# Tech Mahindra share price today (Tech Mahindra Ltd, NSE: TECHM)

> Tech Mahindra share price today: ₹1,783.00 at the NSE close on 4 November 2026, up 28.6% in a year. Tech Mahindra (NSE: TECHM) is worth ₹1,74,751 crore, trades at a P/E of 30.6 and has closed between ₹1,331.70 and ₹1,790.80 over the past 52 weeks. > Tech Mahindra Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. TECHM · IT - Software · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/tech-mahindra-ltd

Our note on Tech Mahindra's latest quarter, with what management said on the call, is in the Sector Alpha newsletter: https://newsletter.sectoralpha.in/p/tech-mahindra-profit-up-72-in-two?utm_source=sectoralpha&utm_medium=ai_text&utm_campaign=llms

## Key numbers

- Business trend: Mixed, from the last 12 quarters
- Price: ₹1,783.00 (+28.6% in a year)
- P/E: 30.6× (higher than 77% of the last 11 years)
- Revenue (Sep 2026): ₹16,180 Cr (+15.6% on a year ago)
- Profit (Sep 2026): ₹1,610 Cr (+33.9% on a year ago)
- Operating margin: 18.0% (+3.0 points on a year ago)
- ROCE: 23%, FY26
- ROIC: 25.8%, against a 12.0% cost of capital: +13.8 points

The main question: foreign institutions moved −2.9 percentage points over 8 quarters while the business went the other way. ## What is the Tech Mahindra share price today? Tech Mahindra Ltd's share price was ₹1,783.00 at the close on 4 November 2026. It has been rising for 13 weeks. That is 15.0% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹1,332 and ₹1,791, and at that close it sat 98% of the way up from that low. 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 +285% 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. ## What changed at Tech Mahindra this quarter? 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. ## What are Tech Mahindra's latest quarterly results? 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

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹16,180 crore | ₹13,995 crore | +15.6% |
| Profit | ₹1,610 crore | ₹1,202 crore | +33.9% |
| Earnings per share | ₹16.18 | ₹12.19 | +32.7% |
| Operating margin | 18.0% | 15.0% | +3.0 points |

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.)

## What is the Tech Mahindra share price history? Tech Mahindra closed at ₹1,783.00 on 4 November 2026, up 28.6% from ₹1,386.70 a year earlier (7 November 2025) and up 18.4% over five years. Its highest weekly close since April 2016 was ₹1,796.40 on 13 December 2024. ### Tech Mahindra share price: then and now

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹1,790.80 | −0.4% |
| 1 month ago · 1 Oct 2026 | ₹1,533.00 | +16.3% |
| 6 months ago · 8 May 2026 | ₹1,463.00 | +21.9% |
| 1 year ago · 7 Nov 2025 | ₹1,386.70 | +28.6% |
| 3 years ago · 3 Nov 2023 | ₹1,133.10 | +57.4% |
| 5 years ago · 4 Nov 2021 | ₹1,505.85 | +18.4% |
| 10 years ago · 4 Nov 2016 | ₹430.05 | +314.6% |
| Earliest weekly close in our records · 1 Apr 2016 | ₹463.10 | +285.0% |
| Highest weekly close since April 2016 · 13 Dec 2024 | ₹1,796.40 | −0.7% |
| Lowest weekly close since April 2016 · 7 Jul 2017 | ₹380.00 | +369.2% |
| 52-week high (weekly close) · 30 Oct 2026 | ₹1,790.80 | −0.4% |
| 52-week low (weekly close) · 6 Mar 2026 | ₹1,331.70 | +33.9% |

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (560 weekly closes from 1 April 2016 to 4 November 2026.)

## What is the latest news on Tech Mahindra? 4 Nov 2026: Tech Mahindra closed at ₹1,783.00, down 0.4% on the week and up 16.3% 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. ## What dividend does Tech Mahindra pay? Tech Mahindra paid ₹51 a share in regular dividends in the 12 months to 5 November 2026 (2 payments), a yield of 2.86% at the ₹1,783.00 close on 4 November 2026. The last was an interim dividend of ₹15 a share, ex-date 23 October 2026. ### Tech Mahindra dividends since 1 April 2021

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 23 Oct 2026 | ₹15 | Interim | same day |
| 3 Jul 2026 | ₹36 | Dividend | same day |
| 20 Oct 2025 | ₹15 | Interim | 21 Oct 2025 |
| 4 Jul 2025 | ₹30 | Dividend | same day |
| 31 Oct 2024 | ₹15 | Interim | 1 Nov 2024 |
| 19 Jul 2024 | ₹28 | Dividend | n/a |
| 2 Nov 2023 | ₹12 | Interim | same day |
| 21 Jul 2023 | ₹32 | Dividend | n/a |
| 9 Nov 2022 | ₹18 | Special | 10 Nov 2022 |
| 21 Jul 2022 | ₹30 | Special + Dividend | n/a |
| 2 Nov 2021 | ₹15 | Special | 5 Nov 2021 |
| 23 Jul 2021 | ₹30 | Dividend + Special | n/a |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

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 5 November 2026.)

## What did Tech Mahindra management say on the latest results call? 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](https://files.tijorifinance.com/insight/india/4644/Conference Call/CC-Oct26.pdf). (From the call for July to September 2026, 15 October 2026.)

## What is the future of Tech Mahindra? What is changing in the business? 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.)

## What could change the Tech Mahindra story? What are the risks? 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.)

## What to watch in Tech Mahindra's next results? 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. - What to check (from the call)
- Full-year margin goal delivery in Q3 print - requires having at reiterated level after closing within narrow gap in Q2. - Manufacturing sequential trajectory in Q3 - check flagged limited drag completes after elevated auto base and normalizes as guided. - AI revenue disclosure debut in upcoming print - verify finance-validated direct versus influenced split appears with methodology. - Free cash flow conversion rebound in Q3 - confirm return toward full-year band as reshaped-deal working capital normalizes. ## Which stock lists is Tech Mahindra on? Tech Mahindra is on 5 of our India lists: Momentum stocks, Nifty 50 companies, 52 week high & low, Dividend stocks and IT stocks. - [Momentum stocks Market cap cr: 174770.44058521333](https://www.sectoralpha.in/momentum-stocks-india)
- [Nifty 50 companies](https://www.sectoralpha.in/nifty-50-stocks-list)
- [52 week high & low 52-week position: Near 52-week high](https://www.sectoralpha.in/52-week-high-stocks-india)
- [Dividend stocks Regular dividend yield (%): 2.86](https://www.sectoralpha.in/dividend-stocks-india)
- [IT stocks Market value (₹ crore): 174770.44058521333](https://www.sectoralpha.in/sectors/it-stocks-india)

## Is Tech Mahindra profitable? 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. 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. ## How much revenue does Tech Mahindra make, and is it growing? 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. 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. ## How much of every ₹100 of sales does Tech Mahindra keep? 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. 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. ## Is Tech Mahindra's profit turning into cash? 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. 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. ## Where does Tech Mahindra's cash go? 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. 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. ## What is Tech Mahindra's P/E ratio, and how does it compare with its own history? Tech Mahindra Ltd's P/E is 30.6×, near the high end of its own history: higher than 77% 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. 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. Why the multiple is where it is: over the past year earnings per share moved +13.1% while the price moved +28.6%. The price did better than earnings, which pushed the multiple up within its own range. Where the price move came from: over 5 years the price moved +3.4% a year; about +2.2% a year came from earnings growth and about +1.2 percentage points from the multiple (the market paying more); over 10 years the price moved +15.3% a year; about +6.3% a year came from earnings growth and about +9.0 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple. ## What growth does the Tech Mahindra share price assume? Worked out from its price on 26 August 2026, Tech Mahindra Ltd's share price assumed profit growth of about 17.3% a year. Over the past 10 years its profit actually grew 4.7% a year. Today its P/E is 30.6×, higher than 77% of its own last 11 years. This is a one-day reading, taken on 26 August 2026. Every other number on this page, the multiple included, uses the latest price as of 4 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements. ## Is the Tech Mahindra business getting better or worse? Tech Mahindra Ltd's business is giving mixed signals. There is no clear direction across the growth lines, with ROCE rising at 23.9%; each line tells part of the story. This is based on 12 quarters of 4 measures. Why it matters: when the lines disagree, each line above matters more than any single label. ## What is the Tech Mahindra story, and has it been checked? Tech Mahindra Ltd's story is not scored yet against the checks our research set on 22 August 2026. Our read, 22 August 2026. From the numbers. The deterministic engine labels the…

From the price. Price stage 2, week 13, above its 200-day line, relative strength rising. From the research. Where they disagree. STRONG OPPORTUNITY. What is proven. 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. 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. Measured by: the thesis as written as stated by the next result. The test written in advance. The test written in advance. Talent Pyramid Optimization Deferral and Wage Headwind. Measured by: Talent Pyramid Optimization Deferral and Wage Headwind Q2 FY27 EBIT margin falling below 14.0% following wage adjustments. by the next result. What the surface reading misses. 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, aiming for 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 Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Tech Mahindra management deliver what it promised? What Tech Mahindra Ltd's management promised, against what actually happened: 4 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. AI Revenue Reporting Timeline Changed · 15 October 2026. In Jul 2026, management said it would develop a credible AI revenue metric and start reporting it over the next quarter. In Oct 2026, management instead scheduled the initial disclosure for H2 FY27, indicating a delayed timeline for a metric that is important to validating the AI growth narrative, without explaining the change. Telecom Concentration Risk Reframed · 15 October 2026. In Apr 2026, management characterized the telecom business as diversified across more than 100 operators and explicitly said it was not excessively dependent on a single client or deal. In Oct 2026, management described the Communications business as having significant client concentration and associated volatility, without clarifying whether the exposure had changed or whether the earlier diversification characterization was too broad. 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. Every quote above is taken word for word from the company’s own earnings calls. ## How much does Tech Mahindra earn on its capital? Tech Mahindra Ltd earned a ROCE of 23% in FY26. That is up from a low of 12% in FY24. Its return on capital used (ROIC) is 13.8 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 8.5% net margin and 1.16× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 8.5% net margin × 1.16× asset turnover × 1.66× leverage (assets divided by equity) ≈ 16.4% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 25.8% − 12.0% = +13.8 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. A gap this wide means each rupee put back into the business creates more than a rupee of value. The 25.8% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 22.6%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Tech Mahindra have too much debt? Tech Mahindra Ltd has total debt of ₹2,184 Cr against shareholder equity of ₹30,122 Cr as of Sep 2026, so its debt is 0.07× its equity, which is very little. Year by year, that ratio went from 0.10 in FY22 to 0.07 in FY26. So the returns on this page come from the business, not from borrowed money. ## What is the Tech Mahindra shareholding pattern? Domestic institutions raised their stake in Tech Mahindra Ltd by 4.8 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 35.7% of the company. Foreign institutions moved −2.9 points over the same period, to 20.8%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Domestic institutions: +4.8 points over 8 quarters, to 35.7%; Foreign institutions: −2.9 points over 8 quarters, to 20.8%; Promoters: −0.1 points over 8 quarters, to 35.0%. Why the owners changed: foreign institutions moved −2.9 points and domestic institutions +4.8 points over 8 quarters, while promoters stayed about the same. One group of institutions took over shares from the other; it is not a change of mind by the people running the company. ## How far is Tech Mahindra from balance-sheet trouble? For Tech Mahindra Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Tech Mahindra rank in its industry? 62.1 out of 100, rank 12 of 69 in IT - Software, with 85% of the evidence available. Tech Mahindra Ltd scores 62.1 out of 100 against the 69 companies it is compared with in IT - Software, ranking 12. Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. The four parts add up to the total exactly: 25.6 + 19.2 + 5.7 + 11.6 = 62.1. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Tech Mahindra compared with? Tech Mahindra ranks 12 of 69 IT - Software companies on the 4-Factor Sector Score, with 62.1 out of 100. 1. [Coforge Ltd](https://www.sectoralpha.in/stocks/coforge-ltd) COFORGE · leader · Most evidence points up · 100% evidence 69.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.4/35 · Revenue 41.5% · Profit 56.3% · Operating margin change 1 points · 100% evidence Capital efficiency 16.4/25 · ROCE 23.5% · Operating margin 20% · 100% evidence Valuation 11.3/20 · P/E 41.7× · PEG 0.57 · 100% evidence Relative strength 18.5/20 · Lead over its industry 24.5% · Lead over NIFTY 500 35.5% · 1 year 15% · 100% evidence · 12 of 12 weeks ahead Exact sum: 23.4 + 16.4 + 11.3 + 18.5 = 69.6 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [Expleo Solutions Ltd](https://www.sectoralpha.in/stocks/expleo-solutions-ltd) EXPLEOSOL · breaking out · Most evidence points up · 81% evidence 68.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.6/35 · Revenue 10.4% · Profit 39.4% · Operating margin change 4 points · 88% evidence Capital efficiency 15.4/25 · ROCE 24.2% · Operating margin 15% · 100% evidence Valuation 18.7/20 · P/E 8.5× · PEG 0.33 · 100% evidence Relative strength 9.6/20 · Lead over its industry n/a · Lead over NIFTY 500 -2.7% · 1 year -20.7% · 25% evidence · 8 of 12 weeks ahead Exact sum: 24.6 + 15.4 + 18.7 + 9.6 = 68.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [Cigniti Technologies Ltd](https://www.sectoralpha.in/stocks/cigniti-technologies-ltd) CIGNITITEC · Too little evidence to rank firmly · 55% evidence 68.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.8/43.75 · Revenue 14% · Profit 96.1% · Operating margin change 2 points · 47% evidence Capital efficiency 20.8/31.25 · ROCE 34.1% · Operating margin 18% · 75% evidence Valuation 19.5/25 · P/E 11.4× · PEG 0.74 · 100% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 27.8 + 20.8 + 19.5 = 68.1 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 4. [Metalic Technoforge Ltd](https://www.sectoralpha.in/stocks/metalic-technoforge-ltd) META · turning · Too little evidence to rank firmly · 51% evidence 67.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 32.8/43.75 · Revenue 100% · Profit 100% · Operating margin change 0 points · 83% evidence Capital efficiency 20.2/31.25 · ROCE 44% · Operating margin 11% · 76% evidence Valuation 14.3/25 · P/E 6.6× · PEG n/a · 15% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 32.8 + 20.2 + 14.3 = 67.3 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 5. [Sahana Systems Ltd](https://www.sectoralpha.in/stocks/sahana-systems-ltd) SAHANA · leader · Too little evidence to rank firmly · 54% evidence 66.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.4/35 · Revenue 100% · Profit 100% · Operating margin change -3 points · 27% evidence Capital efficiency 18.4/25 · ROCE 39.8% · Operating margin 29% · 57% evidence Valuation 12.0/20 · P/E 14.5× · PEG n/a · 50% evidence Relative strength 17.2/20 · Lead over its industry 12.3% · Lead over NIFTY 500 22.7% · 1 year 5.7% · 100% evidence · 12 of 12 weeks ahead Exact sum: 18.4 + 18.4 + 12 + 17.2 = 66 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 6. [Silver Touch Technologies Ltd](https://www.sectoralpha.in/stocks/silver-touch-technologies-ltd) SILVERTUC · quiet · Most evidence points up · 100% evidence 65.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 29.9/35 · Revenue 21.7% · Profit 88% · Operating margin change 5 points · 100% evidence Capital efficiency 21.3/25 · ROCE 29.8% · Operating margin 21% · 100% evidence Valuation 11.2/20 · P/E 31.6× · PEG 1.11 · 100% evidence Relative strength 3.0/20 · Lead over its industry -21.7% · Lead over NIFTY 500 -13.9% · 1 year 52.9% · 100% evidence · 2 of 12 weeks ahead Exact sum: 29.9 + 21.3 + 11.2 + 3 = 65.4 · What this means: Earnings are strong; relative strength in its sector is -21.7% and the one-year return is 52.9%. 7. [NINtec Systems Ltd](https://www.sectoralpha.in/stocks/nintec-systems-ltd) NINSYS · turning · Most evidence points up · 93% evidence 65.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.2/35 · Revenue 18.8% · Profit 23.3% · Operating margin change 2 points · 100% evidence Capital efficiency 22.4/25 · ROCE 54% · Operating margin 27% · 100% evidence Valuation 6.6/20 · P/E 48.1× · PEG 2.08 · 65% evidence Relative strength 18.2/20 · Lead over its industry 57.5% · Lead over NIFTY 500 70.4% · 1 year 113.7% · 100% evidence · 4 of 12 weeks ahead Exact sum: 18.2 + 22.4 + 6.6 + 18.2 = 65.4 · What this means: A strong business with a high valuation: it would need rising earnings, or a lower multiple, to score better on value. 8. [Unified Data- Tech Solutions Ltd](https://www.sectoralpha.in/stocks/unified-data-tech-solutions-ltd) breaking out · Too little evidence to rank firmly · 56% evidence 63.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 17.0/35 · Revenue n/a · Profit n/a · Operating margin change 2 points · 26% evidence Capital efficiency 18.3/25 · ROCE 34.1% · Operating margin 15% · 95% evidence Valuation 10.2/20 · P/E 17.3× · PEG n/a · 15% evidence Relative strength 17.8/20 · Lead over its industry 11.5% · Lead over NIFTY 500 22% · 1 year -7.6% · 100% evidence · 8 of 12 weeks ahead Exact sum: 17 + 18.3 + 10.2 + 17.8 = 63.3 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 9. [ASM Technologies Ltd](https://www.sectoralpha.in/stocks/asm-technologies-ltd) leader · Evidence leans up · 61% evidence 63.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.1/35 · Revenue 67.8% · Profit 89.5% · Operating margin change 2 points · 83% evidence Capital efficiency 15.9/25 · ROCE 27% · Operating margin 23% · 95% evidence Valuation 8.7/20 · P/E 124× · PEG n/a · 15% evidence Relative strength 12.3/20 · Lead over its industry n/a · Lead over NIFTY 500 66.2% · 1 year 78.6% · 25% evidence · 12 of 12 weeks ahead Exact sum: 26.1 + 15.9 + 8.7 + 12.3 = 63 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [Tanla Platforms Ltd](https://www.sectoralpha.in/stocks/tanla-platforms-ltd) TANLA · turning · Evidence leans up · 85% evidence 62.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.7/35 · Revenue 17.7% · Profit 15.4% · Operating margin change 0 points · 100% evidence Capital efficiency 18.3/25 · ROCE 26.3% · Operating margin 16% · 100% evidence Valuation 14.0/20 · P/E 15× · PEG 1.07 · 100% evidence Relative strength 11.7/20 · Lead over its industry n/a · Lead over NIFTY 500 26.7% · 1 year 2.8% · 25% evidence · 3 of 12 weeks ahead Exact sum: 18.7 + 18.3 + 14 + 11.7 = 62.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [String Metaverse Ltd](https://www.sectoralpha.in/stocks/string-metaverse-ltd) breaking out · Evidence leans up · 83% evidence 62.5 out of 100 Growth Capital Valuation Relative
12. Tech Mahindra Ltd this page TECHM · leader · Evidence leans up · 85% evidence 62.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.6/35 · Revenue 13.6% · Profit 24.9% · Operating margin change 3 points · 100% evidence Capital efficiency 19.2/25 · ROCE 23.1% · Operating margin 18% · 100% evidence Valuation 5.7/20 · P/E 30.7× · PEG 1.67 · 100% evidence Relative strength 11.6/20 · Lead over its industry n/a · Lead over NIFTY 500 23% · 1 year 25.7% · 25% evidence · 12 of 12 weeks ahead Exact sum: 25.6 + 19.2 + 5.7 + 11.6 = 62.1 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 13. [Infosys Ltd](https://www.sectoralpha.in/stocks/infosys-ltd) INFY · breaking out · Evidence leans up · 82% evidence 61.7 out of 100 Growth Capital Valuation Relative
14. [InfoBeans Technologies Ltd](https://www.sectoralpha.in/stocks/infobeans-technologies-ltd) INFOBEAN · quiet · Evidence leans up · 100% evidence 61.6 out of 100 Growth Capital Valuation Relative
15. [Zensar Technologies Ltd](https://www.sectoralpha.in/stocks/zensar-technologies-ltd) ZENSARTECH · turning · Evidence leans up · 100% evidence 61.6 out of 100 Growth Capital Valuation Relative
16. [Tata Consultancy Services Ltd](https://www.sectoralpha.in/stocks/tata-consultancy-services-ltd) TCS · breaking out · Evidence leans up · 100% evidence 60.9 out of 100 Growth Capital Valuation Relative
17. [Sasken Technologies Ltd](https://www.sectoralpha.in/stocks/sasken-technologies-ltd) SASKEN · turning · Evidence leans up · 100% evidence 60.8 out of 100 Growth Capital Valuation Relative
18. [Birlasoft Ltd](https://www.sectoralpha.in/stocks/birlasoft-ltd) BSOFT · breaking out · Evidence leans up · 100% evidence 59.5 out of 100 Growth Capital Valuation Relative
19. [Seshaasai Technologies Ltd](https://www.sectoralpha.in/stocks/seshaasai-technologies-ltd) STYL · quiet · Evidence leans up · 68% evidence 59.5 out of 100 Growth Capital Valuation Relative
20. [Xchanging Solutions Ltd](https://www.sectoralpha.in/stocks/xchanging-solutions-ltd) XCHANGING · quiet · Evidence leans up · 85% evidence 59.1 out of 100 Growth Capital Valuation Relative
21. [RNIT AI Solutions Ltd](https://www.sectoralpha.in/stocks/rnit-ai-solutions-ltd) AUTOPALIND · breaking out · Evidence leans up · 69% evidence 59.1 out of 100 Growth Capital Valuation Relative
22. [Danlaw Technologies India Ltd](https://www.sectoralpha.in/stocks/danlaw-technologies-india-ltd) breaking out · Evidence leans up · 68% evidence 58.8 out of 100 Growth Capital Valuation Relative
23. [Softtech Engineers Ltd](https://www.sectoralpha.in/stocks/softtech-engineers-ltd) SOFTTECH · breaking out · Evidence leans up · 79% evidence 58.3 out of 100 Growth Capital Valuation Relative
24. [R Systems International Ltd](https://www.sectoralpha.in/stocks/r-systems-international-ltd) RSYSTEMS · losing its lead · Evidence leans up · 96% evidence 57.0 out of 100 Growth Capital Valuation Relative
25. [HCL Technologies Ltd](https://www.sectoralpha.in/stocks/hcl-technologies-ltd) HCLTECH · leader · Evidence leans up · 82% evidence 56.7 out of 100 Growth Capital Valuation Relative
26. [Datamatics Global Services Ltd](https://www.sectoralpha.in/stocks/datamatics-global-services-ltd) DATAMATICS · quiet · Evidence leans up · 81% evidence 55.8 out of 100 Growth Capital Valuation Relative
27. [Wipro Ltd](https://www.sectoralpha.in/stocks/wipro-ltd) WIPRO · turning · Evidence leans up · 100% evidence 55.4 out of 100 Growth Capital Valuation Relative
28. [Subex Ltd](https://www.sectoralpha.in/stocks/subex-ltd) SUBEXLTD · breaking out · Evidence leans up · 64% evidence 55.4 out of 100 Growth Capital Valuation Relative
29. [Ksolves India Ltd](https://www.sectoralpha.in/stocks/ksolves-india-ltd) KSOLVES · quiet · Evidence leans up · 100% evidence 52.8 out of 100 Growth Capital Valuation Relative
30. [Capillary Technologies India Ltd](https://www.sectoralpha.in/stocks/capillary-technologies-india-ltd) CAPILLARY · breaking out · Too little evidence to rank firmly · 59% evidence 52.6 out of 100 Growth Capital Valuation Relative
31. [LTM Ltd](https://www.sectoralpha.in/stocks/ltm-ltd) LTM · losing its lead · Evidence leans up · 100% evidence 51.1 out of 100 Growth Capital Valuation Relative
32. [TechNVision Ventures Ltd](https://www.sectoralpha.in/stocks/technvision-ventures-ltd) TECHNVISN · quiet · Evidence leans up · 64% evidence 51.1 out of 100 Growth Capital Valuation Relative
33. [Saksoft Ltd](https://www.sectoralpha.in/stocks/saksoft-ltd) SAKSOFT · basing · Evidence leans up · 96% evidence 50.9 out of 100 Growth Capital Valuation Relative
34. [BLS E-Services Ltd](https://www.sectoralpha.in/stocks/bls-e-services-ltd) BLSE · leader · Evidence leans up · 78% evidence 50.5 out of 100 Growth Capital Valuation Relative
35. [Mphasis Ltd](https://www.sectoralpha.in/stocks/mphasis-ltd) MPHASIS · breaking out · Evidence leans up · 81% evidence 50.3 out of 100 Growth Capital Valuation Relative
36. [Excelsoft Technologies Ltd](https://www.sectoralpha.in/stocks/excelsoft-technologies-ltd) EXCELSOFT · breaking out · Too little evidence to rank firmly · 59% evidence 50.3 out of 100 Growth Capital Valuation Relative
37. [Blue Cloud Softech Solutions Ltd](https://www.sectoralpha.in/stocks/blue-cloud-softech-solutions-ltd) BLUECLOUDS · turning · Evidence leans down · 64% evidence 49.9 out of 100 Growth Capital Valuation Relative
38. [ACS Technologies Ltd](https://www.sectoralpha.in/stocks/acs-technologies-ltd) ACSTECH · Evidence leans down · 74% evidence 49.5 out of 100 Growth Capital Valuation Relative
39. [Magellanic Cloud Ltd](https://www.sectoralpha.in/stocks/magellanic-cloud-ltd) MCLOUD · basing · Evidence leans down · 81% evidence 49.2 out of 100 Growth Capital Valuation Relative
40. [Dynacons Systems & Solutions Ltd](https://www.sectoralpha.in/stocks/dynacons-systems-solutions-ltd) DSSL · quiet · Evidence leans down · 96% evidence 48.5 out of 100 Growth Capital Valuation Relative
41. [IZMO Ltd](https://www.sectoralpha.in/stocks/izmo-ltd) IZMO · quiet · Evidence leans down · 81% evidence 48.0 out of 100 Growth Capital Valuation Relative
42. [Mastek Ltd](https://www.sectoralpha.in/stocks/mastek-ltd) MASTEK · quiet · Evidence leans down · 100% evidence 47.1 out of 100 Growth Capital Valuation Relative
43. [Sonata Software Ltd](https://www.sectoralpha.in/stocks/sonata-software-ltd) SONATSOFTW · quiet · Evidence leans down · 96% evidence 46.9 out of 100 Growth Capital Valuation Relative
44. [AvenuesAI Ltd](https://www.sectoralpha.in/stocks/avenuesai-ltd) CCAVENUE · quiet · Evidence leans down · 89% evidence 44.8 out of 100 Growth Capital Valuation Relative
45. [Unicommerce eSolutions Ltd](https://www.sectoralpha.in/stocks/unicommerce-esolutions-ltd) UNIECOM · turning · Evidence leans down · 78% evidence 44.6 out of 100 Growth Capital Valuation Relative
46. [Allied Digital Services Ltd](https://www.sectoralpha.in/stocks/allied-digital-services-ltd) ADSL · basing · Evidence leans down · 74% evidence 42.1 out of 100 Growth Capital Valuation Relative
47. [Hexaware Technologies Ltd](https://www.sectoralpha.in/stocks/hexaware-technologies-ltd) HEXT · basing · Evidence leans down · 85% evidence 42.0 out of 100 Growth Capital Valuation Relative
48. [Hypersoft Technologies Ltd](https://www.sectoralpha.in/stocks/hypersoft-technologies-ltd) quiet · Evidence leans down · 80% evidence 40.9 out of 100 Growth Capital Valuation Relative
49. [Kellton Tech Solutions Ltd](https://www.sectoralpha.in/stocks/kellton-tech-solutions-ltd) KELLTONTEC · quiet · Evidence leans down · 96% evidence 38.9 out of 100 Growth Capital Valuation Relative
50. [3i Infotech Ltd](https://www.sectoralpha.in/stocks/3i-infotech-ltd) 3IINFOLTD · Too little evidence to rank firmly · 58% evidence 38.9 out of 100 Growth Capital Valuation Relative
51. [Innovana Thinklabs Ltd](https://www.sectoralpha.in/stocks/innovana-thinklabs-ltd) INNOVANA · basing · Evidence leans down · 81% evidence 37.6 out of 100 Growth Capital Valuation Relative
52. [Mindteck (India) Ltd](https://www.sectoralpha.in/stocks/mindteck-indialtd) MINDTECK · Most evidence points down · 76% evidence 32.8 out of 100 Growth Capital Valuation Relative
53. [Aurionpro Solutions Ltd](https://www.sectoralpha.in/stocks/aurionpro-solutions-ltd) AURIONPRO · basing · Most evidence points down · 93% evidence 29.7 out of 100 Growth Capital Valuation Relative
54. [Moschip Technologies Ltd](https://www.sectoralpha.in/stocks/moschip-technologies-ltd) MOSCHIP · quiet · Most evidence points down · 65% evidence 26.1 out of 100 Growth Capital Valuation Relative
55. [Quick Heal Technologies Ltd](https://www.sectoralpha.in/stocks/quick-heal-technologies-ltd) QUICKHEAL · turning · Most evidence points down · 80% evidence 22.9 out of 100 Growth Capital Valuation Relative
56. Orient Technologies Ltd ORIENTTECH · quiet · Most evidence points down · 76% evidence 21.2 out of 100 Growth Capital Valuation Relative
57. [Covance Softsol Ltd](https://www.sectoralpha.in/stocks/covance-softsol-ltd) Too little evidence to rank firmly · 31% evidence 62.9 out of 100 Growth Capital Valuation Relative
58. [Exato Technologies Ltd](https://www.sectoralpha.in/stocks/exato-technologies-ltd) losing its lead · Too little evidence to rank firmly · 43% evidence 59.2 out of 100 Growth Capital Valuation Relative
59. [TAC Infosec Ltd](https://www.sectoralpha.in/stocks/tac-infosec-ltd) TAC · quiet · Too little evidence to rank firmly · 48% evidence 58.5 out of 100 Growth Capital Valuation Relative
60. [Veefin Solutions Ltd](https://www.sectoralpha.in/stocks/veefin-solutions-ltd) VEEFIN · basing · Too little evidence to rank firmly · 43% evidence 54.2 out of 100 Growth Capital Valuation Relative
61. [Kody Technolab Ltd](https://www.sectoralpha.in/stocks/kody-technolab-ltd) KODYTECH · leader · Too little evidence to rank firmly · 35% evidence 53.5 out of 100 Growth Capital Valuation Relative
62. [Optivalue Tek Consulting Ltd](https://www.sectoralpha.in/stocks/optivalue-tek-consulting-ltd) OPTIVALUE · Too little evidence to rank firmly · 32% evidence 51.4 out of 100 Growth Capital Valuation Relative
63. [Workmates Core2cloud Solution Ltd](https://www.sectoralpha.in/stocks/workmates-core2cloud-solution-ltd) Too little evidence to rank firmly · 26% evidence 51.3 out of 100 Growth Capital Valuation Relative
64. [Trident Techlabs Ltd](https://www.sectoralpha.in/stocks/trident-techlabs-ltd) TECHLABS · Too little evidence to rank firmly · 27% evidence 47.5 out of 100 Growth Capital Valuation Relative
65. [ERP Soft Systems Ltd](https://www.sectoralpha.in/stocks/erp-soft-systems-ltd) Too little evidence to rank firmly · 36% evidence 46.7 out of 100 Growth Capital Valuation Relative
66. [Sancode Technologies Ltd](https://www.sectoralpha.in/stocks/sancode-technologies-ltd) Too little evidence to rank firmly · 35% evidence 46.5 out of 100 Growth Capital Valuation Relative
67. [63 Moons Technologies Ltd](https://www.sectoralpha.in/stocks/63-moons-technologies-ltd) 63MOONS · leader · Too little evidence to rank firmly · 46% evidence 45.6 out of 100 Growth Capital Valuation Relative
68. [XT Global Infotech Ltd](https://www.sectoralpha.in/stocks/xt-global-infotech-ltd) XTGLOBAL · Too little evidence to rank firmly · 40% evidence 45.4 out of 100 Growth Capital Valuation Relative
69. [IDream Film Infrastructure Company Ltd](https://www.sectoralpha.in/stocks/idream-film-infrastructure-company-ltd) quiet · Too little evidence to rank firmly · 42% evidence 34.9 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. 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 path the industry 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 growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [IT - Software](https://www.sectoralpha.in/sectors/it-software), all 69 compared on one page. ## Which companies are close to Tech Mahindra in size? Tech Mahindra is the 5th largest of 68 IT - Software companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Infosys, HCL Technologies and Wipro. Just below it: LTM, Coforge and Mphasis. ### IT - Software companies close in size

1. [Infosys Ltd](https://www.sectoralpha.in/stocks/infosys-ltd) ₹4,80,908 crore
2. [HCL Technologies Ltd](https://www.sectoralpha.in/stocks/hcl-technologies-ltd) ₹3,87,539 crore
3. [Wipro Ltd](https://www.sectoralpha.in/stocks/wipro-ltd) ₹1,96,439 crore
4. Tech Mahindra Ltd ₹1,75,535 crore
5. [LTM Ltd](https://www.sectoralpha.in/stocks/ltm-ltd) ₹1,25,583 crore
6. [Coforge Ltd](https://www.sectoralpha.in/stocks/coforge-ltd) ₹90,606 crore
7. [Mphasis Ltd](https://www.sectoralpha.in/stocks/mphasis-ltd) ₹48,226 crore

[All 68 IT - Software companies, largest first](https://www.sectoralpha.in/sectors/it-software#all-companies)

### Companies close in size in other industries

1. [Interglobe Aviation Ltd](https://www.sectoralpha.in/stocks/interglobe-aviation-ltd) ₹1,88,600 crore · Air Transport Service
2. [Indian Oil Corporation Ltd](https://www.sectoralpha.in/stocks/indian-oil-corporation-ltd) ₹1,83,788 crore · Refineries
3. Tech Mahindra Ltd ₹1,75,535 crore
4. [Torrent Pharmaceuticals Ltd](https://www.sectoralpha.in/stocks/torrent-pharmaceuticals-ltd) ₹1,75,479 crore · Pharma - Formulators
5. [DLF Ltd](https://www.sectoralpha.in/stocks/dlf-ltd) ₹1,71,180 crore · Realty - National

## What else do people ask about Tech Mahindra? ### What is Tech Mahindra's share price today? Tech Mahindra Ltd's share price is ₹1,783.00, +28.6% over the past year. The whole company is worth ₹1,74,751 Cr on the market. In the last 52 weeks it traded between ₹1,332 to ₹1,791; today it is 98% of the way up from the low, 15.0% above its 200-day average (as of 4 November 2026). ### What were Tech Mahindra's latest quarterly results? Tech Mahindra Ltd reported revenue of ₹16,180 Cr and net profit of ₹1,610 Cr for the Sep 2026 quarter. Revenue rose 15.6% and profit rose 33.9% compared with a year earlier. Earnings per share were ₹16.18. The operating margin was 18.0%, 3.0 percentage points higher than a year earlier (as of 4 November 2026). ### What is Tech Mahindra's market cap? Tech Mahindra Ltd's market capitalisation is ₹1,74,751 Cr at a share price of ₹1,783.00. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is Tech Mahindra performing? Tech Mahindra Ltd's share price has been rising for 13 weeks. In its latest quarter, revenue rose 15.6% and profit rose 33.9% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 18 weeks running (as of 4 November 2026). ### Will Tech Mahindra's share price go up? This page does not forecast Tech Mahindra Ltd's share price. What it shows instead: the share price is ₹1,783.00, and it has been rising for 13 weeks. Its P/E of 30.6× is higher than 77% of its own last 11 years (as of 4 November 2026). ### Who owns Tech Mahindra? Promoters own 35.0% of Tech Mahindra Ltd, foreign institutions 20.8%, domestic institutions 35.7% and the public 8.4% (latest quarter). The biggest change over the last two years: Domestic institutions raised their stake by 4.8 percentage points over 8 quarters (as of 4 November 2026). ### Does Tech Mahindra have too much debt? No, Tech Mahindra Ltd has little debt: its debt is 0.07× its equity, and its operating profit is 27 times its interest bill. FY26 borrowings were ₹2,186 Cr against equity of ₹29,616 Cr. So the returns on this page come from the business, not borrowed money (as of 4 November 2026). ### Where is Tech Mahindra in its business cycle? Tech Mahindra Ltd's FY26 operating margin was 16.0%, against a 13-year range of 9.0% to 22.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 18.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the Tech Mahindra story? The main question: foreign institutions moved −2.9 percentage points over 8 quarters while the business went the other way. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is Tech Mahindra a stock worth studying right now? What the numbers show: Tech Mahindra Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. The main open question: whether the owners’ moves turn back in line with the business. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a Tech Mahindra share price forecast for 2026? What management itself guided: FY27 EBIT margin 15% within 20 basis points of second-quarter level. 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). What would change the story: 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. ## Lists

- Momentum stocks: https://www.sectoralpha.in/momentum-stocks-india
- Nifty 50 companies: https://www.sectoralpha.in/nifty-50-stocks-list
- 52 week high & low: https://www.sectoralpha.in/52-week-high-stocks-india
- Dividend stocks: https://www.sectoralpha.in/dividend-stocks-india
- IT stocks: https://www.sectoralpha.in/sectors/it-stocks-india

This is research, not advice. We’re not SEBI-registered.