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Tech Mahindra

TECHM NSE
₹1,783.00 −6.10 (−0.34%)
P/E
34.02
View as Markdown
MCP
Close 4 Nov 2026 ₹1,783.00 +369.40 +26.1% 1Y
Start ₹1,413.60

Key Fundamentals

LargecapIT - SoftwareInformation Technology

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
23.10%
Debt to Equity
0.07
EPS (TTM)
₹52.41
Book Value
₹303.20
Market Cap
—
P/E (TTM)
34.02
P/B
5.88
ROE
17.50%
Dividend Yield
0.84%
EBITDA
₹9,066 Cr
52W High
₹1,854.00
52W Low
₹1,304.10
Day Range
₹1,761.30 – ₹1,803.80
Volume
19,97,591

Peer Comparison

Information Technology › Computer Software & Consulting › Computers - Software & Consulting

Tech Mahindra peer comparison
TCS
₹2,436.0017.08₹8,98,480 Cr7.400.96%51.80%63.00%₹2,83,248 Cr₹51,858 Cr
Infosys
₹1,128.2014.88₹4,63,085 Cr4.862.26%31.90%40.00%₹1,89,336 Cr₹30,788 Cr
HCL Tech
₹1,405.0021.88₹3,89,601 Cr5.013.34%23.80%30.40%₹1,34,374 Cr₹17,434 Cr
Wipro
₹194.5515.21₹1,94,390 Cr2.441.01%15.50%17.80%₹94,968 Cr₹13,285 Cr
Tech Mahindra (this company)
₹1,783.0034.02₹1,76,066 Cr5.880.84%17.50%23.10%₹59,176 Cr₹5,163 Cr
LTM
₹4,204.9023.84₹1,26,067 Cr4.820.59%23.10%29.60%₹44,075 Cr₹5,197 Cr
Persistent Systems
₹6,065.0049.64₹96,188 Cr7.820.66%27.20%34.40%₹15,718 Cr₹1,922 Cr
Median 7 companies₹1,783.0021.88₹1,94,390 Cr5.010.96%23.80%30.40%₹94,968 Cr₹13,285 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

56 Good

Data confidence 100/100

Category scores

Quality
65
Good
Returns, margins, earnings quality 22% weight
Valuation
43
Weak
Cheap vs sector & own history 24% weight
Growth
46
Average
Sales & profit trajectory 9% weight
Financial Health
68
Strong
Solvency, leverage, coverage 9% weight
Momentum
88
Strong
Trend strength, vol-adjusted 12% weight
Ownership
52
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

3
  • Company is almost debt free.
  • Stock is providing a good dividend yield of 3.32%.
  • Company has been maintaining a healthy dividend payout of 112%

Weaknesses

2
  • The company has delivered a poor sales growth of 8.46% over past five years.
  • Company has a low return on equity of 13.3% over last 3 years.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish3412
OscillatorsBullish243
Moving AveragesStrong Bullish109

Key readings

RSI (14)
64.07
Neutral
MACD (12,26,9)
59.92
Bullish
SMA (50)
1,619.38
Bullish
SMA (200)
1,529.19
Bullish

As of

Analyst Rating

Based on 39 analysts
BUY62%

24 of 39 analysts rate Buy, 10 Hold, 5 Sell.

As of

BUY
24
62%
HOLD
10
26%
SELL
5
13%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+7.93%
5Y+8.46%
3Y+2.16%
1Y+7.22%
TTM+10.95%

Net profit

Net profit growth by window
10Y+4.73%
5Y+2.00%
3Y−0.35%
1Y+13.00%
TTM+14.28%

Operating cash flow

Operating cash flow growth by window
10Y+7.00%
5Y−5.28%
3Y+3.47%
1Y+6.67%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−0.18 pp
5Y−2.05 pp
3Y+1.33 pp
1Y+2.76 pp
TTM+2.87 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹29,141 Cr
Mar 2018₹30,773 Cr
Mar 2019₹34,742 Cr
Mar 2020₹36,868 Cr
Mar 2021₹37,855 Cr
Mar 2022₹44,646 Cr
Mar 2023₹53,290 Cr
Mar 2024₹51,996 Cr
Mar 2025₹52,988 Cr
Mar 2026₹56,815 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹2,851 Cr
Mar 2018₹3,786 Cr
Mar 2019₹4,289 Cr
Mar 2020₹3,897 Cr
Mar 2021₹4,353 Cr
Mar 2022₹5,630 Cr
Mar 2023₹4,857 Cr
Mar 2024₹2,397 Cr
Mar 2025₹4,253 Cr
Mar 2026₹4,806 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹2,947 Cr +2.7% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 30 Oct 2026
AI opinion · based on fundamentals
Risk medium

As of 2026-10-30, Tech Mahindra trades at ₹1,790.8 with a market cap of ₹1,75,527 Cr and a P/E of 34.17x. The company is nearly debt-free with a debt-to-equity ratio of 0.07, and TTM revenue growth has accelerated to 11%, though longer-term profit compounding over 3 and 5 years remains subdued at 1% and 2% respectively.

Bull Case 8
  • Near debt-free balance sheet with a debt-to-equity ratio of just 0.07, providing significant financial flexibility and resilience during downturns.
  • TTM revenue growth has accelerated to 11%, a notable improvement over the 3-year compounded sales growth of 2%, signaling a potential turnaround in demand.
  • TTM profit growth of 17% is the strongest in recent periods, compared to 1% over 3 years and 2% over 5 years, indicating improving margin execution.
  • Healthy dividend payout ratio of 112% and a dividend yield of 0.85% as of 2026-10-30 demonstrate commitment to returning capital to shareholders.
  • ROCE stands at 19.82%, reflecting efficient deployment of capital across the business.
  • Last year ROE improved to 18%, up from the 3-year average of 13%, suggesting operational improvements are translating to better equity returns.
  • The stock is trading at ₹1,790.8, approximately 3.4% below its 52-week high of ₹1,854, indicating sustained investor confidence near peak levels.
  • 10-year stock CAGR of 14% shows the company has created meaningful long-term shareholder value despite periods of slower growth.
Bear Case 7
  • P/E of 34.17x is elevated for a company whose compounded profit growth over 5 years is only 2%, raising questions about whether current earnings justify the valuation.
  • 3-year compounded sales growth of just 2% points to a prolonged period of sluggish top-line performance before the recent TTM uptick.
  • 3-year compounded profit growth of only 1% suggests that margin improvement and earnings recovery are still in early stages.
  • 3-year ROE averages 13%, which is below the 10-year average of 17%, indicating the company went through a meaningful profitability trough.
  • Price-to-book ratio of 5.91x is high, meaning the stock carries a substantial premium over its book value.
  • 5-year stock CAGR of just 2% has significantly underperformed the broader market and IT sector peers over that horizon.
  • A dividend payout ratio of 112% exceeds net earnings, which may not be sustainable if earnings growth does not keep pace.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Tech Mahindra is executing well on its turnaround with 12 straight quarters of margin expansion, reaching 14.8% EBIT margin against a 15% FY27 target. Deal momentum is strong at $1B+ TCV for four consecutive quarters, and capital returns are generous with a record dividend plus the first bonus issue in over a decade. Key risks center on telecom concentration (33.5% of revenue), AI-driven pricing deflation, and macro uncertainty. The trend is clearly improving, but sustaining this trajectory through H2 FY27 depends on large deal ramp-ups and continued margin discipline against wage inflation headwinds.

Headwinds 5
  • Telecom concentration risk Oct 15

    Communications accounts for 33.5% of revenue with acknowledged volatility in a large US telecoms client. SpaceX's expanding wireless ambitions are pressuring US telecom stocks, potentially affecting Tech Mahindra's largest vertical.

  • AI pricing deflation pressure Oct 15

    Management flagged AI-driven productivity pressure on margins and criticized competitors for assuming 70-80% productivity gains over five-year deals, calling such assumptions unrealistic but acknowledging the deflationary trend.

  • Wage inflation and hiring costs Oct 15

    Headcount rose by 5,446 in Q2 with IT attrition at 11.7%. Analysts expected wage hikes and business investments to drag margins 70-80 bps, partially offset by Project Fortius savings.

Positives 7
  • Q2 profit jumps 32.7% YoY Oct 22

    Net profit rose 32.7% YoY to ₹1,586 crore in Q2 FY27. Revenue hit ₹16,180 crore (up 15.6% YoY), with EBIT margin expanding to 14.8% — the 12th consecutive quarter of margin improvement.

  • First bonus issue since 2015 Oct 22

    Board announced a 1:1 bonus issue on October 15, the first since January 2015, alongside an interim dividend of ₹15 per share with record date October 23. E-voting open from October 23 to November 21, 2026.

  • $1B+ deals four quarters running Oct 15

    Q2 deal wins totaled $1,023 million TCV, the fourth consecutive quarter exceeding $1 billion. Trailing twelve-month TCV stands at $4,270 million, up 34.8% YoY.

Neutral 2
  • Polish subsidiary liquidated Oct 12

    LCC Networks Poland Sp. z o.o. was liquidated effective October 9 following court approval. The entity had revenue of just ₹0.603 crore in FY26 with no operations, making it financially immaterial.

  • AI revenue reporting planned Oct 22

    Management expects to introduce AI revenue reporting as part of H2 FY27 disclosures and continue it on an ongoing basis, refining the methodology as the portfolio matures.

Quarterly Results

₹ Cr
TECHM quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
13,159
12,864
13,101
12,871
13,006
13,313
13,286
13,384
13,351
13,995
14,393
15,076
15,712
16,180
Expenses
11,821
11,950
11,955
11,772
11,441
11,563
11,477
11,545
11,416
11,830
12,028
12,511
12,974
13,302
Operating Profit
1,338
914
1,146
1,099
1,564
1,750
1,809
1,839
1,935
2,165
2,366
2,565
2,738
2,879
OPM %
10%
7%
9%
9%
12%
13%
14%
14%
14%
15%
16%
17%
17%
18%
Other Income
200
264
92
380
147
522
23
173
218
40
−293
−205
−106
−7
Interest
120
98
116
58
72
89
76
85
78
77
94
89
111
84
Depreciation
447
466
443
461
462
470
459
462
458
469
474
481
479
491
PBT
971
615
679
959
1,178
1,714
1,297
1,464
1,618
1,659
1,505
1,791
2,042
2,296
Tax %
28%
18%
23%
31%
27%
27%
24%
22%
30%
28%
26%
24%
27%
30%
Net Profit
704
505
524
664
865
1,258
989
1,142
1,129
1,202
1,119
1,356
1,486
1,610
EPS (₹)
7.1
5.06
5.23
6.77
8.71
12.78
10.05
11.92
11.65
12.19
11.45
13.82
14.95
—

Sep 2026: from the results filed on 15 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
TECHM profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
22,621
26,494
29,141
30,773
34,742
36,868
37,855
44,646
53,290
51,996
52,988
56,815
59,176
Expenses
18,428
22,234
24,956
26,063
28,471
31,365
31,059
36,626
45,527
47,489
46,024
47,783
49,342
Operating Profit
4,193
4,260
4,184
4,710
6,271
5,503
6,796
8,020
7,763
4,506
6,964
9,033
9,834
OPM %
19%
16%
14%
15%
18%
15%
18%
18%
15%
9%
13%
16%
17%
Other Income
106
453
775
1,417
534
1,192
788
1,115
965
927
864
−240
−564
Interest
69
97
129
162
133
192
174
163
326
392
322
337
371
Depreciation
611
759
978
1,085
1,129
1,446
1,458
1,520
1,957
1,817
1,853
1,882
1,902
PBT
3,618
3,857
3,853
4,879
5,543
5,058
5,953
7,452
6,446
3,224
5,653
6,573
6,997
Tax %
27%
22%
26%
22%
23%
23%
27%
24%
25%
26%
25%
27%
—
Net Profit
2,659
3,027
2,851
3,786
4,289
3,897
4,353
5,630
4,857
2,397
4,253
4,806
5,163
EPS (₹)
27.35
30.92
28.88
38.78
43.7
41.76
45.73
57.27
49.6
24.14
43.43
49.1
52.41
Div. Payout %
22%
35%
28%
33%
29%
32%
89%
47%
91%
150%
94%
94%
—

Balance Sheet

₹ Cr
TECHM balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
480
436
439
442
444
436
437
439
440
441
442
443
Reserves
11,768
14,155
15,998
18,401
19,841
21,377
24,428
26,447
27,484
26,228
26,919
29,173
Borrowings
700
1,091
1,366
2,397
1,996
3,670
2,901
2,618
2,740
2,537
2,025
2,186
Other Liabilities
6,899
6,843
8,254
9,192
11,166
11,834
11,836
14,911
15,162
13,943
14,880
17,366
Total Liabilities
19,848
22,525
26,057
30,431
33,446
37,318
39,602
44,416
45,827
43,149
44,267
49,168
Fixed Assets
4,033
4,309
6,460
7,622
7,061
8,872
9,018
14,784
14,932
13,903
13,982
14,864
CWIP
568
629
373
240
276
50
118
165
120
133
21
27
Investments
2,103
1,297
2,396
4,841
7,342
5,848
10,238
4,884
3,388
3,238
3,182
3,426
Other Assets
13,145
16,289
16,828
17,728
18,766
22,548
20,228
24,583
27,388
25,875
27,082
30,851
Total Assets
19,848
22,525
26,057
30,431
33,446
37,318
39,602
44,416
45,827
43,149
44,267
49,168

Cash Flow

₹ Cr
TECHM cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
2,448
3,137
4,071
3,554
4,432
4,358
8,094
5,285
5,572
6,376
5,786
6,172
Investing
−1,865
−1,453
−2,893
−3,319
−2,104
1,081
−5,433
480
−226
−1,318
−15
−314
Financing
−829
−496
−1,571
−269
−2,251
−4,466
−2,987
−4,667
−5,078
−4,767
−5,799
−5,130
Net Cash Flow
−246
1,188
−392
−35
77
974
−326
1,098
267
291
−29
728
Free Cash Flow
1,335
2,266
3,311
2,763
3,653
3,529
7,521
4,450
4,603
5,639
5,303
5,626
CFO/OP
84
105
123
108
97
107
140
95
97
169
104
87

Ratios

TECHM financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
84
80
67
77
73
75
62
98
88
80
80
86
Cash Conversion Cycle
84
80
67
77
73
75
62
98
88
80
80
86
Working Capital Days
54
58
57
42
24
35
24
29
28
23
25
30
ROCE %
32%
27%
23%
24%
25%
22%
23%
26%
22%
12%
19%
23%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Tech Mahindra insights

71 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • DIIs 35.68%
  • Promoters 34.96%
  • FIIs 20.77%
  • Public 6.71%
  • Others 1.71%
  • Government 0.17%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Tech Mahindra

What does Tech Mahindra Ltd do?
Tech Mahindra Ltd provides comprehensive range of IT services, including IT enabled service, application development and maintenance, consulting and enterprise business solutions, etc. to a diversified base of corporate customers in a wide range of industries.
Where is Tech Mahindra Ltd (TECHM) listed?
Tech Mahindra Ltd trades as TECHM on the NSE and under code 532755 on the BSE.
Which sector does Tech Mahindra Ltd belong to?
Tech Mahindra Ltd is classified under the Information Technology sector, in the Computer Software & Consulting industry.
What is the PE ratio of Tech Mahindra Ltd?
Tech Mahindra Ltd trades at a PE ratio of 34.02 as of 4 Nov 2026, on earnings per share of ₹52.41, against a book value of ₹303.2 per share.
What is the 52-week high and low of Tech Mahindra Ltd?
Over the last 52 weeks Tech Mahindra Ltd has traded between ₹1,304.1 and ₹1,854 as of 4 Nov 2026.
Does Tech Mahindra Ltd pay dividends?
Tech Mahindra Ltd has a dividend yield of 0.84%.
What is the Return on Equity (ROE) of Tech Mahindra Ltd?
Tech Mahindra Ltd reported a return on equity of 17.50%. Its debt-to-equity ratio is 0.07.

Company Information

Tech Mahindra Ltd provides comprehensive range of IT services, including IT enabled service, application development and maintenance, consulting and enterprise business solutions, etc. to a diversified base of corporate customers in a wide range of industries.

Website techmahindra.com
CEO Mr. Mohit Joshi
Employees 1,49,616
Listed 28 Aug 2006
Face Value ₹5

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