MarketFriction

Tech Mahindra Ltd

NSE TECHM · BSE 532755 · Computers - Software & Consulting
₹1,533.00 +0.59%
NSE close2026-10-01
52 week range1,304.10 - 1,854.00
Market cap₹1,48,053 Cr.
P/E27.8
Results 15-10 Nifty 50Nifty 100Nifty 200Nifty 500Nifty IT No price band Delivery 48.4%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales12,86413,10112,87113,00613,31313,28613,38413,35113,99514,39315,07615,712
Expenses11,95011,95511,77211,44111,56311,47711,54511,41611,83012,02812,51112,974
Operating Profit9141,1461,0991,5641,7501,8091,8391,9352,1652,3662,5652,738
OPM %7%9%9%12%13%14%14%14%15%16%17%17%
Other Income264923801475222317321940-293-205-106
Interest98116587289768578779489111
Depreciation466443461462470459462458469474481479
Profit before tax6156799591,1781,7141,2971,4641,6181,6591,5051,7912,042
Tax %18%23%31%27%27%24%22%30%28%26%24%27%
Net Profit5055246648651,2589891,1421,1291,2021,1191,3561,486
EPS in Rs5.065.236.778.7112.7810.0511.9211.6512.1911.4513.8214.95
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales26,49429,14130,77334,74236,86837,85544,64653,29051,99652,98856,81559,176
Expenses22,23424,95626,06328,47131,36531,05936,62645,52747,48946,02447,78349,342
Operating Profit4,2604,1844,7106,2715,5036,7968,0207,7634,5066,9649,0339,834
OPM %16%14%15%18%15%18%18%15%9%13%16%17%
Other Income4537751,4175341,1927881,115965927864-240-564
Interest97129162133192174163326392322337371
Depreciation7599781,0851,1291,4461,4581,5201,9571,8171,8531,8821,902
Profit before tax3,8573,8534,8795,5435,0585,9537,4526,4463,2245,6536,5736,997
Tax %22%26%22%23%23%27%24%25%26%25%27%
Net Profit3,0272,8513,7864,2893,8974,3535,6304,8572,3974,2534,8065,163
EPS in Rs30.9228.8838.7843.7041.7645.7357.2749.6024.1443.4349.1052.41
Dividend Payout %35%28%33%29%32%89%47%91%150%94%94%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth8%8%2%11%
Compounded Profit Growth5%2%1%17%
Stock Price CAGR14%2%7%8%
Return on Equity17%16%13%18%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity2,4483,1374,0713,5544,4324,3588,0945,2855,5726,3765,7866,172
Cash from Investing Activity-1,865-1,453-2,893-3,319-2,1041,081-5,433480-226-1,318-15-314
Cash from Financing Activity-829-496-1,571-269-2,251-4,466-2,987-4,667-5,078-4,767-5,799-5,130
Net Cash Flow-2461,188-392-3577974-3261,098267291-29728
Free Cash Flow1,3352,2663,3112,7633,6533,5297,5214,4504,6035,6395,3035,626
CFO/OP84%105%123%108%97%107%140%95%97%169%104%87%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days848067777375629888808086
Inventory Days
Days Payable
Cash Conversion Cycle848067777375629888808086
Working Capital Days545857422435242928232530
ROCE %32%27%23%24%25%22%23%26%22%12%19%23%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters35.13%35.10%35.08%35.04%35.02%35.01%35.00%34.99%34.98%34.97%34.97%34.96%
FIIs26.22%24.58%24.15%23.27%23.67%24.19%22.95%23.28%20.60%17.94%18.59%18.66%
DIIs27.03%28.91%29.42%30.66%30.90%30.73%32.13%32.13%34.64%37.79%37.34%36.92%
Government0.17%0.17%0.17%0.17%0.17%0.17%0.17%0.17%0.17%0.17%0.17%0.17%
Public11.44%11.22%11.16%10.84%10.23%9.88%9.74%9.43%9.61%9.14%8.94%9.28%
No. of Shareholders8,85,5908,67,3738,48,4848,26,2847,74,9977,61,3837,61,7017,48,1767,66,7827,39,8837,38,0557,44,161

Fundamentals

Market Cap₹ 1,48,053 Cr.
Current Price₹ 1,510
Stock P/E27.8
Book Value₹ 302
ROCE23.1 %
ROE17.5 %
Dividend Yield3.38 %
Face Value₹ 5.00
Compounded Sales Growth (TTM)11%
Compounded Profit Growth (TTM)17%
Consolidated figures.
Valuation
Market capRs 135,763 Cr
Enterprise valueRs 132,844 Cr
P/E (TTM)26.44x
Price to book4.58x
Price to sales2.29x
EV / EBITDA14.33x
EV / EBIT18.03x
EV / sales2.24x
Price to cash flow22.00x
Earnings yield3.78%
Dividend yield3.33%
P/E, 3-year average33.90x
P/B, 3-year average4.28x
P/E, 5-year average29.08x
P/B, 5-year average4.24x
Profitability
Operating margin (excl. other income)15.90%
Operating margin (incl. other income)15.47%
EBITDA margin15.66%
Pre-tax margin11.82%
Net profit margin8.68%
Net margin, latest quarter9.32%
ROE16.89%
ROCE22.59%
ROA10.30%
ROE, 3-year average13.75%
ROCE, 3-year average18.35%
ROA, 3-year average8.44%
ROE, 5-year average16.08%
ROCE, 5-year average20.83%
ROA, 5-year average9.86%
ROIC (approx.)20.18%
Tax rate26.89%
Other income / net worth-0.81%
Growth
Sales growth (latest year)7.22%
Profit growth (latest year)13.16%
Sales CAGR, 3 years2.16%
Sales CAGR, 5 years8.46%
Profit CAGR, 3 years-0.14%
Profit CAGR, 5 years1.67%
Sales growth QoQ4.22%
Profit growth QoQ8.22%
Sales growth YoY (latest quarter)17.68%
Profit growth YoY (latest quarter)28.45%
Per share
EPS (TTM)Rs 57.99
EPS (latest year)Rs 54.32
EPS (latest quarter)Rs 16.54
EPS, 3-year averageRs 43.03
EPS, 5-year averageRs 49.48
Book value per shareRs 334.41
Sales per shareRs 668.20
Cash flow per shareRs 69.69
Free cash flow per shareRs 63.53
Dividend per share (latest year)Rs 51.00
Dividend per share, 3-year averageRs 45.34
Dividend per share, 5-year averageRs 43.20
Dividends
Dividend payout93.88%
Dividend payout, 3-year average112.42%
Dividend payout, 5-year average95.13%
Efficiency
Asset turnover1.16x
Fixed asset turnover3.82x
Inventory turnover130.46x
Inventory days3 days
Debtor days86 days
Debtors turnover4.25x
Cash conversion cycle86 days
Working capital days30 days
Leverage
Total debtRs 2,186 Cr
Cash and bankRs 5,105 Cr
Net debtRs -2,919 Cr
Debt to equity0.07x
Net debt / EBITDA-0.31x
Interest coverage19.86x
Current ratio (filing 2026-03-31)1.90x
Quick ratio (filing 2026-03-31)1.89x
Trade payables (filing 2026-03-31)Rs 5,040 Cr
Owners' fund to total sources60.23%
Debt to assets4.45%
Cash flow
Cash from Operating Activity (latest year)Rs 6,172 Cr
Cash from Investing Activity (latest year)Rs -314 Cr
Cash from Financing Activity (latest year)Rs -5,130 Cr
Net Cash Flow (latest year)Rs 728 Cr
Free cash flow (latest year)Rs 5,626 Cr
FCFE (approx.: FCF + change in debt)Rs 5,787 Cr
Cash from ops / profit, 5 years1.33x
Sales to cash flow9.21x
Statement figures
Net sales (TTM)Rs 59,176 Cr
Net sales (latest year)Rs 56,815 Cr
Sales (latest quarter)Rs 15,712 Cr
Operating profit excl. other income (latest year)Rs 9,033 Cr
Operating profit (latest quarter)Rs 2,738 Cr
Other income (TTM)Rs -564 Cr
EBITDA (TTM)Rs 9,270 Cr
PBDT (TTM)Rs 8,899 Cr
Profit before tax (TTM)Rs 6,997 Cr
Tax (latest year)Rs 1,768 Cr
Net profit (TTM)Rs 5,135 Cr
Net profit (latest year)Rs 4,811 Cr
Net profit (latest quarter)Rs 1,465 Cr
Depreciation (TTM)Rs 1,902 Cr
Depreciation (latest quarter)Rs 479 Cr
Interest (TTM)Rs 371 Cr
Cost of goods sold (latest year)Rs 13,594 Cr
Total expenditure (latest year)Rs 47,783 Cr
Total income (latest year)Rs 56,575 Cr
Share capitalRs 443 Cr
ReservesRs 29,173 Cr
Shareholders' fundsRs 29,615 Cr
Total assetsRs 49,168 Cr
Net blockRs 14,864 Cr
Capital work in progressRs 27 Cr
InvestmentsRs 3,426 Cr
ReceivablesRs 13,358 Cr
InventoryRs 104 Cr
Other liabilitiesRs 17,366 Cr
Shares outstanding (crore)88.56
Ownership
Promoter holding34.96% (-0.03 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 26.4 is at the 70th percentile of its own 9.4-year range (median 21.1, low 10.9, high 64.3).
P/B 4.58 is at the 72th percentile (median 3.84).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodTECHMNifty 50Difference
1 week-0.6%-2.8% +2.1 pts
1 month-6.4%-6.8% +0.4 pts
3 months+8.7%-7.6% +16.3 pts
6 months+10.8%+0.4% +10.4 pts
1 year+6.1%-9.9% +16.1 pts
2 years-4.6%-13.6% +8.9 pts
3 years+25.4%+14.2% +11.2 pts
5 years+11.8%+27.9% -16.1 pts
420 mutual fund schemes hold about ₹24,176 Cr. Over three months 201 bought more and 84 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
SBI Large Cap Fundd1.92%1,058 +6%
ICICI Pru Technology Fund7.61%1,040 -11%
Tata Digital India Fund9.25%944 -9%
SBI Balanced Advantage Fund2.13%902 +6%
SBI Contra Fund1.81%862 +6%
Kotak Flexi Cap Fund1.36%765 +6%
Kotak Flexi Cap Fund1.36%761 +6%
SBI ELSS Tax Saver Fund1.94%616 +7%
Kotak Large & Mid Cap Fund1.61%521 +3%
Nippon India Large Cap Fund0.87%472 +22%
Aditya Birla SL Flexi Cap Fund1.58%459 -2%
Axis Large Cap Fund1.33%417 +56%
ICICI Pru Balanced Advantage Fund(M0.55%416 -16%
ICICI Pru Large Cap Fund0.52%415 +6%
ICICI Pru Multi Asset Allocation Fund0.43%382 -18%
Aditya Birla SL ELSS Tax Saver Fund2.58%375 +6%
Aditya Birla SL Large Cap Fund1.17%347 +4%
Invesco India Contra Fund1.64%338 +25%
Kotak Arbitrage Fund(M0.41%308 +100%
HSBC Value Fund1.99%305 +3%
Aditya Birla SL Digital India Fund7.38%303 -13%
UTI Nifty 50 Index Fund0.94%277 +6%
Aditya Birla SL Focused Fund3.30%263 -5%
UTI Value Fund2.59%248 +3%
Canara Rob Large Cap Fund1.34%228 -1%

Red flags

F-score 7 of 8
No red flags in the latest statements and filings.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2026-09-17SBI Mutual fund under its Various Acquirerbuy254,865SAST Others
2024-05-13RIYA VARMAImmediate relativeother2,195Rs 0.28 CrRevokation of Pledge
2021-09-07PRAVAT KUMAR RATHEmployees/Designated Employesell4,500Rs 0.65 CrMarket Sale
2021-09-07AMITAVA GHOSHEmployees/Designated Employesell2,500Rs 0.36 CrMarket Sale
2021-09-06Basanta Kumar MishraEmployees/Designated Employesell2,000Rs 0.29 CrMarket Sale
2021-09-06SHARAT KUMARJIGUDAEmployees/Designated Employesell1,000Rs 0.15 CrMarket Sale
2021-09-02Sushant TamhankarEmployees/Designated Employesell400Rs 0.06 CrMarket Sale
2021-09-01HABEEB C MEmployees/Designated Employesell1,000Rs 0.14 CrMarket Sale
2021-08-31Vikas GuptaEmployees/Designated Employesell2,400Rs 0.35 CrMarket Sale
2021-08-31KSHITIJ KUMAREmployees/Designated Employesell1,000Rs 0.14 CrMarket Sale
2021-08-31SHRESTH SHRIVASTAVEmployees/Designated Employesell3,000Rs 0.43 CrMarket Sale
2021-08-31ASHOK SUGGANAHALLIEmployees/Designated Employesell1,200Rs 0.17 CrMarket Sale
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹15,712 Cr +17.7% vs Jun 2025. Net profit ₹1,486 Cr +31.6%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-07-03Dividend - Rs 36 Per Share
2025-10-20Interim Dividend - Rs 15 Per Share
2025-07-04Dividend - Rs 30 Per Share
2024-10-31Interim Dividend - Rs 15 Per Share
2024-07-19Annual General Meeting/Dividend - Rs 28 Per Share
2023-11-02Interim Dividend - Rs 12 Per Share
2023-07-21Annual General Meeting/Dividend - Rs 32 Per Share
2022-11-09Special Dividend - Rs 18 Per Share
2022-07-21Annual General Meeting/Special Dividend - Rs 15 Per Share/Dividend - Rs 15 Per Share
2021-11-02 Special Dividend - Rs 15 Per Share
2021-07-23 Annual General Meeting/Dividend - Rs 15 Per Share Special Dividend 15 Per Share
2020-10-29 Special Dividend - Rs 15 Per Share
2020-07-23 Annual General Meeting/Dividend - Rs 5 Per Share
2020-03-02 Interim Dividend - Rs 10 Per Share
2019-07-25 Annual General Meeting/Dividend Rs 14 Per Share
2019-03-05 Buy Back
2018-07-26 Annual General Meeting/Dividend- Rs 14 Per Share
2017-07-27 Annual General Meeting/ Dividend -Rs 9/- Per Share
2016-07-28 Annual General Meeting/Final Dividend Rs 6/- Per Share And Special Dividend Rs 6/- Per Share
2015-07-23Annual General Meeting/ Dividend - Rs 6/- Per Share
2015-03-19Bonus 1:1 / Face Value Split - From Rs 10/- Per Share To Rs 5/- Per Share0.2500
2014-07-25Annual General Meeting/Dividend Rs 20/- Per Share
2013-09-19Annual General Meeting / Dividend - Rs 5/- Per Share
2012-08-02Annual General Meeting/Dividend Rs 4 Per Share
2011-08-04Annual General Meeting And Dividend Rs.4/- Per Share
2010-07-21Agm/Div-Rs.3.50 Per Share
2009-07-20Annual General Meeting
2008-10-27Interim Dividend - 40% Purpose Revised
2008-07-17Agm/Dividend-55%
2007-07-16Agm
2007-03-21Interim Dividend-15% Purpose Revised
DateTypeWhat it says
2026-10-02Concall / analyst meetSchedule of meet
2026-09-25Credit RatingCredit Rating
2026-09-17Concall / analyst meetSchedule of meet
2026-09-16Concall / analyst meetSchedule of meet
2026-09-16Concall / analyst meetSchedule of meet
2026-09-14AllotmentAllotment of 25329 securities pursuant to ESOP/ESPS at its meeting held on September 14, 2026
2026-09-07Concall / analyst meetSchedule of meet
2026-09-03General UpdatesGeneral Updates
2026-08-27Concall / analyst meetSchedule of meet
2026-08-26Concall / analyst meetSchedule of meet
2026-08-17AllotmentAllotment of 48950 securities pursuant to ESOP/ESPS at its meeting held on August 17, 2026
2026-08-08General UpdatesGeneral Updates
2026-08-06Concall / analyst meetSchedule of meet
2026-08-06Concall / analyst meetSchedule of meet
2026-07-28General UpdatesDisclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( SEB...
2026-07-24Concall / analyst meetSchedule of meet
2026-07-22Concall / analyst meetTranscript
2026-07-21General UpdatesGeneral Updates
2026-07-21AllotmentAllotment of 26848 securities pursuant to ESOP/ESPS at its meeting held on July 21, 2026
2026-07-20General UpdatesNotice to Shareholders regarding Scheme of Merger between Zen3 Infosolutions Private Limited, Tech Mahindra Enterprise Services Limited, Begig Private...
2026-07-18Shareholder meetingVoting results.
2026-07-18Shareholder meetingProceedings of Annual General Meeting held on July 17, 2026
2026-07-16Concall / analyst meetLink of Recording
2026-07-16AcquisitionAcquisition
2026-07-16Investor PresentationInvestor Presentation
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Put / call open interest0.44
Max pain (expiry 2026-10-27)1,540
Largest call open interest at1,540
Largest put open interest at1,540
Implied volatility, at the money32.1%
Underlying at snapshot1,533.00
Open interest by strike around the price, nearest expiry. End-of-day NSE snapshot, 01-Oct-2026 15:40:00. Max pain is the strike where option buyers together would lose the most at expiry.
Trade dateShares sold short
2026-09-304,839
2026-09-291
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2019-02-01NCLTTech Mahindra Growth Factories Ltd. Vs N/A
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Not on any NSE surveillance list in the latest file.
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03