TCS Q2 FY26: revenue growth modest, margin expansion intact

TCS reported Q2 FY26 revenue of $7,466 million, growing ~0.6% QoQ (0.8% in constant currency) with operating margin expanding ~70 bps to 25.2%. The international business and BFSI verticals drove growth, while cost control aided margin lift. The board meeting on October 9 also considered a second interim dividend. While net profit growth is modest, execution in growth segments and commentary on AI investments will guide investor reaction.