Tech Mahindra Ltd
TECHMTech Mahindra Ltd's earnings have outrun its stock. EPS grew +13.1% in a year against a +10.0% price move.
The sharpest disagreement: Foreign institutions moved −4.6 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced.
The price is in a confirmed uptrend (8 weeks in) while the P/E sits at the 70th percentile of its own 11-year range. Underneath, the last four quarters read improving — profit +31.6% year on year, and 160% of the last 3 years' profit arrived as cash. What settles it: whether the register turns back in the story’s favour.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Tech Mahindra Ltd trades at ₹1,548, in a confirmed uptrend and 8 weeks into that stage. That is +1.6% against its own 200-day average. It sits at 56% of a 52-week range of ₹1,332 to ₹1,717. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 11 straight weeks.
Today the stock is in a confirmed uptrend — week 8 of stage 2, confirmed. At ₹1,548 it trades +1.6% versus its 200-day average and sits at 56% of its 52-week range (₹1,332–₹1,717).
Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +234% while the NIFTY 500 moved +254% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 11 straight weeks — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Story check
Tech Mahindra Ltd's story is not scored yet against the markers our research file set on 22 August 2026. Where it sits in its own cycle: EARNINGS_EXPANSION_VALUATION_FAIR. Our fortnightly research layers last read it on 22 August 2026.
Our read, 22 August 2026. Tech Mahindra has delivered a multi-year turnaround expanding EBIT margin from 6.4% to 14.4% over 11 consecutive quarters, but a 29.2x trailing PE multiple leaves limited expansion runway, shifting forward returns to large-deal volume execution and achieving its 15.0% EBIT target.
From the numbers. Tech Mahindra trades at 29.2x trailing PE (71.3th percentile of 10-year history), compressing from a peak of 52.9x in Jun 2024 as trailing EPS expanded 70.6% off cyclical lows. The deterministic engine labels the…
From the price. Price stage 2, week 8 — above its 200-day line, relative strength falling.
From the research. Tech Mahindra has delivered a multi-year turnaround expanding EBIT margin from 6.4% to 14.4% over 11 consecutive quarters, but a 29.2x trailing PE multiple leaves limited expansion runway, shifting forward returns to…
🚨 Where they disagree. STRONG_OPPORTUNITY.
What is proven. Tech Mahindra has delivered a multi-year turnaround expanding EBIT margin from 6.4% to 14.4% over 11 consecutive quarters, but a 29.2x trailing PE multiple leaves limited expansion runway, shifting forward returns to large-deal volume execution and achieving its 15.0% EBIT target.
What is not proven yet. A reversal in EBIT margin below 13.5% combined with constant-currency organic revenue growth falling below 3.0% YoY over two consecutive quarters, signaling that Project 40 operational gains were transient and large deal ramp failed to offset telecom client volatility.
🚨 What would change our mind. A reversal in EBIT margin below 13.5% combined with constant-currency organic revenue growth falling below 3.0% YoY over two consecutive quarters, signaling that Project 40 operational gains were transient and large deal ramp failed to offset telecom client volatility.
Layer 1 read, 22 August 2026 — KEEP. Eleven quarters of margin repair, price unmoved — but the business grows 6%, not the 17% the rupee headline shows. Operating margin went from 7% to 17% and earnings per share from ₹5.06 to ₹14.95 over twelve quarters, and cash backs it — ₹18,334cr of operating cash against ₹11,456cr of profit over three years. The multiple fell from 52.9x to 29.2x only because profit caught up, and the share price is up about 5% in a year, so none of that is priced in yet. The catch, from the 16-July call itself: revenue grew 6.2% organically in constant currency, not the 17.7% the rupee figure shows, and management has 60bps of margin left to its own 15.0% target with the pyramid lever off for the year.
What would change Layer 1’s mind. Two consecutive quarters of organic constant-currency revenue growth below 3.0% together with EBIT margin slipping under 13.5% would say Project 40 has finished paying and the ₹3.79bn deal book is not converting — at which point a 29.2x multiple on ~6% organic growth has nothing holding it up and this becomes a DROP. Conversely, Q2 FY27 holding EBIT at or above 14.2% through the wage increase while communications growth accelerates past 3% would lift this to P1.
Layer 2 read, 22 August 2026 — BENCH. The turnaround is real, but the price already needs the next deal-conversion leg to work. Tech Mahindra has delivered the margin repair and a hard US$3.79bn FY26 deal book. External evidence does not yet validate the next leg: sector claim ITS_AIRISK flags AI-led repricing, while the latest fair-value model still shows price ₹1,584 against ₹900 base value and -43.18% MoS [db_queries_run: computed_fair_values; ⚠ model context].
What would change Layer 2’s mind. ADVANCE if two consecutive reported quarters keep EBIT margin above 13.5% while organic constant-currency revenue growth stays above 3% and large-deal conversion shows no AI-repricing loss.
The test written in advance. A reversal in EBIT margin below 13.5% combined with constant-currency organic revenue growth falling below 3.0% YoY over two consecutive quarters, signaling that Project 40 operational gains were transient and large deal ramp failed to offset telecom client volatility. — the thesis as written as stated by the next result.
The test written in advance. Multiple Compression on Valuation Re-Rating (Peak Multiple Risk) — Multiple Compression on Valuation Re-Rating (Peak Multiple Risk) Trailing PE contracting below 24.0x on quarterly margin deceleration. by the next result.
The test written in advance. Talent Pyramid Optimization Deferral and Wage Headwind — Talent Pyramid Optimization Deferral and Wage Headwind Q2 FY27 EBIT margin falling below 14.0% following wage adjustments. by the next result.
| Dial | Now | Was | Why it matters | Watch line |
|---|---|---|---|---|
| Large Deal Bookings and Revenue Ramp | in play | — | Record deal bookings of US$ 3.79 billion in FY26 (+42% YoY) and US$ 1.078 billion in Q1 FY27 provide top-line visibility. | Client decision cycles lengthen or scope reductions occur in large telecommunications transformation programs. |
| Project 40 Operating Leverage and Automation | in play | — | Operating margin expanded across 11 consecutive quarters from 6.4% to 14.4% EBIT, targeting 15.0% for FY27. | Wage increases in Q2 FY27 exceed productivity gains while talent pyramid optimization remains restricted. |
| Non-Telecom Vertical Diversification… | in play | — | Manufacturing grew 17.2% YoY and BFSI grew 8.1% YoY in Q1 FY27, balancing cyclical telecommunications revenue. | European automotive supply chain cost pressures broaden to aerospace or enterprise IT discretionary cuts hit BFSI. |
| Project Helix Agentic AI Platform… | in play | — | Deployment of 350+ enterprise AI agents and 65%+ workforce AI certification enables outcome-based service pricing. | Competitors bidding on aggressive 70-80% 5-year productivity guarantees compress realization rates across AI contracts. |
🚨 What the surface reading misses. The surface reading is: Trailing PE of 29.2x sits in the 74th percentile of 10-year history, appearing elevated relative to historical median 19.8x. The research reads it further: Normalized PE is 29.8x (75th percentile) and operating margins are 17.4% (above mid-cycle 15.5%). Unlike early-stage turnarounds where a high PE reflects trough earnings, Tech Mahindra has already expanded operating margins from 6.4% to 14.4% EBIT. The multiple reflects an operational turnaround already priced in; future returns require EPS compounding rather than multiple expansion.
🚨 What the surface reading misses. The surface reading is: OPM reached 17% in Jun 2026 (operating profit ₹2,738 Cr on ₹15,712 Cr revenue), sitting at the 74th percentile of 10-year history. The research reads it further: Margin expansion over 11 quarters from 6.4% to 14.4% EBIT was driven by operational fixes under Project 40, sub-contractor rationalization, and portfolio integration. Future margin expansion faces diminishing returns as talent pyramid optimization is deferred and wage increases take effect in Q2 FY27.
Lever 1 · Operating leverage — BUILDING. Operating margin expanded across 11 consecutive quarters from 6.4% to 14.4% EBIT, targeting 15.0% for FY27. What proves it keeps working: Project 40 Operating Leverage and Automation. It stops working if Wage increases in Q2 FY27 exceed productivity gains while talent pyramid optimization remains restricted.
Sources: our stock research file (22 August 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Tech Mahindra Ltd reported ₹15,712 Cr of revenue in the Jun 26 quarter, +17.7% year on year. That is the 8th straight quarter of year-on-year growth. Over 10 years it has compounded at 7.9% a year. The last full year, FY26, came in at ₹56,815 Cr. The last four reported quarters add to ₹59,176 Cr.
Why this happened. Tech Mahindra achieved record deal bookings of US$ 3.79 billion in FY26 (up 42% YoY) and added US$ 1.078 billion in Q1 FY27 (+33% YoY). The pipeline is anchored by multi-year engagements including a 5-year Orange Business Services digital transformation partnership and a US$ 500M+ 5-year European telecommunications contract. With the first communications deal ramping and the second starting in Q2 FY27, top-line growth is set to bridge historical peer underperformance.
FY26 revenue came in at ₹56,815 Cr (+7.2% on the year), capping 10 years at 7.9% compound. The latest quarter (Jun 26) printed ₹15,712 Cr, +17.7% year on year — the 8th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +10.9% growth against the decade's 7.9% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +11.0% over the last 4 quarters against +6.8%/yr over the last 8 — accelerating; TTM profit +14.3% vs +42.1%/yr — rolling over.
FY26-Q4. revenue ₹15,076 Cr and profit ₹1,356 Cr as reported.
FY27-Q1. revenue ₹15,712 Cr and profit ₹1,486 Cr as reported.
Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Tech Mahindra Ltd's operating margin is 17.0% in the Jun 26 quarter, +3.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 9.0% to 22.0%. The current quarter sits inside that band.
Why this happened. Under Project 40, Tech Mahindra rationalized sub-contractor costs, completed front-and-middle office integration of portfolio acquisitions, and improved fixed-price project productivity. Fixed-price contracts (over 50% of revenue) deliver an 8 percentage point margin premium over time-and-materials engagements. This operating leverage catapult lifted EBIT margins from 6.4% at the turnaround start to 14.4% in Q1 FY27, progressing toward management's 15.0% target.
The latest quarter's operating margin is 17.0%, +3.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 9.0%–22.0%.
Why the margin moved: operating margin went +2.9 pp year on year while gross margin went +0.0 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.
FY26-Q4. revenue ₹15,076 Cr and profit ₹1,356 Cr as reported.
FY27-Q1. revenue ₹15,712 Cr and profit ₹1,486 Cr as reported.
Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Tech Mahindra Ltd earned ₹1,486 Cr of net profit in the Jun 26 quarter, +31.6% year on year. It is the 3rd consecutive quarter of growth. Full-year FY26 profit was ₹4,806 Cr. The 10-year compound rate is 4.7%. That is 9.5% of the quarter's revenue. The same quarter a year earlier earned ₹1,129 Cr.
Jun 26 profit was ₹1,486 Cr, +31.6% year on year — the 3rd consecutive quarter of growth. On the full year, FY26 printed ₹4,806 Cr (+13.0%), and the 10-year compound rate is 4.7%.
Why profit moved: revenue contributed +17.7% and the margin +3.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.
Pace comparison, last four quarters: profit +14.7% vs revenue +10.9%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
FY26-Q4. revenue ₹15,076 Cr and profit ₹1,356 Cr as reported.
FY27-Q1. revenue ₹15,712 Cr and profit ₹1,486 Cr as reported.
Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 160% of Tech Mahindra Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹6,172 Cr of operating cash against ₹4,806 Cr of profit. After ₹2,770 Cr of capital spending, ₹3,402 Cr was left as free cash.
FY26: operating cash of ₹6,172 Cr against reported profit of ₹4,806 Cr, leaving free cash of ₹3,402 Cr after ₹2,770 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 160% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 160%: the cash cycle stretched 24 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.
Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Tech Mahindra Ltd's cash conversion cycle runs 86 days in FY26, up from 62 days in FY21. Capital spending ran ₹5,391 Cr over the last 3 years. At FY26 sales of ₹56,815 Cr each day of that cycle holds about ₹156 Cr, so roughly ₹13,387 Cr sits inside the business at any moment.
FY26: debtors at 86 days (an asset-light business — no inventory to speak of) — for a full cycle of 86 days, looser than FY21's 62.
In money terms: at FY26 sales of ₹56,815 Cr, each day of the cycle holds about ₹156 Cr — so the 86-day loop keeps roughly ₹13,387 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹5,391 Cr over the last 3 fiscal years against ₹5,552 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹27.0 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
Tech Mahindra Ltd earns a ROCE of 23% in FY26. That is up from a trough of 12% in FY24. Return on invested capital clears the cost of that capital by +12.6 percentage points, so growth here adds value rather than only size. The wiring behind it is 8.5% net margin on 1.16× asset turns.
FY26 ROCE is 23%, recovered from a FY24 trough of 12% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 8.5% net margin × 1.16× asset turns × 1.66× balance-sheet leverage ≈ 16.4% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 24.6% − 12.0% = a +12.6 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
Tech Mahindra Ltd carries total debt of ₹2,186 Cr against shareholder equity of ₹30,077 Cr as of Jun 26, a debt-to-equity of 0.07 — effectively unlevered. On the annual view that ratio went from 0.10 in FY22 to 0.07 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.
Jun 26: total debt of ₹2,186 Cr against shareholder equity of ₹30,077 Cr — a debt-to-equity of 0.07. On the annual view, debt-to-equity went from 0.10 (FY22) to 0.07 (FY26). The returns on this page are earned, not borrowed.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Domestic institutions added 6.3 points of Tech Mahindra Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 36.9% of the company. Foreign institutions moved −4.6 points over the same window, to 18.7%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Domestic institutions: +6.3 points over 8 quarters to 36.9%; Foreign institutions: −4.6 points over 8 quarters to 18.7%; Promoters: −0.1 points over 8 quarters to 35.0%.
Why the register moved: rotation — foreign institutions −4.6 points against domestic institutions +6.3 points over 8 quarters, with promoters holding steady — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Tech Mahindra Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Tech Mahindra Ltd trades at 28.5× P/E, at the pricey end of its own range (70th percentile). Its long-run median P/E is 20.4×, measured across 10.6 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 28.5× is at the pricey end of its own range (70th percentile), against a long-run median of 20.4× measured over 10.6 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved +13.1% against a +10.0% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 5y, of the +0.4%/yr price move, ~+1.8%/yr came from earnings growth and ~−1.4 pp from the multiple (compressing); over 10y, of the +13.0%/yr price move, ~+5.1%/yr came from earnings growth and ~+7.9 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.
What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.
Solved at its 26 August 2026 price, Tech Mahindra Ltd was paying for profit growth of about 17.3% a year. Profit itself has compounded 4.7% a year over the past 10 years. Today the market pays 28.5× P/E, the 70th percentile of its own 11-year range.
What the two numbers say together. The multiple is full against its own past, and the growth the price is paying for is far above what this company has actually delivered.
How to hold this number: it is a reading of one day's price, taken on 26 August 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 25 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.
Stage: Topping out Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Tech Mahindra Ltd reads as topping out on its fundamental arc. Topping out — profit and EPS growth have decelerated hard (profit growth +76.6% at its peak → +14.3% latest) while ROCE still reads 22.1%. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: decelerating from a peak is where good stories quietly end — the multiple usually notices late.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +7.2% | +2.2% | +8.5% | +7.9% |
| Profit | +13.0% | −0.4% | +2.0% | +4.7% |
| EPS | +13.1% | −0.3% | +1.4% | +4.7% |
| Share price | +10.0% | +5.8% | +0.4% | +13.0% |
4-Factor Sector Score
60.6/100 — rank 5 of 19 in IT Services · 94% evidence confidence
Tech Mahindra Ltd scores 60.6 out of 100 against the 19 companies it is compared with in IT Services, ranking 5. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 18.3 + 15.4 + 13.2 + 13.7 = 60.6. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Said versus delivered
What Tech Mahindra Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.
Pyramid Improvement Outlook Reversed · 16 July 2026. In April 2026, management expressed strong optimism about improving the talent pyramid in FY27, stating they were very flexible about adding freshers and improving the offshore-onsite mix. However, in July 2026, management stated that the ability to pull this lever will be limited and explicitly said pyramid improvement would not happen this year, citing rebadge components in large deals and on-site-heavy enterprise application work, without explaining why this was not anticipated in April.
Margin Expansion Driver Shifted from Gross-Margin-Led to Mixed · 16 July 2026. In January 2026, the CFO stated that FY27 margin expansion would be more driven by gross margins, continuing a journey from FY26 H2 into the next year. In July 2026, the CFO changed this narrative to a mix of both gross margin and SG&A for the coming quarters, without adequately explaining why the full-year margin driver mix had shifted from what was articulated just six months earlier.
FY27 Peer-Relative Growth Confidence Diluted · 22 April 2026. In the January 2026 earnings call, Mohit Joshi stated with a 'high degree of confidence' that Tech Mahindra would grow 'faster than our peer average' in FY27, a central pillar of the three-year transformation commitment. However, in the April 2026 analyst day, CFO Rohit Anand characterized the FY27 growth expectation as 'at par or slightly better than peer growth,' explicitly introducing the possibility of merely matching peers rather than outperforming them. This represents a material step down in language and confidence around one of the plan's key deliverables, directly impacting investment theses built on above-peer revenue outperformance. Earlier call (Jan 2026): “we are confident that going into F”. Later call (Apr 2026): “We expect to be at par or slightly better than peer growth for the year.”
Manufacturing Outlook Reversal · 16 January 2026. Management explicitly bear-casted a 'longer-term drag' on the manufacturing vertical in the July 2025 call, citing tariff impacts and discretionary spend cuts. However, two quarters later in the January 2026 call, the vertical delivered double-digit growth with management characterizing it as a 'strong trajectory,' contradicting the specific negative foresight provided earlier. Earlier call (Jul 2025): “I do believe that the longer-term drag is there for manufacturing... Manufacturing vertical declined by 4%, impacted by softness and discretionary spend.” Later call (Jan 2026): “Manufacturing continued its strong trajectory this quarter... with a year-on-year growth of 11.7%.”
Every quote above is taken word for word from the company’s own earnings calls.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1ASM Technologies Ltd526433 | 63.6/100Mixed-positive evidence69% evidence | BREAKING OUT | 26.0/35 Revenue 67.8% · PAT 89.5% · OPM change 2 pp 95% evidence | 16.3/25 ROCE 27% · OPM 23% 76% evidence | 8.5/20 P/E 140× · PEG — 15% evidence | 12.8/20 RS sector -0.3% · RS bench 96.4% · 1Y 68%11 of 11 weeks ahead 70% evidence |
| Exact sum: 26 + 16.3 + 8.5 + 12.8 = 63.6 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 2Coforge LtdCOFORGE | 62.7/100Mixed-positive evidence100% evidence | LEADER | 26.9/35 Revenue 35.7% · PAT 66.5% · OPM change 3 pp 100% evidence | 14.8/25 ROCE 23.5% · OPM 19% 100% evidence | 13.5/20 P/E 41.2× · PEG 0.57 100% evidence | 7.5/20 RS sector -11.5% · RS bench 16.9% · 1Y -0.6%12 of 12 weeks ahead 100% evidence |
| Exact sum: 26.9 + 14.8 + 13.5 + 7.5 = 62.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 3String Metaverse Ltd534535 | 62.1/100Mixed-positive evidence82% evidence | TURNING | 26.5/35 Revenue 100% · PAT 100% · OPM change 0 pp 95% evidence | 15.7/25 ROCE 44% · OPM 11% 76% evidence | 14.8/20 P/E 8.2× · PEG — 50% evidence | 5.1/20 RS sector -57% · RS bench -32.2% · 1Y -67.3%3 of 12 weeks ahead 100% evidence |
| Exact sum: 26.5 + 15.7 + 14.8 + 5.1 = 62.1 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -57% and the one-year return is -67.3%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 4Sahana Systems LtdSAHANA | 61.7/100Mixed-positive evidence70% evidence | BREAKING OUT | 21.0/35 Revenue 100% · PAT 100% · OPM change -3 pp 48% evidence | 19.5/25 ROCE 39.8% · OPM 29% 95% evidence | 13.1/20 P/E 13.5× · PEG — 50% evidence | 8.1/20 RS sector -26.2% · RS bench 12.2% · 1Y -28.5%5 of 12 weeks ahead 100% evidence |
| Exact sum: 21 + 19.5 + 13.1 + 8.1 = 61.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5Tech Mahindra Ltdthis pageTECHM | 60.6/100Mixed-positive evidence94% evidence | BREAKING OUT | 18.3/35 Revenue 10.9% · PAT 14.3% · OPM change 3 pp 100% evidence | 15.4/25 ROCE 23.1% · OPM 17% 100% evidence | 13.2/20 P/E 28.5× · PEG 0.76 100% evidence | 13.7/20 RS sector 7.5% · RS bench 5.4% · 1Y -0.4%10 of 12 weeks ahead 70% evidence |
| Exact sum: 18.3 + 15.4 + 13.2 + 13.7 = 60.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 6Danlaw Technologies India LtdDANLAW | 58.7/100Mixed-positive evidence67% evidence | 18.7/35 Revenue 24.1% · PAT 34.5% · OPM change 0.8 pp 95% evidence | 17.1/25 ROCE 27.2% · OPM 13.4% 76% evidence | 11.2/20 P/E 24.2× · PEG — 50% evidence | 11.7/20 RS sector — · RS bench 50.3% · 1Y — 25% evidence | |
| Exact sum: 18.7 + 17.1 + 11.2 + 11.7 = 58.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7IZMO LtdIZMO | 57.0/100Mixed-positive evidence81% evidence | ASLEEP | 21.9/35 Revenue 24.7% · PAT 10.2% · OPM change 8 pp 95% evidence | 13.2/25 ROCE 12.6% · OPM 25% 95% evidence | 7.1/20 P/E 25.2× · PEG — 50% evidence | 14.8/20 RS sector 22.4% · RS bench 9.8% · 1Y -14.5%7 of 11 weeks ahead 70% evidence |
| Exact sum: 21.9 + 13.2 + 7.1 + 14.8 = 57 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8Subex LtdSUBEXLTD | 55.7/100Mixed-positive evidence65% evidence | BREAKING OUT | 24.4/35 Revenue 2.8% · PAT 100% · OPM change 13 pp 95% evidence | 9.3/25 ROCE 12.8% · OPM 19% 95% evidence | 9.7/20 P/E 37.3× · PEG — 15% evidence | 12.3/20 RS sector — · RS bench 82.7% · 1Y —11 of 11 weeks ahead 25% evidence |
| Exact sum: 24.4 + 9.3 + 9.7 + 12.3 = 55.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 9Unified Data- Tech Solutions Ltd544406 | 54.5/100Thin evidence · provisional51% evidence | TURNING | 16.3/35 Revenue — · PAT — · OPM change 1 pp 26% evidence | 17.9/25 ROCE 34.1% · OPM 15% 76% evidence | 9.6/20 P/E 40.2× · PEG — 15% evidence | 10.7/20 RS sector -0.7% · RS bench 32% · 1Y 20.9%4 of 12 weeks ahead 100% evidence |
| Exact sum: 16.3 + 17.9 + 9.6 + 10.7 = 54.5 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 10Softtech Engineers LtdSOFTTECH | 54.0/100Mixed-positive evidence80% evidence | TURNING | 23.2/35 Revenue 35.8% · PAT 100% · OPM change -0.1 pp 95% evidence | 11.7/25 ROCE 6.2% · OPM 27.2% 95% evidence | 8.7/20 P/E 132× · PEG — 15% evidence | 10.4/20 RS sector 2.6% · RS bench 34.9% · 1Y 28.7%6 of 12 weeks ahead 100% evidence |
| Exact sum: 23.2 + 11.7 + 8.7 + 10.4 = 54 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 11Ksolves India LtdKSOLVES | 51.8/100Mixed-positive evidence87% evidence | ASLEEP | 16.2/35 Revenue 16% · PAT 16.7% · OPM change 3.9 pp 95% evidence | 20.5/25 ROCE 131% · OPM 30.3% 95% evidence | 13.9/20 P/E 15.9× · PEG — 50% evidence | 1.2/20 RS sector -34.6% · RS bench -12.4% · 1Y -25.1%0 of 12 weeks ahead 100% evidence |
| Exact sum: 16.2 + 20.5 + 13.9 + 1.2 = 51.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12BLS E-Services LtdBLSE | 51.6/100Mixed-positive evidence75% evidence | LEADER | 15.1/35 Revenue 71.2% · PAT 9.4% · OPM change 0 pp 95% evidence | 9.9/25 ROCE 16.4% · OPM 7% 76% evidence | 9.2/20 P/E 50.7× · PEG — 15% evidence | 17.4/20 RS sector 18.4% · RS bench 54.1% · 1Y 64.4%12 of 12 weeks ahead 100% evidence |
| Exact sum: 15.1 + 9.9 + 9.2 + 17.4 = 51.6 · Decision use: Price leads the evidence: RS versus the benchmark is 54.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 13Tanla Platforms LtdTANLA | 48.6/100Mixed-negative evidence94% evidence | ASLEEP | 11.5/35 Revenue 13.2% · PAT 9.9% · OPM change 0 pp 100% evidence | 16.0/25 ROCE 26.3% · OPM 16% 100% evidence | 15.3/20 P/E 12.3× · PEG 1.21 100% evidence | 5.8/20 RS sector -17.6% · RS bench -4.6% · 1Y -34.4%5 of 11 weeks ahead 70% evidence |
| Exact sum: 11.5 + 16 + 15.3 + 5.8 = 48.6 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 14RNIT AI Solutions LtdAUTOPALIND | 48.0/100Thin evidence · provisional55% evidence | BREAKING OUT | 14.7/35 Revenue 56.7% · PAT 71.3% · OPM change -0.6 pp 95% evidence | 14.3/25 ROCE 20.2% · OPM 35.3% 76% evidence | 9.0/20 P/E 72.4× · PEG — 15% evidence | 10.0/20 RS sector — · RS bench — · 1Y —7 of 12 weeks ahead 0% evidence |
| Exact sum: 14.7 + 14.3 + 9 + 10 = 48 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 15Birlasoft LtdBSOFT | 47.3/100Mixed-negative evidence100% evidence | BASING | 17.8/35 Revenue 1.4% · PAT 21.1% · OPM change 4 pp 100% evidence | 11.8/25 ROCE 21.2% · OPM 16% 100% evidence | 16.1/20 P/E 12.8× · PEG 0.62 100% evidence | 1.6/20 RS sector -41.5% · RS bench -21.1% · 1Y -28.1%0 of 12 weeks ahead 100% evidence |
| Exact sum: 17.8 + 11.8 + 16.1 + 1.6 = 47.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 163i Infotech Ltd3IINFOLTD | 47.3/100Mixed-negative evidence82% evidence | LEADER | 14.4/35 Revenue -2.2% · PAT -18.3% · OPM change 4.9 pp 95% evidence | 6.6/25 ROCE 13% · OPM 2.9% 76% evidence | 8.6/20 P/E 13.4× · PEG — 50% evidence | 17.7/20 RS sector 5.5% · RS bench 38.4% · 1Y 2.9%11 of 12 weeks ahead 100% evidence |
| Exact sum: 14.4 + 6.6 + 8.6 + 17.7 = 47.3 · Decision use: Price leads the evidence: RS versus the benchmark is 38.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 1763 Moons Technologies Ltd63MOONS | 40.6/100Thin evidence · provisional58% evidence | BREAKING OUT | 19.9/35 Revenue 100% · PAT -80% · OPM change 128 pp 71% evidence | 3.1/25 ROCE -3.7% · OPM -52% 76% evidence | 10.0/20 P/E — · PEG — 0% evidence | 7.6/20 RS sector -27.4% · RS bench 23.1% · 1Y -7.7%11 of 12 weeks ahead 70% evidence |
| Exact sum: 19.9 + 3.1 + 10 + 7.6 = 40.6 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 18Exato Technologies Ltd544626 | 57.2/100Thin evidence · provisional38% evidence | BREAKING OUT | 19.9/35 Revenue — · PAT — · OPM change 3.4 pp 45% evidence | 17.4/25 ROCE 26.9% · OPM 18% 76% evidence | 9.9/20 P/E 35.9× · PEG — 15% evidence | 10.0/20 RS sector — · RS bench — · 1Y —6 of 6 weeks ahead 0% evidence |
| Exact sum: 19.9 + 17.4 + 9.9 + 10 = 57.2 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 19Kody Technolab LtdKODYTECH | 52.2/100Thin evidence · provisional48% evidence | BREAKING OUT | 15.1/35 Revenue — · PAT — · OPM change -5 pp 19% evidence | 13.9/25 ROCE 16.8% · OPM 29% 95% evidence | 8.9/20 P/E 129× · PEG — 15% evidence | 14.3/20 RS sector 3% · RS bench 63.1% · 1Y 113.6%11 of 11 weeks ahead 70% evidence |
| Exact sum: 15.1 + 13.9 + 8.9 + 14.3 = 52.2 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is Tech Mahindra Ltd's share price today?
Tech Mahindra Ltd trades at ₹1,548, +10.0% over the past year. The company is valued at ₹1,51,729 Cr. The stock sits at 56% of its 52-week range of ₹1,332–₹1,717, +1.6% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 8 weeks in. — as of 25 September 2026.
What were Tech Mahindra Ltd's latest quarterly results?
Tech Mahindra Ltd reported revenue of ₹15,712 Cr and net profit of ₹1,486 Cr for the Jun 26 quarter. Revenue rose 17.7% and profit rose 31.6% year on year. Earnings per share were ₹14.95. The operating margin was 17.0%, 3.0 pp higher than a year earlier. — as of 25 September 2026.
What is Tech Mahindra Ltd's revenue?
Tech Mahindra Ltd reported revenue of ₹15,712 Cr in the Jun 26 quarter, +17.7% year on year. For the full FY26 fiscal year, revenue was ₹56,815 Cr (+7.2%). Over the last 10 years revenue compounded at 7.9% a year. — as of 25 September 2026.
What is Tech Mahindra Ltd's profit?
Tech Mahindra Ltd earned ₹1,486 Cr of net profit in the Jun 26 quarter, +31.6% year on year — the 3rd straight quarter of growth. Full-year FY26 profit was ₹4,806 Cr. The operating margin ran 17.0% in the latest quarter. — as of 25 September 2026.
What is Tech Mahindra Ltd's market cap?
Tech Mahindra Ltd's market capitalisation is ₹1,51,729 Cr at a share price of ₹1,548. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 25 September 2026.
What is Tech Mahindra Ltd's P/E ratio?
Tech Mahindra Ltd trades at a P/E of 28.5×, at the 70th percentile of its own 11-year range, against a long-run median of 20.4×. This is a comparison with the stock's own history, not a value call — as of 25 September 2026.
Does Tech Mahindra Ltd pay a dividend?
Yes — Tech Mahindra Ltd's dividend payout was 94% of profit in FY26, and it recorded a payout in each of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 25 September 2026.
Is Tech Mahindra Ltd overvalued?
On its own history, Tech Mahindra Ltd looks expensive: its P/E of 28.5× sits at the 70th percentile of its 11-year range (long-run median 20.4×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 25 September 2026.
Is Tech Mahindra Ltd growing?
Yes — Tech Mahindra Ltd is growing: latest-quarter revenue +17.7% year on year, profit +31.6%, and the margin +3.0 pp at 17.0%. The 10-year compound rates are 7.9% (revenue) and 4.7% (profit). The earnings engine currently reads: improving — as of 25 September 2026.
How is Tech Mahindra Ltd performing?
Tech Mahindra Ltd is in a confirmed uptrend, 8 weeks in. Its latest quarter's revenue rose 17.7% and profit rose 31.6% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 11 weeks. This describes what the data did, not a rating. — as of 25 September 2026.
What stage is Tech Mahindra Ltd in?
Topping out — profit and EPS growth have decelerated hard (profit growth +76.6% at its peak → +14.3% latest) while ROCE still reads 22.1%. The read comes from the last 12 quarters of growth (revenue growth +11.0% latest, profit growth +14.3% latest, eps growth +13.0% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 25 September 2026.
Is Tech Mahindra Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 8 of stage 2), trading +1.6% versus its 200-day average and at 56% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 25 September 2026.
Is Tech Mahindra Ltd beating the market?
On recent form, yes — Tech Mahindra Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 11 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.5 years the stock moved +234% against the NIFTY 500's +254% — behind the index over the full window. — as of 25 September 2026.
Will Tech Mahindra Ltd's share price go up?
This page publishes no price forecast for Tech Mahindra Ltd. What it measures instead: the share price is ₹1,548, the price is in a confirmed uptrend 8 weeks in. Its P/E of 28.5× sits at the 70th percentile of its own 11-year range. — as of 25 September 2026.
Who owns Tech Mahindra Ltd?
Promoters hold 35.0% of Tech Mahindra Ltd, foreign institutions 18.7%, domestic institutions 36.9% and the public 9.3% (latest quarter). The biggest move on the register over the last two years: Domestic institutions added 6.3 points over 8 quarters. — as of 25 September 2026.
Does Tech Mahindra Ltd have too much debt?
No — Tech Mahindra Ltd's debt-to-equity is 0.07, and operating profit covers the interest bill 27×. FY26 borrowings were ₹2,186 Cr against equity of ₹29,616 Cr. The returns on this page are earned, not borrowed — as of 25 September 2026.
What is Tech Mahindra Ltd's capex?
Tech Mahindra Ltd spent ₹5,391 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹2,770 Cr, with ₹27.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 25 September 2026.
What is Tech Mahindra Ltd's cash flow?
Tech Mahindra Ltd generated ₹6,172 Cr of operating cash flow in FY26 and ₹3,402 Cr of free cash flow after ₹2,770 Cr of capital spending. Reported profit that year was ₹4,806 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 25 September 2026.
Is Tech Mahindra Ltd's profit real cash?
Yes — over the last 3 fiscal years, 160% of Tech Mahindra Ltd's reported profit arrived as operating cash. Though the latest year ran at 128% — the trend is the thing to watch. In FY26, operating cash was ₹6,172 Cr against reported profit of ₹4,806 Cr. The cash then goes into a mix of the working-capital cycle and capacity. Cash-flow resolution is annual — as of 25 September 2026.
Where is Tech Mahindra Ltd in its business cycle?
Tech Mahindra Ltd's FY26 operating margin was 16.0%, against a 13-year band of 9.0%–22.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 17.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 25 September 2026.
What growth does Tech Mahindra Ltd's price assume?
At its price on 26 August 2026, Tech Mahindra Ltd was priced for profit growth of about 17.3% a year. Profit itself has compounded 4.7% a year over the past 10 years. The figure reads the multiple backwards: the growth a buyer at that price was already paying for. — as of 25 September 2026.
What could break the Tech Mahindra Ltd story?
The sharpest disagreement: Foreign institutions moved −4.6 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 25 September 2026.
Is Tech Mahindra Ltd a stock worth studying right now?
This is not investment advice. The machine read: Tech Mahindra Ltd's earnings have outrun its stock. EPS grew +13.1% in a year against a +10.0% price move. The sharpest open question: whether the register turns back in the story’s favour. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 25 September 2026.
Not SEBI Registered !! Not Investment advice !!