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Tech Mahindra Results: Latest Quarterly Results & Analysis

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Tech Mahindra Ltd. 16 Jul 2026 16:21 PM
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Q1FY27 Quarterly Result Announced for Tech Mahindra Ltd.

IT Consulting & Software company Tech Mahindra announced Q1FY27 results

Standalone Financial Highlights:

  • Total Income: The company reported a total income of Rs 1,30,813 million in Q1FY27, representing a YoY increase of 9.11% from Rs 1,19,889 million in Q1FY26 and a QoQ increase of 2.51% from Rs 1,27,613 million in Q4FY26.
  • Revenue from Operations: Revenue stood at Rs 1,32,186 million in Q1FY27, recording a YoY growth of 14.01% compared to Rs 1,15,946 million in Q1FY26 and a QoQ growth of 2.02% compared to Rs 1,29,565 million in Q4FY26.
  • Profit Before Tax: The PBT for the quarter was Rs 15,097 million, which is a YoY decline of 2.04% from Rs 15,411 million in Q1FY26 but a significant QoQ increase of 82.26% from Rs 8,283 million in Q4FY26.
  • Net Profit: Net profit for the period was Rs 11,379 million in Q1FY27, showing a YoY decline of 3.44% from Rs 11,784 million in Q1FY26 and a QoQ increase of 110.22% from Rs 5,413 million in Q4FY26.
  • Earnings Per Share (EPS): Basic EPS for Q1FY27 was Rs 11.60, compared to Rs 12.02 in Q1FY26 and Rs 5.52 in Q4FY26.

Consolidated Financial Highlights:

  • Total Income: Consolidated total income reached Rs 1,56,055 million in Q1FY27, up 15.00% YoY from Rs 1,35,695 million in Q1FY26 and up 4.94% QoQ from Rs 1,48,714 million in Q4FY26.
  • Revenue from Operations: Consolidated revenue stood at Rs 1,57,119 million in Q1FY27, marking a YoY growth of 17.68% from Rs 1,33,512 million and a QoQ growth of 4.22% from Rs 1,50,761 million in Q4FY26.
  • EBIT: As per the press release, EBIT rose to Rs 2,264 crore, an increase of 53.3% YoY and 8.6% QoQ. EBIT margin stood at 14.4%.
  • Profit Before Tax: PBT reached Rs 20,419 million in Q1FY27, reflecting a growth of 26.19% YoY from Rs 16,181 million and 14.03% QoQ from Rs 17,906 million in Q4FY26.
  • Net Profit (Attributable to Owners): Profit for the period was Rs 14,651 million in Q1FY27, up 28.45% YoY from Rs 11,406 million and up 8.22% QoQ from Rs 13,538 million in Q4FY26.
  • Earnings Per Share (EPS): Basic EPS for the quarter was Rs 16.53, up from Rs 12.87 in Q1FY26 and Rs 15.27 in Q4FY26.
  • Free Cash Flow: The company generated a free cash flow of USD 167 million in Q1FY27, which is 108% of the PAT and marks a 94% YoY increase.

Business Highlights:

  • Segment-wise Performance:
    • IT Services: Revenue reached Rs 1,32,450 million in Q1FY27, compared to Rs 1,26,608 million in Q4FY26 and Rs 1,12,637 million in Q1FY26.
    • Business Process Services (BPS): Revenue reached Rs 24,669 million in Q1FY27, compared to Rs 24,153 million in Q4FY26 and Rs 20,875 million in Q1FY26.
  • Vertical-wise Performance (% Mix):
    • Communications contributed 32.3% of the revenue.
    • Manufacturing contributed 19.3% (growing 9.0% QoQ and 17.2% YoY).
    • BFSI contributed 16.7%.
    • Technology, Media and Entertainment contributed 12.9%.
    • Retail, Logistics and Transport contributed 8.1%.
    • Healthcare and Lifesciences contributed 7.3%.
  • Deal Wins: New deal wins TCV (Total Contract Value) stood at USD 1,078 million for Q1FY27, up 33.3% YoY.
  • Geography-wise Performance (% Mix): The Americas led with 48.6%, followed by Europe at 27.5% and the Rest of the World (ROW) at 23.9%.
  • Client Metrics: The company increased its USD 50 million client base to 33 (up by 7 YoY) and its USD 20 million client base to 66 (up by 6 YoY).
  • Headcount and Attrition: Total headcount at the end of the quarter was 1,46,760, reflecting a QoQ decrease of 863. LTM IT attrition improved to 11.8%.
  • Acquisition: On May 27, 2026, the company acquired an 85% stake in Avant Techno Solutions, a Canada-based firm specializing in payments modernization, for a consideration of Rs 1,875 million (CAD 27.26 million).
  • Strategic Launches: The company announced the launch of Agentic Development & Modernization Services (ADMS) and established a Communications Experience Center in Pune as an AI-led co-innovation hub.

Mohit Joshi, CEO & Managing Director, Tech Mahindra, said: “YoY growth of 6.1% coupled with three consecutive quarters of deal wins exceeding USD 1 billion dollars underscores the resilience of our business and the growing relevance of our offerings. Equally encouraging is the continued deepening of client relationships, with our $50 million-plus client base up by seven and all verticals delivering growth YoY.”

Rohit Anand, Chief Financial Officer, Tech Mahindra, said: “We delivered a strong Q1 performance with broad-based growth, margin expansion, and disciplined working capital management, reflecting consistent execution and sustained business momentum. We remain committed to building a future-ready organization through continued investments in differentiated capabilities, domain-specific and sovereign AI, platforms, and talent—while maintaining a clear focus on growth and operational rigor.”

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IT Consulting & Software company Tech Mahindra announced Q4FY26 & FY26 results

Q4FY26 Financial Highlights:

  • Revenue Rs 15,076 crore, up 4.7% QoQ, up 12.6 % YoY.
  • EBIT Rs 2,084 crore, up 10.2% QoQ, up 48.3% YoY.
  • Profit After Tax (PAT) Rs 1,354 crore, up 16.0% YoY.
  • Diluted Earnings per share (EPS) at Rs 15.24.

FY26 Financial Highlights:

  • Revenue Rs 56,815 crore, up 7.2% YoY.
  • EBIT Rs 7,152 crore, up 39.2% YoY.
  • Profit After Tax (PAT) Rs 4,811 crore, up 13.2% YoY.

Other Highlights:

  • Total headcount at 147,623; down 1,108 YoY.
  • LTM IT attrition at 12.1%.
  • Days of Sales Outstanding 89 days.
  • Cash and Cash Equivalent at the end of the quarter Rs 8,456 crore.

Mohit Joshi, CEO & Managing Director, Tech Mahindra, said: “We are accelerating our transition to an AI-led organization, embedding AI across services and expanding our capabilities to enhance value delivery for our clients. This is reflected in our highest deal wins in recent years including consecutive quarters exceeding USD 1 billion. We remain focused on scaling with discipline and are on track to delivering our FY27 commitments.”

Rohit Anand, Chief Financial Officer, Tech Mahindra, said: “FY26 marked the end of the Stabilization Phase of our transformation journey, with margins expanding for the 10th consecutive quarter despite a challenging macro environment. In line with our disciplined capital allocation framework and commitment to our shareholders, we increased the dividend by over 13%, taking total dividends declared for the year to Rs 51 per share, our highest ever.”

Result PDF

IT Consulting & Software company Tech Mahindra announced Q3FY26 results

Q3FY26 Financial Highlights:

  • Revenue Rs 14,393 crore; up 2.8% QoQ, up 8.3% YoY.
  • EBIT Rs 1,892 crore; up 11.3% QoQ, up 40.1% YoY.
  • Profit After Tax (PAT) Rs 1,122 crore; up 14.1% YoY; Operational PAT up 34.9% YoY.
  • Diluted Earnings per share (EPS) at Rs 12.64.

Operationall Highlights:

  • Total headcount at 1,49,616; down 872 YoY.
  • LTM IT attrition at 12.3%.
  • Days of Sales Outstanding 90 days.
  • Cash and Cash Equivalent at the end of the quarter Rs 7,666 crore.

Mohit Joshi, CEO and Managing Director, Tech Mahindra, said: “Our deal wins on an LTM basis are the highest we have achieved in the past five years, reflecting an improved deal-win run-rate over the past several quarters. The momentum is a testament to our sustained investments in sales, solution-oriented go-to-market approach and the growing relevance of our AI-led offerings in addressing client needs. Together, these efforts are laying a strong foundation for long-term value creation.”

Rohit Anand, Chief Financial Officer, Tech Mahindra, said: “This quarter reflects a well-rounded financial performance, marked by ninth consecutive quarter of margin expansion and continued strength in cash generation. A sustained focus on working capital discipline has led to improved cash flows and a meaningful improvement in DSO, driven by consistent execution. We remain on track in our progress toward our FY27 goals.”

Result PDF

IT Consulting & Software company Tech Mahindra announced Q2FY26 results

Q2FY26 Financial Highlights:

  • Revenue Rs 13,995 crore; up 4.8% QoQ, up 5.1% YoY.
  • EBIT Rs 1,699 crore; up 15.0% QoQ, up 32.7% YoY.
  • Consolidated PAT Rs 1,195 crore; up 4.7% QoQ; Operational PAT up 35.5% YoY.
  • Diluted Earnings per share (EPS) at Rs 13.46.

Other Highlights:

  • Total headcount at 1,52,714; down 1,559 YoY.
  • LTM IT attrition at 12.8%.
  • Days of Sales Outstanding 94 days; flat YoY.
  • Cash and Cash Equivalent at the end of the quarter Rs 7,287 crore.
  • Interim dividend declared Rs 15 per share.

Mohit Joshi, CEO and Managing Director, Tech Mahindra, said: “We delivered broad-based growth this quarter, reflecting the strength of our strategy and execution. We launched TechM Orion, our next-generation AI platform, and TechM Orion Marketplace to help enterprise accelerate autonomous transformation. Being recognized by industry analysts reinforces our leadership in advancing next-generation AI.”

Rohit Anand, Chief Financial Officer, Tech Mahindra, said: “This quarter marks the eighth consecutive period of margin expansion, driven by operational efficiency and disciplined execution. Our deal TCV is up 57% YoY on LTM basis, supported by strong deal conversions. The Board has approved a dividend of Rs 15 per share reflecting our continued focus on shareholder value.”

Result PDF

IT Consulting & Software company Tech Mahindra announced Q1FY26 results

Q1FY26 Financial Highlights:

  • Revenue at Rs 13,351 crore; up 2.7% YoY.
  • EBIT at Rs 1,477 crore; up 34.0% YoY.
  • Consolidated PAT at Rs 1,141 crore; up 34.0% YoY.
  • Diluted Earnings per share (EPS) at Rs 12.86.

Other Highlights:

  • Total headcount at 148,517; up 897 YoY.
  • LTM IT attrition at 12.6%.
  • Days of Sales Outstanding 95 days; up 2 days YoY.
  • Cash and Cash Equivalent at the end of the quarter Rs 8,072 crore.

Mohit Joshi, CEO and Managing Director, Tech Mahindra, said: “Our performance is steadily strengthening, reflecting disciplined execution and a focused strategy. Deal wins have increased by 44% on a last twelve months (LTM) basis, supported by broad-based momentum across verticals and geographies.”

Rohit Anand, Chief Financial Officer, Tech Mahindra, said: “We have delivered seven consecutive quarters of margin expansion - a clear reflection of the discipline and focus across our organization. Even in an uncertain environment, our Project Fortius program continues to generate meaningful results and drive operational improvements.”

Result PDF

IT Consulting & Software company Tech Mahindra announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue at Rs 13,384 crore; up 0.7% QoQ, up 4.0% YoY.
  • EBIT at Rs 1,405 crore; up 4.1% QoQ, up 48.5% YoY.
  • Consolidated PAT at Rs 1,167 crore; up 18.7% QoQ, up 76.5% YoY.
  • Diluted Earnings per share (EPS) at Rs 13.15.

FY25 Financial Highlights:

  • Revenue at Rs 52,988 crore; up 1.9% YoY.
  • EBIT at Rs 5,138 crore; up 63.3% YoY.
  • Consolidated PAT at Rs 4,252 crore; up 80.3% YoY.
  • Diluted Earnings per share (EPS) at Rs 47.91

Other Highlights:

  • Total headcount at 148,731; down 1,757 QoQ, up 3,276 YoY.
  • LTM IT attrition at 11.8%.
  • Days of Sales Outstanding 88 days; same as Q3FY25, down 4 days YoY.
  • Cash and Cash Equivalent at the end of the quarter Rs 7,656 crore.
  • Final Dividend recommended @ Rs 30 per share; Total Dividend for the year @ Rs 45 per share

Mohit Joshi, CEO and Managing Director, Tech Mahindra, said: “This year, we laid a strong foundation for our transformation journey. Through strategic investments in our people, leadership, and capabilities, we have positioned ourselves to accelerate our strategic roadmap. Our deal wins at USD 2.7 billion, reflect a 42% YoY increase and are a clear validation of the depth of our client partnerships.”

Rohit Anand, Chief Financial Officer, Tech Mahindra, said: “This year, we delivered operational excellence by achieving a 60% increase in operating profit through strong execution, operational leverage, and cost management. We raised our dividend per share by 12.5% and returned 85% of our free cash flow to shareholders, reflecting our commitment to capital allocation policy.”

Result PDF

IT Consulting & Software company Tech Mahindra announced Q3FY25 results
  • Revenue: Rs 132,856 million compared to Rs 131,013 million during Q3FY24.
  • EBITDA: Rs 18,090 million compared to Rs 11,465 million during Q3FY24.
  • PBT: Rs 12,974 million compared to Rs 6,788 million during Q3FY24.
  • PAT: Rs 9,832 million compared to Rs 5,104 million during Q3FY24.
  • EPS: basic Rs 11.10 & diluted Rs 11.08 for Q3FY25.

Mohit Joshi, CEO, Tech Mahindra, said: “We see an improved rate of deal wins in our key verticals and priortised markets. This coupled with consistent expansion in operating margins, despite cross-currency headwinds during the quarter, reaffirms that we are on track to achieve our long-term goals.”

Rohit Anand, CFO, Tech Mahindra, said: “We delivered growth in EBIT margin and operating PAT, both on a sequential and year-on-year basis, resulting from our targeted actions under Project Fortius, along with steady increase in new deal wins, across prioritised verticals and markets. Our continued focus on optimising working capital management has resulted in generation of robust free cashflow.”

Result PDF

IT Consulting & Software company Tech Mahindra announced Q2FY25 results

Financial Highlights:

  • Revenue USD 1,589 million; up 1.9% QoQ, up 2.2% YoY.
    • Revenue grew by 0.7% QoQ, up by 1.2% YoY in constant currency terms.
  • Revenue Rs 13,313 crore; up 2.4% QoQ, up 3.5% YoY.
  • EBITDA USD 209 million; up 11.3% QoQ, up 61.4% YoY.
  • EBITDA Rs 1,750 crore; up 11.9% QoQ, up 63.2% YoY.
  • EBITDA Margin 13.1%, up 110 bps QoQ, up 480 bps YoY.
  • Profit after tax (PAT) USD 149 million; up 46.1% QoQ, up 150.7% YoY.
  • Consolidated PAT Rs 1,250 crore; up 46.8% QoQ, up 153.1% YoY.
  • PAT Margin 9.4%, up 280 bps QoQ, up 560 bps YoY.
  • Free cash flow USD 157 million.
  • New deal wins TCV USD 603 million.
  • Earnings per share (EPS) Rs 14.10

Other Highlights:

  • Total headcount at the end of the quarter 1,54,273, up 6,653 QoQ and 3,669 YoY.
  • LTM IT attrition 10.6% • Days of Sales Outstanding 94 days; up 1 day QoQ, down 3 days YoY.
  • Cash and Cash Equivalent at the end of the quarter Rs 6,566 crore.
  • Interim dividend declared Rs 15 per share

Mohit Joshi, Chief Executive Officer and Managing Director, Tech Mahindra, said: “We continue to progress on our strategic improvement efforts even as the overall IT services industry has remained soft. We have focused on strengthening client relationships and expanding the partner ecosystem while maintaining a sharp focus on operational excellence through project Fortius, which has resulted in an expansion of margins for the third sequential quarter.”

Rohit Anand, Chief Financial Officer, Tech Mahindra, said: “This quarter we see consistent performance around increasing deal wins, revenue growth, cost optimization and steady free cashflow generation as we continue our journey towards FY27 stated targets. In line with our capital allocation policy the board has declared an interim dividend of Rs. 15 per share.”

Result PDF

IT Consulting & Software company Tech Mahindra announced Q1FY25 results:

Financial Highlights:

  • Revenue at Rs 13,005 crore; up 1.0% QoQ, down 1.2% YoY
  • EBITDA at Rs 1,564 crore; up 11 .1 % QoQ, up 16.9% YoY; Margin at 12.0%, up 110 bps QoQ, 190 bps YoY
  • Consolidated PAT at Rs 851 crore; up 28.8% QoQ, up 23.0% YoY
  • Earnings per share (EPS) at Rs 9.62

Other Highlights:

  • Total headcount at 147,620 up 2,165 QoQ, down 677 YoY ,
  • Cash and Cash Equivalent at Rs 8,055 crore as of June 30, 2024

Mohit Joshi, Chief Executive Officer and Managing Director, Tech Mahindra, said, "It is encouraging to see positive momentum in most industry verticals which has led to revenue growth and margin expansion in an otherwise seasonally weak quarter. We continue to focus on execution and are on track to achieve our stated goals for FY27."

Rohit Anand, Chief Financial Officer, Tech Mahindra, said, "The Q1 results are a positive start both for current turnaround year as well as for our medium-term strategy. As we mentioned in our strategic priorities, our focus continues to be on investing in the business for longterm sustainable performance."

Result PDF

IT Consulting & Software company Tech Mahindra announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights (USD):

  • Revenue stood at USD 1,548 million, witnessing a decrease of 1.6% QoQ and 7.2% YoY.
    • Revenue declined by 0.8% QoQ and by 6.4% YoY in constant currency terms.
  • EBITDA reached USD 169 million, marking a significant increase of 22.9% QoQ, but a decrease of 31.1% YoY, with a margin of 10.9%, up by 220 basis points (bps) QoQ.
  • Profit after tax (PAT) amounted to USD 79 million, showing a notable increase of 29.5% QoQ, but a decline of 41.5% YoY.
  • Free cashflow was recorded at USD 129 million.

Q4FY24 Financial Highlights (INR):

  • Revenue totaled Rs 12,871 crore, a decrease of 1.8% QoQ and 6.2% YoY.
  • EBITDA amounted to Rs 1,408 crore, an increase of 22.8% QoQ, but a decrease of 30.3% YoY.
  • Consolidated PAT stood at Rs 661 crore, an increase of 29.5% QoQ, but a decline of 40.9% YoY.
  • Earnings per share (EPS) was at 7.45.

FY24 Financial Highlights (USD):

  • Revenue amounted to USD 6,277 million, marking a decrease of 5.0% YoY.
    • Revenue declined by 4.7% YoY in constant currency terms.
  • EBITDA reached USD 599 million, witnessing a significant decrease of 39.5% YoY, with a margin of 9.6%, down by 550 basis points (bps) YoY.
  • Profit after tax (PAT) amounted to USD 284 million, showing a notable decrease of 52.2% YoY.
  • Free cash flow was recorded at USD 676 million.

FY24 Financial Highlights (INR):

  • Revenue amounted to Rs 51,996 crore, decrease of 2.4% YoY.
  • EBITDA reached Rs 4,965 crore, witnessing a significant decrease of 38.2% YoY.
  • Consolidated PAT stood at 2,358 crore, marking a notable decrease of 51.2% YoY.
  • Earnings per share (EPS) was at 26.58.

Other Highlights:

  • Total headcount was at 145,455, down by 795 QoQ.
  • Cash and Cash Equivalent amounted to Rs 7,912 crore as of March 31, 2024.

Mohit Joshi, Chief Executive Officer and Managing Director of Tech Mahindra, stated, "As we enter FY'25, we are anticipating an enhancement in client spending, which instills optimism for a stronger revenue performance ahead. Our distinct capability to empower customers with transformative scale at unmatched speed sets us apart from competitors. Despite the challenges faced by the IT services sector in FY'24, including global economic uncertainties, we have observed a significant push towards digital adoption."

Rohit Anand, Chief Financial Officer of Tech Mahindra, added, "With another quarter of robust cash generation, we have witnessed improvements in deal wins and operating margins in Q4FY’24, facilitating consistent dividend distribution. We are confident that our strategic actions will result in steady earnings growth in the coming years. Our focus remains on operational excellence and cost savings to deliver superior shareholder returns."

Result PDF

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