Tech Mahindra Ltd

NSE: TECHM BSE: 532755IT / Software

Tech Mahindra Ltd provides comprehensive range of IT services, including IT enabled service, application development and maintenance, consulting and enterprise business solutions, etc. to a diversified base of corporate customers in a wide range of industries.[1]

₹1,430

52W: ₹1304 — ₹1854

PE 34.7 · Book ₹222 · +544% vs book

Market Cap₹1,40,177 Cr

Stock P/E34.7Price to Earnings

ROCE24.3%Return on Capital

ROE18.3%Return on Equity

Div. Yield3.57%Face Value ₹5

Strengths

+Company is almost debt free.
+Stock is providing a good dividend yield of 3.66%.
+Company has been maintaining a healthy dividend payout of 148%
+Debtor days have improved from 70.7 to 49.6 days.

Weaknesses

−The company has delivered a poor sales growth of 10.5% over past five years.
−Company has a low return on equity of 13.4% over last 3 years.

Shareholding Pattern

Promoters34.97%

FIIs18.59%

DIIs37.34%

Public8.94%

Category	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	35.04%	35.02%▼0.0	35.01%▼0.0	35%▼0.0	34.99%▼0.0	34.98%▼0.0	34.97%▼0.0	34.97%
FIIs	23.27%	23.67%▲0.4	24.19%▲0.5	22.95%▼1.2	23.28%▲0.3	20.6%▼2.7	17.94%▼2.7	18.59%▲0.6
DIIs	30.66%	30.9%▲0.2	30.73%▼0.2	32.13%▲1.4	32.13%	34.64%▲2.5	37.79%▲3.1	37.34%▼0.4
Public	10.84%	10.23%▼0.6	9.88%▼0.3	9.74%▼0.1	9.43%▼0.3	9.61%▲0.2	9.14%▼0.5	8.94%▼0.2

Financial Statements

Metric	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	10,699	10,584	10,780	11,077	11,176	11,584	11,595	12,068	12,308	12,956
Expenses	10,089	9,824	9,777	10,031	9,999	10,552	10,178	10,511	10,646	11,629
Operating Profit	610	759	1,003	1,046	1,177	1,031	1,417	1,557	1,662	1,328
OPM %	6%	7%	9%	9%	11%	9%	12%	13%	14%	10%
Net Profit	517	480	657	1,280	858	710	1,178	1,176	964	541
EPS ₹	5.29	4.92	6.72	13.09	8.77	7.26	12.03	12	9.84	5.52

AI Insights

Revenue Trend

Mar 2026 revenue at ₹48,927Cr, up 9.7% YoY. OPM at 12%.

Debt Position

Borrowings at ₹1,505Cr. Debt-to-equity ratio: 0.07x. Healthy balance sheet.

Capex Cycle

CWIP at ₹22Cr (1% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 37.34% (+10.48pp change). FIIs: 18.59% (-7.10pp change). Promoters hold 34.97%.

Margin & Efficiency

ROCE declining from 29% (Mar 2015) to 24% (Mar 2026). Working capital days: 42.

Valuation

PE 34.7x with 24.3% ROCE. Price is 544% above book value of ₹222. Dividend yield: 3.57%.