TCS shares rise ahead of Q4 results, dividend decision; here’s its 5-year payout track record

Shares of IT bellwether Tata Consultancy Services (TCS) witnessed buying interest in an otherwise weak broader market ahead of its March quarter results, which are scheduled to be released after market hours today. According to brokerages, the country’s most valued IT stock is expected to report muted growth in the fourth quarter, supported by currency tailwinds that may help offset wage pressures and peak utilisation levels.

Ahead of the Q4 results, TCS shares opened flat at ₹2,559.75, compared to the previous close of ₹2,559.80 on the BSE. In the first two hours of trade, the IT major rose as much as 1.1% to ₹2,588.60, with its market capitalisation climbing to ₹9.33 lakh crore.

On Wednesday, the stock ended 0.8% higher, underperforming the broader market rally, as benchmark indices - the Sensex and Nifty - surged up to 4%.

TCS shares touched a 52-week high of ₹3,630 on June 12, 2025, and a 52-week low of ₹2,346.35 on March 30, 2026. The Tata Group company has lost nearly 20% of its market capitalisation in calendar year 2026 amid a broad sell-off in technology stocks and rising concerns around artificial intelligence (AI)-led disruption.

Over the past one year, the stock has declined more than 20%, while it has fallen 15% over six months and 20% in the last three months. However, it has rebounded over 2% in the past month amid value buying by investors.

The recent correction has been exacerbated by broader market weakness following the West Asia conflict, the steady depreciation of the rupee, and concerns that elevated crude oil prices could weigh on India’s economic growth and corporate earnings.

Here’s what to expect from TCS in Q4

Analysts expect Tata Consultancy Services to report sequential revenue growth in the range of 0.7–1.5%. Choice Institutional Equities forecasts a modest 0.7% quarter-on-quarter increase, driven by the company’s expanding AI-led enterprise transformation capabilities, supported by its partnership with OpenAI.

Brokerages such as Motilal Oswal Financial Services and Nuvama Research expect EBIT margins to remain largely stable on a sequential basis. Currency tailwinds are likely to offset wage-related pressures, while the absence of one-off impacts may provide some support. However, Nuvama noted that factors such as forex movements, reinvestments, and higher variable pay provisioning could weigh on margins.

Meanwhile, HDFC Securities estimates total contract value (TCV) for the quarter to be in the range of $8–10 billion.

How much dividend has TCS paid over the past five years?

The meeting of the board of directors of TCS is scheduled today, to consider and approve financial results for the financial year ending March 31, 2026, and recommend a final dividend, if any, on the equity shares of the company for the fiscal.

TCS has consistently maintained a strong track record of rewarding shareholders through regular dividend payouts.  Over the past five years, TCS has distributed a cumulative dividend of ₹457 per share. The company has also complemented these payouts with share buybacks in 2022 and 2023, further enhancing shareholder returns.

In 2025, the company announced an interim dividend of ₹11 per share in January along with a special dividend of ₹46, taking the total payout for that instance to ₹57 per share. Prior to this, shareholders had received interim dividends of ₹11 each in October and July 2025, along with a final dividend of ₹30 declared in June 2025.

In 2024, the first payout comprised an interim dividend of ₹9 and a special dividend of ₹18, aggregating to ₹27 per share. During the year, the company also paid two interim dividends of ₹10 each and declared a final dividend of ₹28 per share.

In 2023, the company began the year with an interim dividend of ₹8 per share and a special dividend of ₹67, resulting in a combined payout of ₹75 at one go. It later announced two interim dividends of ₹9 each and a final dividend of ₹24 per share.

In 2022, the company declared an interim dividend of ₹7, along with two additional interim payouts of ₹8 each, followed by a final dividend of ₹22 per share in May.

In 2021, the year following the Covid-19 outbreak, the company announced an interim dividend of ₹6 per share, followed by two more interim payouts of ₹7 each, and a final dividend of ₹15 per share.

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