TCS' Valuation Falls Below Peers Infosys and HCLTech for First Time Since 2011

Wednesday, Nov 12, 2025 12:07 pm ET1min read
INFY--

Tata Consultancy Services (TCS) has seen its valuation slip below that of Infosys and HCL Technologies after a 14-year dominance. TCS is now trading at a trailing P/E multiple of 22.5X, lower than Infosys' 22.9X and HCL Tech's 25.1X. The decline in valuation is attributed to slower profit growth and margin pressure, marking a reversal for the country's largest IT services exporter.

TCS' Valuation Falls Below Peers Infosys and HCLTech for First Time Since 2011

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