There is no defensible single “best” stock among TCS, Infosys, Wipro and Tech Mahindra. Compare them on the same fiscal period and currency, then test growth, like-for-like profitability, cash conversion, capital returns, business mix, valuation and risks. The latest company-reported figures show materially different margin and demand profiles, so a one-metric ranking can mislead.
Start with a like-for-like comparison
Indian IT-services companies publish overlapping but different measures. TCS reports FY2025-26 figures in US dollars, Infosys reports FY2024-25 figures largely in rupees, Wipro reports FY2025-26 figures with a separate IT-services margin, and Tech Mahindra reports FY2025 figures. A comparison is valid only when you label each period, currency and accounting definition.
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- Period: use annual figures for all four companies, or the same quarter for all four. Do not mix an annual result with a quarterly result.
- Currency: retain the reporting currency for operating analysis, or convert every company at one clearly stated exchange rate and date.
- Growth basis: distinguish reported growth from constant-currency growth, organic growth and growth including acquisitions.
- Profit measure: EBIT, EBITDA and operating margin are different. Do not place them in one ranking without identifying the definition.
- Cash measure: free cash flow, operating cash flow and cash-flow-to-profit ratios answer different questions.
The figures below are reported by the companies and are not an independent investment recommendation. They are a starting point for analysis, not a forecast.
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What the latest disclosed figures show
| Company and period | Revenue | Profitability measure | Profit or cash metric | Demand indicator | Reported dividend |
|---|---|---|---|---|---|
| TCS, FY2025-26 | $30 billion | $7.5 billion operating income; 25% operating margin | $5.9 billion net income | $40.7 billion order-book TCV | Interim, final and occasional special dividends; amount varies by declaration |
| Infosys, FY2024-25 | ₹1,62,990 crore | 21.1% operating margin | ₹34,549 crore free cash flow; ₹47,549 crore cash and investments | ₹11.6 billion large-deal TCV | ₹43 per share |
| Wipro, FY2025-26 | $10.5 billion IT-services revenue | 17.2% IT-services operating margin | ₹132.0 billion net income; 112.6% operating-cash-flow-to-net-income for the three-year block ending FY2026 | Not stated in the cited figures | ₹11 per share |
| Tech Mahindra, FY2025 | ₹52,988.3 crore (₹529,883 million in its KPI table) | 9.7% EBIT margin; KPI table also reports 13.2% EBITDA margin | ₹4,252 crore PAT; KPI table reports ₹42,515 million net profit and 122.0% FCF/PAT | $2.7 billion new-deal TCV | ₹45 per share total dividend |
These rows are not a league table. TCS’s 25% operating margin, Infosys’s 21.1% operating margin, Wipro’s 17.2% IT-services operating margin and Tech Mahindra’s 9.7% EBIT margin use company-specific labels and periods. Tech Mahindra’s separately reported 13.2% EBITDA margin cannot be compared directly with an EBIT or operating margin.
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1. Compare growth and demand, not just revenue size
Use a three- to five-year trend
One strong year can reflect a weak comparison base, a large contract start or an acquisition. Build a three- to five-year table for reported revenue, constant-currency revenue, organic revenue and revenue per employee where disclosed. Keep each series separate. Constant-currency growth removes exchange-rate movement; it is not the same as growth in the reported currency.
Read deal TCV carefully
Total contract value (TCV) measures the value of signed work over a contract’s life, not revenue recognised during the current year. TCS reports $40.7 billion of FY2025-26 order-book TCV, Infosys reports $11.6 billion of FY2025 large-deal TCV, and Tech Mahindra reports $2.7 billion of FY2025 new-deal TCV. The definitions, contract sizes and reporting periods may differ, so do not divide one company’s TCV by another’s and call the result market share.
Look for book-to-bill (new bookings divided by revenue), the timing of revenue conversion, renewal rates and the portion of deals that are merely renewals or pass-through work. A large TCV number matters only if staffing, pricing and delivery capacity can turn it into profitable revenue.
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Track quarterly revenue guidance, discretionary-versus-committed spending and sector demand. A company can report strong bookings while customers delay starting projects. Conversely, a modest TCV quarter can precede revenue acceleration if earlier contracts are entering delivery. Refresh the latest quarterly guidance immediately before buying.
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2. Compare profitability on one accounting basis
Choose EBIT, operating margin or EBITDA before ranking
Operating margin generally reflects operating profit divided by revenue, but company presentations can define the numerator differently. EBIT excludes interest and taxes; EBITDA adds back depreciation and amortisation. Use one measure across all four companies from their annual reports, or present separate columns with the labels intact.
The cited snapshots indicate a wide spread: TCS reports 25% operating margin, Infosys 21.1% operating margin, Wipro 17.2% IT-services operating margin and Tech Mahindra 9.7% EBIT margin. Tech Mahindra’s 13.2% EBITDA margin is a different measure and should not be used to claim that its profitability exceeds a peer’s operating margin.
Explain the margin, rather than treating it as a quality score
Investigate utilisation, onsite/offshore staffing, subcontractor expense, wage increases, pricing, automation investment, restructuring charges and client or sector mix. Telecom exposure, for example, can produce a different margin pattern from banking or healthcare work. A lower margin may reflect an intentional turnaround investment; a high margin may be vulnerable if pricing or utilisation normalises.
Calculate both year-over-year margin change and a three-year average. A one-year margin peak is less informative than stable margins through several demand conditions.
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3. Test earnings quality with cash flow and liquidity
Use free cash flow after required investment
Free cash flow (FCF) is generally cash generated after capital expenditure, but companies can define it differently. Reconcile the reported FCF to operating cash flow, capital expenditure and working-capital movements. Check whether receivables, unbilled revenue or contract assets are rising faster than sales.
Infosys reports ₹34,549 crore of FY2025 free cash flow and ₹47,549 crore of cash and investments. Wipro reports operating cash flow equal to 112.6% of net income for the three-year block ending FY2026. Tech Mahindra reports 122.0% FCF/PAT for FY2025. Those ratios are not interchangeable: Wipro’s is a three-year operating-cash-flow-to-net-income measure, while Tech Mahindra’s is a one-year free-cash-flow-to-PAT measure.
Check conversion over several years
- Record net income or PAT, operating cash flow, capital expenditure and FCF for each of the last three to five fiscal years.
- Calculate operating-cash-flow-to-net-income and FCF-to-net-income for each year.
- Read the cash-flow statement for working-capital releases, tax timing, one-off settlements and acquisition payments.
- Compare cash and investments with debt, lease liabilities and near-term obligations.
High conversion is reassuring when it comes from recurring operations. It is less persuasive when a one-time working-capital release or unusually low capex drives the ratio.
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Separate recurring payments from special distributions
TCS says it has returned cash consistently through interim and final dividends, with occasional special dividends. Treat a special dividend as non-recurring when estimating a sustainable yield. Infosys reports ₹43 per share for FY2025, Wipro reports ₹11 per share for FY2025-26, and Tech Mahindra reports a ₹45 total dividend for FY2025.
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Calculate a sustainable payout
Compare dividends with FCF and earnings, then inspect the balance sheet and stated policy. A high payout can be attractive for a mature cash generator but may reduce funds available for acquisitions, buybacks, hiring or technology investment. A low payout is not automatically poor capital allocation if the company can reinvest at high returns; require evidence of those returns rather than assuming them.
5. Understand business and geography mix
Map exposure by region and industry
Infosys identifies North America, Europe, the rest of the world and India as revenue geographies and reports multiple industry verticals. Build the same map for each peer from its annual report. Record the share of revenue from banking and financial services, communications and media, manufacturing, healthcare, retail, energy and public-sector work where disclosed.
Check concentration and delivery structure
- Largest-client and top-ten-client revenue concentration.
- Dependence on a single industry or telecom cycle.
- Onsite versus offshore delivery and the resulting wage and travel sensitivity.
- Subcontracting expense and reliance on external partners.
- Revenue in foreign currencies and the effect of rupee appreciation or depreciation.
- Acquisition-related revenue and integration requirements.
Mix explains why two firms with similar headline revenue can have different margins and volatility. It also helps you judge whether a company’s guidance is exposed to the same spending cycle as the rest of the group.
6. Refresh valuation immediately before investing
Valuation data are date-sensitive and were not established in the cited company disclosures. Pull the current share price and market capitalisation on the same date for all four companies, then calculate:
| Measure | How to use it |
|---|---|
| Forward and trailing P/E | Compare the price with normalised earnings; identify whether estimates include one-off gains or charges. |
| EV/EBIT | Use enterprise value and the same EBIT definition for every peer; do not substitute EBITDA for one company. |
| Free-cash-flow yield | Divide latest sustainable FCF by market capitalisation, keeping the FCF definition consistent. |
| Dividend yield | Use recurring dividends and label special dividends separately. |
| PEG or growth-adjusted valuation | Only use when the growth forecast period and constant-currency basis match. |
Compare today’s multiple with each company’s own five-year range and with the peer median. A cheaper multiple can reflect weaker growth, lower margins, higher client concentration or a turnaround risk. A premium can be justified by durable cash generation, but only if the earnings outlook supports it.
7. Build a risk checklist before buying
- Discretionary technology spending: clients can defer transformation projects during economic stress.
- Wage inflation and attrition: higher compensation or unexpected hiring can compress margins.
- Currency: exchange-rate changes affect reported revenue, costs and margins.
- Client concentration: losing one major account can overwhelm headline growth.
- Cybersecurity and data incidents: remediation, legal costs and reputational damage can affect contracts.
- Acquisitions: integration costs, goodwill and retention assumptions can alter returns.
- Regulation and geopolitics: visa rules, data-residency requirements, tax changes and trade restrictions can affect delivery.
- Telecom and sector cycles: a concentrated vertical can create sharper swings than a diversified mix.
Read each company’s annual-report risk factors and latest quarterly commentary. The risks are not equally material for every peer; weight them according to revenue mix and balance-sheet capacity.
A repeatable comparison process
- Set the cut-off date. Download the latest annual report and the most recent quarterly release for each company.
- Standardise the period and currency. Mark TCS and Wipro as FY2025-26, Infosys as FY2024-25 and Tech Mahindra as FY2025 in your worksheet; do not silently combine them.
- Create a raw-data sheet. Capture revenue, growth, operating profit, EBIT, EBITDA, net income or PAT, operating cash flow, capex, FCF, cash, debt, dividends and deal TCV with the company’s exact labels.
- Add trend columns. Calculate three- and five-year revenue CAGR, margin averages, margin change and cash-conversion ratios.
- Map demand quality. Record large-deal TCV, book-to-bill where available, renewals, guidance and the time needed to convert bookings into revenue.
- Map mix and risks. Add geography, vertical, client concentration, onsite/offshore delivery and currency exposure.
- Refresh market data. On one date, enter price, market cap, enterprise value, P/E, EV/EBIT, FCF yield and recurring dividend yield.
- Write an investment thesis and disconfirming evidence. State what must happen for the thesis to work and which metric would prove it wrong.
- Set review triggers. Examples include two consecutive quarters of margin deterioration, falling cash conversion, a major-client loss or guidance withdrawal.
How to interpret the four profiles without forcing a winner
TCS
The disclosed FY2025-26 scale, 25% operating margin, $5.9 billion net income and $40.7 billion order-book TCV point to a large, cash-generative model with a stated history of interim, final and occasional special dividends. Confirm how the order book converts to revenue, whether margins hold and what valuation premium the market already assigns.
Infosys
Infosys reports FY2024-25 revenue of ₹1,62,990 crore, 21.1% operating margin, ₹34,549 crore FCF, ₹47,549 crore cash and investments, ₹43 dividend per share, 4.2% constant-currency revenue growth and ₹11.6 billion large-deal TCV. Examine whether constant-currency growth is accelerating, how much FCF depends on working capital and whether the cash balance is being returned or reinvested.
Wipro
Wipro reports FY2025-26 IT-services revenue of $10.5 billion, a 17.2% IT-services operating margin, ₹132.0 billion net income, ₹11 dividend per share and 112.6% operating-cash-flow-to-net-income for the three-year block ending FY2026. The key follow-up is demand momentum and deal disclosure, because the cited figures do not state a comparable TCV number.
Tech Mahindra
Tech Mahindra reports FY2025 revenue of ₹52,988.3 crore, 9.7% EBIT margin, ₹4,252 crore PAT, $2.7 billion new-deal TCV, ₹7,656 crore cash and ₹45 total dividend. Its KPI table reports 13.2% EBITDA margin, ₹42,515 million net profit and 122.0% FCF/PAT. Reconcile the EBIT, EBITDA and PAT presentations, then test whether the transformation can lift margins without weakening cash generation. CEO and managing director Mohit Joshi said in the 24 April 2025 Q4 FY25 release: “This year, we laid a strong foundation for our transformation journey.” Treat that as management commentary and test it against subsequent results.
Common mistakes to avoid
- Calling the highest margin the best investment without checking valuation and growth.
- Comparing TCV totals without checking contract definitions and periods.
- Mixing Infosys constant-currency growth with another company’s reported-currency growth.
- Using Tech Mahindra’s EBITDA margin beside peers’ EBIT or operating margins.
- Calling a special dividend recurring income.
- Using a three-year cash-conversion ratio as if it were a one-year result.
- Ignoring client, geography, telecom and currency concentration.
- Relying on stale P/E or dividend-yield figures instead of refreshing prices and estimates on the decision date.
Bottom line
Choose the company whose growth, like-for-like margin, cash conversion, capital-return policy, business mix and valuation fit your risk tolerance and time horizon. The disclosed numbers show clear differences, but they do not establish a universal winner. Refresh the latest quarterly guidance, market multiples and risk disclosures immediately before making an investment decision.
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