Tech Mahindra (TECHM) reported 1QFY27 revenue of USD1.7b, up 2.6% QoQ in CC, above our estimate of 1% CC growth. Retail/BFSI/Manufacturing rose 1.2%/2.7%/9.0% QoQ, while Technology/Communication declined 1.7%/1.3% QoQ (in USD terms).