Guidance ledger · Q4 FY26

Tata Consultancy Services Ltd TCS

3 revisions on record · 0 lowered · 3 raised — the strikethrough is what management used to say

refuses forward guidance · held across quarters

Holding view → · latest concall · The pulse

↑ raised Annualized AI services revenue Q2 FY26 → Q4 FY26

~~US$1.5 billion annualized~~ → US$2.3 billion annualized (53% over 2 quarters)

“AI Services, which continued to accelerate impressively, standing at US$2.3 billion on an annualized basis”

↑ raised Operating margin trajectory Q1 FY26 → Q4 FY26

~~operating margins getting closer to 26% aspiration (Q4FY25 base)~~ → FY26 25% delivered (4-year high), 'move towards 26% on a longer-term basis'

“For FY26, our operating margin was 25%, an expansion of 70 basis points over the prior year, and at a 4-year high”

↑ raised Annual wage hike cycle timing Q1 FY26 → Q4 FY26

~~deferred / no decision in Q1; partial September 2025 increment for 80% of associates~~ → restored April 1 cycle for all eligible employees; 150-200bps Q1FY27 margin impact

“We have announced annual salary increments for our eligible associates across all grades, effective April 1”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.