Tech Mahindra's Q3FY26 performance signals a meaningful turnaround, underpinned by improving growth momentum, sustained margin expansion and strong deal visibility. Revenue grew 1.7% QoQ in CC term, driven by broad-based traction across communications, manufacturing, retail and healthcare, while Europe posted robust 11% YoY growth aided by large deal ramps. EBIT margin expanded sharply to 13.1%, up 290 bps YoY, led by fixedprice productivity gains, pricing discipline and better revenue mix, with management confident of reaching ~15% margins by FY27. Deal wins hit a fiveyear high at USD 1.1bn TCV, up 48% YoY on an LTM basis, anchored by a landmark +USD 500mn European telecom mega-deal that materially enhances...