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Tata Technologies Results: Latest Quarterly Results & Analysis

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Tata Technologies Ltd. 17 Oct 2025 16:12 PM
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Q2FY26 Quarterly Result Announced for Tata Technologies Ltd.

IT Software Products company Tata Technologies announced Q2FY26 results

  • Total Company Operating Revenue stood at Rs 13,233 million, up 6.4% QoQ.
  • Services Segment Revenue of Rs 10,128 million, up 5.1% QoQ.
  • In USD terms, Services Segment Revenues came in at USD 115.6 million, up 2.7% QoQ.
  • Operating EBITDA at Rs 2,078 million, up 3.8% QoQ.
  • Adj. EBITDA Margin at 16.4%, up 30bps QoQ.
  • Net Income was at Rs 1,655 million; up 5.1% YoY. Net margin was at 12.5%.
  • [LTM] attrition came in at 15.1%.
  • Workforce strength was at 12,402.

Warren Harris, Chief Executive Officer and Managing Director, said: “Q2FY26 was a quarter of strong progress and positive momentum. We achieved a return to growth, upheld margin discipline, strengthened our strategic position in Europe, advanced our innovation agenda, and continued to invest in talent and partnerships that fuel long-term value creation. While we may see some shortterm, tactical challenges in Q3, we remain confident in a solid rebound in Q4, supported by a robust pipeline, improving demand trends, and continued operational excellence. As we move into the second half of FY26, we do so with strong momentum, a resilient foundation, and a clear focus on accelerating sustainable, technology-led growth.”

Savitha Balachandran, Chief Financial Officer, said: “Q2FY26 marked a quarter of financial resilience and operational discipline. Our margin performance remained stable despite ongoing macroeconomic challenges. We maintained a healthy balance sheet, enabling continued investments in strategic priorities. Looking ahead, while we remain cautious about near-term demand softness, we are confident in our ability to navigate the environment and deliver sustainable value creation in H2FY26.”

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IT Software Products company Tata Technologies announced Q1FY26 results

  • Total Company Operating Revenue stood at Rs 12,443 million, down 3.2% QoQ.
  • Services Segment Revenue of Rs 9,637 million.
  • In USD terms, Services Segment Revenues came in at USD 112.5 million.
  • Operating EBITDA at Rs 2,001 million; EBITDA Margin at 16.1%.
  • Net Income was at Rs 1,703 million; up 5.1% YoY.
  • Net income Margin was at 13.7%. vs 12.8% YoY.
  • [LTM] attrition came in at 13.8% vs 13.2% in the past quarter.
  • Workforce strength was at 12,407.

Warren Harris, Chief Executive Officer and Managing Director, said: “While the quarter began on a cautious note, client confidence strengthened steadily as the period progressed, reaffirming long-term commitments to product innovation and digital transformation. This renewed belief in building the future supported strong deal momentum, resulting in six strategic wins. As we look ahead, we remain optimistic about a sequential recovery in Q2 and a stronger second half of FY26. Our deal pipeline today is more robust than a year ago, and the early momentum we are seeing provides greater visibility and conviction in improved conversion through the year.”

Savitha Balachandran, Chief Financial Officer, said: “We achieved strong cash flow performance this quarter through consistent execution and disciplined working capital management, despite operating in a challenging environment. We continued to invest in priority areas, maintained financial strength, and drove efficiency across the value chain. As we progress through the year, our focus remains on executing with agility, strengthening strategic relationships, and delivering sustainable value to our stakeholders.”

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IT Software Products company Tata Technologies announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Total Company Operating Revenue stood at Rs 12,857 million.
  • Services Segment Revenue of Rs 10,241 million, an increase of 1.1% QoQ.
  • In USD terms, Services Segment Revenues came in at USD 118.1 million, flat sequentially on a constant currency basis.
  • Operating EBITDA at Rs 2,334 million; EBITDA Margin at 18.2% vs. 17.8% QoQ.
  • Net Income at Rs 1,889 million; up 12.0% QoQ and 20.2% YoY.
  • Net Margin at 14.7%. vs 12.8% QoQ and 12.1% YoY.
  • [LTM] attrition came in at 13.2% vs 12.9% in past quarter.

FY25 Financial Highlights:

  • Total Company Operating Revenue for FY25 came in at Rs 51,685 million.
  • Company Operating EBITDA at Rs 9,341 million; EBITDA margin at 18.1%.
  • In the last 3 years, Revenue from operations has grown at 13.6% CAGR while Operating EBITDA grew at a 13% CAGR.
  • We closed a total of 17 large deals in FY25, which included one marquee deal exceeding USD 500 million, two USD 50 million plus deals, and one USD 20 million plus deal.
  • The board recommended a Final Dividend of Rs 8.35 per equity share, and a Special Dividend of Rs 3.35 per equity share, subject to shareholder approval at the AGM.

Warren Harris, Chief Executive Officer & Managing Director, said: “I am pleased with the way our business performed in FY25. Over the year, we closed a total of 17 large deals which included one marquee deal exceeding USD 500 million, two USD 50 million plus deals, and one USD 20 million plus deal. We continued strengthening our customer base, with 44 customers now in the milliondollar-plus category. We remain optimistic about medium-to-long-term automotive ER&D spending, driven by sustained innovation in electric, autonomous, and sustainable mobility. Our deep domain expertise, expanded SDV offerings and AI solutions across the product value chain position us well as the sector resets.”

Savitha Balachandran, Chief Financial Officer, said: “This quarter, we achieved strong profitability and solid cash flow performance despite operating in a demanding environment, through our unwavering and rigorous execution. FY25 represents the fourth consecutive year of margins exceeding 18%; we also achieved the highest cash flows in the company's history. Moving forward, we remain committed to maintaining operational discipline while making thoughtful investments in talent and capabilities to drive long-term value for our stakeholders.”

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IT Software Products company Tata Technologies announced Q3FY25 results

  • Total operating revenue at Rs 13,174 million, up 2.2% YoY and 1.6% QoQ.
  • Services segment revenue of Rs 10,127 million, an increase of 1.2% YoY and 0.8% QoQ.
  • Services segment revenue in constant currency up by 1.1% QoQ.
  • Operating EBITDA at Rs 2,350 million; EBITDA margin at 17.8%.
  • EBIT up 3.1% QoQ to Rs 2,119 million; EBIT Margin up 20 bps QoQ to 16.1%.
  • Net income at Rs 1,686 million; up 7.1% QoQ.
  • Net margin at 12.8%, an increase of 70 bps QoQ.
  • 20 bps sequential improvement in [LTM] attrition to 12.9%.
  • Workforce strength of 12,659.

Warren Harris, Chief Executive Officer and Managing Director, said: “I am encouraged by the resilience our business has demonstrated in uncertain economic conditions with revenue growth across both our business segments. We secured four large deals this quarter, and our pipeline remains healthy. We are seeing opportunities across Digital Engineering, Smart Manufacturing, Gen AI, and Embedded Software Solutions, fostering measured optimism for Q4 and FY26. We are also investing in advanced tools and capabilities to position ourselves for accelerated growth as policy clarity improves and investments in new product development rebounds.”

Savitha Balachandran, Chief Financial Officer, said: “I am pleased with our Q3 performance, marked by 1.7% top-line growth and a 7% sequential increase in PAT. This performance underscores the strength and adaptability of our diversified service offerings, which enabled us to navigate the complexities of the quarter effectively. Our disciplined execution drove strong cash conversion in the first nine months, with free cash flow exceeding 100% of net income. This further strengthened our balance sheet, with a net cash position of $154 million at the end of December. We remain dedicated to delivering sustainable, long-term value for all stakeholders.”

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IT Software Products company Tata Technologies announced Q2FY25 results

  • Total operating revenue at Rs 12,965 million, up 2.1% YoY and 2.2% QoQ.
  • Services segment revenue of Rs 10,051 million, an increase of 1% YoY and 2.0% QoQ.
  • Operating EBITDA at Rs 2,355 million, up 9.9% YoY and 1.9% QoQ.
  • EBITDA margin at 18.2%, vs. 16.9% YoY and 18.2% QoQ.
  • Net income at Rs 1,574 million; Net margin at 12.1%.
  • 60 bps improvement in [LTM] attrition to 13.1%.
  • Net headcount addition of 175; Workforce strength of 12,680.

Warren Harris, Chief Executive Officer and Managing Director, said: “Our Services business has returned to sequential growth this quarter with a 2% increase in revenue. Our order book and pipeline remain healthy and combined with the continued positive momentum within our anchor accounts, we are confident that the second half of the fiscal year will show a stronger performance compared to the first half. The long-term fundamentals of our business remain sound. I would like to express my sincere gratitude to all our employees for their unwavering dedication and commitment to delivering exceptional service to our clients.”

Savitha Balachandran, Chief Financial Officer, said: “We remain focussed on maintaining a balanced approach of upholding operating discipline while strategically investing in capabilities to capitalize on the emerging opportunities in the industries of our key customer segments. Our EBITDA margin for the quarter stood at 18.2%, supported by improvements in utilization and increased offshoring. Additionally, our disciplined execution led to strong cash conversion in the first half of the year, with free cash flow to net income conversion exceeding 100%. We are committed to delivering long-term value for all our stakeholders.”

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IT Software products company Tata Technologies announced Q1FY25 results:

  • Total operating revenue at Rs 12,690 million, up 0.9% YoY and down 2.5% QoQ.
  • Services segment revenue of Rs 9,855 million, a decline of 1.0% QoQ.
  • Operating EBITDA at Rs 2,311 million; EBITDA margin at 18.2%, vs. 18.4% QoQ.
  • Net income at Rs 1,620 million, up 3.1% QoQ.
  • 70 bps sequential improvement in net income margin to 12.8%.
  • 80 bps sequential improvement in attrition in last twelve months to 13.7%.
  • Five strategic deal wins across automotive and aerospace.

Warren Harris, Chief Executive Officer and Managing Director said, “The overall market conditions remain favourable as the manufacturing sector continues to future-proof itself through ongoing investments in alternative propulsion systems, software-defined products and services, and smart manufacturing. The VinFast transition is now largely behind us, and we fully expect the sequential revenue growth of our services business to accelerate from the current quarter. Confidence in our full-year prospects is fuelled by our order book, continued positive momentum within our Anchor accounts, and tailwinds that we expect to continue to intersect with across automotive, aerospace, and industrial heavy machinery. “

Savitha Balachandran, Chief Financial Officer, said: “Our margins have remained resilient during the quarter, reflecting our strong operating discipline. We are committed to strategically investing in key growth areas while optimising costs and improving efficiency across the organisation. Our robust cash flow management and efficient collections process remain priorities. By focusing on sustainable growth and value creation, we are confident in our ability to stay competitive and achieve long-term success."

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IT Software products company Tata Technologies announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Total operating revenue up 0.9% QoQ to Rs 13,010 million.
  • In USD terms, total operating revenues were up 1.2% QoQ to USD 156.6 million. Services segment revenues came in at USD 120.2 million.
  • Operating EBITDA at Rs 2,400 million; EBITDA margin at 18.4% vs. 18.3% QoQ (adj.) and 17.3% YoY
  • Net income at Rs 1,572 million; Net margin at 12.1%.
  • 90 bps sequential improvement in [LTM] attrition to 14.5%.

FY24 Financial Highlights:

  • Total operating revenue up 15.9% YoY to Rs 51,172 million.
  • Operating EBITDA up 15% YoY to Rs 9,413 million.
  • In the last 3 years, revenue from operations has grown at 29% CAGR while Operating EBITDA grew at a 35% CAGR.
  • Profit before tax (PBT) was up 17.1% YoY to Rs 9,321 million.
  • We closed a total of 12 large deals in FY24, which included one USD 50 million plus deal and five deals in the USD 15 to USD 25 million range.
  • Our customer pyramid has continued to improve, with 2 customers added in the USD 10-50 million category, 2 in the USD 5-10 million category, and 3 in the USD 1-5 million category.
  • The board recommended a final dividend of Rs 8.40 per equity share, and a special dividend of Rs 1.65 per equity share, subject to shareholder approval at the AGM.

Warren Harris, Chief Executive Officer and Managing Director, said: “I am delighted with the way our business performed in FY24 with revenue growth of 15.9% and a 15% growth in operating EBITDA. In the last 3 years, our revenue from operations has grown at 29% CAGR while Operating EBITDA grew at a 35% CAGR. We closed a total of 12 large deals in FY24 which included one USD 50 million plus deal, and five deals in the USD 15 to USD 25 million range. Our large deal pipeline remains healthy and continues to grow. We are currently engaged in a number of large deal discussions with existing and new customers and anticipate an uptick in deal conversions in the current quarter. We continue to lead our industry in Gen AI and Software Defined Devices (SDx) services – as evidenced by the endorsement that we have received from BMW. I am incredibly grateful to the almost 13,000 people of Tata Technologies, who remain committed to helping our customers engineer a better world.”

Savitha Balachandran, Chief Financial Officer, said: “We will continue to follow a balanced approach of exercising operational discipline while strategically investing in capacity and capabilities to seize the opportunity presented by the industry’s structural transformation. Ending the year with a robust EBITDA margin of 18.4% and strong liquidity underscores our focus on efficiency and prudent management of resources. Overall, I am pleased with our execution in FY24 and, also with having delivered over 18% margins consistently over the last three consecutive years, in-line with our stated aspiration. We are excited about our prospects in FY25 and remain committed towards creating long-term shareholder value.”

Result PDF

IT Software Products company Tata Technologies announced Q3FY24 results:

  • Total operating revenue up 14.7% YoY and up 1.6% QoQ to Rs 12,895 million.
  • In USD terms, total operating revenues were up 0.9% QoQ and up 13.4% YoY to USD 154.8 million. Services segment revenues were up 8.3% YoY to USD 120.2 million.
  • In constant currency, Services revenues were up 5.8% YoY.
  • Continued improvement in the customer ramp-up activity, with 39 customers now in the million-dollar-plus revenue bucket compared with 34 at the end of Q3FY23.
  • Operating EBITDA at Rs 2,366 million. Operating EBITDA margin at 18.3%, a 140-bps increase QoQ driven by improved Services gross margins.
  • Net income at Rs 1,702 million; Net margin at 13.2%.
  • Net headcount addition of 172; Workforce strength of 12,623
  • 180 bps sequential improvement in attrition to 15.4%.

Warren Harris, Chief Executive Officer and Managing Director, said: “We delivered sequential growth and a healthy operating EBITDA margin at 18.3% in Q3FY24 while making strategic investments in relationships to enable future growth. Our deal win momentum has stayed robust, with 5 large deals won in the quarter, including one deal with over USD 50 million in TCV and another one with USD 25 million in TCV. We remain positive on customer spending in the Automotive vertical as OEMs continue to pivot towards electrification and other alternative propulsion systems. The Aerospace industry is looking upbeat, with a good pickup in demand there. We are investing in building capabilities at scale and remain confident about the long-term fundamentals of our business. We have seen our employee engagement initiatives yield success with a steady reduction in attrition levels over the last few quarters. We continue to focus on engineering a better world for our customers, employees, partners, and the community.”

Savitha Balachandran, Chief Financial Officer, said: “We continue to maintain a sharp focus on profitability and cash flow generation in our business. Despite the seasonally soft quarter, our margins have remained resilient reflecting strong operational rigor and execution. Our long-term levers of margin growth include increased offshoring, further improvement of our people pyramid, and operating leverage as our business scales. The free cash flow to net income conversion in the first nine months of the year has also remained robust.”

 

 

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