Infosys vs TCS: how their businesses differ

Big companies pay Infosys to build and run software; staff costs take ₹52 of every ₹100, and ₹16 is profit.

Companies pay TCS for engineers' work; staff pay takes ₹57 of every ₹100 coming in, and ₹18 is profit.

• Financial-services firms (27.9% of revenue)
• Manufacturers (16.3% of revenue)
• Energy, utilities, resources and services firms (13.3% of revenue)
• Retail, consumer-goods and logistics firms (12.9% of revenue)
• Telecom and media firms (12.2% of revenue)
• Technology, healthcare and other clients (17.4% of revenue)

• Banking, financial services and insurance (38.7% of revenue)
• Consumer business (15.9% of revenue)
• Communication, media and technology (14.8% of revenue)
• Life sciences and healthcare (10.4% of revenue)
• Others (energy, utilities, government, products) (10.3% of revenue)
• Manufacturing (10.0% of revenue)

• Employees₹52.0
• Subcontractors₹8.4
• Software packages and bought-in items₹8.6
• Travel, communication and other costs₹5.5
• Depreciation₹2.7
• Lease interest, tax and one-off charge₹6.7
• Kept as profit₹16.1
• FY26

• Staff pay and benefits₹57.1
• Outside consultants (subcontractors)₹5.4
• Offices, travel, resold hardware and other costs₹9.2
• Depreciation₹2.0
• Interest and tax₹6.4
• One-off charges₹1.7
• Kept as profit for TCS shareholders₹18.1
• Profit belonging to minority partners₹0.1
• FY26

Borrowings ₹0 cr; cash and investments ₹35,151 cr on 31 Mar 2026.

Borrowings ₹0 cr; cash and investments ₹46,678 cr on 31 Mar 2026.

Promoters 13.9%; pledged: 0.0% of the promoter holding (Q2 FY27).

Promoters 71.8%; pledged: 0.0% of the promoter holding (Q2 FY27).

• Low revenue growthRevenue grew 1.5% in constant currency in Q2 FY27. Infosys lowered its FY27 growth guidance from 1.5%–3.5% (23 Apr 2026) to 1%–2% (23 Oct 2026).
• Currency movesExports were 97.4% of Infosys Ltd's own FY26 turnover. In Q2 FY27, revenue rose 10.7% in rupees but 1.5% in constant currency, the company said. A stronger rupee would lower rupee revenue.
• US government actions on visas and work permitsInfosys has disclosed the US Department of Justice is investigating how it classified certain H-1B visa-recipient employees in immigration documents. Infosys says it cannot predict the outcome. On 10 Oct 2026 Infosys said the US Department of Labor had suspended new and pending PERM applications. These included its own. Infosys said it does not anticipate a material impact.

• AI changing how IT services are boughtTCS's FY26 annual report says AI models could change business and pricing models. It adds that clients may delay or rethink spending under current contracts.
• Client spending in the Americas and Europe83.3% of FY26 revenue came from the Americas and Europe. The FY26 annual report says wars, trade policies and inflation can hit client spending. FY26 revenue fell 2.4% in constant currency.
• Staff and subcontractor costsStaff pay took about ₹57 of every ₹100 that came in during FY26. Fees to outside consultants rose 25.7% to ₹14,699 crore. On 8 Oct 2026 the CFO named subcontractor costs as a margin lever.