Tech Mahindra share price today

Tech Mahindra Ltd's share price was ₹1,831.00 at the close on 6 November 2026. It has been rising for 13 weeks. That is 17.3% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹1,332 and ₹1,831, and at that close it was at the high of that range.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Tech Mahindra Ltd is in stage 2. The phase helps read everything below.

Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 18 weeks in a row.

Over the last 11 years the share price moved +295% while the NIFTY 500 moved +243%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: best operating margin in 16 quarters, revenue up on a year earlier for 9 quarters in a row and foreign funds (FIIs) raised their stake for 3 quarters in a row.

1. Best operating margin in 16 quarters

   Operating margin was 18% in the September 2026 quarter, against 15% a year earlier.

   Why: Margins rose because the company had more work and its cost-cutting plan saved money, more than offsetting staff pay rises.

   From the earnings call on 15 Oct 2026.

2. Revenue up on a year earlier for 9 quarters in a row

   In the September 2026 quarter revenue was ₹16,180 crore, +15.6% on a year earlier.

   Why: Revenue rose because communications work grew as a large Orange contract began bringing in money.

   Next results: check whether communications keeps growing after the Orange contract.

   From the earnings call on 15 Oct 2026.

3. Foreign funds (FIIs) raised their stake for 3 quarters in a row

   From 17.9% to 20.8% of the company by the September 2026 quarter.

For July to September 2026 (the quarter ended 30 September 2026), Tech Mahindra reported revenue of ₹16,180 crore, up 15.6% from ₹13,995 crore a year earlier, and a profit of ₹1,610 crore, up 33.9% from ₹1,202 crore.

Tech Mahindra results: July to September 2026 against a year earlier

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Tech Mahindra's management discussed these results on a call held on 15 October 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.

Tech Mahindra closed at ₹1,831.00 on 6 November 2026, up 32.0% from ₹1,386.70 a year earlier (7 November 2025) and up 21.6% over five years. Its highest weekly close since April 2016 was ₹1,831.00 on 6 November 2026.

Tech Mahindra share price: then and now

Weekly closing prices. Each change is the move from that price to the 6 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

560 weekly closes from 1 April 2016 to 6 November 2026.

6 Nov 2026: Tech Mahindra closed at ₹1,831.00, up 2.2% on the week and up 20.9% on the month. 23 Oct 2026: ex-date for an interim dividend of ₹15 a share.

Earlier

• 15 Oct 2026: Tech Mahindra held its results call for July to September 2026. Management guided: FY27 EBIT margin 15% within 20 basis points of second-quarter level.
• Results for July to September 2026: Revenue up 15.6% and profit up 33.9% on a year earlier.
• 3 Jul 2026: ex-date for a dividend of ₹36 a share.

Tech Mahindra paid ₹51 a share in regular dividends in the 12 months to 7 November 2026 (2 payments), a yield of 2.79% at the ₹1,831.00 close on 6 November 2026. The last was an interim dividend of ₹15 a share, ex-date 23 October 2026.

Tech Mahindra dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date.

Yes. Tech Mahindra Ltd paid out 94% of its profit as dividends in FY26, and it paid a dividend in each of its last 13 reported years.

From the NSE corporate-actions record, read 7 November 2026.

On the call for July to September 2026, held on 15 October 2026, Tech Mahindra's management guided: FY27 EBIT margin 15% within 20 basis points of second-quarter level.

“However, we will never be in a situation where we are either buying revenue or doing deals that create long-term damage for the institution.”Mohit Joshi, on the call for July to September 2026

What management guided

• Full-year free cash flow 90% to 100% of profit.
• Manufacturing sequential drag about 0.5% in Q3 then normalize.
• Normal H2 seasonality with no unreasonable furloughs in Q3-Q4.
• AI revenue reporting from H2FY27 with direct versus influenced split validated across sales, delivery and finance.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for July to September 2026, 15 October 2026.

What is changing at Tech Mahindra, from the latest results and calls: large deal bookings and revenue ramp, project 40 operating leverage and automation and non-telecom vertical diversification (manufacturing & bfsi).

• Large Deal Bookings and Revenue Ramp. Record deal bookings of US$ 3.79 billion in FY26 (+42% on a year earlier) and US$ 1.078 billion in April to June 2026 provide top-line visibility. ⚠ estimate
• Project 40 Operating Leverage and Automation. Operating margin expanded across 11 consecutive quarters from 6.4% to 14.4% EBIT, aiming for 15.0% for FY27. ⚠ estimate
• Non-Telecom Vertical Diversification (Manufacturing & BFSI). Manufacturing grew 17.2% on a year earlier and BFSI grew 8.1% on a year earlier in April to June 2026, balancing cyclical telecommunications revenue. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Our read after the April to June 2026 results, written 22 August 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

A reversal in EBIT margin below 13.5% combined with constant-currency organic revenue growth falling below 3.0% on a year earlier over two consecutive quarters, signaling that Project 40 operational gains were transient and large deal ramp failed to offset telecom client volatility.

Each change stops working if

• Large Deal Bookings and Revenue Ramp: Client decision cycles lengthen or scope reductions occur in large telecommunications transformation programs.
• Project 40 Operating Leverage and Automation: Wage increases in July to September 2026 exceed productivity gains while talent pyramid optimization remains restricted.
• Non-Telecom Vertical Diversification (Manufacturing & BFSI): European automotive supply chain cost pressures broaden to aerospace or enterprise IT discretionary cuts hit BFSI.
• Project Helix Agentic AI Platform Commercialization: Competitors bidding on aggressive 70-80% 5-year productivity guarantees compress realization rates across AI contracts.

The main risks

• Talent Pyramid Optimization Deferral and Wage Headwind: Inability to add freshers in FY27 due to large deal rebadging limits gross margin expansion ahead of Q2 wage hikes. ✓ fact
• Automotive Vertical Margin Dilution and Reversal: European automotive cost pressures persist; 0.3% Q1 growth acceleration reverses in July to September 2026. ✓ fact
• Aggressive Competitor Pricing on Productivity Guarantees: Competitors offering 70-80% 5-year productivity guarantees and flat infrastructure pricing amid chip inflation. ✓ fact
• Guidance Outperformance Confidence Dilution: Shift in management language on FY27 growth from high confidence above peers to at par or slightly better. ✓ fact

Our read after the April to June 2026 results, written 22 August 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

When Tech Mahindra reports October to December 2026, these are the 4 checks that show whether the story is still on course. First: Full-year margin goal delivery in Q3 print - requires having at reiterated level after closing within narrow gap in Q2.

Tech Mahindra is on 5 of our India lists: Momentum stocks, Nifty 50 companies, 52 week high & low, Dividend stocks and IT stocks.

Tech Mahindra Ltd earned ₹1,610 Cr of net profit in the Sep 2026 quarter, +33.9% on the same quarter a year earlier. That is the 4th quarter in a row of profit growth. Full-year FY26 profit was ₹4,806 Cr. Over 10 years profit has grown 4.7% a year on average. That is 10.0% of the quarter's revenue.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

The same quarter a year earlier earned ₹1,202 Cr.

For the full year, FY26 profit was ₹4,806 Cr (+13.0% on the year before).

Why profit moved: revenue changed +15.6% on a year earlier and the margin moved +3.0 percentage points. Most of the change came from keeping more of each sale.

On average over the last four quarters, profit changed +24.3% and revenue +13.5%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

FY27-Q1. revenue ₹15,712 Cr and profit ₹1,486 Cr as reported.

FY27-Q2. revenue ₹16,180 Cr and profit ₹1,610 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

Tech Mahindra Ltd reported ₹16,180 Cr of revenue in the Sep 2026 quarter, +15.6% on the same quarter a year earlier. That is the 9th quarter in a row with growth on the year before. Over 10 years it has grown 7.9% a year on average. The last full year, FY26, came in at ₹56,815 Cr.

Revenue is everything the company billed its customers in the period.

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.

The last four reported quarters add to ₹61,361 Cr.

FY26 revenue was ₹56,815 Cr, +7.2% on the year before.

Recent pace: the last four quarters grew +13.5% on average, against 7.9% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +13.6%, against +8.3% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +24.9%, against +29.7% a year (rolling over).

FY27-Q1. revenue ₹15,712 Cr and profit ₹1,486 Cr as reported.

FY27-Q2. revenue ₹16,180 Cr and profit ₹1,610 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

Tech Mahindra Ltd's operating margin was 18.0% in the Sep 2026 quarter, 3.0 percentage points higher than the same quarter a year ago. Across 13 years it has been between 9.0% and 22.0%. The latest quarter is within that range.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

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% goal.

Why the margin moved: operating margin changed +2.3 percentage points on the year while gross margin changed +0.0 points. So the gain came mostly from costs below the gross margin, such as staff and overheads, measured against sales.

FY27-Q1. revenue ₹15,712 Cr and profit ₹1,486 Cr as reported.

FY27-Q2. revenue ₹16,180 Cr and profit ₹1,610 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

Over the last 3 years, 160% of Tech Mahindra Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹6,172 Cr of operating cash against ₹4,806 Cr of profit. After ₹2,770 Cr of spending on assets, ₹3,402 Cr was left over as free cash.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 160% of profit came in as cash: the cash cycle got 24 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives.

What to look at next: no single use of cash stands out. The next section checks both the cash tied up in daily operations and the spending on assets.

Tech Mahindra Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 86 days in FY26, up from 62 days in FY21. It spent ₹5,391 Cr on assets over the last 3 years.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹56,815 Cr, each day of that cycle ties up about ₹156 Cr, so roughly ₹13,387 Cr is tied up in the business at any time.

Spending on assets: ₹5,391 Cr over the last 3 years, against ₹5,552 Cr of depreciation (the yearly wear and tear on existing assets). So it is spending about what it takes to replace what wears out, or less. Work still in progress is ₹27.0 Cr (FY26): assets paid for that are not earning yet.

In short: neither the daily cycle nor new spending is soaking up the cash, so the picture is fairly clean.

Tech Mahindra Ltd's P/E is 31.4×, near the high end of its own history: higher than 80% of past readings. Its usual P/E (the middle reading) is 20.5×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Sep 2026 add up to ₹56.40.