Tech Mahindra (TECHM) · mywealthgrid

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About

Tech Mahindra is a telecom-heritage IT services and BPO firm at ₹1.6 lakh Cr market cap. Consolidated quarterly revenue reaches ₹15.7k Cr with net profit of ₹1,486 Cr (17.45% OPM); ROE of 16.89% reflects capital efficiency across the business mix.

Founded: 1986
Face value: ₹5

Market cap

₹1,50,203 Cr

P/E

35.7×

P/B

4.6×

Dividend yield

5.3%

ROE

16.9%

ROCE

21.5%

Debt / equity

0.07

OPM

15.9%

EPS (TTM)

₹47.6

Book value

₹334.4

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margin volatility: OPM ranges 10.25%–17.45% across quarters, creating earnings unpredictability
Valuation exposure: PE 37.98 with quarterly net profit variance ₹541–₹1,486 Cr raises risk if growth disappoints
Verify: telecom-segment revenue concentration and customer diversification
Verify: working capital intensity and utilization dynamics in BPO operations

Generated analysis · source review pending

Growth drivers

Consolidated revenue ₹15.7k Cr (Jun 2026) exceeds standalone ₹13.2k Cr (19% premium) with OPM lift (17.45% vs 14.82%), indicating M&A-driven diversification and margin expansion
Quarterly dividend payouts across four fiscal periods (Jul 2024–Jul 2026) confirm stable cash generation
ROE 16.89% and D/E 0.07 provide capital efficiency and financial flexibility for growth investment
Standalone operations lag consolidated by ₹2.5k Cr; verify path to operational convergence

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹1,533.0+1.5%1Y

Quick read

rule-based

Pros

+Almost debt-free (debt/equity 0.1)
+Comfortable interest coverage of 21.3×
+Dividend yield of 5.3%

Cons

−Low return on equity of 8.8% (3-yr avg)
−Modest revenue growth of 8.5% a year over the last 5 years

Research score

Structured signal from quality, growth, valuation and momentum.

54/100

Business quality: 67
Growth: 46
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY 50 NIFTY 100 NIFTY 200 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	26,494	29,141	30,773	34,742	36,868	37,855	44,646	53,290	51,995	52,988	56,815
	22,224	24,956	26,063	28,405	31,359	31,059	36,626	45,498	47,489	46,025	47,781
	4,271	4,184	4,710	6,337	5,509	6,796	8,020	7,792	4,506	6,964	9,034
OPM %	16.1%	14.4%	15.3%	18.2%	14.9%	18%	18%	14.6%	8.7%	13.1%	15.9%
Depreciation	759	978	1,085	1,129	1,446	1,458	1,520	1,957	1,817	1,853	1,882
Interest	97	129	162	133	192	174	163	326	392	322	337
	439	778	1,417	469	1,187	788	1,115	936	927	864	-242
Profit before tax	3,857	3,853	4,879	5,543	5,058	5,953	7,452	6,445	3,224	5,653	6,573
Tax	830	1,002	1,093	1,254	1,160	1,600	1,822	1,589	828	1,400	1,768
Tax %	21.5%	26%	22.4%	22.6%	22.9%	26.9%	24.5%	24.7%	25.7%	24.8%	26.9%
	3,027	2,851	3,786	4,289	3,897	4,353	5,630	4,857	2,397	4,253	4,806
PAT margin %	11.4%	9.8%	12.3%	12.3%	10.6%	11.5%	12.6%	9.1%	4.6%	8%	8.5%
EPS (₹)	34.5	32.1	43	48.5	46.2	50.6	63.3	54.8	26.7	48	54.3
EPS adjusted (₹)	35	32.7	—	—	46.3	50.7	63.4	54.9	26.7	2.7	54.3
	34.8%	28%	32.5%	28.9%	64.9%	88.9%	75.8%	58.4%	150%	93.8%	94%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	432	436	436	437	439	440	441	442	443
Reserves	11,254	14,155	—	24,428	26,447	27,485	26,228	26,919	29,173
Minority interest	158	193	—	380	495	470	477	430	462
	675	1,002	—	1,693	1,582	1,578	1,531	2,025	2,186
	6,284	6,739	—	12,741	15,908	16,180	14,746	14,678	17,106
Total equity & liabilities	18,803	22,525	—	39,678	44,871	46,153	43,424	44,495	49,369
	3,849	4,309	8,728	8,929	14,704	13,760	12,871	12,429	12,852
CWIP	568	629	—	118	165	84	101	21	27
Investments	879	1,243	—	10,327	4,964	3,463	3,309	3,216	3,458
	13,508	16,344	—	20,304	25,038	28,847	27,142	28,829	33,033
Total assets	18,803	22,525	—	39,678	44,871	46,153	43,424	44,495	49,369

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
IT	47,767	9,516.8	19,419.99	1,606.49	17,813.5	53.42
BPS	9,048.4	1,499

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—	—
EBITDA margin %	18.2%	14.9%	18%	18%	14.6%	8.7%	13.1%	15.9%
EBIT margin %	15%	11%	14.1%	14.6%	10.9%	5.2%	9.6%	12.6%
PAT margin %	12.3%	10.6%	11.5%	12.6%	9.1%	4.6%	8%	8.5%
Working capital
Receivable days	—	—	87	98	88	80	80	86
Inventory days	—	—	0	0	0	0	0	1
Payable days	—	—	33	41	35	32	35	39
NWC days	—	—	55	57	53	49	45	48
Leverage
Current ratio	—	—	2.46	1.96	1.68	1.69	1.87	1.9
Debt to EBITDA	—	—	0.25	0.2	0.2	0.34	0.29	0.24
Debt to equity	—	—	0.07	0.06	0.06	0.06	0.07	0.07
Interest coverage	43.1	27.4	35.2	46.8	20.9	9.2	18.5	21.3
Asset turnover	—	—	0.95	0.99	1.15	1.2	1.19	1.15
Return ratios
Return on assets %	—	—	11%	12.5%	10.5%	5.5%	9.6%	9.7%
Return on capital employed %	—	—	20.8%	24.6%	21.3%	11.8%	19.4%	21.5%
Return on equity %	—	—	17.5%	20.9%	17.4%	9%	15.5%	16.2%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	35.13%	35.11%	35.09%	35.36%	35.65%	34.92%	35.1%	35.06%	34.98%	34.98%	34.97%	34.97%
	26.22%	24.58%	24.15%	24.77%	24.45%	25.32%	24.96%	24.24%	20.6%	17.94%	18.59%	18.66%
	27.13%	29.02%	29.52%	16.22%	15.27%	16.15%	15.41%	15.52%	34.64%	37.79%	37.33%	36.92%
	0%	0%	0%	0%	0%	0%	0%	0%	0.17%	0.17%	0.17%	0.17%
	11.52%	11.29%	11.24%	23.65%	24.63%	23.6%	24.53%	25.18%	9.61%	9.12%	8.94%	9.28%
No. of shareholders	—	—	—	—	—	—	—	—	7,66,782	7,39,883	7,38,055	7,44,161

Promoter holding down 0.16 percentage points since Sep 2023.

53 deals · 31 Aug 2021 – 16 Oct 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
16 Oct 2025	GOLDMAN SACHS (SINGAPORE) PTE.- ODI	Block	NSE	Sell	1,02,050	₹1,464.00	₹14.94 Cr
16 Oct 2025	GOLDMAN SACHS BANK EUROPESE - ODI	Block	NSE	Buy	1,02,050	₹1,464.00	₹14.94 Cr
14 Jul 2025	THE MTBJ LTD. AS TRST FOR GOVRNMNT PENSION INVSTMNT FUND MTBJ400045828	Block	NSE	Sell	1,98,189	₹1,602.50	₹31.76 Cr
14 Jul 2025	THE MTBJ LTD.AS TRST FOR GOVERNMENT PENSION INVESTMENT FUND MTBJ400045849	Block	NSE	Buy	1,98,189	₹1,602.50	₹31.76 Cr
20 Oct 2023	RONDURE NEW WORLD FUND	Block	BSE	Sell	2,12,443	₹1,170.70	₹24.87 Cr
20 Oct 2023	NORTHERN LIGHTS FUND TRUST III RONDURE NEW WORLD FUND	Block	BSE	Buy	2,12,443	₹1,170.70	₹24.87 Cr
17 Jul 2023	THE RBOS PLC AS DEP OF FIRST ST GE MT FDA SFD OF FIST IN ICVC	Block	NSE	Sell	1,12,140	₹1,228.65	₹13.78 Cr
17 Jul 2023	THE RBOS PLC AS DEP OF FIRST ST GEM SUS FDA SF OF FIST INICVC	Block	NSE	Buy	1,12,140	₹1,228.65	₹13.78 Cr
17 Jul 2023	THE RBOS PLC AS DEP OF FIRST ST GEM LE FDA SFD OF FIST INICVC	Block	NSE	Buy	43,047	₹1,228.65	₹5.29 Cr
17 Jul 2023	FS INV ICVC - SI GLOBAL EMERGING MARKETS LEADERS SUSTAINABILITY FUND	Block	NSE	Sell	43,047	₹1,228.65	₹5.29 Cr

1–10 of 53

1 / 6

Mr. ANAND GOPAL MAHINDRANon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. MOHIT JOSHIExecutive Director-CEO-MD
Mr. ANISH D SHAHNon-Executive - Non Independent Director
Mr. HAIGREVE KHAITANNon-Executive - Independent Director
Ms. MUKTI VISHVANATH KHAIRENon-Executive - Independent Director
Ms. NEELAM DHAWANNon-Executive - Independent Director
Ms. PENELOPE FOWLERNon-Executive - Independent Director
Mr. PUNEET RENJHENNon-Executive - Non Independent Director
Ms. SHIKHA SANJAYA SHARMANon-Executive - Independent Director
Mr. TARUN BAJAJNon-Executive - Independent Director
Mr. Rohit AnandChief Financial Officer

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹1,524.0 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹1,531.0	+11.2	+0.7%	₹1,531.0	24,646	+478	4,226	600
23 Nov 2026	₹1,533.4	+15.9	+1%	₹1,533.4	4,221	+53	134	600
29 Dec 2026	₹1,542.3	+9.3	+0.6%	₹1,548.1	3	+3	6	600

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

207

across 21 fund houses

Held by these funds

11.67%

of the company's equity

All mutual funds

19.14%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

207 schemes · 21 fund houses

		Shares
Nifty 50 ETF	SBI Mutual Fund	1.23 Cr	2,005.48	0.94%	1.257%	+64,782
BSE Sensex ETF	SBI Mutual Fund	85.16 L	1,384.08	1.13%	0.869%	+84,441
Large Cap Fund	SBI Mutual Fund	65 L	1,058.2	1.92%	0.663%	-0
Technology Fund	ICICI Prudential Mutual Fund	63.85 L	1,039.5	7.61%	0.652%	+2.3 L
DIGITAL INDIA FUND	Tata Mutual Fund	58.63 L	954.42	9.25%	0.598%	-0
Balanced Advantage Fund	SBI Mutual Fund	54.83 L	892.58	2.14%	0.56%	-0
Contra Fund	SBI Mutual Fund	52.96 L	862.14	1.81%	0.54%	-0
Portfolio of Kotak Flexi Cap FundNEW	Kotak Mahindra Mutual Fund	47 L	765.16	1.36%	0.48%	—

1–8 of 207

1 / 26

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

31 announcementsExport CSV

30 Sept 2026, 5:22 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

Loading announcements…

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—	—
EBITDA margin %	18.2%	14.9%	18%	18%	14.6%	8.7%	13.1%	15.9%
EBIT margin %	15%	11%	14.1%	14.6%	10.9%	5.2%	9.6%	12.6%
PAT margin %	12.3%	10.6%	11.5%	12.6%	9.1%	4.6%	8%	8.5%
Working capital
Receivable days	—	—	87	98	88	80	80	86
Inventory days	—	—	0	0	0	0	0	1
Payable days	—	—	33	41	35	32	35	39
NWC days	—	—	55	57	53	49	45	48
Leverage
Current ratio	—	—	2.46	1.96	1.68	1.69	1.87	1.9
Debt to EBITDA	—	—	0.25	0.2	0.2	0.34	0.29	0.24
Debt to equity	—	—	0.07	0.06	0.06	0.06	0.07	0.07
Interest coverage	43.1	27.4	35.2	46.8	20.9	9.2	18.5	21.3
Asset turnover	—	—	0.95	0.99	1.15	1.2	1.19	1.15
Return ratios
Return on assets %	—	—	11%	12.5%	10.5%	5.5%	9.6%	9.7%
Return on capital employed %	—	—	20.8%	24.6%	21.3%	11.8%	19.4%	21.5%
Return on equity %	—	—	17.5%	20.9%	17.4%	9%	15.5%	16.2%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Tata Consultancy ServicesTCSTCS	₹7,51,150 Cr	₹7,51,150 Cr	₹2,75,859 Cr	₹74,079 Cr	27.1%	₹49,799 Cr	18.5%	62.5%	48.7%	65
InfosysINFYINFY	₹4,19,755 Cr	₹4,19,755 Cr	₹1,84,582 Cr	₹43,745 Cr	23.7%	₹30,288 Cr	16.5%	39.8%	31.2%	59
HCL TechnologiesHCLTECHHCLTECH	₹3,36,880 Cr	₹3,37,039 Cr	₹1,34,374 Cr	₹27,539 Cr	20.6%	₹17,423 Cr	12.8%	29.6%	23%	-956
WiproWIPROWIPRO	₹1,57,812 Cr	₹1,74,600 Cr	₹94,968 Cr	₹18,211 Cr	19.2%	₹13,219 Cr	14.3%	18.7%	15.5%	23
Tech MahindraTECHMTECHM	₹1,50,203 Cr	₹1,52,390 Cr	₹59,176 Cr	₹9,841 Cr	15.9%	₹4,212 Cr	8.5%	21.5%	16.9%	48
LTM LimitedLTMLTM	₹1,18,808 Cr	₹1,18,808 Cr	₹44,075 Cr	₹7,966 Cr	17.9%	₹5,230 Cr	11.8%	29.2%	21.5%	42

24

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
0	0	0	₹0.0	1,280	₹0.0	0	0	0
0	0	0	₹0.0	1,320	₹0.0	0	0	0
0	0	0	₹0.0	1,360	₹0.0	0	0	0
0	0	0	₹0.0	1,380	₹0.0	0	0	0
0	0	0	₹0.0	1,400	₹11.0	0	0	2
0	0	0	₹0.0	1,420	₹0.0	0	0	0
0	0	0	₹0.0	1,440	₹0.0	0	0	0
0	0	0	₹0.0	1,460	₹0.0	0	0	0

Shaded cells are in the money against the underlying close. Green and red mark the move against the previous close — on the premium for LTP, on the position for change in OI. Settlement prices are the exchange's, not the last trade.

Date	Category	Subject	Filing
30 Sept 2026, 5:22 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
30 Sept 2026, 5:16 pm	Board Meeting	Board Meeting Intimation for Meeting Of The Board Of Directors Of The Company Is Scheduled To Be Held On Thursday, 15 October 2026 And Friday, 16 October 2026	PDF
19 Sept 2026, 2:55 pm	Insider Trading / SAST Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011	PDF
17 Sept 2026, 8:18 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
16 Sept 2026, 5:15 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
16 Sept 2026, 5:13 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
14 Sept 2026, 10:15 pm	Company Update Allotment of ESOP / ESPS	Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS	PDF
7 Sept 2026, 6:33 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	3,137	4,071	3,554	4,432	4,358	8,094	5,285	5,572	6,376	5,786	6,172
	-1,460	-2,890	-3,360	-2,116	1,029	-5,450	482	-278	-1,314	-23	-409
	-496	-1,571	-269	-2,251	-4,466	-2,987	-4,667	-5,078	-4,767	-5,799	-5,131
Net cash flow	—	—	—	—	—	-343	1,100	215	295	-37	632
Free cash flow	2,218	4,071	3,554	3,627	3,514	7,428	4,327	4,557	5,585	5,192	5,476
CFO / Operating profit %	73.5%	97.3%	75.5%	69.9%	79.1%	119.1%	65.9%	71.5%	141.5%	83.1%	68.3%

Tech Mahindra

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

3

Fund holders

Documents

Announcements

Events

Announcements

Announcements

3

Annual reports

Investor Presentation and earnings call

1

29

2

24

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

BPO · revenue

Tech Mahindra

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Futures3

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Announcements

Futures3

Annual reports

Investor Presentation and earnings call

Upcoming and recent1

Dividends29

Board meetings2

Option chain24

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

BPO · revenue

3

3

1

29

2

24