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Tech Mahindra Limited TECHM NIFTY50NSEAITECH

Technology · Information Technology Services · India
https://www.techmahindra.com
Company Profile ↓
₹1,474.20
-4.48% 1Y
Mkt Cap₹1.44 L Cr
P/E27.20
P/B4.50
Div. Yield3.51%
52W High₹1,723.61
52W Low₹1,297.97
Book Value₹302.25
EPS (TTM)₹54.19

Company Overview

Tech Mahindra Limited provides information technology services and solutions in India, the Americas, Europe, and internationally. The company offers TechM AppGinieZ, a software development lifecycle acceleration platform; Swifter.io, a software engineering platform; ADMSNXT Reforge, an application modernization platform; Autonomous Operations Center, an AI-powered operations platform; and New Age Delivery Platform for DevSecOps and engineering. It also provides LitmusT, a quality engineering and intelligent testing platform; TechM Orion, an agentic AI platform; Ops amplifAler 4.0 for IT operations; Email amplifAler for visualization and automation; SDLC amplifAler solutions; Zone insights solutions for monitoring of object movement; synthetic data generation, freightwatch solutions, cognitive process monitoring, and guardrails framework for AI; VerifAI for scaling AI; and MobiLytix for marketers. In addition, the company offers netOps.ai, an automated cloud platform; AftEAZE solution for warranty and aftermarket problems; AI maturity assessment, generative AI studio, and generative AI performance monitoring; Vision amplifAler, a vision-based solution; Document amplifAler, a digital assistant; and AI-led care, forecasting workbench, AI store, AI adoption, AIOps solution suite, intelligent asset inspection platform, and legal artificial assistant. Further, the company provides business process services, such as consulting CoE and business-process-as-services; Navixus, a digital transformation suite; Cloud and infrastructure services, including enterprise mainframe, FLEX digital workplace, data center services, and CLOUDNXT.NOW, a cloud service; and digital enterprise applications comprising SAP, Oracle, Salesforce, ServiceNow, enterprise digital solutions, digital process solutions, and Emerging Apps. Additionally, it offers engineering, experience, network, and testing services. The company was incorporated in 1986 and is based in Pune, India.

Why Investors Should Care

Strong Return on Equity

Generates a return on equity of 16.2%, reflecting efficient use of shareholder capital.

Healthy Capital Returns

Return on capital employed stands at 19.8%.

Reasonable Valuation

Trades at a P/E of 27.2, below the sector median of 27.7.

Conservative Balance Sheet

Carries low leverage with a debt-to-equity ratio of 0.07.

Dividend Income

Offers a dividend yield of 3.51%.

Positive Free Cash Flow

Generates positive free cash flow, funding growth and shareholder returns internally.

Recent Developments

  • Mar 2026 Revenue of ₹56,815.40 Cr (+7.2% YoY); net profit ₹4,810.90 Cr.
  • Trailing 12 Months Year-on-year growth — revenue +7.2%, earnings +13.2%.
  • 5-Year Trend Long-term compounding — revenue CAGR 2.2%, profit CAGR -0.1%.

Growth & Price Performance

Compounded Sales Growth

5 Years:2.16%
1 Year:7.22%

Compounded Profit Growth

5 Years:-0.14%
1 Year:13.16%

Stock Price Performance

1 Year:-4.48%
6 Months:-4.64%
3 Months:+0.07%
1 Month:+4.54%

Highlights auto-generated from reported financials and price data; not investment advice. Verify with official filings before acting.

AI Exposure AI IT Services / Telecom AI
Core Focus

Tech Mahindra's 'Indus' is its proprietary AI platform focused on enterprise GenAI, network automation and BPO modernisation. Strong telecom vertical expertise enables AI network management (RAN optimisation, predictive maintenance). Also runs MakoLab for 3D/metaverse AI. CEO-led transformation 'Project Fortius' is re-centering the company on AI-led deals.

Key Initiatives
  • TechM amplifAI0->∞ & Project Indus Tech Mahindra's AI strategy spans its amplifAI platform and Project Indus — an indigenous Indic large-language-model initiative for India's languages.
  • AI in telecom & networks Deep telecom heritage lets TechM embed AI in network operations, 5G and customer experience for communications clients.
  • GenAI engineering & operations Generative-AI copilots improve delivery productivity and support transformation deals.
Why Investors Should Care
  • Telecom-led IT player with a differentiated Indic-LLM and network-AI angle.
  • Margin-recovery turnaround story (ROCE ~23%) with strong free cash flow.
  • AI-led deals and telecom AI can re-accelerate growth as the turnaround matures.
  • Profitability has lagged peers; execution on margins is the swing factor.
AI Investment~$200-300M earmarked for AI CoEs, AI-for-telecom platform and NVIDIA partnership (NIM microservices for telco). Workforce restructured toward GenAI skills — 30K retrained in FY25.
AI RevenueTelecom + AI combined ~40% of revenue. Indus AI-tagged deal wins growing — ~15-20% of deal pipeline has explicit AI components. Revenue still recovering post-restructuring but AI mix rising.
ROI (Now)Margins compressed (8-10%) during turnaround but stabilising. AI is being used internally to rationalize subcontractor costs (10-15% reduction targeted). Deal wins in AI-led BPO and 5G network AI improving.
ROI (Expected)Project Fortius targets 15% EBIT margin by FY27. AI-led deal ramp expected to drive 8-12% revenue CAGR. Telecom AI (network slicing, autonomous NOCs) seen as a structural opportunity into 5G buildout globally.

Curated from public filings and analyst commentary; figures are illustrative.

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Price Chart

NSE TradingView

Fundamental Growth Charts

Interactive charts for Revenue, Net Income, EBITDA, Free Cash Flow, EPS, ROE, ROCE, Gross/Net/Operating Margin and more — switch metric and period using the dropdowns above. CAGR is computed across the displayed window (quarterly CAGR is annualised). Visual growth charts make it easy to spot multi-year compounding trends at a glance — far faster than reading raw numbers in a table.

PROS

  • Attractive dividend yield of 3.51%.
  • Generates positive free cash flow.

CONS

  • Earnings shrank at -0.1% CAGR over 5 years.
  • In a downtrend (50-DMA below 200-DMA).

* The pros and cons are auto-generated from financial metrics.

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Valuation

Stock P/E
27.20
Industry PE
27.67
Forward P/E
17.35
PEG Ratio
1.86
Book Value
₹302.25
Price to Book
4.50
P/S
2.35
EV/EBITDA
15.09
Dividend Yield
3.51%

Growth (CAGR)

Revenue 5Y
2.16%
Profit 5Y
-0.14%
Revenue (YoY)
7.22%
Earnings (YoY)
13.16%

Profitability & Returns

ROCE
19.82%
ROE
16.24%
ROA
9.74%
Profit Margin
8.47%
Op Margin
13.00%
Gross Margin
28.20%
EPS (Latest Qtr)
₹15.24
EPS (TTM)
₹54.19

Balance Sheet & Liquidity

Debt/Equity
0.07
Quick Ratio
1.89
Current Ratio
1.90
Debt
₹2,186.20 Cr
Total Assets
₹49,369.40 Cr
Current Assets
₹27,574.70 Cr
Working Capital
₹13,077.20 Cr

Ownership

Promoter Holding
36.96%
Chg in Prom Hold
1.99%
FII / Inst Holding
43.35%
Chg in FII Hold
-0.02%

Financial Snapshot

Enterprise Value
₹1.44 L Cr
Total Revenue (TTM)
₹56,815.40 Cr
EBITDA
₹8,792.10 Cr
Free Cash Flow
₹5,476.30 Cr
Operating Cash Flow
₹6,172.00 Cr
Shares Outstanding
₹97.98 Cr
Gross Margin
28.20%
Payout Ratio
83.04%

Peer comparison

Peer companies in the same sector (Technology).

#NameCMP ₹P/E Mkt CapDiv Yld % ROCE %ROE % Rev CAGR 5Y %Profit CAGR 5Y %
1 TECHM Tech Mahindra Limited NIFTY50NSEAITECH 1,474.20 27.20 ₹1.44 L Cr 3.51% 19.82% 16.24% 2.16% -0.14%
2 TCS Tata Consultancy Services Limited NIFTY50NSEAITECH 2,173.50 15.98 ₹7.86 L Cr 3.14% 54.93% 45.89% 5.80% 5.30%
3 INFY Infosys Limited NIFTY50NSEAITECH 1,084.40 1,355.50 ₹4.40 L Cr 4.68% 41.66% 33.85% 3.44% 3.58%
4 HCLTECH HCL Technologies Limited NIFTY50NSEAITECH 1,176.30 18.35 ₹3.19 L Cr 8.25% 27.21% 22.14% 8.65% 3.87%
5 WIPRO Wipro Limited NIFTY50NSEAITECH 175.97 14.01 ₹1.85 L Cr 9.69% 17.85% 14.91% 0.78% 5.16%
6 LTM LTM Limited NSETECH 4,076.50 24.10 ₹1.21 L Cr 1.86% 25.39% 20.89% 8.43% 4.41%
7 LGEINDIA LG ELECTRONICS INDIA LTD NIFTY_MIDNSETECH 1,535.10 61.82 ₹1.04 L Cr 0.00% 27.64% 21.98% 0.98% -
8 OFSS Oracle Financial Services Software Limited NIFTY_MIDNSEAITECH 11,729.00 38.82 ₹1.02 L Cr 5.71% 43.24% 33.72% 10.42% 13.48%
9 PAYTM One97 Communications Limited NIFTY_MIDNSEAITECH 1,394.70 163.12 ₹89,267.17 Cr 0.00% 3.68% 3.45% 2.20% 43.71%
Financial Statements Quarterly Results · Profit & Loss · Balance Sheet · Cash Flows · Ratios

Quarterly Results

Figures in INR.

Metric Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Revenue 13,718.00 Cr13,159.00 Cr12,864.00 Cr13,101.00 Cr12,871.00 Cr13,006.00 Cr13,313.00 Cr13,285.60 Cr13,384.00 Cr13,351.20 Cr13,995.00 Cr14,393.20 Cr15,076.10 Cr
Cost of Revenue -------8,883.10 Cr8,716.20 Cr8,809.70 Cr-9,105.30 Cr9,590.80 Cr
Gross Profit -------4,402.50 Cr4,667.80 Cr4,541.50 Cr-5,287.90 Cr5,485.30 Cr
Operating Expenses 11,915.00 Cr11,821.00 Cr11,950.00 Cr11,955.00 Cr11,772.00 Cr11,441.00 Cr11,563.00 Cr3,052.30 Cr3,262.50 Cr3,064.40 Cr11,830.00 Cr3,396.00 Cr3,401.10 Cr
Operating Income 1,313.00 Cr891.00 Cr448.00 Cr703.00 Cr638.00 Cr1,102.00 Cr1,280.00 Cr1,350.20 Cr1,405.30 Cr1,477.10 Cr1,696.00 Cr1,891.90 Cr2,084.20 Cr
EBITDA 1,803.00 Cr1,338.00 Cr914.00 Cr1,146.00 Cr1,099.00 Cr1,564.00 Cr1,750.00 Cr1,832.10 Cr2,011.60 Cr2,154.00 Cr2,165.00 Cr2,072.40 Cr2,360.50 Cr
Interest Expense 93.00 Cr120.00 Cr98.00 Cr116.00 Cr58.00 Cr72.00 Cr89.00 Cr75.90 Cr85.30 Cr77.80 Cr77.00 Cr93.60 Cr88.80 Cr
Pretax Income 1,525.00 Cr971.00 Cr615.00 Cr679.00 Cr959.00 Cr1,178.00 Cr1,714.00 Cr1,297.40 Cr1,464.20 Cr1,618.10 Cr1,659.00 Cr1,505.10 Cr1,790.60 Cr
Tax Provision 396.50 Cr271.88 Cr110.70 Cr156.17 Cr297.29 Cr318.06 Cr462.78 Cr308.60 Cr322.30 Cr489.30 Cr464.52 Cr386.50 Cr434.20 Cr
Net Income 1,125.00 Cr704.00 Cr505.00 Cr524.00 Cr664.00 Cr865.00 Cr1,258.00 Cr983.20 Cr1,166.70 Cr1,140.60 Cr1,202.00 Cr1,122.00 Cr1,353.80 Cr
Diluted EPS 11.477.105.065.236.778.7112.7811.0813.1512.8612.1912.6415.24

Profit & Loss (Annual)

Figures in INR.

Metric Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Revenue 22,621.00 Cr26,494.00 Cr29,141.00 Cr30,773.00 Cr34,742.00 Cr36,868.00 Cr37,855.00 Cr-53,290.20 Cr51,995.60 Cr52,988.30 Cr56,815.40 Cr
Cost of Revenue --------38,719.00 Cr39,027.60 Cr38,820.10 Cr40,793.90 Cr
Gross Profit --------14,571.20 Cr12,968.00 Cr14,168.20 Cr16,021.50 Cr
Operating Expenses 18,428.00 Cr22,234.00 Cr24,956.00 Cr26,063.00 Cr28,471.00 Cr31,365.00 Cr31,059.00 Cr-8,321.60 Cr9,545.70 Cr9,000.70 Cr8,633.60 Cr
Operating Income 3,582.00 Cr3,501.00 Cr3,206.00 Cr3,625.00 Cr5,142.00 Cr4,057.00 Cr5,338.00 Cr-6,249.60 Cr3,422.30 Cr5,167.50 Cr7,387.90 Cr
EBITDA 4,193.00 Cr4,260.00 Cr4,184.00 Cr4,710.00 Cr6,271.00 Cr5,503.00 Cr6,796.00 Cr-8,727.80 Cr5,433.70 Cr7,827.80 Cr8,792.10 Cr
Interest Expense 69.00 Cr97.00 Cr129.00 Cr162.00 Cr133.00 Cr192.00 Cr174.00 Cr-325.60 Cr392.20 Cr321.70 Cr337.40 Cr
Pretax Income 3,618.00 Cr3,857.00 Cr3,853.00 Cr4,879.00 Cr5,543.00 Cr5,058.00 Cr5,953.00 Cr-6,445.50 Cr3,224.40 Cr5,653.20 Cr6,573.10 Cr
Tax Provision 976.86 Cr848.54 Cr1,001.78 Cr1,073.38 Cr1,274.89 Cr1,163.34 Cr1,607.31 Cr-1,588.50 Cr827.60 Cr1,400.20 Cr1,767.60 Cr
Net Income 2,659.00 Cr3,027.00 Cr2,851.00 Cr3,786.00 Cr4,289.00 Cr3,897.00 Cr4,353.00 Cr-4,831.30 Cr2,357.80 Cr4,251.50 Cr4,810.90 Cr
Diluted EPS 27.3530.9228.8838.7843.7041.7645.73-54.5426.5847.9154.19

Balance Sheet (Annual)

Figures in INR.

Metric Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Total Assets 19,848.00 Cr22,525.00 Cr26,057.00 Cr30,431.00 Cr33,446.00 Cr37,318.00 Cr39,602.00 Cr-46,153.30 Cr43,423.60 Cr44,494.50 Cr49,369.40 Cr
Current Assets --------24,432.70 Cr23,425.30 Cr23,679.20 Cr27,574.70 Cr
Cash & Equivalents --------4,056.30 Cr4,347.10 Cr4,318.50 Cr5,046.10 Cr
Inventory --------23.60 Cr37.50 Cr39.40 Cr104.20 Cr
Receivables --------8,142.40 Cr7,125.60 Cr6,548.60 Cr7,536.90 Cr
Total Liabilities --------17,758.60 Cr16,276.80 Cr16,702.80 Cr19,292.40 Cr
Current Liabilities --------13,321.00 Cr12,616.60 Cr12,674.00 Cr14,497.50 Cr
Long Term Debt -------142.00 Cr128.80 Cr102.50 Cr0-
Total Debt 700.00 Cr1,091.00 Cr1,366.00 Cr2,397.00 Cr1,996.00 Cr3,670.00 Cr2,901.00 Cr-2,740.20 Cr2,536.70 Cr2,025.20 Cr2,186.20 Cr
Total Equity 12,248.00 Cr14,591.00 Cr16,437.00 Cr18,843.00 Cr20,285.00 Cr21,813.00 Cr24,865.00 Cr-27,924.50 Cr26,669.40 Cr27,361.50 Cr29,615.40 Cr
Shares Outstanding --------97.41 Cr97.68 Cr97.90 Cr97.98 Cr

Cash Flows (Annual)

Figures in INR.

Metric Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow 2,448.00 Cr3,137.00 Cr4,071.00 Cr3,554.00 Cr4,432.00 Cr4,358.00 Cr8,094.00 Cr-5,572.00 Cr6,376.40 Cr5,785.70 Cr6,172.00 Cr
Investing Cash Flow -1,865.00 Cr-1,453.00 Cr-2,893.00 Cr-3,319.00 Cr-2,104.00 Cr1,081.00 Cr-5,433.00 Cr--278.50 Cr-1,313.70 Cr-23.20 Cr-409.20 Cr
Financing Cash Flow -829.00 Cr-496.00 Cr-1,571.00 Cr-269.00 Cr-2,251.00 Cr-4,466.00 Cr-2,987.00 Cr--5,078.10 Cr-4,767.20 Cr-5,799.20 Cr-5,130.50 Cr
Capital Expenditure -1,113.00 Cr-871.00 Cr-760.00 Cr-791.00 Cr-779.00 Cr-829.00 Cr-573.00 Cr--1,015.20 Cr-791.10 Cr-593.50 Cr-695.70 Cr
Free Cash Flow 1,335.00 Cr2,266.00 Cr3,311.00 Cr2,763.00 Cr3,653.00 Cr3,529.00 Cr7,521.00 Cr-4,556.80 Cr5,585.30 Cr5,192.20 Cr5,476.30 Cr
Net Change in Cash -246.00 Cr1,188.00 Cr-392.00 Cr-35.00 Cr77.00 Cr974.00 Cr-326.00 Cr-215.40 Cr295.50 Cr-36.70 Cr632.30 Cr

Ratios (Annual)

Figures in %.

Metric Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Gross Margin % --------27.3%24.9%26.7%28.2%
Operating Margin % 15.8%13.2%11.0%11.8%14.8%11.0%14.1%-11.7%6.6%9.8%13.0%
Net Margin % 11.8%11.4%9.8%12.3%12.3%10.6%11.5%-9.1%4.5%8.0%8.5%
ROE % 21.7%20.7%17.3%20.1%21.1%17.9%17.5%-17.3%8.8%15.5%16.2%
ROCE % --------19.0%11.1%16.2%21.2%

Shareholding Pattern

Insiders
36.96%
Institutions
43.35%
Public Float
68.76%

Analyst View

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TECHM — Frequently Asked Questions

What is the current share price of Tech Mahindra Limited (TECHM)?

As of 2026-07-15 09:52 IST, Tech Mahindra Limited (TECHM) trades at ₹1,474.20 on NSE. Its 52-week range is ₹1,297.97 to ₹1,723.61.

What is the market capitalisation of TECHM?

Tech Mahindra Limited (TECHM) has a market capitalisation of ₹1.44 L Cr on NSE.

What is the P/E ratio of TECHM?

TECHM trades at a trailing price-to-earnings (P/E) ratio of 27.20. The industry average P/E is 27.67. Its price-to-book (P/B) ratio is 4.50.

Does TECHM pay a dividend?

Tech Mahindra Limited (TECHM) currently offers a dividend yield of 3.51%.

What is the return on equity (ROE) of TECHM?

TECHM has a return on equity (ROE) of 16.24%. Its return on capital employed (ROCE) is 19.82%.

Is TECHM a good stock to buy?

This page provides a data-driven analysis of Tech Mahindra Limited (TECHM), including valuation ratios, profitability, growth trends, auto-generated pros and cons, peer comparison and AI exposure. Review these fundamentals alongside your own research and risk tolerance. This is informational content, not investment advice.

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