TCS reclaims no. 3 spot in m-cap race, Bharti Airtel slips to 4th 

Tata Consultancy Services (TCS) , India’s most valuable IT company, has reclaimed the third position among the country’s most valued firms by market capitalisation (m-cap), surpassing telecom major Bharti Airtel . Meanwhile, Reliance Industries (RIL) retained its lead as the most valued company, with HDFC Bank maintaining its position as the second-largest by market value.

At the close of trade today, TCS was commanding an m-cap of ₹11.50 lakh crore, which was ₹42,198 crore more than Bharti Airtel's valuation of ₹11.08 lakh crore on the BSE. TCS shares rose 0.62% to end at ₹3,179.35, while Airtel climbed 1.94% to ₹1,943.35.

On the other hand, RIL and HDFC Bank retained their top two spots with market caps of ₹19.27 lakh crore and ₹15.52 lakh crore, respectively. RIL shares gained 0.83% to close at ₹1,424.50, and HDFC Bank rose 0.89% to ₹2,024.60.

On July 21, Bharti Airtel made history by overtaking TCS to become India’s third-largest company by market capitalisation for the first time, driven by a sharp rally in the shares of the Sunil Mittal-led firm, which helped it close the gap. Airtel's market cap had surged to ₹11.44 lakh crore against TCS's ₹11.42 lakh crore, as per the exchange data.

In calendar year 2025, TCS shares have declined nearly 23%, amid a broad-based correction across IT stocks driven by global macroeconomic headwinds, weak deal pipelines, and cautious client spending in key markets like the U.S. and Europe. These factors weighed on the earnings performance of IT heavyweights such as TCS, Infosys, HCL Tech, and Tech Mahindra.

During the same period, Bharti Airtel outperformed the market by surging 22% on a year-to-date (YTD) basis, as compared to a 5.3% rise in the Sensex, on the back of strong fundamentals, sectoral tailwinds, and investor optimism.

Last week, the combined market cap of six out of the top 10 most valuable companies in India fell by ₹94,433 crore, led by TCS and RIL. TCS suffered the steepest drop, with its valuation shrinking by ₹27,335 crore to ₹11.54 lakh crore, followed by RIL, which lost ₹24,358 crore to settle at ₹19,98,543 crore. Bharti Airtel also witnessed a dip in its market cap, which dropped ₹11,889 crore to ₹10.84 lakh crore amid a bearish sentiment on Dalal Street.

Earlier this month, TCS announced its June quarter results, while Bharti Airtel is set to report its Q1 FY26 earnings on July 29, 2025.

For the first quarter of FY26, TCS reported a 6% year-on-year increase in consolidated net profit for Q1 FY26 at ₹12,760 crore, up from ₹12,040 crore in the same period last year. The profit was driven by improved operational performance, strong deal wins, and a strategic shift towards AI-led solutions, even as global macroeconomic and geopolitical uncertainties persisted. The quarterly revenue stood at ₹63,437 crore, marginally up 1.3% YoY, while it recorded a decline of 3.1% YoY in constant currency. TCS also declared an interim dividend of ₹11 per share, with a record date of July 16, 2025, and a payment date set for August 4, 2025.

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