Tech Mahindra delivered a clean beat, with revenue of USD 1,693mn (+2.4% QoQ CC, +7.2% YoY CC) and EBIT margin of 14.8%, up 40bps QoQ and 260bps YoY, now within 20bps of the 15% FY27 target. This marks the 12th consecutive quarter of margin expansion, driven by Project Fortius and fixed-price productivity. TCV of USD 1.023bn lifts LTM deal wins 34.8% to USD 4.27bn, while USD 20mn+ accounts grew 11.7% YoY, signalling a share-gaining growth. Management sees headroom of 3-4% from pyramid rationalisation, which is likely to...