TCS vs Infosys: A Side by Side Look at the Financials
A factual, side by side comparison of TCS and Infosys on revenue, operating margin, and return on equity, sourced from company filings. No recommendation of one over the other.
TCS and Infosys are the two largest IT services companies in India, and they are the most common pair investors compare. This is a factual, side by side look at their reported financials, as of the publication date. It does not recommend one over the other, and it does not declare a winner. The goal is simply to put the numbers next to each other.
Revenue
By reported revenue, TCS is the larger of the two. The chart shows the most recent full year figures side by side.
Source: company annual reports. Figures rounded.
The numbers side by side
The table below lays out headline figures from recent filings. All values are approximate and rounded, and should be read as of the publication date.
| Metric (FY24, approx) | TCS | Infosys |
|---|---|---|
| Consolidated revenue (Rs crore) | 2,40,893 | 1,53,670 |
| Net profit (Rs crore) | 45,908 | 26,233 |
| Operating margin | low to mid twenties percent | low twenties percent |
| Return on equity | very high | high |
| Relative scale | larger | second largest |
How to read a comparison like this
A side by side table is a starting point, not a conclusion. A few things are worth keeping in mind.
- Size is not quality. A larger company is not automatically better. Growth rate, margin trend, and returns matter alongside absolute scale.
- Margins move. Operating margins in IT services shift with utilisation, the onsite to offshore mix, pricing, and currency, so a single year gap can narrow or widen.
- Read the trend. Both companies are better understood across several years than in one snapshot.
- Check the date. These figures reflect filings available as of publication and can change with later disclosures or restatements.
What this comparison does not do
It does not tell you which company is the better investment. That depends on valuation, your own objectives, risk tolerance, and factors well beyond a table of reported numbers. This piece reports the facts side by side so you can see them clearly, and nothing more.
For the exact as reported figures, refer to each company’s official filings.
Frequently asked questions
Is TCS bigger than Infosys?
By reported revenue, yes. In FY24 TCS reported consolidated revenue of about Rs 2,40,893 crore versus about Rs 1,53,670 crore for Infosys, based on company filings.
Which has higher margins, TCS or Infosys?
In recent filings TCS has generally reported a somewhat higher operating margin than Infosys, though both sit in the low to mid twenties percent range. Margins move with utilisation, mix, and currency.
Which stock is a better buy, TCS or Infosys?
This article does not answer that. It is a factual comparison of reported financials for informational and educational purposes only, and is not investment advice or a recommendation.