Macro uncertainty and discretionary budget tightness
Lingering economic uncertainties keep clients cautious on discretionary spending, which could slow revenue growth.
TCS / Q2-FY26 / risks
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TCS · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Cybersecurity incidents at clients causing project delays
Recent cyber attacks on TCS clients led to project start delays, though TCS systems were not compromised.
AI data center investment risk and low ROE
The capital-intensive data center business will have lower ROE than TCS's historical 50%+, though management expects overall ROE to remain benchmark.
Potential deflation from AI productivity gains
AI-driven productivity improvements could reduce revenue per project, though management expects scope expansion to offset.