---
title: "Mindtree Ltd(Merged) (MINDTREE) — Share Price, Financials & Analysis"
symbol: "MINDTREE"
company: "Mindtree Ltd(Merged)"
canonical: "https://tapetide.com/stocks/MINDTREE"
sector: "Information Technology"
industry: "IT - Software"
generated_at: "2026-10-13T10:59:39.366Z"
---

# Mindtree Ltd(Merged) (MINDTREE)

Canonical page: https://tapetide.com/stocks/MINDTREE

## Company

- **Sector:** Information Technology
- **Industry:** IT - Software
- **Macro Sector:** Information Technology
- **Stock Type:** DELISTED
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** mindtree.com

## About

Mindtree is an international Information Technology consulting and implementation company that delivers business solutions through global software development.

## Latest Price

## Key Insights

### Strengths

- Company is expected to give good quarter
- Company has delivered good profit growth of 31.6% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 28.6%
- Company has been maintaining a healthy dividend payout of 32.6%
- Company's median sales growth is 20.4% of last 10 years

### Weaknesses

- Stock is trading at 9.99 times its book value

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| net income growth | 36% | 30% | 32% |
| revenue growth | 35% | 14% | 15% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Dec 2019 | Mar 2020 | Jun 2020 | Sep 2020 | Dec 2020 | Mar 2021 | Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 1965 | 2050 | 1909 | 1926 | 2024 | 2109 | 2292 | 2586 | 2750 | 2897 | 3121 | 3400 |
| Expenses | 1659 | 1727 | 1587 | 1536 | 1556 | 1647 | 1827 | 2056 | 2158 | 2289 | 2463 | 2704 |
| Operating Profit | 306 | 324 | 322 | 390 | 468 | 463 | 464 | 531 | 592 | 608 | 658 | 697 |
| OPM % | 16 | 16 | 17 | 20 | 23 | 22 | 20 | 21 | 22 | 21 | 21 | 20 |
| Other Income | 35 | 18 | 41 | 24 | 62 | 39 | 72 | 75 | 71 | 90 | 40 | 49 |
| Interest | 13 | 13 | 13 | 13 | 13 | 11 | 13 | 12 | 13 | 12 | 12 | 14 |
| Depreciation | 70 | 68 | 60 | 57 | 72 | 71 | 58 | 61 | 63 | 60 | 60 | 65 |
| Profit before tax | 258 | 261 | 290 | 345 | 445 | 419 | 465 | 532 | 587 | 626 | 626 | 667 |
| Tax % | 24 | 21 | 26 | 26 | 27 | 24 | 26 | 25 | 25 | 24 | 25 | 24 |
| Net Profit | 197 | 206 | 213 | 254 | 326 | 317 | 343 | 399 | 438 | 473 | 472 | 509 |
| EPS in Rs | 11.97 | 12.53 | 12.94 | 15.4 | 19.82 | 19.27 | 20.85 | 24.21 | 26.55 | 28.71 | 28.62 | 30.85 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 3032 | 3562 | 4673 | 5236 | 5463 | 7022 | 7764 | 7968 | 10525 | 12169 |
| Expenses | 2422 | 2853 | 3852 | 4532 | 4722 | 5957 | 6683 | 6311 | 8330 | 9614 |
| Operating Profit | 610 | 709 | 821 | 704 | 740 | 1064 | 1082 | 1657 | 2196 | 2555 |
| OPM % | 20 | 20 | 18 | 13 | 14 | 15 | 14 | 21 | 21 | 21 |
| Other Income | 50 | 84 | 84 | 55 | 190 | 89 | 76 | 152 | 307 | 249 |
| Interest | 0 | 0 | 16 | 19 | 17 | 3 | 53 | 50 | 50 | 50 |
| Depreciation | 81 | 102 | 166 | 186 | 172 | 164 | 275 | 260 | 242 | 248 |
| Profit before tax | 578 | 691 | 723 | 555 | 742 | 987 | 829 | 1498 | 2211 | 2506 |
| Tax % | 22 | 22 | 24 | 25 | 23 | 24 | 24 | 26 | 25 | — |
| Net Profit | 451 | 536 | 552 | 419 | 570 | 754 | 631 | 1110 | 1653 | 1891 |
| EPS in Rs | 27.03 | 32.04 | 32.93 | 24.92 | 34.78 | 45.93 | 38.33 | 67.43 | 100.3 | 114.73 |
| Dividend Payout % | 23 | 27 | 49 | 40 | 32 | 72 | 34 | 37 | 27 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Sep 2022 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 42 | 84 | 168 | 168 | 164 | 164 | 165 | 165 | 165 | 165 |
| Reserves | 1599 | 1929 | 2247 | 2409 | 2578 | 3142 | 2992 | 4154 | 5309 | 5504 |
| Borrowings | 3 | 3 | 44 | 100 | 301 | 1 | 567 | 538 | 556 | 613 |
| Other Liabilities | 456 | 639 | 818 | 714 | 694 | 872 | 1433 | 1505 | 2128 | 2183 |
| Total Liabilities | 2099 | 2655 | 3277 | 3391 | 3736 | 4179 | 5157 | 6361 | 8157 | 8465 |
| Fixed Assets | 344 | 556 | 1162 | 1022 | 957 | 967 | 1409 | 1276 | 1375 | 1460 |
| CWIP | 50 | 35 | 23 | 19 | 9 | 30 | 14 | 22 | 22 | 2 |
| Investments | 534 | 535 | 233 | 593 | 726 | 804 | 775 | 2047 | 2551 | 2465 |
| Other Assets | 1173 | 1529 | 1859 | 1757 | 2044 | 2379 | 2959 | 3016 | 4210 | 4539 |
| Total Assets | 2099 | 2655 | 3277 | 3391 | 3736 | 4179 | 5157 | 6361 | 8157 | 8465 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 266 | 322 | 598 | 421 | 654 | 564 | 630 | 825 | 1996 | 1537 |
| Cash from Investing Activity | -189 | -217 | -203 | -416 | -459 | -200 | -180 | 6 | -1205 | -650 |
| Cash from Financing Activity | -12 | -111 | -138 | -172 | -138 | -288 | -522 | -696 | -422 | -596 |
| Net Cash Flow | 65 | -7 | 258 | -167 | 57 | 77 | -72 | 135 | 369 | 292 |
| Free Cash Flow | 161 | 170 | 400 | 290 | 569 | 463 | 460 | 703 | 1935 | 1340 |
| CFO/OP | 80 | 74 | 106 | 75 | 118 | 98 | 80 | 91 | 140 | 95 |

### Ratios

| Item | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 70 | 72 | 71 | 76 | 62 | 68 | 69 | 68 | 58 | 60 |
| Cash Conversion Cycle | 70 | 72 | 71 | 76 | 62 | 68 | 69 | 68 | 58 | 60 |
| Working Capital Days | 39 | 48 | 34 | 46 | 31 | 31 | 51 | 31 | 13 | 20 |
| ROCE % | 35 | 38 | 36 | 33 | 22 | 27 | 31 | 25 | 36 | 42 |

## Shareholding Pattern

### annual

| Category | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Sep 2022 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 13.75% | 13.67% | 13.37% | 13.32% | 74.11% | 61.03% | 60.99% | 60.95% |
| FIIs | 0% | 39.19% | 41.69% | 39.26% | 11.86% | 13.92% | 14.4% | 12.06% |
| DIIs | 46.74% | 7.09% | 8.71% | 11.14% | 5.78% | 10.86% | 10.47% | 11.82% |
| Government | 0% | 0% | 0.22% | 0.34% | 0% | 0% | 0% | 0% |
| Public | 39.5% | 40.05% | 36% | 35.93% | 8.25% | 14.19% | 14.15% | 15.13% |
| Others | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.03% |
| No. of Shareholders | 58931 | 94511 | 72219 | 82374 | 76886 | 111121 | 267334 | 344689 |

### Quarterly

| Category | Dec 2019 | Mar 2020 | Jun 2020 | Sep 2020 | Dec 2020 | Mar 2021 | Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 73.64% | 74.11% | 73.49% | 67.59% | 61.03% | 61.03% | 61.02% | 61% | 61% | 60.99% | 60.99% | 60.95% |
| FIIs | 10.46% | 11.86% | 10.39% | 12.02% | 13.27% | 13.92% | 13.66% | 15.01% | 15.72% | 14.4% | 11.69% | 12.06% |
| DIIs | 6.24% | 5.78% | 7.88% | 11.97% | 10.62% | 10.86% | 11.99% | 10.11% | 9.71% | 10.47% | 12.06% | 11.82% |
| Public | 9.65% | 8.25% | 8.24% | 8.42% | 15.08% | 14.19% | 13.33% | 13.88% | 13.57% | 14.15% | 15.26% | 15.13% |
| Others | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.03% |
| No. of Shareholders | 83171 | 76886 | 81283 | 83487 | 103488 | 111121 | 131261 | 194158 | 230011 | 267334 | 333019 | 344689 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 3 / 5 / 11

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 11.42 | Sell |
| EMA (10) | 11.28 | Sell |
| SMA (20) | 11.68 | Sell |
| EMA (20) | 14.27 | Sell |
| SMA (50) | 50.96 | Sell |
| EMA (50) | 26.25 | Sell |
| SMA (100) | 32.91 | Sell |
| EMA (100) | 29.09 | Sell |
| SMA (200) | 21.88 | Sell |
| EMA (200) | 25.71 | Sell |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 45.18 | Neutral |
| MACD (12,26,9) | -5.72 | Buy |
| Stochastic (14,3,3) | 31.15 | Neutral |
| ADX (14) | 8.34 | Neutral |
| Williams %R (14) | -100 | Buy |
| ATR (14) | 7.35 | High Volatility |
| ROC (12) | -20.36 | Sell |
| Stoch RSI (14) | 0 | Buy |
| UO (7,14,28) | 31.61 | Neutral |

## Filings & Documents

### Annual Reports

| Date | Document |
| --- | --- |
| 2022 | [Annual Report 2022](https://www.bseindia.com/bseplus/AnnualReport//73213532819.pdf) |
| 2021 | [Annual Report 2021](https://www.bseindia.com/bseplus/AnnualReport//68585532819.pdf) |
| 2020 | [Annual Report 2020](https://www.bseindia.com/bseplus/AnnualReport//5328190320.pdf) |
| 2019 | [Annual Report 2019](https://www.bseindia.com/bseplus/AnnualReport//5328190319.pdf) |
| 2018 | [Annual Report 2018](https://www.bseindia.com/bseplus/AnnualReport//5328190318.pdf) |
| 2017 | [Annual Report 2017](https://www.bseindia.com/bseplus/AnnualReport//5328190317.pdf) |
| 2016 | [Annual Report 2016](https://www.bseindia.com/bseplus/AnnualReport//5328190316.pdf) |
| 2015 | [Annual Report 2015](https://www.bseindia.com/bseplus/AnnualReport//5328190315.pdf) |
| 2014 | [Annual Report 2014](https://www.bseindia.com/bseplus/AnnualReport//5328190314.pdf) |
| 2013 | [Annual Report 2013](https://www.bseindia.com/bseplus/AnnualReport//5328190313.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Oct 2022 | [Concall - Oct 2022](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=3baf1c8d-6609-4285-ab99-6dde8b307876.pdf) |
| Jul 2022 | [Concall - Jul 2022](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=67cd0486-8d46-44f9-8177-9a4b657a72a2.pdf) |
| May 2022 | [Concall - May 2022](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=ac47b550-64d8-4c1c-bd19-add83cf003d4.pdf) |
| Apr 2022 | [Concall - Apr 2022](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=5f11a34f-7320-435b-9375-92bdceadf968.pdf) |
| Feb 2022 | Concall - Feb 2022 |
| Jan 2022 | [Concall - Jan 2022](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=4300cf82-21a7-4b31-9f3c-55ba0e638945.pdf) |
| Nov 2021 | Concall - Nov 2021 |
| Oct 2021 | [Concall - Oct 2021](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=81c69dd7-ce5c-461c-9683-e1555e331523.pdf) |
| Jul 2021 | [Concall - Jul 2021](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=673650a3-c7ae-4cf1-a0c2-0933c8f90268.pdf) |
| Jun 2021 | Concall - Jun 2021 |

### Credit Rating Reports

| Date | Document |
| --- | --- |
| 2022-03-17 | Credit rating update — India Ratings |
| 2021-03-17 | Credit rating update — India Ratings |
| 2020-01-22 | Credit rating update — India Ratings |
| 2019-03-29 | Credit rating update — India Ratings |
| 2019-01-03 | Credit rating update — India Ratings |
| 2017-10-16 | Credit rating update — India Ratings |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-10-13T10:59:39.366Z.