āagman

Not investment advice. Data and computed figures, for information only.

Tech Mahindra Ltd

NSE: TECHMF&O
₹1,650.00
+₹74.80 (+4.75%)
NSE · 15 Oct 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹1,48,406 Cr
CMP
₹1,650.00
52-wk High / Low
₹1,854 / 1,304
P/E
27.9
P/B
5.0
Book Value
₹302.0
Div Yield
3.37%
ROCE
23.0%
ROE
17.5%
Face Value
₹5
D/E
0.07

Price+13.2% over 1Y

āagman read

Computed by āagman
Derived from 12 years and 15 quarters of filings. Not reported by the company.
As of 15 Oct 2026
How we compute these
Piotroski F-Score
5
/ 9
5 of 9 F-score tests passed
Graham Number
₹578
√(22.5 × EPS × book value per share)
ROIC
16.4%
vs 13.5% sector median
Cash flow to profit
1.28
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
+293
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
1.0%
ROE × earnings retention ratio
ROE stability
3.9
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom −0.01FII +0.07DII −0.42
Latest quarter vs the previous one
Cash-accrual divergence
−2.9%
of assets
Low = accruals track cash flow
Strengths
+Price trades above its 200-day moving average (1.1x)
Watch-outs
−Borrowings are up 100.4% since FY2016 (1091 to 2186)
−Promoter holding fell by 0.2pp over the last year

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Consolidated basis (as filed) · ₹ Cr · 13 quarters
As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales13,15912,86413,10112,87113,00613,31313,28613,38413,35113,99514,39315,07615,712
Expenses11,82111,95011,95511,77211,44111,56311,47711,54511,41611,83012,02812,51112,974
Operating Profit1,3389141,1461,0991,5641,7501,8091,8391,9352,1652,3662,5652,738
OPM %10.2%7.1%8.7%8.5%12.0%13.1%13.6%13.7%14.5%15.5%16.4%17.0%17.4%
Other Income200264923801475222317321940−293−205−106
Interest12098116587289768578779489111
Depreciation447466443461462470459462458469474481479
Profit before tax9716156799591,1781,7141,2971,4641,6181,6591,5051,7912,042
Net Profit7045055246648651,2589891,1421,1291,2021,1191,3561,486
EPS (₹)7.105.065.236.778.7112.7810.0511.9211.6512.1911.4513.8214.95

Profit & Loss

As of 30 Jun 2026
Consolidated · ₹ Cr · 12 years + TTM
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales22,62126,49429,14130,77334,74236,86837,85544,64653,29051,99652,98856,81559,176
Expenses18,42822,23424,95626,06328,47131,36531,05936,62645,52747,48946,02447,78349,342
Operating Profit4,1934,2604,1844,7106,2715,5036,7968,0207,7634,5066,9649,0339,834
OPM %18.5%16.1%14.4%15.3%18.1%14.9%18.0%18.0%14.6%8.7%13.1%15.9%16.6%
Other Income1064537751,4175341,1927881,115965927864−240−564
Interest6997129162133192174163326392322337371
Depreciation6117599781,0851,1291,4461,4581,5201,9571,8171,8531,8821,902
Profit before tax3,6183,8573,8534,8795,5435,0585,9537,4526,4463,2245,6536,5736,997
Net Profit2,6593,0272,8513,7864,2893,8974,3535,6304,8572,3974,2534,8065,163
EPS (₹)27.3530.9228.8838.7843.7041.7645.7357.2749.6024.1443.4349.1052.41

Balance Sheet

As of 30 Jun 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 2026
Equity Capital480436439442444436437439440441442443—
Reserves11,76814,15515,99818,40119,84121,37724,42826,44727,48426,22826,91929,173—
Borrowings7001,0911,3662,3971,9963,6702,9012,6182,7402,5372,0252,186—
Other Liabilities6,8996,8438,2549,19211,16611,83411,83614,91115,16213,94314,88017,366—
Total Liabilities19,84822,52526,05730,43133,44637,31839,60244,41645,82743,14944,26749,168—
Fixed Assets4,0334,3096,4607,6227,0618,8729,01814,78414,93213,90313,98214,864—
CWIP568629373240276501181651201332127—
Investments2,1031,2972,3964,8417,3425,84810,2384,8843,3883,2383,1823,426—
Other Assets13,14516,28916,82817,72818,76622,54820,22824,58327,38825,87527,08230,851—
Total Assets19,84822,52526,05730,43133,44637,31839,60244,41645,82743,14944,26749,168—

Cash Flows

As of 31 Mar 2026
Consolidated · ₹ Cr
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity1,5962,4483,1374,0713,5544,4324,3588,0945,2855,5726,3765,7866,172
Cash from Investing Activity291−1,865−1,453−2,893−3,319−2,1041,081−5,433480−226−1,318−15−314
Cash from Financing Activity−972−829−496−1,571−269−2,251−4,466−2,987−4,667−5,078−4,767−5,799−5,130
Net Cash Flow915−2461,188−392−3577974−3261,098267291−29728

Ratios

As of 31 Mar 2026
13 periods
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %45.032.027.023.024.025.022.023.026.022.012.019.023.0
ROE %————————————17.5
EPS (₹)32.4427.3530.9228.8838.7843.7041.7645.7357.2749.6024.1443.4349.10
Book Value (₹)————————————302.0
Face Value (₹)————————————5
P/E————————————27.9
Div Yield %————————————3.37
NPM %—11.711.29.511.812.210.211.312.39.04.57.98.5
OPM %22.019.016.014.015.018.015.018.018.015.09.013.016.0
D/E—0.060.070.080.130.100.170.120.100.100.100.070.07
P/B————————————5.0

Growth

As of 11 Oct 2026
Compounded sales growth
10 years+8.0%
5 years+8.0%
3 years+2.0%
TTM+11.0%
Compounded profit growth
10 years+5.0%
5 years+2.0%
3 years+1.0%
TTM+17.0%
Stock price CAGR
10 years+14.0%
5 years+2.0%
3 years+8.0%
Last year+4.0%
Return on equity
10 years17.0%
5 years16.0%
3 years13.0%
Last year18.0%

Shareholding pattern

As of 31 Mar 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters36.21%36.21%36.00%35.87%35.85%35.76%35.26%35.17%35.08%35.00%34.97%34.96%
FIIs36.69%36.69%38.99%38.81%39.67%38.32%34.27%26.87%24.15%22.95%18.59%18.66%
DIIs13.13%13.13%12.45%11.66%13.20%14.39%18.05%25.68%29.42%32.13%37.34%36.92%
Government0.22%0.22%0.22%0.17%0.17%0.17%0.17%0.17%0.17%0.17%0.17%0.17%
Public13.70%13.70%12.30%13.49%11.11%11.36%12.25%12.07%11.16%9.74%8.94%9.28%
No. of shareholders5,06,0795,06,0794,30,9634,83,7744,55,6645,30,9217,31,4539,36,5348,48,4847,61,7017,38,0557,44,161
Change since Jun 2023 (pp)
Promoters −1.25FIIs −18.03DIIs +23.79Public −4.42

Documents

As of 11 Oct 2026
Announcements
Announcement under Regulation 30 (LODR)-RestructuringAnnouncement under Regulation 30 (LODR)-RestructuringCompliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationClosure of Trading Window
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Credit ratings
Rating updateRating updateRating updateRating updateRating update
Concalls
Jul 2026TranscriptJul 2026PPTJul 2026RecordingApr 2026TranscriptApr 2026PPTApr 2026PPTJan 2026TranscriptJan 2026PPTJan 2026RecordingNov 2025PPT

Corporate actions

As of 3 Jul 2026
3 Jul 2026DIVIDENDDividend - Rs 36 Per Share—
20 Oct 2025DIVIDENDInterim Dividend - Rs 15 Per Share—
4 Jul 2025DIVIDENDDividend - Rs 30 Per Share—
31 Oct 2024DIVIDENDInterim Dividend - Rs 15 Per Share—
19 Jul 2024DIVIDENDAnnual General Meeting/Dividend - Rs 28 Per Share—
2 Nov 2023DIVIDENDInterim Dividend - Rs 12 Per Share—
21 Jul 2023DIVIDENDAnnual General Meeting/Dividend - Rs 32 Per Share—
9 Nov 2022DIVIDENDSpecial Dividend - Rs 18 Per Share—
21 Jul 2022DIVIDENDAnnual General Meeting/Special Dividend - Rs 15 Per Share/Dividend - Rs 15 Per Share—
2 Nov 2021DIVIDEND Special Dividend - Rs 15 Per Share—
23 Jul 2021DIVIDEND Annual General Meeting/Dividend - Rs 15 Per Share Special Dividend 15 Per Share—
29 Oct 2020DIVIDEND Special Dividend - Rs 15 Per Share—
23 Jul 2020DIVIDEND Annual General Meeting/Dividend - Rs 5 Per Share—
2 Mar 2020DIVIDEND Interim Dividend - Rs 10 Per Share—
25 Jul 2019DIVIDEND Annual General Meeting/Dividend Rs 14 Per Share—
26 Jul 2018DIVIDEND Annual General Meeting/Dividend- Rs 14 Per Share—
27 Jul 2017DIVIDEND Annual General Meeting/ Dividend -Rs 9/- Per Share—
28 Jul 2016DIVIDEND Annual General Meeting/Final Dividend Rs 6/- Per Share And Special Dividend Rs 6/- Per Share—
23 Jul 2015DIVIDENDAnnual General Meeting/ Dividend - Rs 6/- Per Share—
19 Mar 2015SPLITBonus 1:1 / Face Value Split - From Rs 10/- Per Share To Rs 5/- Per Share—
25 Jul 2014DIVIDENDAnnual General Meeting/Dividend Rs 20/- Per Share—
19 Sep 2013DIVIDENDAnnual General Meeting / Dividend - Rs 5/- Per Share—
2 Aug 2012DIVIDENDAnnual General Meeting/Dividend Rs 4 Per Share—
4 Aug 2011DIVIDENDAnnual General Meeting And Dividend Rs.4/- Per Share—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman