Strength
Earnings consistently backed by cash
Operating cash flow has matched or exceeded reported profit in 4 of the last 5 profit-making years (latest 1.28×).
Importance 48 / 95 · cash quality
Tech Mahindra Limited · Research view
Tech Mahindra Limited
NSE: TECHMBSE: 532755ISIN INE669C01036Face value ₹5consolidated
₹1,539
+1.22% · 2026-10-01 · 52-wk ₹1,332–₹1,768
Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
Strength
Consistently free-cash-flow positive
Free cash flow has been positive in 5 of the last 5 years.
Importance 44 / 95 · cash quality
Strength
Profit growing
Net profit grew 13.0% year on year (FY2025 → FY2026).
Importance 35 / 95 · growth
Section 03 · The company
Who is this company?
Classified by the exchange under Information Technology › Information Technology › IT - Software › Computers - Software & Consulting.
- Market cap
- ₹1.36 L cr
- FY2026 revenue
- ₹56,815 cr
- FY2026 net profit
- ₹4,806 cr
- Net worth
- ₹30,077 cr
- Total debt
- ₹2,186 cr
- EPS (basic)
- ₹54.28
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 9 computers - software & consulting.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Strength
Net profit grew 13.0% year on year (FY2025 → FY2026).
Rule PROFIT_GREW_YOY
- Revenue growth per year
- +6.2%over 4 years
- Revenue growth
- +7.2%vs last year
- Net profit growth
- +13.0%vs last year
- Change in net profit since FY22
- −15%
Revenue has compounded at 6.2% a year over 4 years (₹44,646 → ₹56,815) — steady rather than rapid.
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 net profit was ₹1,486 cr, up 31.7% from ₹1,129 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Strength
Q1 FY27 revenue was ₹15,712 cr, up 17.7% from ₹13,351 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Strength
Q1 FY27 EBIT was ₹2,158 cr, up 27.3% from ₹1,695 cr a year earlier.
Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 13,313 | — | 1,257 | — | 9.4% |
| Q3 FY25 | 13,286 | +1.4% | 989 | +88.8% | 7.4% |
| Q4 FY25 | 13,384 | +4.0% | 1,142 | +71.9% | 8.5% |
| Q1 FY26 | 13,351 | +2.7% | 1,129 | +30.5% | 8.5% |
| Q2 FY26 | 13,995 | +5.1% | 1,202 | −4.4% | 8.6% |
| Q3 FY26 | 14,393 | +8.3% | 1,119 | +13.1% | 7.8% |
| Q4 FY26 | 15,076 | +12.6% | 1,356 | +18.8% | 9.0% |
| Q1 FY27 | 15,712 | +17.7% | 1,486 | +31.7% | 9.5% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹59,176 crTTM
- EBITDA
- ₹9,549 crTTM
- EBIT
- ₹7,647 crTTM
- PBT
- ₹7,000 crTTM
- Net profit
- ₹5,163 crTTM
C. Corporate actions
3 Jul 2026DividendFinal Dividend - Rs. - 36.0000 — ₹36.00/share
20 Oct 2025DividendInterim Dividend - Rs. - 15.0000 — ₹15.00/share
4 Jul 2025DividendFinal Dividend - Rs. - 30.0000 — ₹30.00/share
31 Oct 2024DividendInterim Dividend - Rs. - 15.0000 — ₹15.00/share
19 Jul 2024DividendFinal Dividend - Rs. - 28.0000 — ₹28.00/share
2 Nov 2023DividendInterim Dividend - Rs. - 12.0000 — ₹12.00/share
21 Jul 2023DividendFinal Dividend - Rs. - 32.0000 — ₹32.00/share
9 Nov 2022DividendSpecial Dividend - Rs. - 18.0000 — ₹18.00/share
21 Jul 2022DividendFinal Dividend - Rs. - 15.0000 — ₹15.00/share
21 Jul 2022DividendSpecial Dividend - Rs. - 15.0000 — ₹15.00/share
2 Nov 2021DividendSpecial Dividend - Rs. - 15.0000 — ₹15.00/share
23 Jul 2021DividendSpecial Dividend - Rs. - 15.0000 — ₹15.00/share
23 Jul 2021DividendFinal Dividend - Rs. - 15.0000 — ₹15.00/share
29 Oct 2020DividendSpecial Dividend - Rs. - 15.0000 — ₹15.00/share
23 Jul 2020DividendFinal Dividend - Rs. - 5.0000 — ₹5.00/share
2 Mar 2020DividendInterim Dividend - Rs. - 10.0000 — ₹10.00/share
25 Jul 2019DividendDividend - Rs. - 14.0000 — ₹14.00/share
5 Mar 2019BuybackBuy Back of Shares
26 Jul 2018DividendDividend - Rs. - 14.0000 — ₹14.00/share
27 Jul 2017DividendDividend - Rs. - 9.0000 — ₹9.00/share
28 Jul 2016DividendSpecial Dividend - Rs. - 6.0000 — ₹6.00/share
28 Jul 2016DividendDividend - Rs. - 6.0000 — ₹6.00/share
23 Jul 2015DividendDividend - Rs. - 6.0000 — ₹6.00/share
19 Mar 2015Stock splitStock Split From Rs.10/- to Rs.5/- — 10:5
19 Mar 2015Bonus issueBonus issue 1:1 — 1:2
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Context
EBITDA margin has ranged from 10.4% to 20.5% over 4 years and sits at 16.0% now.
Rule MARGIN_RANGE_MULTIYEAR
- EBITDA margin now
- 16.0%
- 5-year range
- 10.4–20.5%
- ROE FY2026
- 16.6%
- ROCE FY2026
- 23.1%
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Strength
Operating cash flow has matched or exceeded reported profit in 4 of the last 5 profit-making years (latest 1.28×).
Rule CFO_CONSISTENTLY_EXCEEDS_PAT
Operating cash flowNet profit
- Total debt
- ₹2,186 cr
- Operating cash flow ÷ net profit
- 1.28×FY2026
- Free cash flow
- ₹5,476 cr
- Current ratio
- 1.90×
Free cash flow has been positive in 5 of the last 5 years.
Section 08 · Relative position
How does it compare with peers?
Ranked against 9 computers - software & consulting (FY2026, consolidated). No peer-relative rule fired for this company.
Revenue growth
TECHM · 7th of 9 · set median 11.2%
EBITDA margin
TECHM · 9th of 9 · set median 20.8%
Return on equity
TECHM · 8th of 9 · set median 21.3%
P/E ratio
TECHM · 7th of 9 · set median 22.5×
- P / E
- 26.4×TTM to Jun 26
- P / B
- 4.5×latest book
- P / S
- 2.3×TTM sales
- Earnings yield
- 3.8%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 28.4× · P/S 2.4× · ROE 16.6%.
Section 09 · The stock
How has the stock performed?
Long-term price performance is shown above.
- 1-year return
- +8.7%
- 3-year return
- +25.9%
- 5-year return
- +12.2%
- From 52-wk high
- −13.0%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹1,592
- vs 200-day avg
- Above₹1,519
- RSI (14)
- 44.5neutral
- MACD histogram
- -1.9
- From 52-wk high
- −13.0%
- From 52-wk low
- +15.6%
- 30-day volatility
- 21.3%ann.
- 6-month return
- +7.4%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
Nothing is flagged for review for this company.
Data coverage is complete — 5 years of financials (FY2022–FY2026), full P&L, balance sheet and cash-flow statement, sector metrics fully mapped.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 44,646 | 53,290 | 51,995 | 52,988 | 56,815 |
| Total income | 45,758 | 54,255 | 52,912 | 53,844 | 56,847 |
| EBITDA | 9,132 | 8,757 | 5,423 | 7,819 | 9,066 |
| Profit before tax | 7,452 | 6,445 | 3,224 | 5,653 | 6,573 |
| Net profit | 5,630 | 4,857 | 2,397 | 4,253 | 4,806 |
| EPS (₹) | 63.3 | 54.8 | 26.7 | 48.0 | 54.3 |
| Net worth | 27,381 | 28,395 | 27,147 | 27,792 | 30,077 |
| Total debt | 1,582 | 1,578 | 1,531 | 2,025 | 2,186 |
| Operating cash flow | 5,285 | 5,572 | 6,376 | 5,786 | 6,172 |
| Free cash flow | 4,450 | 4,557 | 5,639 | 5,192 | 5,476 |
| Ratio | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth YoY | — | 19.4 | -2.4 | 1.9 | 7.2 |
| Profit growth YoY | — | -13.7 | -50.7 | 77.4 | 13.0 |
| Profitability | |||||
| EBITDA margin % | 20.5 | 16.4 | 10.4 | 14.8 | 16.0 |
| Net margin % | 12.3 | 9.0 | 4.5 | 7.9 | 8.5 |
| Return on equity % | 20.6 | 17.4 | 8.6 | 15.5 | 16.6 |
| Return on capital % | 26.3 | 23.1 | 12.3 | 20.4 | 23.1 |
| Leverage & cash | |||||
| Debt to equity | 0.06 | 0.06 | 0.06 | 0.07 | 0.07 |
| Cash flow ÷ profit | 0.94 | 1.15 | 2.66 | 1.36 | 1.28 |
| Current ratio | 1.78 | 1.68 | 1.69 | 1.87 | 1.90 |