NSE: TECHM · BSE: 532755
TECH MAHINDRA LIMITED
Provides IT services and business process services to enterprise clients, split into two reporting segments. For FY26, the IT segment generated Rs 47,767 crore of revenue with Rs 9,516.8 crore of EBIT, and the BPS (business process services) segment generated Rs 9,048.4 crore of revenue with Rs 1,499 crore of EBIT. In Q1 FY27, IT revenue was Rs 13,245 crore and BPS revenue was Rs 2,467 crore. Service delivery spans five verticals: Communications, BFSI, Manufacturing, Retail/Travel/Logistics, and Healthcare/Life Sciences, with Manufacturing leading Q1 FY27 growth at +17.2% YoY, followed by Retail/Travel/Logistics +8.6%, BFSI +8.1%, Healthcare/Life Sciences +7.2% and Communications +1.3%. Total contract value of new deal wins in Q1 FY27 was US$1.078 billion, the third consecutive billion-dollar quarter. The portfolio is being repositioned around AI-led transformation, with 350+ deployable AI agents, 65% of associates AI-belt certified and 70% of eligible developers using AI pair-programming. Employee cost is the largest operating expense at 53.6% of revenue, with other operating expenses at 30.5% and depreciation at 3.3%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. IT services, BPS (business process services). IT services and business process outsourcing, people-heavy services business
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 44,646 | 53,290 | 51,995 | 52,988 | 56,815 |
| EBITDA (ex other income) | 8,023 | 7,763 | 4,517 | 6,972 | 8,760 |
| margin % | 18.0 | 14.6 | 8.7 | 13.2 | 15.4 |
| Owners' profit | 5,566 | 4,831 | 2,358 | 241 | 4,811 |
| EPS, as reported (₹) | 63.32 | 54.76 | 26.66 | 48.00 | 54.28 |
| ROE % · ROCE % | 20.6 · 24.5 | 17.1 · 21.4 | 8.8 · 12.2 | 15.3 · 18.8 | 16.0 · 19.8 |
| Debt / equity (x) | 0.06 | 0.06 | 0.06 | 0.07 | 0.07 |
| Cash from operations | 5,285 | 5,572 | 6,376 | 5,786 | 6,172 |
| Capex | (958) | (1,015) | (791) | (594) | (696) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 13,313 | 13,286 | 13,384 | 13,351 | 13,995 | 14,393 | 15,076 | 15,712 |
| Profit before tax | 1,713 | 1,297 | 1,464 | 1,618 | 1,659 | 1,504 | 1,791 | 2,046 |
| Net profit | 1,257 | 989 | 1,142 | 1,129 | 1,202 | 1,119 | 1,356 | 1,486 |
| EPS (₹) | 14.12 | 11.10 | 13.17 | 12.87 | 13.48 | 12.66 | 15.27 | 16.53 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| IT | 47,767 | 84.1 |
| BPS | 9,048 | 15.9 |
| Total, before eliminations | 56,815 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TATA CONSULTANCY SERV LT | 8,87,298 | 17.8 | 8.18 | 12.2 | 45.6 | 53.9 | 10.2 | 26.9 |
| INFOSYS LIMITED | 4,55,550 | 15.2 | 4.88 | 9.6 | 31.6 | 38.6 | 12.2 | 25.7 |
| HCL TECHNOLOGIES LTD | 3,78,281 | 21.6 | 5.03 | 13.6 | 22.1 | 26.2 | 11.5 | 20.9 |
| WIPRO LTD | 1,82,720 | 14.6 | 2.07 | 8.7 | 15.0 | 17.1 | 8.4 | 22.9 |
| TECH MAHINDRA LIMITED ◆ | 1,74,293 | 30.7 | 5.79 | 19.5 | 16.0 | 18.8 | 8.5 | 16.8 |
| LTM LIMITED | 1,21,357 | 23.2 | 5.03 | 14.7 | 20.7 | 24.8 | 27.9 | 20.0 |
| PERSISTENT SYSTEMS LTD | 91,811 | 47.3 | 11.71 | 31.4 | 23.8 | 28.5 | 28.6 | 17.8 |
| COFORGE LIMITED | 86,606 | 39.8 | 8.95 | 30.9 | 18.0 | 17.2 | 28.6 | 18.6 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 30.7 | 15.0 | 51 of 65 | 22% |
| P/B | 5.8 | 2.6 | 51 of 65 | 22% |
| ROCE | 18.9 | 14.2 | 26 of 76 | 67% |
| ROE | 16.0 | 11.5 | 21 of 64 | 68% |
| Debt / Equity | 0.1 | 0.0 | 39 of 65 | 41% |
| EBITDA margin | 16.8 | 18.4 | 36 of 65 | 45% |
| Revenue growth | 17.7 | 10.6 | 21 of 63 | 68% |
| Profit growth | 31.7 | 6.7 | 15 of 62 | 77% |
| Market cap | 174293 | 419 | 5 of 76 | 95% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Postal ballot notice and remote e-voting details dispatched | compliance | minimal | — | — |
| 22 Oct 2026 · Postal ballot seeks approval for 1:1 bonus issue and higher capital | board shareholder meetings | medium | — | — |
| 21 Oct 2026 · Tech Mahindra Q2 FY27 earnings call transcript filed | investor communications | medium | — | — |
| 16 Oct 2026 · Newspaper Publication of Q2 and H1 FY26-27 Financial Results | compliance | minimal | — | — |
| 16 Oct 2026 · Newspaper notice published for loss of share certificates | compliance | minimal | — | — |
| 15 Oct 2026 · Tech Mahindra Q2 FY27 earnings call audio recording filed with exchanges | investor communications | low | — | — |
| 15 Oct 2026 · TechM Q2 FY27: Rs 15 interim dividend, 1:1 bonus issue, PAT up 34% YoY | results | high | — | — |
| 15 Oct 2026 · Q2 FY27 results: 34% PAT jump, Rs 15 dividend, 1:1 bonus | results | high | — | — |
| 15 Oct 2026 · TechM: 1:1 bonus issue, Rs 15 interim dividend, PAT up 34% YoY | results | high | — | — |
| 15 Oct 2026 · Tech Mahindra announces interim dividend Rs 15 and 1:1 bonus issue | corporate actions | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.