TECHM · Information Technology
Tech Mahindra Ltd. reported revenue of ₹16,180 cr for July to September 2026, +15.6% on the year and +3.0% on the quarter. That is faster than this quarter has grown in recent years (+4.3% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹61,361 cr, +13.6% on the four before.
Operating profit (EBITDA) was ₹2,878 cr, a margin of 17.8%, +232 bps on the year and +36 bps on the quarter. It is the widest margin of the last 8 quarters (range 13.6% to 17.8%). Operating costs grew +12.4% against revenue growth of +15.6%, so more of each rupee of sales reached operating profit.
Net profit was ₹1,610 cr, +33.9% on the year and +8.3% on the quarter, with earnings per share of ₹16.18. Profit before other income, one-offs and tax grew faster, at +42.2%; other income, one-offs or tax held the headline back. The tax rate was 30% against an average of 26% over the previous 8 quarters, which weighed on profit this quarter. Profit over the last four quarters totals ₹5,571 cr, +24.9% on the four before.
Of the 16 companies in Information Technology that have reported Q2 FY27 so far, Tech Mahindra Ltd. ranks 7th on revenue growth; the sector median is +12.9%. Its margin moved +232 bps on the year against a sector median of +35 bps.
Tech Mahindra Ltd. is a Nifty 50 company. Of the 47 Nifty 50 companies reported so far, the median profit growth is +21.2%; Tech Mahindra Ltd.'s +33.9% puts it above that.
On earnings per share of ₹56.40 over the last four quarters, the stock at ₹1,805.00 trades at 32.0 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹13,101 cr | ₹12,871 cr | ₹13,006 cr | ₹13,313 cr | ₹13,286 cr | ₹13,384 cr | ₹13,351 cr | ₹13,995 cr | ₹14,393 cr | ₹15,076 cr | ₹15,712 cr | ₹16,180 cr |
| YoY | — | — | −1% | +3% | +1% | +4% | +3% | +5% | +8% | +13% | +18% | +16% |
| EBITDA margin | 8.7% | 8.5% | 12.0% | 13.1% | 13.6% | 13.7% | 14.5% | 15.5% | 16.4% | 17.0% | 17.4% | 17.8% |
| Other income, % of PBT | 14% | 40% | 12% | 30% | 2% | 12% | 14% | 2% | −19% | −11% | −5% | −0% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 23% | 31% | 27% | 27% | 24% | 22% | 30% | 28% | 26% | 24% | 27% | 30% |
| Net profit | ₹524 cr | ₹664 cr | ₹865 cr | ₹1,258 cr | ₹989 cr | ₹1,142 cr | ₹1,129 cr | ₹1,202 cr | ₹1,119 cr | ₹1,356 cr | ₹1,486 cr | ₹1,610 cr |
| YoY | — | — | +23% | +149% | +89% | +72% | +31% | −4% | +13% | +19% | +32% | +34% |
| Core profit YoY | — | — | +34% | +240% | +117% | +123% | +36% | +36% | +41% | +55% | +54% | +42% |
| EPS | ₹5.23 | ₹6.77 | ₹8.71 | ₹12.78 | ₹10.05 | ₹11.92 | ₹11.65 | ₹12.19 | ₹11.45 | ₹13.82 | ₹14.95 | ₹16.18 |
| Flags | · | 1 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Tech Mahindra Ltd. reported revenue of ₹16,180 cr (+15.6% on the year) and net profit of ₹1,610 cr (+33.9% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +42.2% on the year, against +33.9% for reported profit.
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