Tech Mahindra Ltd

TECHM

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Market Cap

₹ 1,54,350 Cr

P/E

34.41

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

SLUGGISH

Profitability

LOW MARGIN

Technicals

Bullish

Risk

LOW RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Tech Mahindra is a global provider of consulting-led integrated portfolio services across various industries, including telecom, IT infrastructure, BFSI, healthcare, and more.

Notably, Tech Mahindra launched TechM Orion, an innovative AI platform that enhances enterprise transformation by enabling autonomous and agentic AI solutions.

The company reported a deal TCV that increased by 57% year-over-year on an LTM basis, demonstrating robust deal conversions and strategic wins.

Recognized as a leader in various AI and technology services by prominent analysts and the Indian government, further establishing Tech Mahindra's prominence in tech innovations.

Tech Mahindra's partnership with NVIDIA and others boosts its capabilities in AI and hybrid cloud, reinforcing its strategic growth through global collaborations.

Sector

IT - Software

Industry

Computers - Software - Large

Market Cap

1,54,350 Cr

Volatility

High Risk

P/E Ratio

34.4

Industry P/E

25.7

PEG Ratio

1.5

P/B Ratio

5.6

52W High

1,794.00

52W Low

1,209.70

Sales CAGR

1.91%

7.65%

8.83%

10Y

8.75%

Profit CAGR

77.44%

-11.30%

-5.01%

10Y

1.12%

ROE

TTM

16.31%

13.73%

15.77%

10Y

17.12%

ROCE

TTM

21.47%

17.14%

19.15%

1Y Price Target

1604.51 ▲ 1.98%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
LTIM	6273.50	1,85,948 Cr	38.19	7.95	1.03	20.81	26.24	14.92
TECHM	1576.70	1,54,350 Cr	34.41	5.60	2.85	16.31	21.47	9.73
PERSISTENT	6282.90	99,266 Cr	59.61	13.89	0.55	23.30	29.31	16.84
OFSS	7965.00	69,358 Cr	29.22	9.41	3.32	32.21	42.70	25.50
COFORGE	1870.40	62,666 Cr	55.26	9.09	0.20	17.06	20.88	9.90
MPHASIS	2900.70	55,256 Cr	30.95	5.74	1.96	18.55	21.93	10.97
LTTS	4619.00	48,858 Cr	38.23	7.89	1.19	20.65	26.06	13.10

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	13,159	12,864	13,101	12,871	13,006	13,313	13,286	13,384	13,351	13,995
Expenses	11,821	11,941	11,955	11,772	11,441	11,563	11,477	11,544	11,416	11,827
Operating Profit	1,338	923	1,146	1,099	1,565	1,750	1,809	1,840	1,935	2,168
OPM %	10.17	7.17	8.75	8.54	12.03	13.15	13.62	13.75	14.49	15.49
Other Income	200	256	92	380	147	522	23	172	219	37
Interest	120	98	117	59	72	89	76	85	78	77
Depreciation	447	466	443	461	462	470	459	462	458	469
Profit Before Tax	971	615	679	959	1,178	1,714	1,297	1,464	1,618	1,659
Tax %	27.55	17.88	22.85	30.75	26.59	26.61	23.79	22.01	30.24	27.58
Net Profit	704	505	524	664	865	1,258	989	1,142	1,129	1,202
EPS in Rs	7.78	5.55	5.75	7.43	9.58	14.08	11.07	13.14	12.86	13.46

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	31.70	42.64	48.12	45.16	49.67	62.27	54.22	26.51	47.88	50.53
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

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	35.19%	35.18%	35.16%	35.13%	35.11%	35.09%	35.05%	35.03%	35.01%	35.01%	35.00%	34.98%
FIIs	27.95%	26.87%	25.68%	26.22%	24.58%	24.15%	23.28%	23.66%	24.20%	22.95%	23.28%	20.60%
DIIs	24.11%	26.02%	27.13%	27.30%	29.19%	29.69%	30.93%	31.17%	30.91%	32.29%	32.30%	34.81%
Public	12.74%	11.93%	12.03%	11.34%	11.13%	11.07%	10.75%	10.14%	9.89%	9.76%	9.42%	9.60%
Total Shareholders	9,92,238	9,36,534	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

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Jul 08, 2024	Riya varma	Insider - Employees Immediate Relative	Revoke	1,262.05	0.28 Cr	2,195	—

Projection

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Actions

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Announcements

Last 7 days

Newest

Sentiment

Subsidiary Incorporation

1 day ago

Incorporation of Wholly-Owned Step-Down Subsidiary

Tech Mahindra has incorporated a new wholly-owned step-down subsidiary, Chessworks Private Limited, aimed at promoting chess events globally.

Corporate Action

1 day ago

Incorporation of Step-down Subsidiary Yabx Zambia

Tech Mahindra announces the incorporation of a step-down subsidiary, Yabx Technologies Zambia Limited, to provide computer programming services in Zambia.

Corporate Action

5 days ago

ESOP Allotment Announcement

Tech Mahindra has announced the allotment of 60,706 equity shares following the exercise of Employee Stock Options under ESOP-2014 and ESOP-2018.

Corporate Action

5 days ago

Incorporation of Yabx Technologies Tanzania Limited

Tech Mahindra announces the incorporation of its step-down subsidiary, Yabx Technologies Tanzania Limited, in Tanzania to provide software and analytics services.

Regulatory Filing

6 days ago

NSE ESG Rating Disclosure by Tech Mahindra

Tech Mahindra has received an ESG rating of 77 from NSE Sustainability, which was independently assigned based on the company's disclosures for fiscal 2025.

Corporate Action

6 days ago

Liquidation of Wholly-Owned Subsidiary

Tech Mahindra Ltd announces the voluntary liquidation of its wholly-owned subsidiary, Tech Mahindra Holdco (Pty) Ltd, effective December 9, 2025.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q1 FY25

Investor Presentation

Q4 FY24

Investor Presentation

Q4 FY24

Showing 1 - 8 of 12

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