Buy Mindtree; target of Rs 3860: Geojit

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26 Aug, 2025 12:21

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Geojit's research report on Mindtree

Mindtree Ltd is an information technology (IT) consulting and implementation company focusing on select verticals viz. BFSI, Retail, Travel & Hospitality and Hi-Tech. Q2FY23 revenue rose 31.5% YoY to Rs. 3,400cr led by strong growth across most of the segments except Retail, CPG and Manufacturing. EBITDA grew 31.3% YoY despite wage hikes, while margin remained broadly flat at 20.5%. The PAT grew 27.5% YoY to Rs. 509cr. Mindtree has a resilient business structure with strong and efficient execution capabilities. The growth momentum is expected to continue, backed by a robust order book.

Outlook

We hereby upgrade our rating to BUY with a revised target price of Rs. 3,860 based on 28x FY24E adj. EPS.

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Mindtree - 201022 - geo