TECHM

Tech Mahindra share price & financials

Price
₹1,409.6
Market cap
₹1.5L Cr
Sector
Information Technology
Calls analysed
6
Latest concall · Q1 FY27 · call held 16 Jul 2026

Tech Mahindra Limited Q1 FY27

Revenue 1,660 million +6%PAT 154 million +16%PAT Margin 9.3% ROCE 28.3%

What went well

  • Reported revenues of US$1.66 billion, a 6.1% year-on-year growth on a reported basis and 6.6% in constant currency, reflecting continued momentum.
  • Operating margins stood at 14.4%, expanding 60 bps QoQ and 330 bps YoY, driven by sustained execution discipline and Project Fortius savings.
  • Total deal wins reached US$1.078 billion, a 33.3% increase year-on-year, indicating strong client confidence and broad-based demand.

What to watch

  • A one-off accelerated delivery in the European auto business contributed 1-1.3% to Q1 revenue, which will not repeat in Q2, potentially impacting sequential growth.
  • The Technology, Media, and Entertainment vertical declined 1.7% quarter-on-quarter due to continued volatility in client spend.
Read the full call →

What Tech Mahindra Limited does

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

Guidance record · Q1 FY27

what the last two calls moved 10 tracked 3 delivered 1 missed 6 open
  • Quarterly Deal Wins (TCV) delivered said Q4 FY25 Promised: $600 to $800 million ongoing Q1 FY27: TCV was $1,078 million, significantly exceeding the high end of the guided range for the third consecutive quarter.
  • Delayed BPS Deal Resolution went quiet said Q4 FY25 Promised: will get regularized in the next few months Q1 FY27: No mention. The topic has been abandoned by management.
  • EBIT Margin on track said Q4 FY25 Promised: 15 percent by FY27 Q1 FY27: Reaffirmed target of 15% for FY27. Q1 margin reached 14.4%, up 60 bps QoQ, showing strong progress towards the goal.

All 10 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 17.7%, net profit up 31.6% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue13,313 13,286 13,384 13,351 13,995 +5%14,393 +8%15,076 +13%15,712 +18%
EBITDA1,750 1,809 1,839 1,935 2,165 +24%2,366 +31%2,565 +39%2,738 +41%
Net profit1,258 989 1,142 1,129 1,202 −4%1,119 +13%1,356 +19%1,486 +32%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +1.0% 1Y

₹1.3k₹1.4k₹1.5k₹1.6k₹1.7k₹1.8kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 14 Oct 2025Q2 FY26 — 31 Oct 2025Q4 FY26 — 28 Apr 2026Q1 FY27 — 16 Jul 2026

1Y: ₹1,526 on 10 Sept 2025 → ₹1,541. High ₹1,768.4 (29 Jan 2026), low ₹1,331.7 (6 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+0.8%
16 Jul
Q4 FY26
+0.9%
28 Apr
Q2 FY26
+1.2%
14 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 2.2% a year over 3 years, FY23 to FY26. Operating margin widened to 15.9%.

Year endingFY23FY24FY25FY26
Revenue₹53.3k Cr₹52.0k Cr₹53.0k Cr₹56.8k Cr
Operating profit₹7.8k Cr₹4.5k Cr₹7.0k Cr₹9.0k Cr
Operating margin14.6%8.6%13.1%15.9%
Interest₹325 Cr₹392 Cr₹322 Cr₹338 Cr
Depreciation₹2.0k Cr₹1.8k Cr₹1.9k Cr₹1.9k Cr
Net profit₹4.9k Cr₹2.4k Cr₹4.3k Cr₹4.8k Cr
Net margin9.1%4.6%8.0%8.5%
ROCE22.0%12.0%19.0%23.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹437 Cr₹439 Cr₹440 Cr₹441 Cr₹443 Cr₹443 Cr
Reserves₹24.4k Cr₹26.4k Cr₹27.5k Cr₹26.2k Cr₹27.1k Cr₹29.2k Cr
Borrowings₹2.9k Cr₹2.6k Cr₹2.7k Cr₹2.5k Cr₹2.0k Cr₹2.2k Cr
Other liabilities₹11.8k Cr₹14.9k Cr₹15.2k Cr₹13.9k Cr₹16.4k Cr₹17.4k Cr
Total liabilities₹39.6k Cr₹44.4k Cr₹45.8k Cr₹43.1k Cr₹45.8k Cr₹49.2k Cr
Fixed assets₹9.0k Cr₹14.8k Cr₹14.9k Cr₹13.9k Cr₹14.3k Cr₹14.9k Cr
Capital work in progress₹118 Cr₹165 Cr₹120 Cr₹133 Cr₹23 Cr₹27 Cr
Investments₹10.2k Cr₹4.9k Cr₹3.4k Cr₹3.2k Cr₹3.1k Cr₹3.4k Cr
Other assets₹20.2k Cr₹24.6k Cr₹27.4k Cr₹25.9k Cr₹28.5k Cr₹30.9k Cr
Total assets₹39.6k Cr₹44.4k Cr₹45.8k Cr₹43.1k Cr₹45.8k Cr₹49.2k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +4.79 pp while FIIs trimmed −4.62 pp.

Promoters
35.0%
FIIs
18.7%
DIIs
36.9%
Government
0.2%
Public
9.3%

Since Jun 2025

  • DIIs +4.79 pp
  • FIIs −4.62 pp
  • Public −0.15 pp

How it drifted, 12 quarters

Over this window DIIs went from 27.0% to 36.9% — +9.9 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 35.1%, FIIs 26.2%, DIIs 27.0%, Government 0.2%, Public 11.4%.Dec '23: Promoters 35.1%, FIIs 24.6%, DIIs 28.9%, Government 0.2%, Public 11.2%.Mar '24: Promoters 35.1%, FIIs 24.1%, DIIs 29.4%, Government 0.2%, Public 11.2%.Jun '24: Promoters 35.0%, FIIs 23.3%, DIIs 30.7%, Government 0.2%, Public 10.8%.Sep '24: Promoters 35.0%, FIIs 23.7%, DIIs 30.9%, Government 0.2%, Public 10.2%.Dec '24: Promoters 35.0%, FIIs 24.2%, DIIs 30.7%, Government 0.2%, Public 9.9%.Mar '25: Promoters 35.0%, FIIs 22.9%, DIIs 32.1%, Government 0.2%, Public 9.7%.Jun '25: Promoters 35.0%, FIIs 23.3%, DIIs 32.1%, Government 0.2%, Public 9.4%.Sep '25: Promoters 35.0%, FIIs 20.6%, DIIs 34.6%, Government 0.2%, Public 9.6%.Dec '25: Promoters 35.0%, FIIs 17.9%, DIIs 37.8%, Government 0.2%, Public 9.1%.Mar '26: Promoters 35.0%, FIIs 18.6%, DIIs 37.3%, Government 0.2%, Public 8.9%.Jun '26: Promoters 35.0%, FIIs 18.7%, DIIs 36.9%, Government 0.2%, Public 9.3%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 4 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Tech Mahindra Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Mahindra & Mahindra Limited 25.31%unchanged
Life Insurance Corporation Of India Insurer11.11%−0.33 pp
TML Benefit Trust through Puneet Renjhen 9.62%unchanged
SBI Nifty 50 ETF Mutual fund4.38%−0.31 pp
ICICI Prudential Technology Fund Mutual fund2.59%+0.06 pp
NPS Trust- A/C LIC Pension Fund Scheme - State Govt Pension / PF1.97%+0.14 pp
Kotak Flexicap Fund Mutual fund1.82%unchanged
Aditya Birla Sun Life Trustee Private Limited A/C - Aditya Birla Sun Life Large Cap Fund Mutual fund1.66%−0.13 pp
UTI Nifty 50 ETF Mutual fund1.43%unchanged
Nippon Life India Trustee Ltd-A/C Nippon India ETF Nifty 50 Bees Mutual fund1.32%unchanged
SBI Life Insurance Co. Ltd Insurer1.06%−0.24 pp
Mahindra Holdings Limited 0.02%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in TECHM

Filings to Aug 2026

8 new, 17 added, 9 trimmed, 1 sold out — net +27.85 L shares (+4.3%).

Held by funds
₹11.1k Cr
54 schemes
Biggest holder
SBI Nifty 50 ETF
₹2.0k Cr · 0.9% of that fund
SchemeHoldingLast month
SBI Nifty 50 ETF SBI Mutual Fund₹2.0k Cr+0.65 L
SBI BSE Sensex ETF SBI Mutual Fund₹1.4k Cr+0.84 L
SBI Large Cap Fund SBI Mutual Fund₹1.1k Crheld
SBI Balanced Advantage Fund SBI Mutual Fund₹893 Crheld
SBI Contra Fund SBI Mutual Fund₹862 Crheld
Nippon India ETF Nifty 50 BeES Nippon India Mutual Fund₹629 Cr+0.78 L
SBI ELSS Tax Saver Fund SBI Mutual Fund₹616 Crheld
Nippon India Large Cap Fund Nippon India Mutual Fund₹472 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

17 added, 9 trimmed — net +27.85 L shares (+4.3%)

Funds are sitting on
-1%
vs est. average cost
Held by funds
₹11.1k Cr
54 schemes · ≈ 6.3% of the company
Biggest holder
SBI Nifty 50 ETF
₹2.0k Cr · 0.9% of that fund
Longest holder
Nippon India ETF Nifty 100
13y 6m · since Mar '13

Shares held by these funds +34%

Aug '23 6.51 cr shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹1541, this stock must grow earnings at 16% every year for 7 years. Our analysis caps realistic growth at ~-0%. At that growth it is worth ₹629 — downside of 59%.

Growth the price implies
16.3% a year
for 7 years, fading to 4%
It has actually compounded at
-0.4% a year
net profit, FY23–FY26 · EPS -0.4%
The gap
0.2 pp
-59% downside if it only repeats history
Price today ₹1,541 Value at the reference growth ₹629.39

Change the assumptions yourself →

All earnings calls (5)

Read the Q1 FY27 call →

Learn to analyse Tech Mahindra Limited

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