Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Sep - Intimation of Schedule of Investor Interactions with Tech Mahindra''s Leadership - Regulation 30 of the SEBI (LODR) ....
Source: Bse
Tech Mahindra Limited (TECHM)
Large CapIT stocks · Large cap · NSE
Tech Mahindra is a global provider of technology consulting and digital solutions to enterprises across industries. The company offers Information Technology (IT) Services and Business Process Services (BPS), serving a diverse client base with a focus on digital transformation and next-gen technologies.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals18 Oct 2026 · screener
Official result overlay30 Sept 2026 · nse-xbrl
Latest result15 Oct, 04:57 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · IT P/E 21.4 (n=204)
Technical timing lens
Trend score and candlestick chart
73BullishSMA20 -1.1% / mo · RSI overbought · MACD + · near 52W high · sector +14.5pp vs Nifty 500 (3M)
Stock trend: 56
Sector RS: 100
Sector 3M: +8.9% vs Nifty 500 -5.6%
IT FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
TECHMD candles · FIT view+31.0%Latest close ₹1779.10 on 2026-10-19
Bar
+1.1%
RSI
74
MACD hist
31.59
52W pos
86%
2026-10-19O ₹1760.00H ₹1796.00L ₹1752.70C ₹1779.10Vol 39.5L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
TECHMNifty ITNifty 500
- TECHM
- +12.9%
- Nifty 500
- -5.6%
- Nifty IT
- +8.1%
- Vs Nifty 500
- +18.4 pp
Chart stats
19 Oct 2026- From 52W high
- -4.0%
- 52W range position
- 86%
- ATR (14)
- 2.9%
- Volume vs 20D
- 1.13x
- Avg traded value
- ₹577 Cr
- 20D price channel
- ₹1,442.5 - ₹1,797
₹1,854
₹1,304.1 - ₹1,854
₹52.4
Latest completed session
20-session average
41.3% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Momentum only
Trend is strong but fundamentals do not support a clean investment thesis.
U-Score
Legacy · WATCHLIST43
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent80
Revenue +15.6% · PAT +33.9% YoY
Technical
Bullish73
Price trend and sector-relative-strength timing.
Valuation
Legacy model-256.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Healthy Trust81
medium confidence · 3/4 claims checked
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Excellent · 80/100Rev +16% YoY · PAT +34% YoY · margin expansion · operating leverage
Filed 15 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹16,180.2 Cr | +15.6% | +3.0% |
| EBITDA | ₹2,878.5 Cr | +33.0% | +5.0% |
| Operating margin | 17.8% | +279 bps | +34 bps |
| PAT | ₹1,609.7 Cr | +33.9% | +8.3% |
| PAT margin | 9.9% | +136 bps | +49 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 30.70
- P/B
- 5.91
- EV/EBITDA
- 14.29
- Market Cap
- 175448.00Cr
Profitability
- ROE
- 17.50%
- ROCE
- 23.10%
- ROA
- 11.42%
- Dividend Y
- 3.24%
Growth (CAGR)
- Revenue 5Y
- 8.00%
- EPS 5Y
- 2.00%
- Revenue 3Y
- 2.00%
- EPS 3Y
- 1.00%
Balance Sheet
- Debt/Equity
- 0.07
- Interest Coverage
- 27.98×
- Altman Z
- 8.53
- Book Value
- 303.00
Cash Flow
- FCF Yield
- 3.34%
- FCF Positive Y
- 12/5
- OCF
- 6172.00 Cr
- EPS TTM
- 56.40
Shareholding
- Promoter Hold
- 34.96%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 88%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 56.8k+7.2% vs prev
Net Profit
₹ CrLatest: 4,806+13.0% vs prev
Return on Equity
%Latest: 16.2+4.4% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 74. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~1.2% over last month) — short-term momentum negative.
- RSI(14) at 74 — overbought zone; risk of mean reversion.
- MACD above signal, histogram expanding — bullish momentum building.
- 4% off 52W high · 36% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
87
RS percentile
Stage 2 UptrendNew S2
1M return
+15.7%
3M return
+12.9%
6M return
+21.6%
1Y return
+22.9%
RS 1D
+2
RS 20D
+25
Sector rank
#2
Industry rank
#5
Stage evidence
- Price is 18.1% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +1.8%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
13 Oct 2026
S2 age
5 trading sessions
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 130.23+0.42%
RS vs Nifty 500130
Valuation & peers
U-Score 43 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 43 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth6/25
Quality15/20
Balance Sheet11/15
Cash Flow7/10
Piotroski
8/9 (+5)
Penalties
-1
Raw sum
43
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
43/100 · legacy band WATCHLIST
Positive drivers
- FCF yield is supportive at 3.3%.
- Piotroski is strong at 8/9.
- Quality contributes 15/20 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -256.4%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
IT valuation: PE and EV/EBITDA against growth and margins
Asset-light IT companies deserve valuation support only when growth, margins, and cash conversion hold up.
Primary lens
PE and EV/EBITDA relative to revenue growth, margins, and cash conversion.
Secondary checks
Deal pipeline, attrition, dollar revenue growth, FCF yield.
Main risk check
Low PE can reflect weak growth or margin pressure.
PE
30.7
PB
5.9
EV/EBITDA
14.3
ROE
17.5%
ROCE
23.1%
FCF Yield
3.3%
Debt/Equity
0.1
MoS
-256.4%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
43
Previous: 43
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-256.4%
Previous: -256.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
44
44
44
44
44
44
44
44
43
43
43
43
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹620.09
-186.9% MoS
Growth-justified P/E
8.8
Growth-justified Value
₹499.14
-256.4% MoS
PEG
19.19
Comparable companies
Peers
Business-comparable peers in IT — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
TCS
Large
Tata Consultancy Services Limited
IT Services / Digital
match 152
65
17.3
51.8%
+28%
UNDERVALUED
WIPRO
Large
Wipro Limited
IT Services / Digital
match 143
55
13.9
15.5%
-25%
FAIR VALUE
HCLTECH
Large
HCL Technologies Limited
IT Services / Digital
match 131
59
19.7
23.8%
+15%
FAIR VALUE
HEXT
Large
Hexaware Technologies Limited
IT Services / Digital
match 131
60
25.1
24.9%
+17%
UNDERVALUED
MAPMYINDIA
Large
C.E. Info Systems Limited
IT Services / Digital
match 130
38
36.7
12.0%
-10%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-17T07:10:46.885Z
Management commentary snapshot
Q1 FY27 EBIT up 53.3% YoY to ₹2,264 crores; New deal wins surge 33.3% YoY to USD 1,078 Mn, driven by broad-based growth and margin expansion.
Strong Q1 performance with robust deal wins, significant EBIT margin expansion, and broad-based growth across verticals. Management's focus on strategic investments and client deepening supports the growth narrative, though the long-standing Satyam legal overhang persists.
Current business mix
Revenue by Segment
Latest issuer-disclosed distribution across 2 reported categories.
IT84.3%
BPS15.7%
Growth engines
Deal Wins Momentum
Three consecutive quarters of deal wins exceeding $1 billion, with Q1 FY27 at USD 1,078 Mn, up 33.3% YoY.
Deepening Client Relationships
The $50 million-plus client base increased by seven, indicating stronger client engagement.
Broad-based Vertical Growth
All verticals delivered growth YoY, contributing to the overall revenue increase.
Capacity and execution
Strategic Acquisition
Acquired 85% stake in Alluri Technologies Inc. ('Avant') for Rs. 1,875 Mn (CAD 27.26 Mn) on May 27, 2026, with an agreement for the balance 15% after three years.
Tailwinds
Business Resilience
YoY growth of 6.1% and consistent deal wins underscore the resilience of the business.
Offerings Relevance
The growing relevance of the company's offerings in the market is driving demand.
Operational Efficiency
Margin expansion and disciplined working capital management reflect consistent execution.
Risk radar
Satyam Legal Claims
Claims by 37 companies for alleged advances of INR 12,304 Mn to erstwhile Satyam, pending final adjudication, with appeals filed against the merger order.
Regulatory Scrutiny
Directorate of Enforcement (ED) directed erstwhile Satyam not to return alleged advances until further instructions, indicating ongoing regulatory involvement.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison reflects underlying business growth and market share changes, crucial for IT services. QoQ comparison highlights sequential momentum, project execution, and immediate operational efficiency.
Sector KPIs management disclosed
Revenue (USD)
USD 1,660 Mn, up 6.1% YoY (reported) and 2.2% QoQ (reported).
EBIT Margin
14.4%, up ~330 bps YoY and ~60 bps QoQ.
Profit After Tax (PAT) (USD)
USD 154 Mn, up 16.2% YoY.
New Deal Wins TCV
USD 1,078 Mn, up 33.3% YoY.
Management forward view
Future-Ready Organization
Committed to building a future-ready organization through continued investments.
Strategic Investments
Investing in differentiated capabilities, domain-specific and sovereign AI, platforms, and talent.
Growth Focus
Maintaining a clear focus on growth while making strategic investments.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| New Deal Wins | USD 1,078 Mn | Monitor consistency of deal wins above $1 billion and YoY growth rates. |
| EBIT Margin | 14.4% | Watch for continued margin expansion and operational efficiency improvements. |
| $50M+ Client Base | Up by seven | Track growth in large client accounts as an indicator of deepening relationships. |
| Satyam Legal Resolution | Pending | Observe developments in the legal proceedings regarding the alleged advances. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
margin outlookdeliveredquantified
The company is progressing towards achieving a 15% EBIT margin for FY27.
Timeframe: FY27Direction: positiveConfidence: moderate
"progressing towards a 15% EBIT margin for FY27"
Outcome check: OPM moved from 16.0% to average 17.0% (+1.0 pp).
revenue outlookdelivered
The company expects to grow higher than the peer average by the end of FY27.
Timeframe: by the end of FY27Direction: positiveConfidence: moderate
"We expect to grow higher than the peer average by the end of FY27"
Outcome check: Revenue YoY averaged 12.6% across 1 later quarter(s).
revenue outlookdelivered
The communications vertical is well-positioned to be one of the company's growth verticals as we move into 2027.
Timeframe: as we move into 2027Direction: positiveConfidence: moderate
"comms vertical is well-positioned to be one of our growth verticals as we move into 2027"
Outcome check: Revenue YoY averaged 12.6% across 1 later quarter(s).
sector recoverynot yet verifiable
Europe is expected to move from a phase of stability into a growth phase supported by the large deal win.
Timeframe: implicit futureDirection: positiveConfidence: moderate
"Europe is expected to move from a phase of stability into a growth phase"
Trust Score
81Healthy Trust · medium confidenceClaim-tested Trust
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Management has 100% delivered/partly-delivered outcomes on 3 checked claims. It ranks around the 93rd percentile of the scored universe and 88th percentile within IT. No major sub-score weakness stands out.
High Trust: 3/4 extracted management claims have outcome checks; 100% were fully delivered and 0 were partially delivered.
Computed 20 Oct 2026
management-trust-v1
41 extracted concalls · 3/4 claims matched
Score band
Healthy Trust
Generally investable credibility. Look for weak sub-scores before increasing position size.
Relative rank
93rd percentile
overall median 67 · IT: 88th pctile, median 69 · Large: 82nd pctile, median 73
Evidence depth
Early sample
3/4 claims checked. Use as directional, not final.
Claim delivery
100% delivered or partly delivered
3/4 claims checked · No contradicted claim yet
How to read this Trust Score
Healthy Trust · medium confidenceWhat it measures
Reliability of management and financial delivery, using management claims matched with later outcomes.
Confidence
Useful directional evidence exists, but still verify the latest filings.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
82
strong · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.3%.
- ▸12 years of positive FCF.
- ▸Debt/equity is 0.07.
Trust risks
- ▸No major Trust Lite risk flags.
Continue researching Tech Mahindra Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 14 Sep - Allotment of equity shares pursuant to exercise of Employee Stock Options
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 27 Aug - Intimation of Schedule of Investor Interaction with Tech Mahindra''s Leadership - Regulation 30 of the SEBI (LODR) ....
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 26 Aug - Intimation of Schedule of Investor Interaction with Tech Mahindra''s Leadership -Regulation 30 of the SEBI (LODR) ....
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.