Tech Mahindra Ltd logo

Tech Mahindra Ltd

TECHM NSE

Key Fundamentals

LargecapComputer Software & ConsultingInformation Technology
Market Cap
1.6L Cr
Volatility
Moderate
P/E Ratio
30.38
EBITDA
₹9,066 Cr
Return on Equity
15.98%
Debt to Equity
0.07
Book Value
₹302.65
EPS
₹25.74
52W High
₹1,854
52W Low
₹1,304.1

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Tech Mahindra Ltd insights

49 extracted metrics + investor summaries across FY15–FY26.

Log in — free

Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Strengths

3
  • Company is almost debt free.
  • Stock is providing a good dividend yield of 3.17%.
  • Company has been maintaining a healthy dividend payout of 112%

Weaknesses

2
  • The company has delivered a poor sales growth of 8.46% over past five years.
  • Company has a low return on equity of 13.3% over last 3 years.

Growth Rate

Revenue Growth
5.58% ↗
Net Income Growth
12.99% ↗
Cash Flow Change
6.68% ↗
ROE
4.44% ↘
ROCE
5.54% ↘
EBITDA Margin (Avg.)
9.85% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 19h ago
AI opinion · based on fundamentals
Risk medium

Tech Mahindra is a mid-cap IT services company with a market cap of ~₹1.58 lakh crore, trading at a PE of 31x. The company is in the midst of a margin turnaround — FY26 EBIT margin expanded 290 bps to 12.6% and full-year deal wins hit a five-year high of $3.79 billion (+42% YoY) — but revenue growth remains modest at 0.6% YoY in constant currency for FY26, and the 3-year compounded sales CAGR is just 2%.

Bull Case 8
  • Company is virtually debt-free, providing balance sheet flexibility and resilience in a downturn
  • FY26 EBIT margin expanded 290 bps YoY to 12.6%, with Q4 FY26 at 13.8% — the 10th consecutive quarter of margin improvement
  • FY26 deal wins at $3.79 billion TCV, up 42% YoY and the highest in five years, signalling a strong future revenue pipeline
  • Dividend yield of 3.12% with a payout ratio of 112% and FY26 total dividend of ₹51 per share (highest ever), offering attractive income
  • Q4 FY26 PAT rose 16% YoY to ₹1,354 crore, confirming the profit recovery trajectory after the FY24 trough
  • ROE has improved from a 3-year average of 13% to 18% in the last year, indicating capital efficiency gains from the turnaround
  • Management targets 15% EBIT margin, 30%+ ROCE, and above-peer revenue growth by FY27, providing a clear roadmap for further improvement
  • Stock 10-year CAGR of 13% demonstrates long-term value creation despite recent slower periods
Bear Case 8
  • FY26 revenue grew only 0.6% in constant currency YoY ($6,385 million), well below mid-tier IT peer averages
  • 3-year compounded sales CAGR of just 2% reflects structural growth challenges, particularly in the telecom vertical (~33% of revenue)
  • PE of 31x is elevated relative to a 5-year compounded profit CAGR of only 2%, implying the stock prices in significant earnings acceleration
  • 3-year ROE average of 13.3% is below the IT sector median, suggesting subpar capital efficiency over a longer period
  • 5-year stock CAGR of only 3% indicates prolonged underperformance versus both the Nifty IT index and broader market
  • Heavy telecom exposure (~33% of revenue) carries concentration risk as global telco capex cycles remain uncertain
  • Dividend payout ratio of 112% exceeds net income, which is unsustainable long-term and may constrain reinvestment capacity
  • 10-year compounded profit CAGR of just 5% lags peers like Infosys and TCS, reflecting historical execution inconsistency

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 19h ago
Positives 2
  • Toronto AI Innovation Hub Launch Aug 6

    Tech Mahindra launched a Toronto Innovation Hub on Aug 6 to drive AI-led enterprise transformation, supporting ~2,200 Canadian employees with AI upskilling and targeting BFSI, Communications, Agentic AI, Cloud, and Cybersecurity.

  • FICO Hackathon Win for E-Commerce Jul 28

    Won FICO's GSI Partner Hackathon with a solution to reduce e-commerce Return-to-Origin rates by 6-9%, potentially saving retailers ₹1 crore monthly.

Neutral 3
  • ₹23.82 Cr NSE Block Trade Aug 5

    Block trade of ~1,44,264 shares executed at ₹1651.30/share on NSE, totaling ₹23.82 crores, indicating institutional-level activity.

  • Investor Meets in August 2026 Aug 6

    Participating in Emkay Confluence 2026 and Equirus Annual India Conference in Mumbai on Aug 12-13, plus a Singapore non-deal roadshow on Jul 30-31.

  • Subsidiary Merger Notice Issued Jul 20

    Merger of Zen3 Infosolutions, Tech Mahindra Enterprise Services, and Begig Private Limited proceeding under NCLT orders dated Feb 12 and Jun 2, 2026, with shareholder meetings dispensed.

TL;DR: Tech Mahindra is executing well on its AI-led transformation strategy with tangible investments like the Toronto Innovation Hub and hackathon wins demonstrating solution capabilities. No material headwinds emerged in this period. Active investor engagement and institutional block trades suggest steady market interest. The trend is stable-to-positive with AI and digital engineering positioning the company for growth in key verticals.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
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
Expenses
11,821
11,950
11,955
11,772
11,441
11,563
11,477
11,545
11,416
11,830
12,028
12,511
12,974
Operating Profit
1,338
914
1,146
1,099
1,564
1,750
1,809
1,839
1,935
2,165
2,366
2,565
2,738
OPM %
10%
7%
9%
9%
12%
13%
14%
14%
14%
15%
16%
17%
17%
Other Income
200
264
92
380
147
522
23
173
219
40
-293
-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
PBT
971
615
679
959
1,178
1,714
1,297
1,464
1,618
1,659
1,505
1,791
2,042
Tax %
28%
18%
23%
31%
27%
27%
24%
22%
30%
28%
26%
24%
27%
Net Profit
704
505
524
664
865
1,258
989
1,142
1,129
1,202
1,119
1,356
1,486
EPS in Rs
7.1
5.06
5.23
6.77
8.71
12.78
10.05
11.92
11.65
12.19
11.45
13.82
14.95
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
22,621
26,494
29,141
30,773
34,742
36,868
37,855
44,646
53,290
51,996
52,988
56,815
59,176
Expenses
18,428
22,234
24,956
26,063
28,471
31,365
31,059
36,626
45,527
47,489
46,024
47,783
49,342
Operating Profit
4,193
4,260
4,184
4,710
6,271
5,503
6,796
8,020
7,763
4,506
6,964
9,033
9,834
OPM %
19%
16%
14%
15%
18%
15%
18%
18%
15%
9%
13%
16%
17%
Other Income
106
453
775
1,417
534
1,192
788
1,115
965
927
864
-240
-564
Interest
69
97
129
162
133
192
174
163
326
392
322
337
371
Depreciation
611
759
978
1,085
1,129
1,446
1,458
1,520
1,957
1,817
1,853
1,882
1,902
PBT
3,618
3,857
3,853
4,879
5,543
5,058
5,953
7,452
6,446
3,224
5,653
6,573
6,997
Tax %
27%
22%
26%
22%
23%
23%
27%
24%
25%
26%
25%
27%
—
Net Profit
2,659
3,027
2,851
3,786
4,289
3,897
4,353
5,630
4,857
2,397
4,253
4,806
5,163
EPS in Rs
27.35
30.92
28.88
38.78
43.7
41.76
45.73
57.27
49.6
24.14
43.43
49.1
52.41
Div. Payout %
22%
35%
28%
33%
29%
32%
89%
47%
91%
150%
94%
94%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
480
436
439
442
444
436
437
439
440
441
442
443
Reserves
11,768
14,155
15,998
18,401
19,841
21,377
24,428
26,447
27,484
26,228
26,919
29,173
Borrowings
700
1,091
1,366
2,397
1,996
3,670
2,901
2,618
2,740
2,537
2,025
2,186
Other Liabilities
6,899
6,843
8,254
9,192
11,166
11,834
11,836
14,911
15,162
13,943
14,880
17,366
Total Liabilities
19,848
22,525
26,057
30,431
33,446
37,318
39,602
44,416
45,827
43,149
44,267
49,168
Fixed Assets
4,033
4,309
6,460
7,622
7,061
8,872
9,018
14,784
14,932
13,903
13,982
14,864
CWIP
568
629
373
240
276
50
118
165
120
133
21
27
Investments
2,103
1,297
2,396
4,841
7,342
5,848
10,238
4,884
3,388
3,238
3,182
3,426
Other Assets
13,145
16,289
16,828
17,728
18,766
22,548
20,228
24,583
27,388
25,875
27,082
30,851
Total Assets
19,848
22,525
26,057
30,431
33,446
37,318
39,602
44,416
45,827
43,149
44,267
49,168
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
2,448
3,137
4,071
3,554
4,432
4,358
8,094
5,285
5,572
6,376
5,786
6,172
Investing
-1,865
-1,453
-2,893
-3,319
-2,104
1,081
-5,433
480
-226
-1,318
-15
-314
Financing
-829
-496
-1,571
-269
-2,251
-4,466
-2,987
-4,667
-5,078
-4,767
-5,799
-5,130
Net Cash Flow
-246
1,188
-392
-35
77
974
-326
1,098
267
291
-29
728
Free Cash Flow
1,335
2,266
3,311
2,763
3,653
3,529
7,521
4,450
4,603
5,639
5,303
5,626
CFO/OP
84
105
123
108
97
107
140
95
97
169
104
87
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
84
80
67
77
73
75
62
98
88
80
80
86
Cash Conversion Cycle
84
80
67
77
73
75
62
98
88
80
80
86
Working Capital Days
54
58
57
42
24
35
24
29
28
23
25
30
ROCE %
32%
27%
23%
24%
25%
22%
23%
26%
22%
12%
19%
23%

Shareholding Pattern

As of Jun 2026
DIIs 36.92%
Promoters 34.97%
FIIs 18.66%
Public 6.92%
Others 2.37%
Government 0.17%
Total 100.01%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
35.76%
35.73%
35.70%
35.67%
35.26%
35.24%
35.22%
35.19%
35.18%
35.16%
35.13%
35.11%
35.09%
35.04%
35.03%
35.01%
35.01%
35.00%
34.98%
34.98%
34.97%
34.97%
FIIs
0.01%
0.01%
0.01%
0.01%
0.01%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
24.58%
24.15%
23.28%
23.66%
24.20%
22.95%
23.28%
20.60%
17.94%
18.59%
18.66%
DIIs
14.23%
16.31%
16.81%
17.10%
17.96%
20.63%
22.33%
23.94%
25.85%
26.96%
25.55%
29.02%
29.52%
30.76%
31.00%
30.74%
32.12%
32.13%
34.64%
37.79%
37.33%
36.92%
Government
0.17%
0.17%
0.17%
0.17%
0.17%
0.17%
0.17%
0.17%
0.17%
0.17%
0.17%
0.17%
0.17%
0.17%
0.17%
0.17%
0.17%
0.17%
0.17%
0.17%
0.17%
0.17%
Public
8.28%
8.29%
8.38%
8.38%
9.01%
10.03%
9.63%
9.87%
9.10%
9.26%
8.68%
9.31%
9.21%
8.87%
8.29%
8.05%
7.94%
7.64%
7.82%
7.39%
7.15%
6.92%
Others
41.55%
39.49%
38.92%
38.67%
37.58%
33.93%
32.66%
30.83%
29.70%
28.45%
30.47%
1.82%
1.86%
1.88%
1.85%
1.84%
1.82%
1.78%
1.78%
1.74%
1.78%
2.37%
No. of Shareholders
5,30,921
5,45,613
5,90,450
6,09,640
7,31,453
8,89,606
9,73,207
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
7,39,883
7,38,055
7,44,161

Documents

Frequently Asked Questions about Tech Mahindra Ltd

What does Tech Mahindra Ltd do?
Tech Mahindra Ltd provides comprehensive range of IT services, including IT enabled service, application development and maintenance, consulting and enterprise business solutions, etc. to a diversified base of corporate customers in a wide range of industries.[1]
Where is Tech Mahindra Ltd (TECHM) listed?
Tech Mahindra Ltd is listed on the Indian stock exchanges. It is listed on NSE: TECHM and BSE: 532755. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Tech Mahindra Ltd belong to?
Tech Mahindra Ltd operates in the Information Technology sector within the IT - Software industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Tech Mahindra Ltd?
Tech Mahindra Ltd has a market capitalisation of approximately ₹155564.60 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Tech Mahindra Ltd?
The Price-to-Earnings (PE) ratio of Tech Mahindra Ltd is 30.38. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Tech Mahindra Ltd?
Over the past 52 weeks, Tech Mahindra Ltd has traded between a low of ₹1,304.1 and a high of ₹1,854. This range helps investors understand the stock's price volatility and recent trading levels.
Does Tech Mahindra Ltd pay dividends?
Yes, Tech Mahindra Ltd has a dividend yield of 3.17%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Tech Mahindra Ltd?
Tech Mahindra Ltd has a Return on Equity (ROE) of 15.98%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Tech Mahindra Ltd on Tapetide?
On Tapetide, you can view Tech Mahindra Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Tech Mahindra Ltd provides comprehensive range of IT services, including IT enabled service, application development and maintenance, consulting and enterprise business solutions, etc. to a diversified base of corporate customers in a wide range of industries.[1]

Website techmahindra.com
CEO Mr. Mohit Joshi
Employees 1,49,616
Listed 2006-08-28
Face Value ₹ 5
Issued Size 97,97,21,333

Explore More

More in Information Technology → FII DII Data Stock Screener Nifty 50 Heatmap F&O Ban List