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Tech Mahindra Ltd.

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techmahindra.comBSE: 532755NSE: TECHM
Market Cap₹ 1,47,241 Cr.
Current Price
High / Low₹ 1,854 / 1,304
Stock P/E38.6
Book Value₹ 231
Price to Book6.32
Dividend Yield3.39 %
ROCE23.3 %
ROE17.7 %
Face Value₹ 5

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Telecommunication: 32.4% • Manufacturing: 15.5% • Banking & Finance: 15.0%

AI Sector View

AI GENERATED

Information Technology

Buy

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.

Confidence
68%
View full sector analysis →

PROS

  • Company is almost debt free
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.49x)
  • Company has a consistent dividend-paying track record
  • Company generates healthy free cash flow
  • Offers a healthy dividend yield of 3.4%

CONS

  • A large part of profit comes from other income (26.3% of PBT)
  • Company has delivered a poor profit growth of -1.9% over past five years
  • Stock is trading at 6.3x its book value
  • Operating margins have contracted to 10.6% from 13.8%
  • Dividend payout exceeds earnings (129.5%) - may be unsustainable

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Information TechnologyITIT - Software
Part ofNIFTY ITNIFTY 50NIFTY100 QUALTY30NIFTY DIV OPPS 50NIFTYLARGEMIDCAP250
S.No.Name
1.TCS2209.0016.05799235.534.9813420.004.6972275.0013.9366.2525.67
2.INFY1035.0013.87420027.064.647775.0012.2948211.0014.0342.8423.66
3.HCLTECH1226.5519.10332844.594.404626.0020.3434579.0013.9431.2019.87
4.WIPRO167.5012.55165902.386.573356.300.5924478.6010.5918.4918.93
5.TECHM1502.2528.67147240.593.391486.3031.6715711.9017.6823.0417.43
6.LTM4403.1024.97130605.331.701468.6017.0611608.0017.9630.2517.75
7.OFSS11623.0029.66101216.723.441415.50120.523125.2068.7345.5060.04
8.PERSISTENT5390.0044.2185027.250.74483.0413.674303.2329.0935.0916.19
9.COFORGE1846.9046.5781813.620.86531.7049.195527.7049.8624.7019.14
10.MPHASIS2311.6523.1044125.992.68489.5110.824384.0517.4623.3118.15
11.LTTS3360.5527.0135647.891.73357.1012.972940.1011.4727.7018.65
12.TATATECH787.8557.4331990.791.49180.756.151664.6333.7819.5616.64
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
10,69710,44010,69910,58410,78011,07711,17611,58411,59512,06812,30812,95613,219
9,91110,10210,0899,8249,77710,0319,99910,55210,17810,51110,64611,62911,572
Operating Profit7873376107591,0031,0461,1771,0311,4171,5571,6621,3281,647
OPM %7.35%3.23%5.70%7.17%9.31%9.44%10.53%8.90%12.22%12.90%13.50%10.25%12.46%
201514258198125870175163394246-110-195-137
Interest54587660526660615957727476
Depreciation205206208213211212217216211213219230235
Profit before Tax7295875836838661,6381,0759181,5411,5331,2618281,510
Tax %23.21%5.30%11.32%29.70%24.14%21.85%20.17%22.57%23.54%23.33%23.55%34.65%24.63%
Net Profit5605565174806571,2808587101,1781,1769645411,138
5.725.685.284.916.7113.078.767.2512.0211.999.835.5211.60

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
23,16523,69227,22829,22529,64135,76142,65742,70044,61748,92750,551
19,68519,88122,05925,52524,31130,13037,88840,12340,39243,74144,358
Operating Profit3,4803,8115,1693,7005,3305,6314,7702,5774,2255,1866,193
OPM %15.02%16.09%18.98%12.66%17.98%15.75%11.18%6.04%9.47%10.60%12.25%
1,0851,8169602,3669221,6081,1281,0691,3661,112-196
Interest647143676369181251239262279
Depreciation622656659667662740813850855873898
Profit before Tax3,8794,9005,4275,3325,5276,4294,9042,5454,4975,1645,132
Tax %21.44%18.50%19.29%14.96%23.30%21.87%22.97%18.90%22.04%25.26%25.59%
Net Profit3,0473,9944,3804,5344,2395,0233,7782,0643,5063,8593,819
EPS30.9440.4843.9246.5643.4151.2438.5421.1335.8139.39—
Dividend Payout %28.75%34.33%31.44%31.95%102.78%87.06%128.95%189.33%125.65%129.48%—

COMPOUNDED SALES GROWTH

10 Years:
9%
5 Years:
11%
3 Years:
5%

COMPOUNDED PROFIT GROWTH

10 Years:
2%
5 Years:
-2%
3 Years:
1%

STOCK PRICE CAGR

10 Years:
13%
5 Years:
1%
3 Years:
6%
1 Year:
0%

RETURN ON EQUITY

10 Years:
18%
5 Years:
15%
3 Years:
14%
Last Year:
18%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions

2026

Jul 3

₹ 7.20

Rs.36.0000 per share(720%)Final Dividend

2025

Oct 20

₹ 3

Rs.15.0000 per share(300%)Interim Dividend

2025

Jul 4

₹ 6

Rs.30.0000 per share(600%)Final Dividend

2024

Oct 31

₹ 3

Rs.15.0000 per share(300%)Interim Dividend

2024

Jul 19

₹ 5.60

Rs.28.0000 per share(560%)Final Dividend

2023

Nov 2

₹ 2.40

Interim Dividend

2023

Jul 21

₹ 6.40

Rs.32.0000 per share(640%)Final Dividend

2022

Nov 9

₹ 3.60

Interim Dividend

2022

Jul 21

₹ 3

Rs.15.0000 per share(300%)Special Dividend

2022

Jul 21

₹ 3

2021

Nov 2

₹ 3

Rs.15.0000 per share(300%)Special Dividend

2021

Jul 23

₹ 3

Rs.15.0000 per share(300%)Special Dividend

2021

Jul 23

₹ 3

2020

Oct 29

₹ 3

Rs. 15.0000 per share (300%) Special Dividend

2020

Mar 2

Interim Dividend

2018

Jul 26

₹ 2.80

Rs.14.0000 per share(280%)Dividend

2017

Jul 27

₹ 1.80

Rs.9.0000 per share(180%)Dividend

2016

Jul 28

₹ 1.20

Rs.6.0000 per share(120%)Special Dividend

2016

Jul 28

₹ 1.20

2020

Apr 30

₹ 1

Rs.5.0000 per share(100%)Final Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital487490492483484486487488490490
15,85818,64119,76121,37824,07425,32024,33422,31021,71521,002
5336062086456747756273948521,250
Trade Payables2,2112,0682,8852,5262,5283,0454,1074,4365,5086,497
4,6184,7516,7794,8545,2095,6586,0446,4736,7628,018
Total Liabilities23,70826,55530,12429,88632,96935,28535,59934,10135,32637,258
2,4533,1022,6713,2362,9593,5503,5673,5873,8444,131
Capital Work in Progress3622352723511113648941822
7,71610,25812,96110,64916,55214,53213,32012,51712,42712,033
00000009,5809,84411,730
Cash & Bank2,0841,9301,2101,8581,0501,3621,2041,6241,6781,861
11,09311,03013,01014,10812,29715,70517,4616,6987,5167,481
Total Assets23,70826,55530,12429,88632,96935,28535,59934,10135,32637,258

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
3,9024,4235,0043,4827,7645,0175,5435,1234,2934,594
Cash from Investing-2,586-2,185-1,5423,252-5,6211,555677-37504432
Cash from Financing-1,479-1,210-2,036-4,842-2,066-4,607-4,992-4,747-4,659-4,899
-733-12156790-835160-213338138127

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
35.0535.0335.0135.0135.0034.9834.9834.9734.97
23.2723.6724.1922.9523.2820.6017.9418.5918.66
30.6630.9030.6332.1232.1234.6337.7837.3336.91
0.170.170.170.170.170.170.170.170.17
10.8510.249.999.779.439.619.148.959.30

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-07
Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-07 - Tech Mahindra Limited has informed the Exchange about Schedule of meet

2026-09-03
General Updates

2026-09-03 - Tech Mahindra Limited has informed the Exchange about General Updates

2026-08-27
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-27 - Tech Mahindra Limited has informed the Exchange about Schedule of meet

2026-08-26
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-26 - Tech Mahindra Limited has informed the Exchange about Schedule of meet

2026-08-17
Allotment of Securities

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
General Updates

2026-08-08 - Tech Mahindra Limited has informed the Exchange about General Updates

2026-08-06
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-06 - Tech Mahindra Limited has informed the Exchange about Schedule of meet

2026-08-06
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-06 - Tech Mahindra Limited has informed the Exchange about Schedule of meet

2026-07-28
General Updates

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

Recent coverage and analyst commentary for TECHM

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