Tech Mahindra Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • IT Services: 84.1% • Business Process Outsourcing: 15.9%
AI Sector View
AI GENERATEDInformation Technology
IT is supported by a still-expanding services backdrop and a weaker rupee. Export of services grew 13.0% YoY (2026-06), services PMI was 54.1 (Aug/26), and the currency at 95.23 (Sep/26) is depreciated versus the previous 95.16, which helps INR translation of export revenues. FPI positioning is only neutral-to-soft with net 3-month flow of INR -5 crore to 2026-08-31, so the positive stance is primarily macro-driven.
PROS
- Company is almost debt free
- Company has consistently been profitable over the last 5 years
- Latest quarter profit grew 31.7% YoY, showing strong momentum
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.60x)
- Company has a consistent dividend-paying track record
- Company comfortably covers its interest (20.5x coverage)
CONS
- Company has delivered a poor profit growth of 2.0% over past five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| TCS | 2202.00 | 16.00 | 796702.87 | 5.00 | 13420.00 | 4.69 | 72275.00 | 13.93 | 66.25 | 25.67 |
| INFY | 1038.20 | 13.91 | 421325.69 | 4.62 | 7775.00 | 12.29 | 48211.00 | 14.03 | 42.84 | 23.66 |
| HCLTECH | 1207.00 | 18.80 | 327539.38 | 4.47 | 4626.00 | 20.34 | 34579.00 | 13.94 | 31.20 | 19.87 |
| WIPRO | 167.50 | 12.55 | 165902.38 | 6.57 | 3356.30 | 0.59 | 24478.60 | 10.59 | 18.49 | 18.93 |
| TECHM | 1539.50 | 29.38 | 150891.59 | 3.31 | 1486.30 | 31.67 | 15711.90 | 17.68 | 23.04 | 17.43 |
| LTM | 4301.15 | 24.39 | 127581.28 | 1.74 | 1468.60 | 17.06 | 11608.00 | 17.96 | 30.25 | 17.75 |
| OFSS | 11760.00 | 30.01 | 102409.76 | 3.40 | 1415.50 | 120.52 | 3125.20 | 68.73 | 45.50 | 60.04 |
| PERSISTENT | 5537.45 | 45.42 | 87353.27 | 0.72 | 483.04 | 13.67 | 4303.23 | 29.09 | 35.09 | 16.19 |
| COFORGE | 1847.40 | 46.58 | 81835.77 | 0.86 | 531.70 | 49.19 | 5527.70 | 49.86 | 24.70 | 19.14 |
| MPHASIS | 2294.10 | 22.92 | 43790.98 | 2.70 | 489.51 | 10.82 | 4384.05 | 17.46 | 23.31 | 18.15 |
| LTTS | 3334.95 | 26.80 | 35379.24 | 1.74 | 357.10 | 12.97 | 2940.10 | 11.47 | 27.70 | 18.65 |
| TATATECH | 761.75 | 55.53 | 30931.00 | 1.54 | 180.75 | 6.15 | 1664.63 | 33.78 | 19.56 | 16.64 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | |
| 11,821 | 11,941 | 11,955 | 11,772 | 11,441 | 11,563 | 11,477 | 11,544 | 11,416 | 11,827 | 12,028 | 12,511 | 13,559 | |
| Operating Profit | 1,338 | 923 | 1,146 | 1,099 | 1,564 | 1,750 | 1,809 | 1,840 | 1,935 | 2,168 | 2,366 | 2,565 | 2,153 |
| OPM % | 10.17% | 7.17% | 8.75% | 8.54% | 12.03% | 13.15% | 13.62% | 13.75% | 14.49% | 15.49% | 16.44% | 17.02% | 13.70% |
| 192 | 264 | 88 | 374 | 145 | 522 | 16 | 173 | 218 | 40 | -294 | -205 | -106 | |
| Interest | 120 | 98 | 116 | 58 | 72 | 89 | 76 | 85 | 78 | 77 | 94 | 89 | 111 |
| Depreciation | 447 | 466 | 443 | 461 | 462 | 470 | 459 | 462 | 458 | 469 | 474 | 481 | 479 |
| Profit before Tax | 963 | 624 | 674 | 953 | 1,176 | 1,713 | 1,291 | 1,465 | 1,618 | 1,662 | 1,504 | 1,791 | 2,042 |
| Tax % | 27.78% | 17.63% | 23.01% | 30.95% | 26.65% | 26.62% | 23.91% | 21.99% | 30.25% | 27.53% | 25.69% | 24.25% | 27.21% |
| Net Profit | 0 | 0 | 0 | 0 | 865 | 1,258 | 989 | 1,142 | 1,129 | 1,202 | 1,119 | 1,356 | 1,486 |
| 7.84 | 5.59 | 5.77 | 7.48 | 9.62 | 14.12 | 11.10 | 13.17 | 12.87 | 13.48 | 12.66 | 15.27 | 16.53 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 29,141 | 30,773 | 34,742 | 36,868 | 37,855 | 44,646 | 53,290 | 51,996 | 52,988 | 56,815 | 59,176 | |
| 25,117 | 26,090 | 28,405 | 31,359 | 31,059 | 36,656 | 45,498 | 47,531 | 46,320 | 48,572 | 49,925 | |
| Operating Profit | 4,023 | 4,682 | 6,337 | 5,509 | 6,796 | 7,990 | 7,792 | 4,464 | 6,668 | 8,244 | 9,251 |
| OPM % | 13.81% | 15.22% | 18.24% | 14.94% | 17.95% | 17.90% | 14.62% | 8.59% | 12.58% | 14.51% | 15.63% |
| 939 | 1,444 | 534 | 1,192 | 787 | 1,142 | 965 | 959 | 1,151 | 550 | -565 | |
| Interest | 129 | 162 | 133 | 192 | 174 | 163 | 326 | 392 | 322 | 337 | 371 |
| Depreciation | 978 | 1,085 | 1,129 | 1,446 | 1,458 | 1,520 | 1,957 | 1,817 | 1,853 | 1,882 | 1,902 |
| Profit before Tax | 3,853 | 4,879 | 5,543 | 5,058 | 5,953 | 7,452 | 6,446 | 3,224 | 5,653 | 6,573 | 6,999 |
| Tax % | 26.01% | 22.39% | 22.63% | 22.94% | 26.88% | 24.45% | 24.65% | 25.67% | 24.77% | 26.89% | 26.20% |
| Net Profit | 2,851 | 3,786 | 4,289 | 3,897 | 4,353 | 5,630 | 4,857 | 2,397 | 4,253 | 4,806 | 5,165 |
| EPS | 31.64 | 42.66 | 47.72 | 45.85 | 50.19 | 62.81 | 54.54 | 26.71 | 48.05 | 54.32 | — |
| Dividend Payout % | 28.08% | 32.55% | 28.91% | 32.42% | 88.82% | 70.95% | 91.07% | 149.73% | 93.65% | 93.88% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 8%
- 5 Years:
- 8%
- 3 Years:
- 2%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 5%
- 5 Years:
- 2%
- 3 Years:
- 0%
STOCK PRICE CAGR
- 10 Years:
- 13%
- 5 Years:
- 1%
- 3 Years:
- 7%
- 1 Year:
- 1%
RETURN ON EQUITY
- 10 Years:
- 18%
- 5 Years:
- 16%
- 3 Years:
- 14%
- Last Year:
- 17%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 439 | 442 | 444 | 436 | 437 | 439 | 440 | 441 | 442 | 443 |
| Minority Interest | 464 | 509 | 478 | 393 | 380 | 495 | 470 | 477 | 430 | 462 |
| 15,451 | 17,986 | 19,432 | 20,951 | 23,957 | 26,038 | 27,100 | 25,924 | 26,701 | 28,941 | |
| 1,746 | 2,332 | 1,738 | 4,536 | 3,564 | 3,766 | 3,309 | 2,211 | 1,526 | 1,716 | |
| Trade Payables | 1,806 | 2,037 | 2,489 | 3,257 | 2,785 | 4,095 | 4,385 | 3,785 | 4,411 | 5,040 |
| 5,893 | 6,554 | 8,257 | 6,937 | 7,641 | 9,218 | 9,152 | 9,145 | 9,126 | 10,582 | |
| Total Liabilities | 25,799 | 29,861 | 32,838 | 36,509 | 38,765 | 44,052 | 44,857 | 41,984 | 42,637 | 47,183 |
| 6,359 | 7,432 | 6,890 | 8,728 | 8,929 | 14,704 | 14,857 | 13,832 | 13,948 | 14,832 | |
| Capital Work in Progress | 373 | 240 | 276 | 50 | 118 | 165 | 84 | 101 | 21 | 27 |
| 2,396 | 4,841 | 7,342 | 5,848 | 10,238 | 4,884 | 3,388 | 3,238 | 3,182 | 3,426 | |
| 61 | 66 | 75 | 36 | 24 | 40 | 24 | 38 | 39 | 104 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11,401 | 11,547 | 13,358 | |
| Cash & Bank | 3,219 | 3,044 | 2,359 | 3,148 | 2,835 | 3,974 | 4,255 | 4,736 | 4,542 | 5,105 |
| 13,392 | 14,238 | 15,895 | 18,699 | 16,620 | 20,284 | 22,250 | 8,639 | 9,358 | 10,332 | |
| Total Assets | 25,799 | 29,861 | 32,838 | 36,509 | 38,765 | 44,052 | 44,857 | 41,984 | 42,637 | 47,183 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 5,151 | 5,080 | 6,093 | 5,871 | 9,508 | 7,599 | 7,565 | 6,376 | 5,786 | 6,172 | |
| Cash from Investing | -2,890 | -3,360 | -2,116 | 1,029 | -5,450 | 482 | -278 | -1,314 | -23 | -409 |
| Cash from Financing | -1,571 | -269 | -2,251 | -4,466 | -2,987 | -4,667 | -5,078 | -4,767 | -5,799 | -5,130 |
| -389 | -76 | 64 | 921 | -343 | 1,100 | 215 | 296 | -37 | 632 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-07 - Tech Mahindra Limited has informed the Exchange about Schedule of meet
2026-09-03 - Tech Mahindra Limited has informed the Exchange about General Updates
2026-08-27 - Tech Mahindra Limited has informed the Exchange about Schedule of meet
2026-08-26 - Tech Mahindra Limited has informed the Exchange about Schedule of meet
2026-08-17 - Tech Mahindra Limited has informed the Exchange regarding allotment of 48950 securities pursuant to ESOP/ESPS at its meeting held on August 17, 2026
2026-08-08 - Tech Mahindra Limited has informed the Exchange about General Updates
2026-08-06 - Tech Mahindra Limited has informed the Exchange about Schedule of meet
2026-08-06 - Tech Mahindra Limited has informed the Exchange about Schedule of meet
2026-07-28 - Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( SEBI Listing Regulations ) ESG Rating
News
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