Return on equity, FY26
- 14.6%
- on average equity
- Net debt, FY26 (₹ crore)
- -575.0
- Net debt including leases (negative means net cash)
- Market capitalisation (₹ crore)
- 30,273
- at the close of 14 Oct 2026
Company profile
Global product engineering and digital services partner to automotive, aerospace and industrial manufacturers. Services encompass product development, manufacturing engineering and enterprise digital transformation. Technology Solutions combines software resale and education/upskilling programs; overseas subsidiaries and the ES-Tec acquisition are included in the consolidated perimeter.
| Item | Value |
|---|---|
| Legal name | Tata Technologies Limited |
| Exchange and ticker | NSE: TATATECH; BSE: 544028 |
| ISIN | INE142M01025 |
| CIN | L72200PN1994PLC013313 |
| Sector | Technology |
| Industry | Engineering research and development services |
| Headquarters | Pune, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP (since 2022) |
| Market capitalisation | ₹30,273 crore (14 Oct 2026) |
| Shares outstanding | 40.57 crore shares (FY26) |
| Price | ₹743.7 (close, 14 Oct 2026) |
| 52-week range | ₹507.4 - ₹891.0 (to 14 Oct 2026) |
| Website | https://www.tatatechnologies.com |
Corporate structure and shareholding
Parent: Tata Motors Passenger Vehicles Limited.
| Entity | Holding | Business |
|---|---|---|
| Tata Technologies Pte. Limited | 100% | International engineering services holding subsidiary |
| Tata Technologies Europe Limited | 100% | European engineering services |
| Es-Tec GmbH | 100% | ADAS, connected driving, systems engineering; acquired November 2025 |
| Tata Technologies Inc. | 99.8% | North American engineering services |
| BMW TechWorks India Private Limited | 50% | Equity-accounted associate; automotive software and business IT services |
Material operating entities listed; 19 wholly owned subsidiaries and one associate in Q2 FY27 reporting.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 55.21% | 55.18% | 55.17% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 5.52% | 5.77% | 6.30% | |
| Domestic institutions | 2.93% | 3.44% | 4.48% | |
| of which mutual funds | 0.91% | 1.44% | 2.15% | |
| Retail | 27.74% | 26.92% | 25.44% | |
| Other | 8.60% | 8.69% | 8.61% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Tata Technologies sells engineering R&D, product-realisation, manufacturing-engineering and digital-transformation services to automotive, aerospace and industrial OEMs. Services is the core delivery business; Technology Solutions includes software products and education. ES-Tec is consolidated from November 2025 and BMW TechWorks is an equity-accounted associate.
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share | unallocable expenditure, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Services | 4,256 | 77.3% | 1,232 | 84.2% | ||
| Technology Solutions | 1,249 | 22.7% | 231.9 | 15.8% | ||
| Unallocable expenditure (expense positive) | 863.5 | 100.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| KPIT Technologies (KPITTECH) | Automotive software ER&D specialist |
| L&T Technology Services (LTTS) | Diversified engineering outsourcing |
| Tata Elxsi (TATAELXSI) | Design-led engineering, transportation exposure |
| Cyient (CYIENT) | Engineering services with aerospace exposure |
| Persistent Systems (PERSISTENT) | Broader software engineering comparator, not direct mechanical ER&D peer |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 3,528 | 4,413 | 5,117 | 5,168 | 5,506 |
| Cost of revenue (vendor classification) * | 2,536 | 3,099 | 3,654 | 3,648 | 3,985 |
| Other operating costs (vendor classification) * | 258.0 | 365.5 | 375.2 | 440.8 | 488.9 |
| EBITDA (vendor classification) * | 691.6 | 886.9 | 1,010 | 1,041 | 1,031 |
| EBIT * | 608.8 | 814.1 | 951.0 | 941.0 | 798.8 |
| Finance costs | 21.9 | 18.0 | 18.9 | 19.6 | 34.1 |
| Profit before tax | 586.9 | 796.2 | 932.1 | 921.4 | 764.7 |
| Total tax expense (net) | 149.9 | 172.1 | 252.7 | 244.5 | 218.1 |
| Profit after tax | 437.0 | 624.0 | 679.4 | 677.0 | 546.6 |
| Diluted EPS (₹) | 10.77 | 15.38 | 16.72 | 16.66 | 13.47 |
| Purchases of technology solutions | 895.3 | 899.7 | 967.2 | ||
| Outsourcing and consultancy charges | 508.4 | 390.4 | 425.2 | ||
| Employee benefits expense | 2,364 | 2,489 | 2,737 | ||
| Other expenses | 408.5 | 455.3 | 522.8 | ||
| Depreciation and amortisation expense | 105.9 | 121.2 | 145.0 | ||
| Other income (net) | 115.6 | 124.1 | 174.6 | ||
| Share of profit of equity accounted investee | 0.00 | 4.06 | 24.0 | ||
| Exceptional items (expense positive) | 0.00 | 0.00 | 107.7 | ||
| PAT attributable to shareholders | 679.4 | 677.0 | 546.6 | ||
| PAT attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | ||
| Operating EBITDA (excludes other income) | 941.3 | 934.1 | 853.0 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 2,280 | 2,989 | 3,221 | 3,579 | 3,923 |
| Borrowings including current and non-current leases | 261.4 | 255.4 | 257.4 | 236.6 | 938.0 |
| Cash equivalents and other bank balances | 734.1 | 348.0 | 913.4 | 902.6 | 715.2 |
| Billed plus unbilled trade receivables | 647.3 | 951.8 | 1,148 | 1,006 | 1,187 |
| Trade payables | 336.6 | 657.8 | 481.4 | 476.7 | 581.4 |
| Net property, plant and equipment * | 0.00 | 0.00 | 310.3 | 0.19 | 25.2 |
| Capital work in progress * | 0.26 | 2.65 | 0.00 | 0.00 | 0.63 |
| Total assets | 4,218 | 5,201 | 5,578 | 6,664 | 8,953 |
| Current investments | 150.4 | 611.7 | 797.8 | ||
| Net debt including leases (negative means net cash) | -806.4 | -1,278 | -575.0 | ||
| Contract assets | 1,059 | 1,567 | 2,112 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities | -278.9 | 87.8 | 294.3 | 699.3 | 775.7 |
| Free cash flow (vendor definition) * | -102.1 | 335.7 | 202.5 | 667.8 | 742.1 |
| Dividends paid (cash outflow) | -499.0 | -416.5 | -476.6 | ||
| Purchase of PPE and intangibles (cash outflow) | -62.9 | -65.2 | -91.8 | -31.5 | -33.6 |
| Acquisition of subsidiaries net of cash acquired | n.r. | 0.00 | -512.2 | ||
| Investment in associate | 0.00 | -0.01 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 40.57 | 40.57 | 40.57 | 40.57 | 40.57 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,317 | 1,286 | 1,244 | 1,323 | 1,366 | 1,572 | 1,665 | 1,699 |
| Cost of revenue (vendor classification) * | 977.1 | 930.6 | 933.5 | 1,040 | 1,170 | 1,252 | ||
| Other operating costs (vendor classification) * | 106.2 | 121.7 | 110.7 | 133.3 | 149.7 | 145.0 | ||
| EBITDA (vendor classification) * | 262.1 | 294.1 | 268.5 | 231.9 | 289.7 | 313.9 | ||
| EBIT * | 231.7 | 262.9 | 237.2 | 32.1 | 299.1 | 267.2 | ||
| Finance costs | 5.50 | 4.81 | 4.63 | 4.57 | 9.11 | 15.8 | 15.5 | 19.9 |
| Profit before tax | 226.2 | 258.1 | 232.6 | 225.9 | 23.0 | 283.3 | 251.7 | 241.7 |
| Total tax expense (net) | 57.6 | 69.2 | 62.3 | 60.4 | 16.3 | 79.2 | 71.0 | 70.3 |
| Profit after tax | 168.6 | 188.9 | 170.3 | 165.5 | 6.64 | 204.2 | 180.8 | 171.4 |
| Diluted EPS (₹) | 4.15 | 4.65 | 4.19 | 4.08 | 0.16 | 5.03 | 4.45 | 4.22 |
| Purchases of technology solutions | 240.5 | 203.3 | 218.5 | 243.1 | 235.3 | 270.4 | 288.3 | 264.6 |
| Outsourcing and consultancy charges | 97.3 | 101.0 | 88.1 | 93.2 | 106.6 | 137.3 | 148.8 | 186.5 |
| Employee benefits expense | 639.3 | 626.3 | 626.9 | 650.2 | 697.7 | 762.7 | 815.1 | 823.3 |
| Other expenses | 106.2 | 121.7 | 110.7 | 129.1 | 133.3 | 149.7 | 145.0 | 151.2 |
| Depreciation and amortisation expense | 30.5 | 31.2 | 31.3 | 30.9 | 36.0 | 46.7 | 46.7 | 54.3 |
| Other income (net) | 27.6 | 57.1 | 63.6 | 48.2 | 31.8 | 31.0 | 36.9 | 31.2 |
| Share of profit of equity accounted investee | 0.50 | 3.56 | 4.80 | 5.31 | 7.27 | 6.64 | 9.53 | 11.4 |
| Exceptional items (expense positive) | 0.00 | 0.00 | 0.00 | 0.00 | 163.9 | -56.1 | 0.00 | 0.00 |
| PAT attributable to shareholders | 168.6 | 188.9 | 170.3 | 165.5 | 6.64 | 204.2 | 180.8 | 171.4 |
| PAT attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Operating EBITDA (excludes other income) | 234.0 | 233.4 | 200.1 | 207.8 | 192.9 | 252.1 | 267.4 | 273.3 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 48.2% | 25.1% | 16.0% | 1.0% | 6.5% |
| EBITDA margin | 18.4% | 18.1% | 15.5% | ||
| Net margin | 13.3% | 13.1% | 9.9% | ||
| Return on equity | 21.9% | 19.9% | 14.6% | ||
| Return on capital employed | 24.6% | 28.1% | 28.3% | 25.8% | 18.4% |
| Return on assets | 12.6% | 11.1% | 7.0% | ||
| Net debt (₹ crore) | -806.4 | -1,278 | -575.0 | ||
| Net debt / EBITDA | -0.86x | -1.37x | -0.67x | ||
| Interest cover | 27.8x | 45.3x | 50.3x | 47.9x | 23.4x |
| Asset turnover | 0.91x | 0.94x | 0.95x | 0.84x | 0.71x |
| Receivable days | 67 | 79 | 82 | 71 | 79 |
| Payable days (on revenue) | 35 | 54 | 34 | 34 | 39 |
| Cash conversion | 0.43x | 1.03x | 1.42x | ||
| Capex intensity | 1.8% | 1.5% | 1.8% | 0.6% | 0.6% |
| Free cash flow (₹ crore) | -341.8 | 22.6 | 202.5 | 667.8 | 742.1 |
| Dividend payout | 73.4% | 61.5% | 87.2% | ||
| EPS, diluted (₹) | 10.77 | 15.38 | 16.72 | 16.66 | 13.47 |
| Book value per share (₹) | 56.21 | 73.69 | 79.40 | 88.23 | 96.70 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA (excludes other income)) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including leases (negative means net cash).
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA (excludes other income)).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Tata Technologies includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Tata Technologies
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 14 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.