Tech Story
Strong order book reinforces confidence in TCS’s long-term resilience
TCS Crosses $30 Billion Revenue Milestone, Strong Order Book Reinforces Confidence in Long-Term Resilience
Highlights
- FY 25 Revenue $30.18 Bn, Growth +3.8% YoY, + 4.2% in CC
- Growth led by strong double-digit growth in Regional Markets: + 37.2% YoY
- Growth led by Energy, Resources and Utilities (+5.1%), Manufacturing (+2.9%) among Industry Verticals
- IOT/DE, Enterprise Solutions and AI.Cloud led the growth among Service Lines; Seeing strong and increasing traction in AI-adoption
- Operating Margin at 24.3%; Net Margin at 19.0%
- Strong TCV performance at $39.4 billion for FY25 and at $12.2 billion for Q4
- All Major Markets Grew Sequentially
Press release
MUMBAI, April 10, 2025: Tata Consultancy Services (BSE: 532540, NSE: TCS) reported its consolidated financial results according to Ind AS and IFRS, for the quarter and full year ending March 31, 2025.| FY 2024-25: Annual Highlights | Q4 FY 2025: Quarterly Highlights |
| Client metrics:64 clients in the $100 Mn+ band (+2 YoY)Employee Metrics:Employee Headcount: 607,979152 nationalities; 35.2% womenIT Services Attrition (LTM): 13.3%Talent Development:56 million Learning Hours5.2 million Competencies AcquiredFree Cash Flow: $5.49 BnShareholder payout of $5.26 Bn in the form of dividends | Revenue at $7.47 Bn, +1.4% YoY (CC: 2.5%)Growth led by Regional Markets (+22.5%), ERU (4.6%), and BFSI (+2.5%) YoYOperating Margin: 24.2%Net Margin: 19.0%Strong Cash conversion: Operating Cash Flow 125.1% of Net IncomeRecord Q4 TCV at $12.2 billion, Book-to-bill ratio of 1.6Final Dividend (proposed): ₹30 per share, to be approved at the Annual General Meeting |
Q4 and Full Year Segment Highlights
Growth by Domain
| Industry | Composition (%) | Y-o-Y CC Growth (%) | Composition (%) | Y-o-Y CC Growth (%) | ||
| Q4 FY24 | Q4 FY25 | FY 2024 | FY 2025 | |||
| BFSI | 31.3 | 31.2 | 2.5 | 32.0 | 30.9 | 0.7 |
| Consumer Business | 15.7 | 15.3 | -0.2 | 15.8 | 15.3 | 0.3 |
| Life Sciences & Healthcare | 10.9 | 10.1 | -5.6 | 10.9 | 10.4 | -1.6 |
| Manufacturing | 8.8 | 8.4 | -2.9 | 8.6 | 8.5 | 2.9 |
| Technology & Services | 8.2 | 8.1 | 1.1 | 8.5 | 8.1 | -1.3 |
| Communication & Media | 6.6 | 5.8 | -9.8 | 6.8 | 5.9 | -9.5 |
| Energy, Resources and Utilities | 5.6 | 5.7 | 4.6 | 5.6 | 5.7 | 5.1 |
| Regional Markets & Others | 12.9 | 15.4 | 22.5 | 11.8 | 15.2 | 37.2 |
| Total | 100.0 | 100.0 | 2.5 | 100.0 | 100.0 | 4.2 |
Growth by Markets
| Geography | Q4 FY24 (%) | Q4 FY25 (%) | Y-o-YCC Growth (%) | FY 2024 (%) | FY 2025 (%) | Y-o-YCC Growth (%) |
| Americas | ||||||
| North America | 50.0 | 48.2 | -1.9 | 51.1 | 48.2 | -1.8 |
| Latin America | 2.0 | 1.8 | 4.3 | 2.0 | 1.9 | 6.0 |
| Europe | ||||||
| UK | 16.8 | 16.8 | 1.2 | 16.5 | 16.8 | 4.0 |
| Continental Europe | 14.6 | 14.3 | 1.4 | 14.9 | 14.3 | 0.7 |
| Asia Pacific | 7.8 | 8.1 | 6.4 | 7.8 | 8.0 | 6.8 |
| India | 6.7 | 8.4 | 33.0 | 5.6 | 8.6 | 62.6 |
| MEA | 2.1 | 2.4 | 13.2 | 2.1 | 2.2 | 11.2 |
| Total | 100.0 | 100.0 | 2.5 | 100.0 | 100.0 | 4.2 |
Key Highlights
- Announced strategic partnership with Google Cloud to enhance its AI and GenAI offerings for customers in the communication, media, and information services industry. This partnership is aimed at accelerating AI adoption for telecommunication enterprises by combining TCS’ deep domain expertise with Google Cloud’s robust platform.
- Signed an agreement to modernize the depository system of Muscat Clearing and Depository (MCD), Oman’s central securities depository. TCS will implement TCS BaNCSTM for Market Infrastructure and QuartzTM to future-proof MCD’s operations.
- Partnered with The Cumberland Building Society in the UK to modernize its core banking ecosystem. Through this collaboration, TCS will deploy its state-of-the-art digital banking solution, TCS BaNCSTM for Core Banking, along with TCS Digital Home Lending Solution, and Quartz for Compliance, to drive innovation and operational efficiency.
- Signed an agreement to drive end-to-end IT transformation of UPM, a global company with a business portfolio of decarbonization solutions, advanced materials, renewable fibres, and communication papers, based on sustainable, renewable feedstock. The digital transformation will help drive growth for UPM, enhance user experience, and boost adoption of an AI-first operating model. TCS will deploy its AI-powered autonomous enterprise platform ignioTM. The platform will improve operational efficiency, enable continuous improvement, and increase IT system readiness and reliability.
- Announced collaborative engagement with MassRobotics, the largest independent robotics hub in the world dedicated to advancing robotics and connected devices. Through this collaboration, TCS aims to support their mission to foster robotics innovation by engaging with startups, researchers, and industry leaders exploring applications focused on various sectors.
- Extended partnership with DNB Bank ASA and will continue as latter’s strategic partner and support the digital modernization journey while enhancing cost efficiency targets. In addition, TCS will deploy next-generation technology for DNB’s modernization initiatives by maintaining and developing new applications, strengthening security capabilities, and providing insights on next-generation technologies, including AI and quantum computing.
- Signed a five-year partnership with Air New Zealand to modernize the airline’s digital infrastructure and position it at the forefront of AI-driven innovation. This collaboration aims to enhance Air New Zealand’s digital capabilities, improve customer experience, and drive operational efficiencies across various aspects of its business, including fleet management, crew scheduling, and ground services.
- Partnered with Vantage Towers, Europe’s second-largest telecom tower operator with a network of 86,000 sites, to launch a digital service platform aimed at transforming the experience of property owners that lease land for telecom tower installations. The partnership aims to streamline service processes for property owners, enhance retention, and strengthen telecom site partnerships for Vantage Towers across Europe. TCS will also deploy TCS CrystallusTM for Telecom, an industry-specific offering designed to accelerate digital transformation.
- Expanded deal with Northern Trust, a global financial institution, to centralize and standardize its custody operations across 99 direct and global markets by deploying its comprehensive TCS BaNCSTM Global Securities Platform.
- Expanded strategic partnership with a leading German automotive financial services company to modernise and optimise the latter’s platform operations. As part of the multi-year deal, TCS will help drive operational resilience with the power of cloud, while tapping into its proven automation and AI solutions to improve scalability and efficiency. This nimble and digital-first approach will empower the financial services’ IT function to enable business achieve faster time to market and accelerate growth.
- Selected by a leading US payment services firm as a strategic partner to integrate and build synergies within its print and remittance services. As part of the engagement, TCS will help the client transform the legacy environment, reduce PCI vulnerability, improve infrastructure availability, while ensuring enhanced operational efficiency and lower cost. With its proven MFDM approach, increased automation and CMDB enhancement, TCS will enable the financial institution to take its IT operations into the future. TCS’ contextual knowledge and AI expertise will be the key drivers of this transformation journey, as the client looks to automate business operations with the power of GenAI.
- Selected by Avianca, one of Latin America’s leading airlines, TCS will continue supporting the digital transformation process that began seven years ago. Through this new agreement, TCS will provide cloud-based, data-driven, and AI-based services, consolidating its role as a key partner in the airline’s modernization process across various business areas.
- TCS and Olympus have extended their strategic partnership for another five years to deliver IT application services across the U.S. and EMEA regions, along with IT infrastructure services in EMEA. As part of this renewed collaboration, TCS will accelerate the adoption of automation and AI in run operations to enhance efficiency, resilience, and build an AI-first, future-ready digital core. This initiative reflects the shared commitment of both organizations to continuous innovation and transformation, while reinforcing business value across the full spectrum of TCS’ managed services.
- Selected by a large US based consumer finance company focused on vehicle finance to future-proof the IT function and build a resilient framework through vendor consolidation and application simplification. As part of this multi-year partnership, TCS will provide Database Administration services (DBA), application support, data and analytics services by leveraging its Application Resource Management (ARM), Application Management Services (AMS) and its proprietary solution including ignioTM AIOps from the Digitate suite of offerings. TCS will also provide project management services to drive digital transformation and business agility for the financial services company.
- A leading multinational QSR chain has selected TCS as the strategic partner for transforming and managing its IT landscape and operations. TCS will manage and modernize the application & infrastructure portfolio and implement a product-based operating model for providing service desk and cybersecurity services across the enterprise. Leveraging TCS’ CognixTM and ignioTM, the program will focus on technology renovation and automation, enhancing store productivity, and optimizing operations. This will enhance business agility, improve operational efficiency, unlock the potential of technology to enable growth across channels and markets.
- A leading innovative manufacturing company has selected TCS as the S/4 HANA rollout partner for their plants in the Americas and APAC region. TCS will leverage its industrialized rollout approach to deploy the global S/4HANA template to over 25 Factories globally. As a part of this project. TCS will set up the Digital Core with simplified and harmonized business processes across functions such as Finance, Sales, Procurement, Operational planning, Production Logistics, Manufacturing Execution, Logistics, Quality Management, Export Control, and Production services.
- A large North American convenience retailer has selected TCS’ AI powered Clever EnergyTM to accelerate their net zero journey. TCS will implement the award-winning enterprise-level energy and emission management system leveraging IoT, edge, and AI-based analytics to achieve energy efficiency across stores. TCS will also set up a command centre, to analyse the data from stores, recommend Energy Conservations Measures (ECM), track the implementation and report the associated energy savings delivered.
Customer Speak
“TCS is experienced in deploying mission-critical solutions across the globe, with several implementations in Middle Eastern as well as global markets. We are pleased to collaborate and enter a longstanding partnership with TCS in this modernization initiative for Oman’s capital market infrastructure. MCD aims to enhance market functionality, introduce advanced features for participants, and facilitate the expansion of our capital markets by leveraging TCS’ expertise.” Mohammed Al Abri, CEO, Muscat Clearing & Depository “At UPM, we are striving to build a human centric yet business-oriented IT infrastructure. Through this partnership, we are seeking to provide effortless information technology that is cost-effective and scalable, utilizes the most recent AI and automation solutions and offers value-based delivery, and end-to-end accountability. We have been impressed by the wide industry and technology expertise that the TCS team has demonstrated and are looking forward to seeing how this collaboration will help us reach our ambitious targets.” Turkka Keskinen, Chief Information Officer at UPM “We are very pleased with the decision to continue our partnership with TCS for an additional five years. We already have a long-standing and proven relationship where TCS has helped enable some of our biggest transformations and innovations over the past twelve years. We look forward to seeing what we can achieve together in the future.” Elin Sandnes, Group EVP of Technology & Services, DNB “Long-term relationships with our landlords are a win-win-situation for both sides and, in addition, the foundation for a successful network expansion and digitalization in Europe. This joint project underscores our commitment to operational excellence and reinforces our promise of stable partnerships based on high-quality service experience and transparency.” Tobias Steinig, Chief Digital Officer at Vantage Towers “As liquidity demands continue to drive shortened settlement cycles, it’s critical for market participants to have resilient interoperable solutions that seamlessly integrate with corporate action and income processing. Our partnership with TCS BaNCSTM strengthens our ability to support clients in navigating these evolving market dynamics, ensuring efficiency, accuracy and risk mitigation throughout the trade settlement lifecycle.” Jennifer Driscoll, Head of Market Operations at Northern Trust “We are building the Coop of the future and using the latest technology to offer a shopping experience customers will keep coming back for. To realize our vision, our digital transformation must continue. We are delighted to extend our strategic partnership with TCS to accelerate our journey, innovate, and create value for our two million members.” Lars Ole Dybdal, Chief Technology Officer, Coop Danmark “Leveraging TCS’ expertise in cutting-edge technologies will help us enhance the customer experience, streamline operations, and reinforce our commitment to cybersecurity and data protection. This collaboration aligns with our vision to be a digitally enabled airline of the future. We began working with TCS in September 2024 and in just a few short months, we’ve seen the benefits of tapping into the depth and breadth of talent and expertise they have when it comes to digital solutions. Going forward, TCS will be an instrumental partner in helping us deliver our Cargo Digital Transformation and improvements to our Digital Retail capability. We’re excited about the benefits this partnership will bring for our customers and the aviation industry.” Greg Foran, Chief Executive Officer, Air New Zealand “This partnership is about more than technology—it’s about aligning with a company that shares our values and commitment to customers, colleagues, and communities. For 175 years, our customers have been at the heart of everything we do. Ultimately, this transformation ensures we remain a strong and sustainable Society for the next 175 years. Our colleagues are excited to be working with TCS to provide a resilient modern banking solution for the benefit of our customers.” Des Moore, Chief Executive at The CumberlandResearch and Innovation
As on March 31, 2025, the company applied for 8,816 patents, including 267 applied during the quarter, and has been granted 4,820 patents including 235 granted during the quarter.Human Resources
TCS’ workforce stood at 607,979 as on March 31st. The employee base has 35.2% women and with 152 nationalities. Year till date, TCSers have clocked 56 million learning hours, and acquired 5.2 million competencies. IT services’ attrition was at 13.3% for the last twelve months.Awards and Recognition
- TCS ranked #2 global IT services brand by Brand Finance 2025 rankings with a brand valuation of $21.3 billion
- FORTUNE Magazine lists TCS amongst World’s Most Admired Companies for 2025
- TCS ranked #2 in market share by Pierre Audoin Consultants (PAC) in their list of Top 10 IT Services Worldwide
- TCS named Global Top Employer for 2025 and achieved a new milestone by earning Enterprise-Wide Top Employer Certification from the Top Employers Institute
- TCS recognized as Top Employer 2025 by the Top Employers Institute in Europe
- TCS recognized as Top Employer 2025 by the Top Employer Institute in North America and Canada
- TCS recognized as Top Employer 2025 by the Top Employer Institute in Singapore and Philippines
- TCS is recognized by Forbes as a leading management consulting firm in America
- TCS received the Finance Transformation Impact Award and Service Provider of the Year Award at the SSON Impact Awards — North America 2025
- TCS Ranked Europe’s #1 IT Services Provider for Customer Satisfaction by Whitelane Research.
- Recognized as the NVIDIA Rising Star Partner of the Year Award at GTC 2025 for AI Innovation and Excellence
- TCS IoT & Digital Engineering received IoT Breakthrough Award for its implementation of Rental Telematics 4.0
- TCS recognized with Microsoft Advanced Security Specialization in ‘Cloud Security’
- TCS Malaysia recognized at 17th Annual Global CSR & ESG Awards 2025
- TCS received the ‘Liferay Partner of the Year – 2024 for the APAC region’, recognizing top-tier service, increase in revenue, and expansion of customer base
Industry Analyst Assessments
TCS was ranked a Leader in 25 competitive assessments published by leading research firms in Q4 FY25. In 4 of these, marked with an asterisk in the table below, TCS was positioned the foremost leader or ranked #1.| Analyst Firm | Firm Wise Report Type | Report Title |
| Everest | PEAK Matrix | Life and Annuities (L&A) Insurance BPS and Third-Party Administrator (TPA) PEAK Matrix® Assessment 2025* |
| Everest | PEAK Matrix | Custom Application Development Services PEAK Matrix® Assessment 2025* |
| NelsonHall | NEAT | Cognitive & Self-Healing IT Infrastructure Management 2025* |
| Gartner | Magic Quadrant | Magic Quadrant for Outsourced Digital Workplace Services* |
| PAC | Ranking Report | Software & IT Services – Vendor Rankings Calendar Year 2024 – Worldwide |
| Avasant | RADAR | High-Tech Industry Digital Services 2024-2025 RadarViewTM |
| Everest | PEAK Matrix | Supply Chain Transformation Services for Retail and CPG PEAK Matrix® Assessment 2025 |
| Avasant | RADAR | Life Sciences Digital Services 2025 RadarViewTM |
| NelsonHall | NEAT | Core Banking Services 2025 |
| NelsonHall | NEAT | P&C Operations: Analytics & AI 2025 |
| Everest | PEAK Matrix | Sustainable Engineering Services PEAK Matrix® Assessment 2025 |
| Everest | PEAK Matrix | Sustainable IT Services PEAK Matrix® Assessment 2025 |
| HFS | HFS Horizons | HFS Horizons: Generative Enterprise Services, 2025 |
| Forrester | Wave Report | The Forrester WaveTM: Application Modernization And Multicloud Managed Services, Q1 2025 |
| PAC | RADAR | Google Cloud Platform (GCP) IT Ecosystem in Europe 2025 |
| IDC | MarketScape | EMEA Industry Cloud Professional Services 2024–2025 Vendor Assessment |
| IDC | MarketScape | Worldwide Industrial IoT Engineering and Managed Services Vendor Assessment |
| IDC | MarketScape | Worldwide Industrial IoT Consulting and Integration Services 2025 Vendor Assessment |
| Everest | PEAK Matrix | Industry 4.0 Services PEAK Matrix® Assessment 2025 |
| IDC | MarketScape | Worldwide SAP Implementation Services 2025 Vendor Assessment |
| HFS | HFS Horizons | Salesforce Service Providers, 2025 |
| Everest | PEAK Matrix | Application Management Services PEAK Matrix® Assessment 2025 |
| Everest | PEAK Matrix | Managed Detection and Response (MDR) Services PEAK Matrix® Assessment 2025 |
| Avasant | RADAR | Finance and Accounting Business Process Transformation 2024–2025 RadarViewTM |
| Gartner | Magic Quadrant | Magic Quadrant for Retail Core Banking Systems, Europe |
IFRS Financial Statements
Consolidated Statements of Comprehensive Income For the year ended March 31, 2024, and March 31, 2025 (In millions of $, except per share data)| Year ended March 31, 2024 | Year ended March 31, 2025 | ||
| Ex Adj* | Reported | ||
| Revenue | 29,080 | 29,080 | 30,179 |
| Cost of revenue | 17,335 | 17,335 | 18,438 |
| Gross margin | 11,745 | 11,745 | 11,741 |
| SG & A expenses | 4,587 | 4,702 | 4,393 |
| Operating income | 7,158 | 7,043 | 7,348 |
| Other income (expense), net | 451 | 441 | 374 |
| Income before income taxes | 7,609 | 7,484 | 7,722 |
| Income taxes | 1,963 | 1,919 | 1,954 |
| Income after income taxes | 5,646 | 5,565 | 5,768 |
| Non-controlling interests | 23 | 23 | 29 |
| Net income | 5,623 | 5,542 | 5,739 |
| Earnings per share in $ | 1.54 | 1.52 | 1.59 |
| Three-month periods ended March 31, 2024 | Three-month periods ended March 31, 2025 | |
| Revenue | 7,363 | 7,465 |
| Cost of revenue | 4,334 | 4,570 |
| Gross margin | 3,029 | 2,895 |
| SG & A expenses | 1,115 | 1,088 |
| Operating income | 1,914 | 1,807 |
| Other income (expense), net | 113 | 93 |
| Income before income taxes | 2,027 | 1,900 |
| Income taxes | 523 | 475 |
| Income after income taxes | 1,504 | 1,425 |
| Non-controlling interests | 8 | 7 |
| Net income | 1,496 | 1,418 |
| Earnings per share in $ | 0.41 | 0.39 |
| As of March 31,2024 | As of March 31,2025 | |
| Assets | ||
| Property and equipment | 1,346 | 1,514 |
| Right-of-use Assets | 946 | 1,086 |
| Intangible assets and Goodwill | 539 | 580 |
| Accounts Receivable | 5,343 | 5,880 |
| Unbilled Revenues | 1,834 | 1,811 |
| Invested Funds | 5,633 | 5,526 |
| Other current assets | 1,092 | 1,458 |
| Other non-current assets | 1,083 | 1,076 |
| Total Assets | 17,816 | 18,931 |
| Liabilities and Shareholders’ Equity | ||
| Shareholders’ Funds | 11,104 | 11,337 |
| Current liabilities | 5,529 | 6,202 |
| Non-current liabilities | 1,082 | 1,270 |
| Non-controlling interests | 101 | 122 |
| Total Liabilities | 17,816 | 18,931 |
ABOUT TATA CONSULTANCY SERVICES (TCS)
Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) is a digital transformation and technology partner of choice for industry-leading organizations worldwide. Since its inception in 1968, TCS has upheld the highest standards of innovation, engineering excellence and customer service. Rooted in the heritage of the Tata Group, TCS is focused on creating long term value for its clients, its investors, its employees, and the community at large. With a highly skilled workforce of over 607,000 consultants in 55 countries and 180 service delivery centres across the world, the company has been recognized as a top employer in six continents. With the ability to rapidly apply and scale new technologies, the company has built long term partnerships with its clients – helping them emerge as perpetually adaptive enterprises. Many of these relationships have endured into decades and navigated every technology cycle, from mainframes in the 1970s to Artificial Intelligence today. TCS sponsors 14 of the world’s most prestigious marathons and endurance events, including the TCS New York City Marathon, TCS London Marathon and TCS Sydney Marathon with a focus on promoting health, sustainability, and community empowerment. TBusiness Story
The Quiet Disruptor: How Yugandhara Lad Is Rewriting the Rules of AI and Immersive Tech
THE C OVER STORY WORLD EXCLUSIVE FEATURE
THE NEXT 100 INNOVATORS REDEFINING GLOBAL TECH
In a world obsessed with AI giants and Silicon Valley hype, Yugandhara Lad, the Asian Powerleader award winner and founder of Virtualyyst, is building a different future—one defined not by technological dominance, but by human-centric empowerment. Her journey from solopreneur to international tech CEO is a masterclass in resilient, compassionate leadership.
If the defining narrative of the last decade in tech was one of disruption—of breaking systems and moving fast—the next chapter is being written by architects. These are the builders who provide the foundations, the tools, and the blueprints for others to create. They are less concerned with building a single, dazzling skyscraper and more with designing the city around it, ensuring it is accessible, sustainable, and alive with possibility.

Yugandhara Lad Virtualyyst
Yugandhara Lad, the Founder and CEO of Virtualyyst and recent recipient of the prestigious Asian Powerleader Award in AI, is precisely this kind of architect. From her remote-first headquarters, which is less a place and more a dynamic network of talent spanning India and the Gulf, Lad is operationalizing a radical vision: to make immersive technology—the bedrock of the metaverse and Web3—profoundly human and universally accessible.
“Our vision has always been clear—to make tech more human and accessible across industries and borders,” Lad states, her strategic clarity cutting through the industry’s buzzword-laden fog. This isn’t a vague mission statement. It’s the operational blueprint for Virtualyyst, a company that began as a solopreneur’s venture and has grown into a thriving enterprise with over 100 client partnerships and consistent revenue growth, now poised to launch an AI Virtual Try-On platform and expand into the UAE, US, and Australian markets.
But Lad’s story, and her leadership, defy the typical tech-founder arc. This is not a tale of gargantuan venture capital funding or a relentless “growth-at-all-costs” mentality. It is a story of grit, adaptability, and a deeply held belief that the true power of technology lies in its ability to uplift, include, and solve real human problems.
The Resilient Pivot: Leadership in Uncertainty
The past 24 months have been a litmus test for tech leaders worldwide, and Lad’s mettle was tested in the crucible of market uncertainty. “During a period of client budget cuts and market uncertainty, we had to rework our product strategies and shift toward more modular, scalable solutions,” she recounts. Where others might have battened down the hatches, Lad leaned into adaptability.
Her leadership enabled a masterful pivot: streamlining operations, expanding global outreach, and strategically engaging new markets in the Gulf. The result wasn’t a miraculous overnight success, but something more sustainable: steady growth fueled by diversified project pipelines and a relentless focus on “tech offerings that solve real-world business needs.” This resilience, executed without fanfare but with immense strategic precision, is a hallmark of her quiet yet potent influence.
Innovation as an Ethos, Not a Patent
Ask Lad about patents and proprietary technology, and she will tell you that for Virtualyyst, innovation is a cultural ethos, not a legal portfolio. “We may not have patents, but innovation is at the heart of how we operate,” she says. This manifests in the development of cutting-edge tools like their AI-powered Virtual Try-On system, but more importantly, in a company culture of “shared ownership.”
At Virtualyyst, innovation is democratized. Interns and junior team members are encouraged to contribute ideas and lead mini-projects. Lad has built an environment where the next groundbreaking idea can come from anywhere, fostering a mindset where looking forward is everyone’s responsibility. This flattens hierarchy and accelerates creativity, making the company itself a prototype of the accessible future it aims to build.
Bridging Worlds: The Cross-Cultural Compass
A key to Lad’s success, and a core reason for her Asian Powerleader recognition, is her exceptional cross-cultural competence. Virtualyyst operates at the nexus of India’s tech dynamism and the Gulf’s ambitious digital transformation agendas. Lad understands that this requires more than just translating a product; it requires cultural translation.
“Operating between India and the Gulf requires more than product adaptation—it demands cultural sensitivity and clear communication,” she notes. Her leadership model prioritizes localized content, flexible engagement models, and a profound respect for regional norms—from adjusting project pacing during Ramadan to tailoring user experience for Arabic-speaking audiences. Her team, hailing from diverse backgrounds, is a living embodiment of this strategy, ensuring that the company’s output reflects thoughtful integration rather than a tone-deaf, one-size-fits-all approach.
The Sustainable, Empathetic Core
In an industry just beginning to grapple with its social and environmental responsibilities, Lad’s leadership is already deeply aligned with ESG principles. For her, sustainability is holistic. Virtualyyst’s fully remote model is a strategic choice that reduces its carbon footprint while championing a revolutionary form of social equity.
It enables a “diverse talent pool, including working mothers, second-career professionals, and students,” Lad explains. This is not a peripheral HR policy; it is central to her business model and moral compass. The company’s “AI for Good” initiatives, like a pro-bono prototype for American Sign Language learning developed with a nonprofit, further cement a legacy of tech empathy over tech exploitation.
Cultivating Legacy: The Leader Who Lifts Others
Perhaps the most powerful dimension of Yugandhara Lad’s story is her origin and her intent. She is a single mother who started her company with “determination and grit” and no financial backing. This personal history directly informs her leadership philosophy and her vision for her legacy.
“My hope is that my journey shows others—especially women—that you don’t need a perfect start to build something meaningful,” she says. At Virtualyyst, this translates into an empowering framework for talent: open access to upskilling, transparent feedback, and a focus on personal growth that has seen interns evolve into project leads and employees supported through personal breaks.
Her brand equity, boasting client retention rates over 85%, is built on this very foundation of “consistency, clarity, and care.” In a world of transactional business, Lad deals in trust.
Yugandhara Lad is not just building a company; she is cultivating an ecosystem. She is an architect who provides the tools for others to build, a leader who measures success by the opportunities she creates, and a visionary who sees technology not as an end in itself, but as a means to a more inclusive, accessible, and human future. Her appearance on this cover is a testament to a new model of power in the tech world—one that is quiet, resilient, empathetic, and undoubtedly powerful.
Tech Story
Apple elevates the iPhone experience with iOS 26
The release delivers a stunning new design, powerful Apple Intelligence capabilities, new ways to stay connected in the Phone and Messages apps, and exciting updates to CarPlay, Apple Music, Maps, and Wallet
A Beautiful New Look

New Capabilities Powered by Apple Intelligence

Features for Staying Connected and Eliminating Interruptions


Enhancements to CarPlay

Updates to Apple Music, Maps, and Wallet



- Apple Games is a new app that gives players an all-in-one destination for their games. It helps players jump back into titles they love, find their next favorite, and have even more fun with friends. They’ll find out what’s happening across all their games, including major events and updates, so they never miss a moment. The Games app is also the best way to experience Apple Arcade, Apple’s game subscription service with more than 200 award-winning and highly rated games for the whole family.
- AirPods are more versatile than ever with new features for AirPods 4, AirPods 4 with Active Noise Cancellation (ANC), and AirPods Pro 2. Building on the benefits of Voice Isolation, studio-quality audio recording allows iPhone, iPad, and Mac users to record their content with great sound quality and enjoy even clearer calls. With camera remote, users can press and hold the AirPods stem to take a photo or start and stop a video recording on iPhone or iPad.
- Parents can now create or move kids into Child Accounts even more easily, taking advantage of a wide set of parental controls designed to keep children safe. Enhancements across Communication Limits, Communication Safety, and the App Store include parental approvals for contact requests from kids, blurring out sensitive content in FaceTime calls and photos in Shared Albums, and enabling parents to grant an exception for their child to download an app with an age rating that exceeds the app content restriction they set.
- Browsing in Safari gets even more private with advanced fingerprinting protection extending to all browsing by default.
- Powerful accessibility features include Accessibility Reader, which provides a customized systemwide reading experience, and Braille Access, an all-new interface for iPhone devices with connected braille displays. Updates to Live Listen, Background Sounds, Personal Voice, and more bring a new level of accessibility across the Apple ecosystem.

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- Live Translation in Messages supports English (U.S., UK), French (France), German, Italian, Japanese, Korean, Portuguese (Brazil), Spanish (Spain), and Chinese (simplified). Live Translation in Phone and FaceTime is available for one-on-one calls in English (U.S., UK), French (France), German, Portuguese (Brazil), and Spanish (Spain).
- The ability to add an event to a calendar with visual intelligence is available in English on all iPhone 16 models, iPhone 15 Pro, and iPhone 15 Pro Max.
- Genmoji and Image Playground are available in English, French, German, Italian, Portuguese (Brazil), Spanish, and Japanese.
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Business Story
Virgin Atlantic and TCS Extend Two-Decade Partnership to Modernize Airline Operations with AI-led Solutions
The seven-year extended partnership will modernize Virgin Atlantic’s core systems with AI-driven intelligence to power personalized, connected, sustainable experiences for the skies
Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a global leader in IT services, consulting, and business solutions, has expanded its two-decade-long strategic partnership with Virgin Atlantic, a premium long haul UK airline, to accelerate its digital transformation journey. Under this renewed seven-year agreement, the two organizations will deepen their collaboration to strengthen the technological foundations of Virgin Atlantic, enable modern airline retailing, deliver greater operational resilience, and enhance customer experience.
As part of this long-term engagement, TCS will modernize Virgin Atlantic’s core technology operations by implementing a cloud-first, AI-powered digital core that enhances business agility, improves resilience of systems, and allows for higher scale of operations. TCS will implement a modern, AI-powered technology estate that will unify the airline’s technology assets and deploy an advanced Technology Command Centre. This will serve as the nerve centre for transforming Virgin Atlantic’s technology operations. Virgin Atlantic’s Technology Command Centre, co-developed with TCS, will provide real-time operational insights to enhance decision making, streamline technology operations and empower front line staff with up to date, contextual data. This will support the elevation of both customer and crew experiences, enabling efficient, smarter and more sustainable journeys, and superior hyper-personalized customer experience across every touchpoint of airline travel.
Oli Byers, Chief Financial Officer, Virgin Atlantic, said, “We exist to make our customers smile, it’s that simple. As we look ahead to this next phase of our digital transformation, technology will enable us to deliver smarter, simpler, and more memorable experiences. TCS has been a partner for more than two decades and together we’ll continue to build towards our vision of becoming the most loved travel company, powered by AI technology to modernize our systems, drive efficiency and deliver for our customers.”
With deep aviation expertise and contextual knowledge, TCS will utilise its proprietary solutions such as TCS Cognix™ and TCS AI WisdomNext™ to accelerate transformation, enable experience-centric services, and enhance service delivery. TCS’ bouquet of technology solutions will support Virgin Atlantic in building a resilient and sustainable digital core, enabling the airline to innovate continuously while delivering value across revenue, efficiency, and customer experience metrics, and become sustainably profitable. These solutions will be delivered through a dedicated onsite team of TCS associates equipped with a deep contextual knowledge of Virgin Atlantic’s environment.
Amit Kapur, Country Head – UK & Ireland, Tata Consultancy Services said, “At TCS, we believe being perpetually adaptive is a necessity in today’s dynamic business landscape. Our two-decade partnership with Virgin Atlantic is a testament to a shared vision. By combining our deep aviation expertise with advanced capabilities in data, AI, and engineering, we’re helping Virgin Atlantic build intelligent, scalable digital ecosystems and redefine the future of travel.”
TCS has been a transformation partner to Virgin Atlantic which ferried over 5 million passengers worldwide in 2024 and connects over 30 destinations globally. For over two-decades TCS has been instrumental in driving innovation and agility across mission-critical programs for the airline; spanning crew, cargo, engineering and enterprise platforms. Building on this strong legacy, this extended partnership marks a new chapter in collaboration, laying the foundation for a future-ready airline that will continue to set new benchmarks for the airline industry.
With three decades of leadership in aviation, TCS partners with the world’s leading airlines, offering consulting-led innovation, cognitive-powered portfolio of business, and technology and engineering services. TCS leverages industry-specific solutions, like TCS Aviana™, a unified, autonomous, digital, cloud-ready solution for intelligent airline operations. Its deep industry knowledge will help Virgin Atlantic unlock new growth opportunities and drive innovation across its entire business ecosystem.
This partnership demonstrates TCS’ dedication to being a trusted transformation partner for leading businesses in the UK. TCS has operated in the UK for 50 years and works with over 200 of the nation’s best-known and most-loved businesses. TCS holds a leadership position in software and IT services in the UK market, working with around half of the FTSE100. TCS has been ranked the number one IT service provider for customer satisfaction in the UK in an independent survey of CIOs from the largest IT spending organizations in the country.
Virgin Atlantic
Virgin Atlantic was founded by entrepreneur Sir Richard Branson in 1984, with innovation and amazing customer service at its core. In 2024, Virgin Atlantic was voted Britain’s only Global Five Star Airline by APEX for the eighth year running in the Official Airline Ratings. Headquartered in London, it employs 8,500 people worldwide, flying customers to 28 destinations across four continents throughout the year.
Alongside shareholder and Joint Venture partner Delta Air Lines, Virgin Atlantic operates a leading transatlantic network, with onward connections to over 200 cities around the world. In February 2020, Air France-KLM, Delta Air Lines and Virgin Atlantic launched an expanded Joint Venture, offering a comprehensive route network, convenient flight schedules, competitive fares and reciprocal frequent flyer benefits, including the ability to earn and redeem miles across all carriers. Virgin Atlantic joined SkyTeam in March 2023 as the global airline alliance’s first and only UK member airline, enhancing the alliance’s transatlantic network and services to and from Heathrow and Manchester Airport.
Virgin Atlantic has been pioneering sustainability leadership for more than 15 years, committing to Net Zero by 2050 and continuous action that reduces environmental impact. The airline operates one of the youngest and most fuel-efficient fleets in the skies, with an average age under seven years. In October 2022, Virgin Atlantic welcomed its first A330-900’s to the fleet, continuing its transformation towards 100% next generation aircraft by 2028. In November 2023, the airline led a consortium to deliver the world’s first flight across the Atlantic on 100% Sustainable Aviation Fuel (SAF), demonstrating that 100% SAF can be used safely as a drop in fuel in existing infrastructure, engines and airframes. The need to scale production is an industry imperative and Virgin Atlantic is committed to radical collaboration across the energy chain to support commercialisation ahead of 2030.
For more information visit www.virginatlantic.com Opens in new tab or via Facebook, Twitter and Instagram @virginatlantic.
Tata Consultancy Services Ltd (TCS)
Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) is a digital transformation and technology partner of choice for industry-leading organizations worldwide. Since its inception in 1968, TCS has upheld the highest standards of innovation, engineering excellence and customer service.
Rooted in the heritage of the Tata Group, TCS is focused on creating long term value for its clients, its investors, its employees, and the community at large. With a highly skilled workforce of 607,979 consultants in 55 countries and 202 service delivery centers across the world, the company has been recognized as a top employer in six continents. With the ability to rapidly apply and scale new technologies, the company has built long term partnerships with its clients – helping them emerge as perpetually adaptive enterprises. Many of these relationships have endured into decades and navigated every technology cycle, from mainframes in the 1970s to Artificial Intelligence today.
TCS sponsors 14 of the world’s most prestigious marathons and endurance events, including the TCS New York City Marathon, TCS London Marathon and TCS Sydney Marathon with a focus on promoting health, sustainability, and community empowerment.
TCS generated consolidated revenues of over US $30 billion in the fiscal year ended March 31, 2025. For more information, visit www.tcs.com
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