Buy Tech Mahindra; target of Rs 546: Edelweiss

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26 Aug, 2025 12:21

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Edelweiss' research report on Tech Mahindra
Tech Mahindra’s (TECHM) Q1FY18 revenue at USD1,138mn (up 0.6% QoQ, down 0.6% CC) and margin at 12.7% were ahead of Street’s estimates on account of improvement in efficiency and LCC. Key quarter highlights were: flat organic growth in enterprise business; 70bps QoQ margin improvement in spite of currency & visa headwinds; and strong pipeline in digital business—up 30% YoY—and 2.5x increase in deal sizes.

Outlook

Hence, we maintain ‘BUY/SP’ with revised TP of INR546 (14.0x FY19E EPS). The stock is trading at 9.9x FY19E EPS.

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