Tech Mahindra Limited
₹1,792.20+₹21.70 (+1.2%)
Last close · Data as of Oct 30, 2026
- Market cap
- ₹1,58,265 Cr
- P/E
- 40.3x
- EV / EBITDA
- 42.5x
- Revenue
- ₹44,617 Cr
- Net margin
- 4.8%
- ROCE
- 10.9%
Price chart
Technical chartScreen technicals →+25.0% over the last year
Daily closes.
Go deeper
Technical chart: candles, 9 moving averages, RSI, MACD and drawing tools
Performance
Price change over each period, before dividends.
- 1M
- +16.9%
- 3M
- +7.4%
- 6M
- +21.6%
- 1Y
- +25.0%
- 5Y
- +19.0%
52-week range
Day change +₹21.70 (+1.2%) from ₹1,771 to ₹1,792 · Last close Oct 30, 2026
Best weekday to invest, historically
The same weekly amount in TECHM, bought on each weekday since 2021.
AI Summary
Indian StockStrengths1
- Maintains healthy dividend payout of 189.0%
Concerns1
- Low return on equity of 8.9%
Rule-based from financial data. Not advice.
About the company
Tech Mahindra Limited provides information technology services and solutions in the Americas, Europe, India, and internationally. It operates through Information technology Business and Business Process Services segments.
Read moreShow less
Tech Mahindra Limited provides information technology services and solutions in the Americas, Europe, India, and internationally. It operates through Information technology Business and Business Process Services segments. It offers application development maintenance, intelligent automation, testing, performance engineering, cloud consulting, engineering and network, data analytics, and artificial intelligence (AI) services. The company also provides business process services, such as Consulting NXT.NOW, growth accelerators, business-process-as-a-service, service desk, technical assistance, supply chain management, finance and accounting, GIS, analytics, trust and safety, and transformation through technology; customer experience and design services; and cyber security, blockchain, and metaverse services. In addition, it offers ESG consulting and talent pool, energy, resource management, supply chain, and data management and reporting solutions, as well as environment, health, and safety solutions; and digital enterprise applications. Further, the company provides Yantr.ai, a field service management software; Kornea, a cloud-native AI-powered workforce management solution; Populii, an enterprise gig platform; AceFin, an AI-based BPaaS solution; AftEAZE, a digital aftermarket platform; netOps.ai, a cloud platform for telco networks; MobiLytix marketing studio; Epselon automation platform; Entellio, a chatbot platform; Blue Marble solution; and InfoWise for enterprise metadata. It serves banking and financial services; communication; energy and utilities; healthcare and life sciences; hi-tech; insurance; manufacturing; media and entertainment; private equity; oil and gas; professional services; retail and consumer goods; and travel, transportation, hospitality, and logistic sectors. It has a collaboration with NVIDIA Corporation to develop AI powered telco network operations reasoning agent. The company was incorporated in 1986 and is based in Pune, India.
- Sector
- Technology
- Shares outstanding
- 98.0 Cr shares
- ISIN
- INE669C01036
- BSE code
- 532755
Key statistics
Screen fundamentals →Valuation, profitability, growth and solvency at the latest close; hover a label for its meaning.
Valuation
- Market cap
- ₹1,58,265 Cr
- P/E
- 40.3x
- P/B
- 7.3x
- EV / EBITDA
- 42.5x
- EV / Sales
- 3.6x
- P/S
- 3.7x
- Earnings yield
- 2.5%
- 52-week high
- ₹1,835.00
- 52-week low
- ₹1,331.95
Profitability
- Operating margin
- 6.0%
- Net margin
- 4.8%
- EBITDA margin
- 8.5%
- ROE
- 8.9%
- ROCE
- 10.9%
- ROA
- 5.9%
- Dividend payout
- 189.0%
- Tax rate
- 19.0%
- Other income, % of PBT
- 42.0%
Growth
- RevenueLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹44,617 Cr
- Revenue growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 4.5%
- Revenue CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 7.9%
- EBITDALatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹3,646 Cr
- EBITDA growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -38.2%
- Net profit growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 69.9%
- Net profit CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -14.6%
- Cash from operationsLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹5,123 Cr
- CFO growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 24.9%
- Free cash flowLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹146 Cr
- Asset growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -3.7%
Solvency and efficiency
- Current ratio
- 2.79
- Debt / Equity
- 0.02
- Debt / Assets
- 0.01
- Debt / EBITDA
- 0.14
- Interest coverage
- 10.27
- Financial leverage
- 1.50
- CFO / Net profit
- 2.48
- Cash / Market cap
- 11.6%
- Cash per share
- ₹187.99
- Asset turnover
- 1.23
- Fixed asset turnover
- 11.67
- Capital intensity
- 0.09
- Debtor days
- 82 days
- Cash conversion cycle
- 82 days
Where the revenue went
Of every ₹100 of FY2025 revenue, ₹8 was left as net profit.
| From | To | Amount |
|---|---|---|
| Sales | Expenses | ₹40,359 Cr |
| Sales | Operating profit | ₹4,258 Cr |
| Operating profit | Interest | ₹239 Cr |
| Operating profit | Depreciation | ₹855 Cr |
| Operating profit | Profit before tax | ₹3,164 Cr |
| Other income | Profit before tax | ₹1,333 Cr |
| Profit before tax | Tax and other | ₹991 Cr |
| Profit before tax | Net profit | ₹3,506 Cr |
Revenue and net profit
Revenue grew 4.5% in FY2025; net profit is the dashed line.
| Date | Revenue | Net profit |
|---|---|---|
| FY2021 | ₹29,641 Cr | ₹4,239 Cr |
| FY2022 | ₹35,761 Cr | ₹5,023 Cr |
| FY2023 | ₹42,657 Cr | ₹3,778 Cr |
| FY2024 | ₹42,700 Cr | ₹2,064 Cr |
| FY2025 | ₹44,617 Cr | ₹3,506 Cr |
Cash flows
FY2025: ₹4,293 Cr from operations, ₹4,806 Cr free after investment (dashed).
| Date | Operating cash flow | Free cash flow |
|---|---|---|
| FY2021 | ₹6,852 Cr | ₹1,250 Cr |
| FY2022 | ₹3,213 Cr | ₹4,789 Cr |
| FY2023 | ₹4,102 Cr | ₹4,836 Cr |
| FY2024 | ₹5,123 Cr | ₹5,082 Cr |
| FY2025 | ₹4,293 Cr | ₹4,806 Cr |
Growth
Latest fiscal year FY2025 (ending March): each figure with its change over the year before.
- Revenue
- ₹44,617 Cr+4.5%1Y
- Net profit
- ₹3,506 Cr+69.9%1Y
- Cash from operations
- ₹4,293 Cr
- Free cash flow
- ₹4,806 Cr-5.4%1Y
- Revenue CAGR, 5Y
- 7.9%
- EBITDA CAGR, 5Y
- -9.7%
- Net profit CAGR, 5Y
- -14.6%
| Year | Revenue | Operating income | EBITDA | Net profit | CFO | FCF | ROE | Revenue growth 1Y | Net profit growth 1Y |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | ₹44,617 Cr | ₹4,258 Cr | — | ₹3,506 Cr | ₹4,293 Cr | ₹4,806 Cr | 15.6% | +4.5% | +69.9% |
Monthly returns
Month-by-month returns of TECHM across the years, with the seasonal pattern.
Balance sheet
What the company owns and owes at the end of FY2025.
| Line | FY2025 |
|---|---|
| Liabilities and equity | ₹36,181 Cr |
| Equity capital | ₹490 Cr |
| Reserves | ₹21,931 Cr |
| Borrowings | ₹982 Cr |
| Other liabilities | ₹12,778 Cr |
| Assets | ₹36,181 Cr |
| Fixed assets | ₹3,878 Cr |
| Capital work in progress | ₹18 Cr |
| Investments | ₹12,427 Cr |
| Other assets | ₹19,859 Cr |
Market cap against peers
8 peers: same sector group, nearest by size.
P/E against peers
TECHM trades at 40.3x earnings against a peer median of 52.1x (a 23% discount).
Not shown (no positive earnings and no EV / Sales): VODAFONE IDEA LIMITED.
Peer comparison
Same-sector peers by market cap, with the median.
| Company | Market cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|
| Tech Mahindra LimitedTECHMthis companyP/E ↓ discount | ₹1.6 L Cr | 40.3x | 7.3x | 8.9% | 42.5x |
| Wipro Ltd.WIPRO | ₹2.8 L Cr | 23.0x | 4.3x | 15.8% | 18.9x |
| LTIMindtree LimitedLTM | ₹1.8 L Cr | 37.7x | 8.0x | 23.2% | 26.3x |
| VODAFONE IDEA LIMITEDIDEA | ₹1.2 L Cr | — | -1.4x | 30.1% | 20.5x |
| INDUS TOWERS LIMITEDINDUSTOWER | ₹1.1 L Cr | 12.0x | 3.1x | 22.3% | 8.1x |
| Billionbrains Garage Ventures LimitedGROWW | ₹1.0 L Cr | 66.3x | — | -52.3% | -108.0x |
| Persistent Systems LimitedPERSISTENT | ₹1.0 L Cr | 68.6x | 15.0x | 20.6% | 66.6x |
| Info Edge(India) Ltd.NAUKRI | ₹86,455 Cr | 82.5x | 1.9x | 3.3% | 71.0x |
| Bharti Hexacom LimitedBHARTIHEXA | ₹83,980 Cr | 52.3x | 13.4x | 10.9% | 27.6x |
| Peer median | — | 52.1x | 7.8x | 14.5% | 34.2x |
Year-to-date ROI
TECHM since 1 January, against earlier years.
Historical volatility
TECHM's day-to-day swings over 30, 60 and 180 days.
Financial statements
Income statement, balance sheet and cash flow as reported, in ₹ crore, grouped into plain-language lines.
Figures in ₹ crore as reported, fiscal years ending March, newest first; the trailing twelve months (TTM) last.
Operating margin by fiscal year
| Date | Operating margin |
|---|---|
| FY2021 | 18.0% |
| FY2022 | 16.0% |
| FY2023 | 11.0% |
| FY2024 | 6.0% |
| FY2025 | 10.0% |
| Line | FY2025 |
|---|---|
| RevenueSales | ₹44,617 Cr |
| Costs | |
| Interest | ₹239 Cr |
| Expenses | ₹40,359 Cr |
| Operating profitOperating Profit | ₹4,258 Cr |
| Other income and charges | |
| Profit before tax | ₹4,497 Cr |
| Tax | |
| Net profitNet Profit | ₹3,506 Cr |
| Per share |
| Line | FY2025 |
|---|---|
| Liabilities and equityTotal Liabilities | ₹36,181 Cr |
| Equity capitalEquity Capital | ₹490 Cr |
| Reserves | ₹21,931 Cr |
| Borrowings | ₹982 Cr |
| Other liabilitiesOther Liabilities | ₹12,778 Cr |
| AssetsTotal Assets | ₹36,181 Cr |
| Fixed assetsFixed Assets | ₹3,878 Cr |
| Capital work in progressCWIP | ₹18 Cr |
| Investments | ₹12,427 Cr |
| Other assetsOther Assets | ₹19,859 Cr |
| Line | FY2025 |
|---|---|
| Operating cash flowCash from Operating Activity | ₹4,293 Cr |
| Investing cash flowCash from Investing Activity | ₹513 Cr |
| Financing cash flowCash from Financing Activity | -₹4,659 Cr |
| Change in cashNet Cash Flow | ₹146 Cr |
Learn while you research
Academy chapters picked for Tech Mahindra Limited and the metrics on this page.
- 01 Taxes on Investments (India)LTCG, STCG, dividend tax, what every Indian investor needs.6 min read
- 02 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read
- 03 Valuation Multiples ExplainedThis stock trades at a P/E of 40.3, learn when high multiples are justified.6 min read
- 04 Growth InvestingTech & communications often trade on growth, learn the framework.7 min read
- 05 Essential Stock RatiosP/E, P/B, EV/EBITDA, what they mean and when to use each.7 min read
- 06 How to Read a Cash-Flow StatementProfit can be manipulated; cash flow rarely lies.7 min read