Overview

Detailed Summary

Tech Mahindra is a global IT services and BPS provider delivering consulting-led digital, engineering, cloud and AI solutions to enterprises across telecom, manufacturing, BFSI, retail and healthcare; the company operates with ~147,000 professionals across 90+ countries and reported consolidated FY26 revenues of ₹56,815 crore (USD ~6.385bn).
FY26 saw Tech Mahindra record its highest-ever deal wins (USD 3.794 billion TCV), with consecutive quarters exceeding $1 billion in new deals, materially strengthening medium-term revenue visibility and signalling improved client confidence in large, multi-year transformation engagements.
Tech Mahindra has accelerated an AI-led transformation with tangible productisation: IndusLLM (eight billion parameters), Orion agentic orchestration, and 350+ industry agents, plus commercial partnerships with Microsoft and NVIDIA, indicating AI is now a client-facing revenue vertical rather than an internal pilot programme.
Profitability and cash generation improved markedly: FY26 EBIT climbed to USD 797m (12.6% margin, +290bps YoY) and free cash flow was USD 616m (115% of PAT), enabling a record total dividend of ₹51 per share while still funding platform and AI investments.
Material contingent and regulatory items persist: the legacy Satyam ‘suspense account’ of ₹12,304 million remains disclosed and the company is contesting a provident fund demand of ₹12,874 million, which create legal and reputational overhang despite management view that impacts are unlikely to be material.

Sector: IT - Software
Industry: Computers - Software & Consulting
Market Cap: 1,43,460 Cr
Volatility: Low Risk
P/E Ratio: 29.8
Industry P/E: 18.7
PEG Ratio: 1.1
P/B Ratio: 4.8
52W High: 1,850.00
52W Low: 1,265.00

Sales CAGR

1Y: 1.91%
3Y: 7.65%
5Y: 8.83%
10Y: 8.75%

Profit CAGR

1Y: 77.44%
3Y: -11.30%
5Y: -5.01%
10Y: 1.12%

ROE

TTM: 16.24%
3Y: 13.73%
5Y: 15.77%
10Y: 17.12%

ROCE

TTM: 21.69%
3Y: 17.14%
5Y: 19.15%
10Y: 20.31%

Technicals

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Peers

Information Technology Information Technology IT - Software

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
WIPRO		204.35	2,07,106 Cr	15.69	2.35	5.57	14.99	16.20	9.38
TECHM		1473.35	1,41,912 Cr	29.50	4.78	3.18	16.24	21.69	9.73
LTM		4305.45	1,25,993 Cr	25.11	5.24	1.25	20.89	25.54	13.40
PERSISTENT		5073.85	78,612 Cr	42.15	10.03	0.80	23.80	29.80	16.39
COFORGE		1204.00	55,208 Cr	35.49	2.08	0.24	16.31	19.01	11.72
MPHASIS		2213.80	41,786 Cr	22.43	3.89	2.83	17.34	20.06	10.47
HEXT		449.35	28,122 Cr	20.18	4.45	2.49	21.68	24.97	12.77
Median: 7 Co.	—	1473.35	78,612 Cr	25.11	4.45	2.49	17.34	21.69	11.72

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	13,101	12,871	13,006	13,313	13,286	13,384	13,351	13,995	14,393	15,076
Expenses	11,955	11,772	11,441	11,563	11,477	11,544	11,416	11,827	12,028	12,511
Operating Profit	1,146	1,099	1,565	1,750	1,809	1,840	1,935	2,168	2,366	2,565
OPM %	8.75	8.54	12.03	13.15	13.62	13.75	14.49	15.49	16.44	17.02
Other Income	92	380	147	522	23	172	219	37	-293	-205
Interest	117	59	72	89	76	85	78	77	94	89
Depreciation	443	461	462	470	459	462	458	469	474	481
Profit Before Tax	679	959	1,178	1,714	1,297	1,464	1,618	1,659	1,505	1,791
Tax %	22.85	30.75	26.59	26.61	23.79	22.01	30.24	27.58	25.68	24.25
Net Profit	524	664	865	1,258	989	1,142	1,129	1,202	1,119	1,356
EPS in Rs	5.75	7.43	9.58	14.08	11.07	13.14	12.85	13.46	12.64	15.24

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	29,141	30,773	34,742	36,868	37,855	44,646	53,290	51,996	52,988	53,334
Expenses	24,956	26,063	28,405	31,359	31,059	36,626	45,498	47,489	46,025	46,000
Operating Profit	4,184	4,710	6,337	5,509	6,796	8,020	7,792	4,506	6,964	7,335
OPM %	14.36	15.30	18.24	14.94	17.95	17.96	14.62	8.67	13.14	13.75
Other Income	775	1,417	469	1,187	788	1,115	936	927	864	936
Interest	129	162	133	192	174	163	326	392	322	328
Depreciation	978	1,085	1,129	1,446	1,458	1,520	1,957	1,817	1,853	1,849
Profit Before Tax	3,853	4,879	5,543	5,058	5,953	7,452	6,446	3,224	5,653	6,093
Tax %	26.01	22.39	22.63	22.94	26.88	24.45	24.65	25.67	24.77	25.87
Net Profit	2,851	3,786	4,289	3,897	4,353	5,630	4,857	2,397	4,253	4,517
EPS in Rs	31.69	42.63	48.11	45.15	49.66	62.25	54.20	26.50	47.87	54.19
Dividend Payout %	28.44	32.82	29.34	32.72	89.66	47.76	91.68	150.49	93.93	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	484	487	442	444	436	437	439	440	441	442
Reserves	14,155	15,998	18,401	19,841	21,377	24,428	26,447	27,485	26,228	26,919
Borrowings	1,002	1,220	1,726	1,405	3,628	2,870	2,618	2,740	2,537	2,025
Other Liabilities	6,883	8,362	9,868	11,758	11,912	11,943	15,367	15,489	14,218	15,108
Total Liabilities	22,525	26,067	30,437	33,447	37,354	39,678	44,871	46,153	43,424	44,495
Fixed Assets	4,309	6,359	7,432	6,890	8,728	8,929	14,704	14,857	13,832	13,948
CWIP	629	373	240	276	50	118	165	120	133	21
Investments	1,297	2,497	5,031	7,513	5,993	10,327	4,964	3,463	3,309	3,216
Other Assets	16,289	16,838	17,734	18,768	22,583	20,304	25,038	27,714	26,150	27,310
Total Assets	22,525	26,067	30,437	33,447	37,354	39,678	44,871	46,153	43,424	44,495

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	3,137	4,071	3,554	4,432	4,358	8,094	5,285	5,572	6,376	5,786
Cash from Investing Activity	-1,453	-2,890	-3,360	-2,116	1,029	-5,450	482	-279	-1,314	12
Cash from Financing Activity	-496	-1,571	-269	-2,251	-4,466	-2,987	-4,667	-5,078	-4,767	-5,834
Net Cash Flow	1,188	-389	-76	64	921	-343	1,100	215	296	-37

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	35.16%	35.13%	35.11%	35.09%	35.05%	35.03%	35.01%	35.01%	35.00%	34.98%	34.98%	34.98%
FIIs	25.68%	26.22%	24.58%	24.15%	23.28%	23.66%	24.20%	22.95%	23.28%	20.60%	17.94%	18.59%
DIIs	27.13%	27.30%	29.19%	29.69%	30.93%	31.17%	30.91%	32.29%	32.30%	34.81%	37.95%	37.50%
Public	12.03%	11.34%	11.13%	11.07%	10.75%	10.14%	9.89%	9.76%	9.42%	9.60%	9.13%	8.93%
Total Shareholders	9,29,827	8,85,590	8,67,373	8,48,484	8,26,284	7,74,997	7,61,383	7,61,701	7,48,176	7,66,782	7,39,883	7,38,055

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Documents

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Concalls

Reports

Presentations

Investor Presentation

Q4 FY26

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

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