Tech Mahindra Ltd
TECHMTech Mahindra Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it.
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 downtrend (20 weeks in) while the P/E sits at the 77th 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 ₹1,651, in a downtrend and 20 weeks into that stage. That is +10.6% against its own 200-day average. It sits at 83% 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 3 straight weeks.
Today the stock is in a downtrend — week 20 of stage 4. At ₹1,651 it trades +10.6% versus its 200-day average and sits at 83% of its 52-week range (₹1,332–₹1,717).
Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +257% while the NIFTY 500 moved +268% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 3 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.
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 30.4× P/E, at the pricey end of its own range (77th percentile). Its long-run median P/E is 20.1×, measured across 10.5 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 30.4× is at the pricey end of its own range (77th percentile), against a long-run median of 20.1× measured over 10.5 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 +14.8% price move — the price outran earnings, pushing the multiple UP its own range.
The price move, decomposed: over 5y, of the +6.4%/yr price move, ~+1.8%/yr came from earnings growth and ~+4.6 pp from the multiple (expanding); over 10y, of the +13.0%/yr price move, ~+5.0%/yr came from earnings growth and ~+8.0 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.
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 | +14.8% | +14.8% | +6.4% | +13.0% |
4-Factor Sector Score
63.0/100 — rank 9 of 63 in IT - Software · 94% evidence confidence
Tech Mahindra Ltd scores 63.0 out of 100 against the 63 companies it is compared with in IT - Software, ranking 9. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 20.8 + 16.1 + 10.8 + 15.3 = 63. 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.
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.
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.
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.
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.
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.
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.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Coforge LtdCOFORGE | 75.9/100Favorable setup100% evidence | BREAKING OUT | 30.3/35 Revenue 35.7% · PAT 66.5% · OPM change 3 pp 100% evidence | 15.6/25 ROCE 23.5% · OPM 19% 100% evidence | 12.6/20 P/E 39.8× · PEG 0.57 100% evidence | 17.4/20 RS sector 7.8% · RS bench 10.4% · 1Y 1.9%11 of 12 weeks ahead 100% evidence |
| Exact sum: 30.3 + 15.6 + 12.6 + 17.4 = 75.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 2Silver Touch Technologies LtdSILVERTUC | 71.3/100Favorable setup93% evidence | LEADER | 30.6/35 Revenue 21.1% · PAT 86.4% · OPM change 8 pp 100% evidence | 16.9/25 ROCE 28.9% · OPM 22% 100% evidence | 10.2/20 P/E 61.4× · PEG 1.11 65% evidence | 13.6/20 RS sector 54.7% · RS bench 61.9% · 1Y 157%12 of 12 weeks ahead 100% evidence |
| Exact sum: 30.6 + 16.9 + 10.2 + 13.6 = 71.3 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 3NINtec Systems LtdNINSYS | 70.8/100Favorable setup76% evidence | LEADER | 20.8/35 Revenue 21.7% · PAT 21.6% · OPM change 8.1 pp 83% evidence | 21.9/25 ROCE 55% · OPM 30.1% 95% evidence | 9.2/20 P/E 45.4× · PEG — 15% evidence | 18.9/20 RS sector 53.9% · RS bench 58.6% · 1Y 84.9%12 of 12 weeks ahead 100% evidence |
| Exact sum: 20.8 + 21.9 + 9.2 + 18.9 = 70.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4InfoBeans Technologies LtdINFOBEAN | 67.4/100Favorable setup81% evidence | ASLEEP | 27.0/35 Revenue 35.5% · PAT 60.4% · OPM change 0 pp 95% evidence | 16.8/25 ROCE 29.2% · OPM 21% 95% evidence | 9.5/20 P/E 19× · PEG — 50% evidence | 14.1/20 RS sector 17.4% · RS bench -0.7% · 1Y 18.3%4 of 10 weeks ahead 70% evidence |
| Exact sum: 27 + 16.8 + 9.5 + 14.1 = 67.4 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 5Sasken Technologies LtdSASKEN | 65.9/100Favorable setup100% evidence | LEADER | 30.8/35 Revenue 67.8% · PAT 67.4% · OPM change 4 pp 100% evidence | 7.7/25 ROCE 9.9% · OPM 9% 100% evidence | 9.6/20 P/E 37.3× · PEG 0.68 100% evidence | 17.8/20 RS sector 15.4% · RS bench 19.1% · 1Y 23.3%12 of 12 weeks ahead 100% evidence |
| Exact sum: 30.8 + 7.7 + 9.6 + 17.8 = 65.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 6Sahana Systems LtdSAHANA | 65.3/100Favorable setup70% evidence | BASING | 21.8/35 Revenue 100% · PAT 100% · OPM change -3 pp 48% evidence | 19.4/25 ROCE 39.8% · OPM 29% 95% evidence | 14.4/20 P/E 13.2× · PEG — 50% evidence | 9.7/20 RS sector -14.3% · RS bench 3.2% · 1Y -35.4%0 of 12 weeks ahead 100% evidence |
| Exact sum: 21.8 + 19.4 + 14.4 + 9.7 = 65.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7Cigniti Technologies LtdCIGNITITEC | 64.3/100Mixed-positive evidence79% evidence | 23.4/35 Revenue 14% · PAT 96.1% · OPM change 2 pp 56% evidence | 16.1/25 ROCE 34.1% · OPM 18% 75% evidence | 16.1/20 P/E 11.4× · PEG 0.61 100% evidence | 8.7/20 RS sector -9.5% · RS bench -15% · 1Y -20.5%0 of 1 week ahead to 2026-05-17 100% evidence | |
| Exact sum: 23.4 + 16.1 + 16.1 + 8.7 = 64.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8Hypersoft Technologies Ltd539724 | 63.2/100Mixed-positive evidence61% evidence | LEADER | 25.7/35 Revenue 100% · PAT 100% · OPM change 2.9 pp 71% evidence | 12.0/25 ROCE 20.6% · OPM 14% 76% evidence | 8.6/20 P/E 441× · PEG — 15% evidence | 16.9/20 RS sector 81.1% · RS bench 88.7% · 1Y 282.1%12 of 12 weeks ahead 70% evidence |
| Exact sum: 25.7 + 12 + 8.6 + 16.9 = 63.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 9Tech Mahindra Ltdthis pageTECHM | 63.0/100Mixed-positive evidence94% evidence | TURNING | 20.8/35 Revenue 10.9% · PAT 14.3% · OPM change 3 pp 100% evidence | 16.1/25 ROCE 23.1% · OPM 17% 100% evidence | 10.8/20 P/E 30.4× · PEG 0.76 100% evidence | 15.3/20 RS sector 14.8% · RS bench 9.3% · 1Y 13%4 of 11 weeks ahead 70% evidence |
| Exact sum: 20.8 + 16.1 + 10.8 + 15.3 = 63 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 10ASM Technologies Ltd526433 | 62.9/100Mixed-positive evidence65% evidence | TURNING | 23.7/35 Revenue 82.1% · PAT 100% · OPM change -4 pp 83% evidence | 15.5/25 ROCE 27% · OPM 18% 76% evidence | 8.8/20 P/E 118× · PEG — 15% evidence | 14.9/20 RS sector 5.7% · RS bench 43% · 1Y 61.1%10 of 10 weeks ahead 70% evidence |
| Exact sum: 23.7 + 15.5 + 8.8 + 14.9 = 62.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 11Saksoft LtdSAKSOFT | 62.8/100Mixed-positive evidence90% evidence | TURNING | 24.0/35 Revenue 14% · PAT 22% · OPM change 3 pp 88% evidence | 18.7/25 ROCE 25.5% · OPM 18% 100% evidence | 13.5/20 P/E 16.4× · PEG 0.41 100% evidence | 6.6/20 RS sector -21.2% · RS bench -3.3% · 1Y -21.8%6 of 11 weeks ahead 70% evidence |
| Exact sum: 24 + 18.7 + 13.5 + 6.6 = 62.8 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -21.2% and the one-year return is -21.8%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 12Softtech Engineers LtdSOFTTECH | 61.2/100Mixed-positive evidence76% evidence | FADING | 27.8/35 Revenue 39.5% · PAT 100% · OPM change 6.2 pp 83% evidence | 11.7/25 ROCE 6.2% · OPM 21.4% 95% evidence | 8.8/20 P/E 117× · PEG — 15% evidence | 12.9/20 RS sector 12.7% · RS bench 15.9% · 1Y 15.6%11 of 12 weeks ahead 100% evidence |
| Exact sum: 27.8 + 11.7 + 8.8 + 12.9 = 61.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 13Datamatics Global Services LtdDATAMATICS | 60.9/100Mixed-positive evidence90% evidence | TURNING | 20.9/35 Revenue 15.3% · PAT -5.8% · OPM change 6 pp 88% evidence | 17.9/25 ROCE 20.8% · OPM 21% 100% evidence | 8.5/20 P/E 20.6× · PEG 1.08 100% evidence | 13.6/20 RS sector 9.6% · RS bench 0.6% · 1Y -5.4%6 of 10 weeks ahead 70% evidence |
| Exact sum: 20.9 + 17.9 + 8.5 + 13.6 = 60.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 14R Systems International LtdRSYSTEMS | 60.4/100Mixed-positive evidence96% evidence | BASING | 23.9/35 Revenue 18.3% · PAT 48.3% · OPM change 2 pp 88% evidence | 14.5/25 ROCE 19.5% · OPM 18% 100% evidence | 18.2/20 P/E 13.5× · PEG 0.26 100% evidence | 3.8/20 RS sector -26% · RS bench -24.4% · 1Y -37.4%0 of 12 weeks ahead 100% evidence |
| Exact sum: 23.9 + 14.5 + 18.2 + 3.8 = 60.4 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -26% and the one-year return is -37.4%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 15BLS E-Services LtdBLSE | 58.2/100Mixed-positive evidence71% evidence | LEADER | 19.4/35 Revenue 100% · PAT 16.9% · OPM change -2 pp 83% evidence | 10.5/25 ROCE 17% · OPM 6% 76% evidence | 9.0/20 P/E 47.5× · PEG — 15% evidence | 19.3/20 RS sector 47.6% · RS bench 51.9% · 1Y 62.6%12 of 12 weeks ahead 100% evidence |
| Exact sum: 19.4 + 10.5 + 9 + 19.3 = 58.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 16String Metaverse Ltd534535 | 56.8/100Mixed-positive evidence78% evidence | ASLEEP | 26.3/35 Revenue 100% · PAT 100% · OPM change 0 pp 83% evidence | 15.4/25 ROCE 41.6% · OPM 10% 76% evidence | 14.7/20 P/E 6.8× · PEG — 50% evidence | 0.4/20 RS sector -67.5% · RS bench -60.8% · 1Y -80.6%0 of 12 weeks ahead 100% evidence |
| Exact sum: 26.3 + 15.4 + 14.7 + 0.4 = 56.8 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -67.5% and the one-year return is -80.6%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 17Sonata Software LtdSONATSOFTW | 56.7/100Mixed-positive evidence93% evidence | BREAKING OUT | 11.7/35 Revenue 5.4% · PAT 8.9% · OPM change 1 pp 83% evidence | 16.8/25 ROCE 30.7% · OPM 8% 95% evidence | 14.4/20 P/E 17.7× · PEG 0.61 100% evidence | 13.8/20 RS sector -1.1% · RS bench 1.3% · 1Y -21.9%7 of 12 weeks ahead 100% evidence |
| Exact sum: 11.7 + 16.8 + 14.4 + 13.8 = 56.7 · Decision use: Price leads the evidence: RS versus the benchmark is 1.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 18Ksolves India LtdKSOLVES | 56.6/100Mixed-positive evidence87% evidence | ASLEEP | 17.6/35 Revenue 16% · PAT 16.7% · OPM change 3.9 pp 95% evidence | 20.3/25 ROCE 131% · OPM 30.3% 95% evidence | 13.6/20 P/E 18× · PEG — 50% evidence | 5.1/20 RS sector -10% · RS bench -7.2% · 1Y -15.5%0 of 12 weeks ahead 100% evidence |
| Exact sum: 17.6 + 20.3 + 13.6 + 5.1 = 56.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 19Infosys LtdINFY | 56.1/100Mixed-positive evidence82% evidence | BASING | 18.2/35 Revenue 11.2% · PAT 11.1% · OPM change 0 pp 95% evidence | 20.0/25 ROCE 40% · OPM 24% 76% evidence | 14.1/20 P/E 14.7× · PEG — 50% evidence | 3.8/20 RS sector -21.2% · RS bench -18.8% · 1Y -25.4%0 of 12 weeks ahead 100% evidence |
| Exact sum: 18.2 + 20 + 14.1 + 3.8 = 56.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 20Xchanging Solutions LtdXCHANGING | 55.0/100Mixed-positive evidence77% evidence | ASLEEP | 21.0/35 Revenue 9.7% · PAT 18% · OPM change 3 pp 83% evidence | 15.3/25 ROCE 18% · OPM 37% 95% evidence | 13.4/20 P/E 12.4× · PEG — 50% evidence | 5.3/20 RS sector -24.4% · RS bench -11.9% · 1Y -27.2%1 of 10 weeks ahead 70% evidence |
| Exact sum: 21 + 15.3 + 13.4 + 5.3 = 55 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 21RNIT AI Solutions LtdAUTOPALIND | 54.4/100Thin evidence · provisional51% evidence | 20.5/35 Revenue 59.8% · PAT 66.7% · OPM change 5.1 pp 83% evidence | 14.6/25 ROCE 20.2% · OPM 40.2% 76% evidence | 9.3/20 P/E 39.8× · PEG — 15% evidence | 10.0/20 RS sector — · RS bench — · 1Y —5 of 10 weeks ahead 0% evidence | |
| Exact sum: 20.5 + 14.6 + 9.3 + 10 = 54.4 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 22Dynacons Systems & Solutions LtdDSSL | 53.7/100Mixed-positive evidence83% evidence | LEADER | 15.7/35 Revenue 12.4% · PAT 19.4% · OPM change 0 pp 83% evidence | 16.8/25 ROCE 29.8% · OPM 9% 95% evidence | 7.8/20 P/E 18.5× · PEG — 50% evidence | 13.4/20 RS sector 10.4% · RS bench 14.3% · 1Y 19.9%12 of 12 weeks ahead 100% evidence |
| Exact sum: 15.7 + 16.8 + 7.8 + 13.4 = 53.7 · Decision use: Price leads the evidence: RS versus the benchmark is 14.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 23HCL Technologies LtdHCLTECH | 53.5/100Mixed-positive evidence76% evidence | TURNING | 12.6/35 Revenue 12.6% · PAT 2.6% · OPM change 0 pp 95% evidence | 19.0/25 ROCE 30.4% · OPM 20% 76% evidence | 9.5/20 P/E 20.2× · PEG — 50% evidence | 12.4/20 RS sector 9.9% · RS bench -6.4% · 1Y -9.6%1 of 10 weeks ahead 70% evidence |
| Exact sum: 12.6 + 19 + 9.5 + 12.4 = 53.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 24Tanla Platforms LtdTANLA | 53.2/100Mixed-positive evidence94% evidence | TURNING | 14.4/35 Revenue 13.2% · PAT 9.9% · OPM change 0 pp 100% evidence | 16.4/25 ROCE 26.3% · OPM 16% 100% evidence | 13.1/20 P/E 14.6× · PEG 1.21 100% evidence | 9.3/20 RS sector -12% · RS bench 5.2% · 1Y -9.6%10 of 10 weeks ahead 70% evidence |
| Exact sum: 14.4 + 16.4 + 13.1 + 9.3 = 53.2 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 25AvenuesAI LtdCCAVENUE | 52.8/100Mixed-positive evidence83% evidence | TURNING | 20.5/35 Revenue 100% · PAT 25.5% · OPM change -2.3 pp 88% evidence | 8.2/25 ROCE 7.7% · OPM 3.7% 100% evidence | 14.9/20 P/E 19.6× · PEG 0.37 65% evidence | 9.2/20 RS sector -2.2% · RS bench -3.6% · 1Y -1.2%5 of 11 weeks ahead 70% evidence |
| Exact sum: 20.5 + 8.2 + 14.9 + 9.2 = 52.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 26Seshaasai Technologies LtdSTYL | 52.8/100Mixed-positive evidence73% evidence | TURNING | 13.1/35 Revenue 6.7% · PAT 20.6% · OPM change 0 pp 100% evidence | 16.9/25 ROCE 27.7% · OPM 23% 100% evidence | 12.8/20 P/E 21.2× · PEG 0.81 65% evidence | 10.0/20 RS sector — · RS bench — · 1Y —8 of 10 weeks ahead 0% evidence |
| Exact sum: 13.1 + 16.9 + 12.8 + 10 = 52.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 27Tata Consultancy Services LtdTCS | 52.5/100Mixed-positive evidence94% evidence | ASLEEP | 11.1/35 Revenue 7.7% · PAT 1.1% · OPM change -1 pp 100% evidence | 22.3/25 ROCE 63% · OPM 26% 100% evidence | 11.8/20 P/E 15.9× · PEG 1.85 100% evidence | 7.3/20 RS sector -4.6% · RS bench -15.1% · 1Y -24.6%0 of 10 weeks ahead 70% evidence |
| Exact sum: 11.1 + 22.3 + 11.8 + 7.3 = 52.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 28Expleo Solutions LtdEXPLEOSOL | 51.4/100Mixed-positive evidence77% evidence | ASLEEP | 15.4/35 Revenue 8.1% · PAT 20.4% · OPM change -1 pp 83% evidence | 15.7/25 ROCE 24.8% · OPM 15% 95% evidence | 13.9/20 P/E 9.2× · PEG — 50% evidence | 6.4/20 RS sector -13.4% · RS bench -13.1% · 1Y -34.3%5 of 10 weeks ahead 70% evidence |
| Exact sum: 15.4 + 15.7 + 13.9 + 6.4 = 51.4 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 29IZMO LtdIZMO | 51.2/100Mixed-positive evidence77% evidence | TURNING | 16.2/35 Revenue 26.1% · PAT -2% · OPM change -5 pp 83% evidence | 12.5/25 ROCE 12.6% · OPM 14% 95% evidence | 6.6/20 P/E 31.2× · PEG — 50% evidence | 15.9/20 RS sector 28.9% · RS bench 19.5% · 1Y 161%7 of 10 weeks ahead 70% evidence |
| Exact sum: 16.2 + 12.5 + 6.6 + 15.9 = 51.2 · Decision use: Price leads the evidence: RS versus the benchmark is 19.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 30LTM LtdLTM | 50.8/100Mixed-positive evidence100% evidence | TURNING | 17.1/35 Revenue 13.9% · PAT 10% · OPM change 1 pp 100% evidence | 17.8/25 ROCE 29.6% · OPM 18% 100% evidence | 11.2/20 P/E 23.1× · PEG 1.18 100% evidence | 4.7/20 RS sector -16% · RS bench -13.6% · 1Y -14.4%0 of 12 weeks ahead 100% evidence |
| Exact sum: 17.1 + 17.8 + 11.2 + 4.7 = 50.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 31Wipro LtdWIPRO | 50.3/100Mixed-positive evidence94% evidence | ASLEEP | 13.8/35 Revenue 6.4% · PAT -1.7% · OPM change 0 pp 100% evidence | 14.9/25 ROCE 17.8% · OPM 19% 100% evidence | 13.2/20 P/E 13.8× · PEG 1.4 100% evidence | 8.4/20 RS sector -1.9% · RS bench -18.5% · 1Y -29.1%0 of 10 weeks ahead 70% evidence |
| Exact sum: 13.8 + 14.9 + 13.2 + 8.4 = 50.3 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 32Mastek LtdMASTEK | 50.3/100Mixed-positive evidence82% evidence | TURNING | 14.1/35 Revenue 6% · PAT 5% · OPM change 0 pp 95% evidence | 13.8/25 ROCE 18% · OPM 15% 76% evidence | 12.7/20 P/E 13.2× · PEG — 50% evidence | 9.7/20 RS sector -6.7% · RS bench -4.4% · 1Y -24.4%1 of 12 weeks ahead 100% evidence |
| Exact sum: 14.1 + 13.8 + 12.7 + 9.7 = 50.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 33Subex LtdSUBEXLTD | 50.0/100Thin evidence · provisional53% evidence | TURNING | 19.8/35 Revenue -2.3% · PAT 100% · OPM change 31 pp 62% evidence | 8.7/25 ROCE 12.8% · OPM 12.6% 95% evidence | 9.9/20 P/E 21.7× · PEG — 15% evidence | 11.6/20 RS sector — · RS bench 8.4% · 1Y —3 of 3 weeks ahead 25% evidence |
| Exact sum: 19.8 + 8.7 + 9.9 + 11.6 = 50 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 34Birlasoft LtdBSOFT | 49.4/100Mixed-negative evidence100% evidence | BASING | 19.8/35 Revenue 1.4% · PAT 21.1% · OPM change 4 pp 100% evidence | 13.0/25 ROCE 21.2% · OPM 16% 100% evidence | 14.5/20 P/E 14.2× · PEG 0.62 100% evidence | 2.1/20 RS sector -21.6% · RS bench -19% · 1Y -23.5%0 of 12 weeks ahead 100% evidence |
| Exact sum: 19.8 + 13 + 14.5 + 2.1 = 49.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 35Blue Cloud Softech Solutions Ltd539607 | 49.1/100Mixed-negative evidence65% evidence | TURNING | 20.3/35 Revenue 25.7% · PAT 39.5% · OPM change 8 pp 83% evidence | 10.7/25 ROCE 14.2% · OPM 17% 76% evidence | 9.6/20 P/E 29.8× · PEG — 15% evidence | 8.5/20 RS sector -1.9% · RS bench -14.9% · 1Y -35.1%0 of 10 weeks ahead 70% evidence |
| Exact sum: 20.3 + 10.7 + 9.6 + 8.5 = 49.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 36Hexaware Technologies LtdHEXT | 48.3/100Mixed-negative evidence94% evidence | TURNING | 14.5/35 Revenue 13% · PAT 1.2% · OPM change 4 pp 100% evidence | 17.5/25 ROCE 30.1% · OPM 16% 100% evidence | 10.4/20 P/E 24.2× · PEG 0.81 100% evidence | 5.9/20 RS sector -21.4% · RS bench -9.9% · 1Y -24%6 of 10 weeks ahead 70% evidence |
| Exact sum: 14.5 + 17.5 + 10.4 + 5.9 = 48.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 37Mphasis LtdMPHASIS | 48.1/100Mixed-negative evidence94% evidence | TURNING | 15.3/35 Revenue 13.7% · PAT 9.9% · OPM change -1 pp 100% evidence | 17.1/25 ROCE 22.1% · OPM 18% 100% evidence | 5.6/20 P/E 23.1× · PEG 2.19 100% evidence | 10.1/20 RS sector 0% · RS bench -9.2% · 1Y -10.8%0 of 10 weeks ahead 70% evidence |
| Exact sum: 15.3 + 17.1 + 5.6 + 10.1 = 48.1 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. | ||||||
| 38Zensar Technologies LtdZENSARTECH | 47.4/100Mixed-negative evidence100% evidence | BASING | 15.8/35 Revenue 8% · PAT 15.3% · OPM change 0 pp 100% evidence | 13.8/25 ROCE 22.8% · OPM 15% 100% evidence | 13.3/20 P/E 14.5× · PEG 1.11 100% evidence | 4.5/20 RS sector -23.7% · RS bench -21.9% · 1Y -36.2%0 of 12 weeks ahead 100% evidence |
| Exact sum: 15.8 + 13.8 + 13.3 + 4.5 = 47.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 39TechNVision Ventures LtdTECHNVISN | 46.5/100Mixed-negative evidence62% evidence | ASLEEP | 17.0/35 Revenue 18.2% · PAT 90.9% · OPM change -5.7 pp 62% evidence | 8.9/25 ROCE 12.9% · OPM -4.1% 95% evidence | 8.5/20 P/E 12760× · PEG — 15% evidence | 12.1/20 RS sector 32.1% · RS bench -21.9% · 1Y 16.2%0 of 7 weeks ahead 70% evidence |
| Exact sum: 17 + 8.9 + 8.5 + 12.1 = 46.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 40XT Global Infotech LtdXTGLOBAL | 46.5/100Mixed-negative evidence61% evidence | 18.7/35 Revenue 85.4% · PAT 29.4% · OPM change -6.6 pp 53% evidence | 9.2/25 ROCE 7.5% · OPM 9.5% 71% evidence | 9.4/20 P/E 40.8× · PEG — 50% evidence | 9.2/20 RS sector -1.1% · RS bench -12.7% · 1Y -18.7%2 of 12 weeks ahead to 2026-03-29 70% evidence | |
| Exact sum: 18.7 + 9.2 + 9.4 + 9.2 = 46.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 41Unicommerce eSolutions LtdUNIECOM | 46.4/100Mixed-negative evidence70% evidence | ASLEEP | 14.9/35 Revenue 51.6% · PAT 16.1% · OPM change -4.8 pp 83% evidence | 17.1/25 ROCE 21.1% · OPM 13.4% 95% evidence | 9.1/20 P/E 46.5× · PEG — 15% evidence | 5.3/20 RS sector -14.5% · RS bench -24.2% · 1Y -31.1%0 of 10 weeks ahead 70% evidence |
| Exact sum: 14.9 + 17.1 + 9.1 + 5.3 = 46.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 42Capillary Technologies India LtdCAPILLARY | 44.2/100Thin evidence · provisional59% evidence | ASLEEP | 21.6/35 Revenue 22.5% · PAT 271.4% · OPM change -2 pp 88% evidence | 4.0/25 ROCE 3.6% · OPM 16% 100% evidence | 8.6/20 P/E 134× · PEG — 15% evidence | 10.0/20 RS sector — · RS bench — · 1Y —0 of 10 weeks ahead 0% evidence |
| Exact sum: 21.6 + 4 + 8.6 + 10 = 44.2 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 43Magellanic Cloud LtdMCLOUD | 44.0/100Mixed-negative evidence77% evidence | TURNING | 13.3/35 Revenue 17.1% · PAT 11.7% · OPM change -3 pp 83% evidence | 15.4/25 ROCE 19.8% · OPM 26% 95% evidence | 11.9/20 P/E 14.9× · PEG — 50% evidence | 3.4/20 RS sector -54.5% · RS bench -27.4% · 1Y -64.9%5 of 11 weeks ahead 70% evidence |
| Exact sum: 13.3 + 15.4 + 11.9 + 3.4 = 44 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 44Mindteck (India) LtdMINDTECK | 43.8/100Mixed-negative evidence77% evidence | ASLEEP | 14.6/35 Revenue -4% · PAT 10.3% · OPM change 2 pp 83% evidence | 10.6/25 ROCE 15.1% · OPM 10% 95% evidence | 11.7/20 P/E 18.2× · PEG — 50% evidence | 6.9/20 RS sector -10.1% · RS bench -9.9% · 1Y -6.9%3 of 10 weeks ahead 70% evidence |
| Exact sum: 14.6 + 10.6 + 11.7 + 6.9 = 43.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 45Innovana Thinklabs LtdINNOVANA | 38.7/100Mixed-negative evidence77% evidence | ASLEEP | 10.2/35 Revenue 27.9% · PAT -18.2% · OPM change -46.5 pp 83% evidence | 10.0/25 ROCE 16.4% · OPM 9.7% 95% evidence | 9.7/20 P/E 17.8× · PEG — 50% evidence | 8.8/20 RS sector -0.4% · RS bench -22% · 1Y -39.3%0 of 10 weeks ahead 70% evidence |
| Exact sum: 10.2 + 10 + 9.7 + 8.8 = 38.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4663 Moons Technologies Ltd63MOONS | 38.7/100Mixed-negative evidence62% evidence | TURNING | 16.7/35 Revenue 100% · PAT -17% · OPM change 397 pp 83% evidence | 3.4/25 ROCE -3.7% · OPM -57% 76% evidence | 10.0/20 P/E — · PEG — 0% evidence | 8.6/20 RS sector -22.4% · RS bench 26.5% · 1Y -10.7%7 of 11 weeks ahead 70% evidence |
| Exact sum: 16.7 + 3.4 + 10 + 8.6 = 38.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 47Allied Digital Services LtdADSL | 38.2/100Mixed-negative evidence62% evidence | ASLEEP | 18.1/35 Revenue 19.9% · PAT 25.8% · OPM change 0.8 pp 62% evidence | 5.5/25 ROCE 7.3% · OPM -3.8% 95% evidence | 10.4/20 P/E 18.1× · PEG — 15% evidence | 4.2/20 RS sector -29.8% · RS bench -19.6% · 1Y -33.4%5 of 10 weeks ahead 70% evidence |
| Exact sum: 18.1 + 5.5 + 10.4 + 4.2 = 38.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 48Kellton Tech Solutions LtdKELLTONTEC | 36.4/100Mixed-negative evidence81% evidence | ASLEEP | 10.4/35 Revenue 9.5% · PAT 9.6% · OPM change -1 pp 95% evidence | 9.5/25 ROCE 15% · OPM 11% 95% evidence | 11.5/20 P/E 8.3× · PEG — 50% evidence | 5.0/20 RS sector -18.8% · RS bench -25.3% · 1Y -55.9%0 of 10 weeks ahead 70% evidence |
| Exact sum: 10.4 + 9.5 + 11.5 + 5 = 36.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 49Aurionpro Solutions LtdAURIONPRO | 35.9/100Mixed-negative evidence93% evidence | ASLEEP | 13.5/35 Revenue 14.8% · PAT 5.1% · OPM change -3 pp 100% evidence | 10.7/25 ROCE 16.3% · OPM 17% 100% evidence | 9.9/20 P/E 19.3× · PEG 1.39 65% evidence | 1.8/20 RS sector -29.5% · RS bench -27.8% · 1Y -47.5%2 of 12 weeks ahead 100% evidence |
| Exact sum: 13.5 + 10.7 + 9.9 + 1.8 = 35.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 50Moschip Technologies LtdMOSCHIP | 30.3/100Adverse evidence87% evidence | TURNING | 8.1/35 Revenue 8.4% · PAT -33.6% · OPM change -3.9 pp 100% evidence | 6.8/25 ROCE 11% · OPM 8.2% 100% evidence | 3.7/20 P/E 127× · PEG 5.04 65% evidence | 11.7/20 RS sector 1.9% · RS bench -2.2% · 1Y 23.8%9 of 10 weeks ahead 70% evidence |
| Exact sum: 8.1 + 6.8 + 3.7 + 11.7 = 30.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 51Quick Heal Technologies LtdQUICKHEAL | 20.4/100Adverse evidence69% evidence | ASLEEP | 6.2/35 Revenue -6.6% · PAT -80% · OPM change -22.1 pp 71% evidence | 1.6/25 ROCE -4.7% · OPM -39% 95% evidence | 10.0/20 P/E — · PEG — 0% evidence | 2.6/20 RS sector -35.1% · RS bench -34% · 1Y -52.5%8 of 12 weeks ahead 100% evidence |
| Exact sum: 6.2 + 1.6 + 10 + 2.6 = 20.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 52Covance Softsol Ltd544361 | 66.7/100Thin evidence · provisional49% evidence | 25.7/35 Revenue 43.5% · PAT 100% · OPM change 19.7 pp 62% evidence | 17.9/25 ROCE 31.4% · OPM 23.1% 76% evidence | 10.7/20 P/E 15.3× · PEG — 15% evidence | 12.4/20 RS sector — · RS bench 82.1% · 1Y — 25% evidence | |
| Exact sum: 25.7 + 17.9 + 10.7 + 12.4 = 66.7 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 53Meta Infotech LtdMETA | 54.6/100Thin evidence · provisional21% evidence | 17.1/35 Revenue — · PAT — · OPM change -2 pp 10% evidence | 16.3/25 ROCE 51.1% · OPM 8% 57% evidence | 11.2/20 P/E 13× · PEG — 15% evidence | 10.0/20 RS sector — · RS bench — · 1Y -52.4%0 of 12 weeks ahead to 2026-03-08 0% evidence | |
| Exact sum: 17.1 + 16.3 + 11.2 + 10 = 54.6 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 54TAC Infosec LtdTAC | 54.2/100Thin evidence · provisional50% evidence | TURNING | 18.1/35 Revenue — · PAT — · OPM change -6 pp 26% evidence | 20.5/25 ROCE 38.1% · OPM 45% 95% evidence | 9.1/20 P/E 46.4× · PEG — 15% evidence | 6.5/20 RS sector -13.2% · RS bench -13.4% · 1Y 12.1%1 of 10 weeks ahead 70% evidence |
| Exact sum: 18.1 + 20.5 + 9.1 + 6.5 = 54.2 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 55Exato Technologies Ltd544626 | 52.7/100Thin evidence · provisional33% evidence | 17.1/35 Revenue — · PAT — · OPM change -3.9 pp 32% evidence | 16.1/25 ROCE 26.8% · OPM 10.4% 76% evidence | 9.5/20 P/E 36.6× · PEG — 15% evidence | 10.0/20 RS sector — · RS bench — · 1Y — 0% evidence | |
| Exact sum: 17.1 + 16.1 + 9.5 + 10 = 52.7 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 56Unified Data- Tech Solutions LtdUNIFIED | 52.4/100Thin evidence · provisional22% evidence | 15.8/35 Revenue — · PAT — · OPM change -8 pp 15% evidence | 16.9/25 ROCE 47.9% · OPM 13% 57% evidence | 9.7/20 P/E 23.2× · PEG — 15% evidence | 10.0/20 RS sector — · RS bench — · 1Y 9.4%0 of 12 weeks ahead to 2026-03-08 0% evidence | |
| Exact sum: 15.8 + 16.9 + 9.7 + 10 = 52.4 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 57Kody Technolab LtdKODYTECH | 52.3/100Thin evidence · provisional48% evidence | TURNING | 15.2/35 Revenue — · PAT — · OPM change -5 pp 19% evidence | 12.8/25 ROCE 16.8% · OPM 29% 95% evidence | 8.7/20 P/E 121× · PEG — 15% evidence | 15.6/20 RS sector 10.3% · RS bench 66.8% · 1Y 94.4%7 of 10 weeks ahead 70% evidence |
| Exact sum: 15.2 + 12.8 + 8.7 + 15.6 = 52.3 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 58Trident Techlabs LtdTECHLABS | 46.5/100Thin evidence · provisional40% evidence | 16.2/35 Revenue — · PAT — · OPM change -2 pp 15% evidence | 16.2/25 ROCE 26.7% · OPM 27% 71% evidence | 10.8/20 P/E 14.9× · PEG — 15% evidence | 3.3/20 RS sector -50.3% · RS bench -56.5% · 1Y -65.1%0 of 12 weeks ahead to 2026-03-29 70% evidence | |
| Exact sum: 16.2 + 16.2 + 10.8 + 3.3 = 46.5 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 59Excelsoft Technologies LtdEXCELSOFT | 46.3/100Thin evidence · provisional43% evidence | ASLEEP | 12.8/35 Revenue — · PAT — · OPM change -11 pp 45% evidence | 13.3/25 ROCE 13.6% · OPM 30% 95% evidence | 10.2/20 P/E 19.1× · PEG — 15% evidence | 10.0/20 RS sector — · RS bench — · 1Y —2 of 10 weeks ahead 0% evidence |
| Exact sum: 12.8 + 13.3 + 10.2 + 10 = 46.3 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 60ERP Soft Systems Ltd530909 | 44.8/100Thin evidence · provisional41% evidence | 20.3/35 Revenue 19.1% · PAT 100% · OPM change -1.1 pp 53% evidence | 8.0/25 ROCE 1.6% · OPM 1.7% 57% evidence | 8.9/20 P/E 74.9× · PEG — 15% evidence | 7.6/20 RS sector — · RS bench -47.6% · 1Y -56.7%0 of 12 weeks ahead to 2026-03-29 25% evidence | |
| Exact sum: 20.3 + 8 + 8.9 + 7.6 = 44.8 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 61Veefin Solutions LtdVEEFIN | 43.3/100Thin evidence · provisional33% evidence | 17.0/35 Revenue — · PAT — · OPM change -12.4 pp 5% evidence | 10.4/25 ROCE 6.8% · OPM 20% 57% evidence | 9.3/20 P/E 40.5× · PEG — 15% evidence | 6.6/20 RS sector -7.2% · RS bench -18.7% · 1Y -30.3%0 of 12 weeks ahead to 2026-03-08 70% evidence | |
| Exact sum: 17 + 10.4 + 9.3 + 6.6 = 43.3 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 62IDream Film Infrastructure Company Ltd504375 | 41.0/100Thin evidence · provisional30% evidence | 13.5/35 Revenue — · PAT 0% · OPM change — 29% evidence | 5.0/25 ROCE -9.2% · OPM — 61% evidence | 10.0/20 P/E — · PEG — 0% evidence | 12.5/20 RS sector — · RS bench 144.4% · 1Y —4 of 4 weeks ahead 25% evidence | |
| Exact sum: 13.5 + 5 + 10 + 12.5 = 41 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 63Orient Technologies LtdORIENTTECH | 33.7/100Thin evidence · provisional45% evidence | ASLEEP | 15.6/35 Revenue — · PAT — · OPM change -5 pp 13% evidence | 2.2/25 ROCE 8.4% · OPM 2.4% 95% evidence | 9.0/20 P/E 47.7× · PEG — 15% evidence | 6.9/20 RS sector -7.1% · RS bench -16.1% · 1Y -11.7%0 of 10 weeks ahead 70% evidence |
| Exact sum: 15.6 + 2.2 + 9 + 6.9 = 33.7 · 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 ₹1,651, +14.8% over the past year. The company is valued at ₹1,61,841 Cr. The stock sits at 83% of its 52-week range of ₹1,332–₹1,717, +10.6% versus its 200-day average. On the tape, the price is in a downtrend, 20 weeks in. — as of 31 July 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 31 July 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 31 July 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 31 July 2026.
What is Tech Mahindra Ltd's market cap?
Tech Mahindra Ltd's market capitalisation is ₹1,61,841 Cr at a share price of ₹1,651. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 31 July 2026.
What is Tech Mahindra Ltd's P/E ratio?
Tech Mahindra Ltd trades at a P/E of 30.4×, at the 77th percentile of its own 11-year range, against a long-run median of 20.1×. This is a comparison with the stock's own history, not a value call — as of 31 July 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 31 July 2026.
Is Tech Mahindra Ltd overvalued?
On its own history, Tech Mahindra Ltd looks expensive against its own history: its P/E of 30.4× sits at the 77th percentile of its 11-year range (long-run median 20.1×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 31 July 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 31 July 2026.
How is Tech Mahindra Ltd performing?
Tech Mahindra Ltd is in a downtrend, 20 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 3 weeks. This describes what the data did, not a rating. — as of 31 July 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 31 July 2026.
Is Tech Mahindra Ltd in an uptrend?
No — the price is in a downtrend (week 20 of stage 4), trading +10.6% versus its 200-day average and at 83% 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 31 July 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 3 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.3 years the stock moved +257% against the NIFTY 500's +268% — behind the index over the full window. — as of 31 July 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 ₹1,651, the price is in a downtrend 20 weeks in. Its P/E of 30.4× sits at the 77th percentile of its own 11-year range. — as of 31 July 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 31 July 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 31 July 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 31 July 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 31 July 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. 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 31 July 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 31 July 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 31 July 2026.
Is Tech Mahindra Ltd a stock worth studying right now?
This is not investment advice. The machine read: Tech Mahindra Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it. 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 31 July 2026.