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
| ₹ 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) |
| ₹ 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 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| IT | 47,767 | 84.1 |
| BPS | 9,048 | 15.9 |
| Total, before eliminations | 56,815 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TATA CONSULTANCY SERV LT | 7,96,690 | 16.0 | 7.34 | 10.9 | 45.6 | 53.9 | 10.2 | 26.9 |
| INFOSYS LIMITED | 4,20,891 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Sept 2026 · Tech Mahindra to meet investors at UBS India Summit 2026 | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Tech Mahindra gets ESG rating of 76 from NSE Sustainability | business updates | medium | — | — |
| 27 Aug 2026 · Tech Mahindra schedules investor call with BofA on Sept 1 | board shareholder meetings | low | — | — |
| 26 Aug 2026 · Tech Mahindra leadership to attend Goldman Sachs Asia Leaders Conference | board shareholder meetings | low | — | — |
| 17 Aug 2026 · Tech Mahindra allots 48,950 shares under ESOP 2014 and 2018 | capital market events | low | — | — |
| 8 Aug 2026 · Tech Mahindra gets ESG rating of 78.7 from SES Research | business updates | medium | — | — |
| 6 Aug 2026 · Schedule of investor meetings with leadership announced | board shareholder meetings | low | — | — |
| 6 Aug 2026 · Tech Mahindra to meet investors on Aug 12 and Aug 13 in Mumbai | board shareholder meetings | low | — | — |
| 6 Aug 2026 · Tech Mahindra schedules investor meetings on Aug 12 and 13 | board shareholder meetings | low | — | — |
| 6 Aug 2026 · Tech Mahindra schedules investor meetings on 12 and 13 August 2026 | board shareholder meetings | low | — | — |
| 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 |
| 14.0 |
| 4.51 |
| 8.8 |
| 31.6 |
| 38.6 |
| 12.2 |
| 25.7 |
| HCL TECHNOLOGIES LTD | 3,27,456 | 18.7 | 4.35 | 11.7 | 22.1 | 26.2 | 11.5 | 20.9 |
| WIPRO LTD | 1,65,785 | 13.3 | 1.88 | 7.9 | 15.0 | 17.1 | 8.4 | 22.9 |
| TECH MAHINDRA LIMITED ◆ | 1,51,018 | 26.6 | 5.02 | 16.9 | 16.0 | 18.8 | 8.5 | 16.8 |
| LTM LIMITED | 1,27,635 | 24.4 | 5.29 | 15.4 | 20.7 | 24.8 | 27.9 | 20.0 |
| PERSISTENT SYSTEMS LTD | 87,015 | 44.8 | 11.10 | 29.8 | 23.8 | 28.5 | 28.6 | 17.8 |
| COFORGE LIMITED | 81,708 | 37.5 | 8.44 | 29.1 | 18.0 | 17.2 | 28.6 | 18.6 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 26.6 | 16.6 | 49 of 71 | 31% |
| P/B | 5.0 | 2.9 | 47 of 64 | 27% |
| ROCE | 18.9 | 14.2 | 27 of 78 | 66% |
| ROE | 16.0 | 11.5 | 22 of 67 | 68% |
| Debt / Equity | 0.1 | 0.0 | 42 of 68 | 39% |
| 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 | 151018 | 475 | 5 of 75 | 95% |
| 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 |
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.
