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Tech Mahindra (TECHM) had a P/E of 29.4× on 6 Nov 2026, above the industry P/E of 17.7×. Sales grew 2.2% a year over 3 years while net profit fell 0.1%, with ROCE of 20% and ROE of 19%. It carries very little debt, and its dividend yield is 2.8%. It is a large-cap company with a market cap of ₹1.8 lakh crore, ranked 5th of 126 Information Technology Services companies by market cap; the shares rose 29% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Sep 2026.How we calculate this

past year
Open
₹1,837.70
Day high
₹1,860.00
Day low
₹1,816.00
Prev. close
₹1,822.70
Volume
20 L

Health check

2 good · 1 fair · 3 to check
  • ReturnsAhead

    +29.3% over a year, better than 7 of 7 peers.

  • Price tagPricier

    P/E 29.4 vs industry 17.7.

  • GrowthSlow

    Sales +2.2%, profit −0.1% a year over 3 years.

  • ProfitabilityAverage

    ROCE 19.8% vs peer median 27.2%.

  • Balance sheetSolid

    Debt 0.07× equity, interest covered 20.5×, Piotroski 8 of 9.

  • Red flags1 to check

    P/E of 29.4 against an industry P/E of 17.7.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Information Technology Services

125 listed peers. Screen the industry

Large cap

₹1.8L Cr, #5 of 126 in its industry by size.

Market sensitivity

Measuring against the NIFTY 50…

Key metrics

Last 12 months to Sep 2026: sales ₹61,361 Cr · profit ₹5,527 Cr
Market cap
₹1.8L Cr
Large cap
P/E
29.4
Industry 17.7
Price to book
5.47
Peers 4.97
Dividend yield
2.79%
ROE
19.2%
Peers 22.9%
ROCE
19.8%
Peers 27.2%
Debt to equity
0.07
Debt ₹2,183 Cr
EPS (TTM)
₹62.22
Face value ₹5
OPM (TTM)
17.2%
Net margin 9.0%
Sales growth
+15.6%
Latest quarter vs a year ago
Profit growth
+32.5%
Latest quarter vs a year ago
Price to sales
2.92
EV/EBITDA 15.8

Strengths and risks

Strengths

  • Return on equity of 19.2%.
  • Practically debt-free.
  • Dividend yield of 2.79%.
  • Quarterly profit up 32.5% on a year ago.
  • Quarterly sales up 15.6% on a year ago.

Risks to check

  • P/E of 29.4 against an industry P/E of 17.7.

Derived automatically from reported figures. Not a recommendation.

About Tech Mahindra

Tech Mahindra Limited provides information technology services and solutions in India, the Americas, Europe, and internationally. The company offers TechM AppGinieZ, a software development lifecycle acceleration platform; Swifter.io, a software engineering platform; ADMSNXT Reforge, an application modernization platform; Autonomous Operations Center, an AI-powered operations platform; and New Age Delivery Platform for DevSecOps and engineering. It also…

Headquarters
Pune
Employees
1,52,206
Sector
Technology
ISIN
INE669C01036
Website
techmahindra.com

Price range

52 weeks

₹1,304.10₹1,860.00

Today

₹1,816.00₹1,860.00
Avg volume (3M)
27.7 L
1-year return
plus 29.3%
From 52-week high
minus 1.6%

Analyst consensus

39 analysts
BuyMean target ₹1,750.74 minus 4.4%

The mean target is below today’s price.

Target range, with today’s price

Low ₹1,220.00High ₹2,000.00

Next results expected around 14 Jan 2027

Consensus from Yahoo Finance. Not a recommendation.

Peers · Information Technology Services

Compare with peersScreen the whole industry
Company
TCSTata Consultancy Services2,498.50plus 0.11%9,03,97917.57.6054.9%45.6%26.5%5.8%5.3%1.92%minus 16.5%
INFYInfosys1,181.40plus 1.20%4,78,51115.74.9139.0%30.0%23.1%6.7%6.9%4.40%minus 20.5%
HCLTECHHCL Technologies1,440.00plus 0.66%3,89,75421.35.2027.2%24.6%20.8%8.7%3.9%3.33%minus 6.4%
WIPROWipro198.00minus 0.20%1,95,89815.62.4617.8%15.9%19.2%0.8%5.2%4.04%minus 16.6%
TECHMTech Mahindra1,831.00plus 0.46%1,79,47629.45.4719.8%19.2%17.2%2.2%−0.1%2.79%plus 29.3%
LTMLTM4,338.00minus 1.25%1,28,62024.64.9725.4%21.0%17.9%8.4%4.4%1.80%minus 21.8%
PERSISTENTPersistent Systems6,053.50minus 0.92%99,85953.011.1229.4%22.9%16.9%20.9%26.5%0.59%plus 4.3%
COFORGECoforge2,076.00minus 0.14%91,98040.74.1118.6%13.3%19.2%26.9%30.9%0.77%plus 17.7%
Median of 7 peers–−0.14%1,95,89821.34.9727.2%22.9%19.2%8.4%5.3%1.92%−16.5%

Quarterly results

Consolidated, ₹ crore
SalesSelect a row below to chart it
₹ CrJun 25Dec 25Mar 26Jun 26Sep 26
13,35114,39315,07615,71216,180
11,41612,02812,51112,96913,302
1,9352,3662,5652,7432,879
14.5%16.4%17.0%17.5%17.8%
219−20.8−205−111−7.4
77.893.688.811183.6
458474481479491
–−272–––
1,6181,5051,7912,0422,296
30.2%25.7%24.2%27.2%29.9%
1,1411,1221,3541,4651,586
12.8612.6415.2416.5017.84

Sep 25 not reported by the data source.

Profit & loss

Yearly, ₹ crore
Sales CAGR 3Y
+2.2%
Profit CAGR 3Y
−0.1%
EPS CAGR 3Y
−0.2%
ROE
19.2%
Net profitSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
53,29051,99652,98856,815
–minus 2.4%+1.9%+7.2%
45,08446,75645,96847,546
8,2065,2397,0209,270
15.4%10.1%13.2%16.3%
590317253−131
326392322337
1,9571,8171,8531,882
−68.1−123555−346
6,4463,2245,6536,573
24.6%25.7%24.8%26.9%
4,8312,3584,2524,811
–minus 51.2%+80.3%+13.2%
54.5426.5847.9154.19

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore
Total assetsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
440441442443
27,48526,22826,91929,173
2,7402,5372,0252,186
15,48914,21815,10817,568
46,15343,42444,49549,369
4,0683,6373,9324,433
11011932.927.3
49241423635.2
6,9537,3587,4078,426
34,52931,89632,88736,448
46,15343,42444,49549,369

Cash flow

Yearly, ₹ crore
Cash from operationsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
5,5726,3765,7866,172
−279−1,314−23.2−409
−5,078−4,767−5,799−5,131
215296−36.7632
−1,015−791−594−696
4,5575,5855,1925,476
−4,263−3,917−3,842−4,026

Shareholding pattern

Source: NSE filings

NSE hasn’t returned a shareholding pattern for this company. Institutions hold about 44.4% (Yahoo estimate).

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you