Total contract value

The full value of contracts signed, over their entire term.

A ₹3,000 crore five-year contract adds ₹600 crore a year of revenue, and reporting the headline figure without the duration overstates the immediate impact by five times.

Some companies also report annual contract value, which divides by the term and is more directly comparable to revenue.

Renewals are the other trap. A renewal of an existing contract counts as new total contract value while adding no new revenue at all, so a quarter of large renewals looks like a quarter of large wins.

Ask what proportion was new logos.