Sharekhan's research report on Tech Mahindra
Reported revenue stood at $1,549 million, down 1.5% q-o-q in CC terms missing our estimate of 0.6% sequential decline in CC terms. EBIT margin expanded by ~40 bps q-o-q to 10.5%, beating our estimate of 10.1%. New deal win TCVs stood at $798 million, up 7% q-o-q/60% y-o-y. In FY26 the company aims to focus on accelerating towards FY27 goals through disciplined execution and a resilient delivery model, navigating macro volatility with a high-quality deal pipeline.
Outlook
We maintain BUY with a revised price target (PT) of Rs. 1,650 (22x FY27E EPS) At CMP, the stock trades at 23.6/19.5x F26/FY27E EPS.
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