TECHM

Tech Mahindra share price & results

Tech Mahindra Limited· Information Technology

Results to
Sept 2026
Latest analysed call
Q2 FY27
Ownership as of
Sept 2026

Mahindra Group's global IT services and consulting firm, ~150,000 staff across 90+ countries.

Company research is public. Sign in to keep your own companies, notes and cases.

Inve AI Signals on TECHM
Direct bridge to live research & tools watching Tech Mahindra Limited
Guidance Hit Rate
11 targets · 67% hit rate 4 achieved · 5 active →
Segment Shift
2 segments tracked See revenue & margin mix below →
Reverse DCF
Reality Gap Ready Test priced-in growth in DCF tool →
Concall & Tone
Q2 FY27 analysed Read claims, qualifiers & Q&A →

Price & Snapshot

₹1,805 −1.36% · −₹24.9

Last close 9 Nov 2026 · NSE · INR · Source: Inve

Performance +30.2% 1Y

₹1.4k₹1.6k₹1.8kNov 25Dec 25Feb 26Mar 26May 26Jun 26Aug 26Sept 26Nov 26Q2 FY26 — 7 Nov 2025Q4 FY26 — 28 Apr 2026Q1 FY27 — 16 Jul 2026Q2 FY27 — 15 Oct 2026

1Y: ₹1,386.7 on 7 Nov 2025 → ₹1,805. High ₹1,834.7 (21 Oct 2026), low ₹1,331.7 (6 Mar 2026).

Previous close
₹1,829.9
Market cap
₹1.8L Cr
52-week range
₹1,331.7 – ₹1,834.7
One year
+29.13%
Price to earnings (TTM to Sept 2026)
31.39×
Return on equity (TTM to Sept 2026)
19.25%

Reported

Key financial metrics & valuation ratios

Each figure keeps its basis and period; nothing is filled in.

MetricValueChangeBasisPeriodNote
Revenue13,742 ₹ crore+13.9% YoYQuarterly, as filedQuarter to Sept 2026Revenue from operations as filed.
Operating margin14.0 %+1.0 pts YoYOperating profit / revenueQuarter to Sept 2026For the quarter; a change is in percentage points.
Net profit1,614 ₹ crore+37.2% YoYQuarterly, as filedQuarter to Sept 2026Profit after tax as filed.
Return on equity19.25 %+4.0 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Sept 2026
Adjusted profit attributable to owners ÷ average owners’ equity.
Free cash flow margin9.90 %−0.1 ptsFY Mar 2026 vs FY Mar 2025Fiscal yearFY ending Mar 2026
(Operating cash flow − fixed-asset purchases + disposals) ÷ revenue.
Revenue growth (YoY)13.60 %+5.3 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Sept 2026
Revenue change against the same period one year earlier.

Source: Inve data from filed results; ratios from the Screener-verified panel · to Sept 2026

Business Mix

Where revenue comes from

2 operating segments · As of 30 Jun 2026

IT 84.3% · ₹13,245.00 Cr +17.6% YoY
BPS 15.7% · ₹2,466.90 Cr +18.2% YoY

Explore full multi-period segment shift & margins →

Guidance

What management said, and what became of it

4 of 6 judged targets kept · 5 open · verdicts reflect calls analysed to Q2 FY27.

Tech Mahindra Limited management guidance track record on Inve: 11 targets tracked across analysed earnings calls (4 achieved, 2 missed, 5 open).

Delivering on Operations (1/1 achieved), while Growth (2 need watch) is lagging.

TargetOriginal wordingSaidLatest callVerdict
Operations ROCE
ahead of the 30 percent mark by FY27
Call transcript, Q4 FY25 · 24 Apr 2025
Q4 FY25
Q2 FY27:ROCE improved to 31.2%, exceeding the 30% target ahead of the FY27 deadline.
Call transcript, Q2 FY27 · 15 Oct 2026
Achieved
Growth Delayed BPS Deal Resolution
will get regularized in the next few months
Call transcript, Q4 FY25 · 24 Apr 2025
Q4 FY25
Q2 FY27:No mention. The topic remains abandoned by management.
Call transcript, Q2 FY27 · 15 Oct 2026
Ghosted
Growth Net Headcount Addition
Resume hiring in the remainder of FY27
Call transcript, Q1 FY27 · 16 Jul 2026
Q1 FY27
Q2 FY27:Management commentary shifted to releasing headcount from fixed-price projects via AI efficiencies, putting the promise of resuming net hiring at risk. No explicit update on net hiring resumption was provided.
Call transcript, Q2 FY27 · 15 Oct 2026
At Risk

Source: Inve Guidance Tracker for Tech Mahindra Limited · to Q2 FY27

A verdict describes what became of management’s own words in later analysed calls. “Delayed” is a change of date, “went quiet” a target the calls stopped mentioning. None of it is a judgement on the investment. The methodology sets out how verdicts are recorded.

2 of Tech Mahindra Limited's 11 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 8 more targets are in the full ledger.

Free account: 5 full ledgers a month and one Inve Case. Pro opens 100 a month, ₹499.
See the full record

Supply chain

Cross-company call evidence

Named counterparties and similar headwinds disclosed on earnings calls.

Mentioned on other companies' calls

  • REZOLVE AI PLC (RZLV) → partners with → Tech Mahindra Limited (Q2 FY26)

    Partners with · Positive · Active · Linked listed company

    1. Proposed
    2. Announced
    3. Active
    4. Completed / ended

    One of the global routes to market for Rezolve.

    Exact commercial direction is not specified; disclosed as a partnership or collaboration.

    Evidence drawer

    Evidence type: Summary paraphrase

    One of the global routes to market for Rezolve.

    Source company: REZOLVE AI PLC (RZLV) · Call date: 2026-09-01 · Period: Q2 FY26 · Review status: Structured call extraction

  • ServiceNow, Inc. (NOW) → supplies to → Tech Mahindra Limited (Q2 FY26)

    Supplies to · Positive · Closed / completed · Linked listed company

    1. Proposed
    2. Announced
    3. Active
    4. Completed / ended

    Strengthening through a 5-year deal to fundamentally transform workflow processes across HR, IT, security, and govern assets at mass scale with Agentic AI.

    Evidence drawer

    Evidence type: Summary paraphrase

    Strengthening through a 5-year deal to fundamentally transform workflow processes across HR, IT, security, and govern assets at mass scale with Agentic AI.

    Source company: ServiceNow, Inc. (NOW) · Call date: 2026-07-22 · Period: Q2 FY26 · Review status: Structured call extraction

Counterparties named by Tech Mahindra Limited

  • Tech Mahindra Limited → acquires or invests in → Avant Techno Solutions.

    Q1 FY27 · Announced · Positive · Counterparty named; listed-company identity not verified.

    1. Proposed
    2. Announced
    3. Active
    4. Completed / ended

    Aligned with strategy of deepening presence in payments and wealth segments, strengthening position in high-growth segment.

    “During the quarter, we also announced the acquisition of Avant Techno Solutions, a Canada-based firm specializing in payments modernization and wealth platforms. This acquisition is aligned with our stated strategy of deepening our presence in payments and the wealth segments, which we have consistently identified as important growth areas for TechM.”

    Disclosure indicates an acquisition or investment without specifying full buyout versus minority stake.

    Evidence drawer

    Evidence type: Transcript excerpt

    “During the quarter, we also announced the acquisition of Avant Techno Solutions, a Canada-based firm specializing in payments modernization and wealth platforms. This acquisition is aligned with our stated strategy of deepening our presence in payments and the wealth segments, which we have consistently identified as important growth areas for TechM.”

    Source company: Tech Mahindra Limited · Counterparty: Avant Techno Solutions · Call date: 2026-07-16 · Period: Q1 FY27 · Review status: Structured call extraction

Similar pressures reported by peers

Tailwind coverage is not available yet.

Similar commentary provides sector context; it does not establish a business relationship with Tech Mahindra Limited. Each comparison matches a headwind disclosed by Tech Mahindra Limited in the same calendar reporting quarter.

  • Management believes the opportunity is in broader outcome-based solutions, not just…

    Topic: Pricing and import pressure · Pricing discipline · Q2 FY27

    Tech Mahindra Limited reported: Management believes the opportunity is in broader outcome-based solutions, not just efficiency, and that clients will use multiple models, including open-source, limiting pricing power of frontier models.

    Reporting period ended 2026-09-30

    8 other companies · Pricing discipline

    Infosys (INFY) reported (period ended 2026-09-30): Clients are requesting aggressive productivity gains driven by AI, leading to price compression across renewals and RFP negotiations.

    LTM Limited (LTM) reported (period ended 2026-09-30): Traditional large deals are being fought at price points that can be unmanageable, leading to unit pricing going down in these areas.

    Coforge Limited (COFORGE) reported (period ended 2026-09-30): The industry faces acute pricing pressure, driven by AI-led deflationary winds, which Coforge aims to counter with proactive, sole-sourced solutions.

    Hexaware Technologies Limited (HEXT) reported (period ended 2026-09-30): Management acknowledged deep initial discounts in a buyer's market but expects margins to recover over project life cycles

    Evidence drawer

    Evidence type: Summary paraphrase

    Management believes the opportunity is in broader outcome-based solutions, not just efficiency, and that clients will use multiple models, including open-source, limiting pricing power of frontier models.

    Source company: Tech Mahindra Limited · Reporting period ended 2026-09-30 · Calendar quarter: Q2 FY27 · Distinct companies matched: 8

    Similar commentary provides sector context; it does not establish a business relationship.

From available earnings-call summaries. Disclosures are management statements, not independently verified transactions.

Live Summary

TECHM ₹1,805 −1.36%
Guidance Verdict (11 tracked) 4 kept · 5 open· 2 missed
AI Call Brief · Q2 FY27

Tech Mahindra Limited Q2 FY27

Overview

Symbol
NSE:TECHM
Exchange
NSE
Currency
INR

What Tech Mahindra Limited does

Based on the company's own presentations, annual report and earnings calls.

Tech Mahindra is a global IT services, consulting and systems-integration company and part of the Mahindra Group. It earns by delivering digital transformation, application development and maintenance, engineering and business-process services to enterprise clients, executed largely from offshore delivery centres. Work spans industry verticals including communications, manufacturing and BFSI, and is won through multi-year client contracts and large deal engagements.

Segments

  • Communications
  • Manufacturing
  • BFSI
  • Technology, Media and Entertainment
  • Retail, Logistics and Transport
  • Healthcare and Lifesciences
Total headcount
~149,616 (Q3 FY26)
IT headcount
76,194
Business Process Services (BPS) headcount
65,450
Sales & Support headcount
7,972
Countries of operation
90+
Industry verticals served
6 (Communications; Manufacturing; BFSI; Technology, Media & Entertainment; Retail, Logistics & Transport; Healthcare & Lifesciences)
Founded 1986Headquarters Sharda Centre, Off Karve Road, Erandwane, Pune 411 004, IndiaEmployees 1,49,616 (Q3 FY26) Company website

How the price took the results

Moved an average of ±2.1% across the last 3 priced result releases

Close before → close after
QuarterReleaseRevenue (₹ Cr) Net profit (₹ Cr)Rev YoYBefore → AfterReaction
Q2 FY2715 Oct 2613,742 1,614+13.9%₹1,575.2 → ₹1,650+4.7%
Q1 FY2716 Jul 2613,219 1,138+14.0%₹1,498.7 → ₹1,510.3+0.8%
Q4 FY2628 Apr 2612,956 541+11.8%₹1,396.1 → ₹1,408.1+0.9%

The move from the last close before each results date to the first close on or after it — the market's first read on the quarter alongside what was filed.

Your own record

Start an Inve Case for Tech Mahindra Limited

Free account: one company. Everything above stays public.

Write why you follow Tech Mahindra Limited and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.

What an account adds

Keep reading

Other Information Technology companies

PEER COMPARISON
Median ₹1.8L Cr Mkt Cap
₹0 Cr₹5.0L Cr₹10.0L Cr₹15.0L CrTech Mahindra Limited (TECHM): ₹1.8L Cr₹1.8L CrTECHMTata Consultancy Services Limited (TCS): ₹8.5L Cr₹8.5L CrTCSInfosys (INFY): ₹4.6L Cr₹4.6L CrINFYHCL Technologies Limited (HCLTECH): ₹3.7L Cr₹3.7L CrHCLTECHWipro Limited (WIPRO): ₹1.8L Cr₹1.8L CrWIPROLTIMindtree (LTIM): ₹1.5L Cr₹1.5L CrLTIMLTM Limited (LTM): ₹1.3L Cr₹1.3L CrLTMPersistent Systems Limited (PERSISTENT): ₹90,580 Cr₹90,580 CrPERSISTENTCoforge Limited (COFORGE): ₹88,298 Cr₹88,298 CrCOFORGE

All Information Technology companies → · Information Technology earnings growth →

Quick Answers

Frequently asked questions on Tech Mahindra Limited

Compiled directly from TECHM's filed financial statements, earnings call transcripts, and ownership disclosures.

How did Tech Mahindra Limited (TECHM) perform in its latest reported quarter (Sept 2026)?

For the quarter ended Sept 2026, Tech Mahindra Limited reported revenue of ₹13.7k Cr, net profit of ₹1.6k Cr, an operating margin of 14.0%. Diluted earnings per share stood at ₹16.46.

How is Tech Mahindra Limited (TECHM) valued today, and what growth does the stock price imply?

Tech Mahindra Limited (TECHM) trades at ₹1,805, with a market capitalization of ₹179.3k Cr. Reverse-DCF analysis shows the current stock price implies 26.4% annual earnings growth over the next 7 years compared with its historical net-profit CAGR of -7.4%.

Who owns Tech Mahindra Limited (TECHM) — promoters, FIIs, DIIs, and mutual funds?

As of Sept 2026, Promoters hold 35.0%, FIIs hold 20.8%, DIIs hold 35.7%, Public shareholders hold 8.4%.

Learn to analyse Tech Mahindra Limited

Guides on how to read this kind of business and the numbers that matter.