Tech Mahindra Ltd. share price target

Deal wins remain robust at USD 798 mn in Q4 The performance on the topline (-1.5% CC QoQ) was below our estimates (+0.3% CC QoQ), while the execution on margins was strong, exceeding our expectations by 30bps QoQ. The decline in revenue was led by unanticipated delays in renewals within Hi-Tech, which partly supported by strong momentum in BFSI (+2.5% QoQ). The management demonstrated one-year milestone of stabilizing growth and scaling profitability, while showcasing the additional efforts that need to be put in FY26 to achieve the FY27 goal. The...

Tech Mahindra’s (TechM’s) reported revenue stood at $1,549 million, down 1.5% q-o-q in CC terms, missing our estimate of 0.6% q-o-q decline in CC terms, driven by weakness in Hi-Tech, Healthcare & Lifesciences, Retail and Others.

TechM’s turnaround efforts are yielding results with its BFSI portfolio strengthening, large logo additions, a stronger deal TCV run-rate and improvement in margins. Strong new deal TCV growth of 42.6% YoY provides some comfort on FY26 growth outlook.

Tech Mahindra (TECHM) reported 4QFY25 revenue of USD1.5b, down 1.5% QoQ in constant currency (CC) vs. our estimate of 0.8% cc decline. BFSI/Communications grew 2.4%/1.0% QoQ, while Healthcare/Hi-tech and Media declined 5.6%/8.2% QoQ. EBIT margin was up 40bp QoQ at 10.5%, beating our estimate of 10.3%.

3QFY25 was better than expected in terms of revenue and especially on margins. The latter despite large currency headwinds and investments

Tech Mahindra (TECHM) reported 3QFY25 revenue of USD1.5b, up 1.2% QoQ in constant currency (CC) vs. our estimate of flat CC growth. Healthcare/BFSI led the growth (+4.5%/2.7% QoQ CC), while Communications and Technology were muted on CC basis.

For Q3FY25, Tech Mahindra’s (Tech M) reported revenue stood at $1,568 million, up 1.2% q-o q/1.3% y-o-y, in constant currency (CC) terms, beating our modest estimate of 0.3% q-o-q growth in CC terms, led by healthy revenue growth in Communications, BFSI, and Healthcare & Life sciences.

we recommend a BUY rating on the stock.

Tech Mahindra (TECHM) reported 2QFY25 revenue of USD1.6b, up 0.7% QoQ in constant currency (CC) vs. our estimate of 0.2% QoQ CC. The growth was driven by Retail/Technology (up 5.6%/5.7% sequentially).

A beat on revenue, margins and TCV against low expectations. Steadily moving to achieve its FY27 targets. Momentum to continue in 2H.

Revenues stood at $1,589 million, up 0.7% q-o-q/ 1.2% y-o-y in CC terms, beating our estimates of $ 1,577 million.

We recommend a BUY rating on the stock.