Buy Tech Mahindra; target of Rs 490: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on Tech Mahindra

TechM’s dollar revenues grew 4.1% to US$1131.2 million in the quarter. The company has two major segments- enterprise and telecom wherein the enterprise segment grew 3.3% QoQ mainly led by BFSI and manufacturing while communication segment declined 0.8% QoQ led by weakness in network business.

Outlook

We expect TechM to report rupee revenue, PAT CAGR of 7.6%, 13.5% in FY17-19E with average 14.7% EBITDA margins. We maintain our BUY rating on TechM with a revised target price of Rs 490 based on 12x FY19E EPS of Rs 40.9.

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