TECHM

Tech Mahindra Limited

Mahindra group's IT services arm — consulting, engineering, network and BPO services

Information Technology›Information Technology›IT - Software›Computers - Software & Consulting

techmahindra.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹1790.00
Market cap
1,58,594 Cr
Stock P/E
28.7
P/B
5.34
Dividend yield
2.9%
ROE (FY26)
16.0%
ROCE (FY26)
21.4%
Operating margin (FY26)
12.6%
Debt / equity (FY26)
0.07
OCF / EBITDA (FY26)
68.3%
OCF / EBITDA (3Y)
89.4%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

TechM (Tech Mahindra) sells IT services and business process services (BPS) to global enterprise clients across the Americas, Europe and the rest of the world, and is part of the Mahindra Group.

Company snapshot

5thBy market cap

Ranked among 50 companies in Computers - Software & Consulting.

Segment mix

Reportable segments as of 2024-12-31 (Standalone). Revenue share = segment revenue ÷ total revenue.

SegmentRevenue shareRevenuePBTAssets
-—0 Cr0 Cr—

What we see

Positives
  • ✓89% of operating profit came in as cash over the last three years — profits are backed by real cash.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricDec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026Sept 2026
Sales13,101 Cr12,871 Cr13,005 Cr13,313 Cr13,286 Cr13,384 Cr13,351 Cr13,995 Cr14,393 Cr15,076 Cr15,712 Cr16,180 Cr
Operating expenses (approx.)11,955 Cr11,772 Cr11,441 Cr11,563 Cr11,477 Cr11,544 Cr11,416 Cr11,827 Cr12,028 Cr12,511 Cr12,969 Cr13,302 Cr
EBITDA1,146 Cr1,099 Cr1,564 Cr1,750 Cr1,809 Cr1,840 Cr1,935 Cr2,168 Cr2,366 Cr2,565 Cr2,743 Cr2,879 Cr
OPM %8.8%8.5%12.0%13.1%13.6%13.7%14.5%15.5%16.4%17.0%17.5%17.8%
Other income88 Cr374 Cr145 Cr522 Cr17 Cr173 Cr218 Cr40 Cr-22 Cr-205 Cr-106 Cr-7 Cr
Interest117 Cr59 Cr72 Cr89 Cr76 Cr85 Cr78 Cr77 Cr94 Cr89 Cr111 Cr84 Cr
Depreciation443 Cr461 Cr462 Cr470 Cr459 Cr462 Cr458 Cr469 Cr474 Cr481 Cr479 Cr491 Cr
Profit before tax679 Cr959 Cr1,178 Cr1,713 Cr1,297 Cr1,464 Cr1,618 Cr1,659 Cr1,505 Cr1,791 Cr2,042 Cr2,296 Cr
Tax %22.8%30.7%26.6%26.6%23.8%22.0%30.2%27.6%25.7%24.2%27.2%29.9%
Net profit524 Cr664 Cr865 Cr1,257 Cr989 Cr1,142 Cr1,129 Cr1,202 Cr1,119 Cr1,356 Cr1,486 Cr1,610 Cr
EPS (₹)₹5.77₹7.48₹9.62₹14.12₹11.10₹13.17₹12.87₹13.48₹12.66₹15.27₹16.53₹17.88

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales29,141 Cr30,773 Cr34,742 Cr36,868 Cr37,855 Cr44,646 Cr53,290 Cr51,995 Cr52,988 Cr56,815 CrSign in free for the trailing twelve months
Operating expenses (approx.)24,956 Cr26,063 Cr28,405 Cr31,359 Cr31,059 Cr36,626 Cr45,498 Cr47,489 Cr46,025 Cr47,781 CrSign in free for the trailing twelve months
EBITDA4,184 Cr4,710 Cr6,337 Cr5,509 Cr6,796 Cr8,020 Cr7,792 Cr4,506 Cr6,964 Cr9,034 CrSign in free for the trailing twelve months
OPM %14.4%15.3%18.2%14.9%18.0%18.0%14.6%8.7%13.1%15.9%Sign in free for the trailing twelve months
Other income778 Cr1,416 Cr534 Cr1,192 Cr787 Cr1,112 Cr965 Cr917 Cr855 Cr32 CrSign in free for the trailing twelve months
Interest129 Cr162 Cr133 Cr192 Cr174 Cr163 Cr326 Cr392 Cr322 Cr337 CrSign in free for the trailing twelve months
Depreciation978 Cr1,085 Cr1,129 Cr1,446 Cr1,458 Cr1,520 Cr1,957 Cr1,817 Cr1,853 Cr1,882 CrSign in free for the trailing twelve months
Profit before tax3,853 Cr4,879 Cr5,543 Cr5,058 Cr5,953 Cr7,452 Cr6,445 Cr3,224 Cr5,653 Cr6,573 CrSign in free for the trailing twelve months
Tax %26.0%22.4%22.6%22.9%26.9%24.4%24.6%25.7%24.8%26.9%Sign in free for the trailing twelve months
Net profit2,851 Cr3,786 Cr4,289 Cr3,897 Cr4,353 Cr5,630 Cr4,857 Cr2,397 Cr4,253 Cr4,806 CrSign in free for the trailing twelve months
EPS (₹)₹32.14₹43.02₹48.48₹46.21₹50.64₹63.32₹54.76₹26.66₹48.00₹54.28Sign in free for the trailing twelve months
Dividend payout %————40.4%70.7%87.8%163.4%90.3%83.8%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital439 Cr442 Cr444 Cr436 Cr437 Cr439 Cr440 Cr441 Cr442 Cr443 Cr
Reserves15,998 Cr18,401 Cr19,841 Cr21,377 Cr24,428 Cr26,447 Cr27,485 Cr26,228 Cr26,919 Cr29,173 Cr
Borrowings1,220 Cr1,726 Cr1,405 Cr2,428 Cr1,662 Cr1,582 Cr1,578 Cr1,531 Cr2,025 Cr2,186 Cr
Other liabilities7,946 Cr9,359 Cr11,280 Cr12,719 Cr12,772 Cr15,908 Cr16,180 Cr14,746 Cr14,678 Cr17,106 Cr
Total liabilities26,067 Cr30,437 Cr33,447 Cr37,354 Cr39,678 Cr44,871 Cr46,153 Cr43,424 Cr44,495 Cr49,369 Cr
Fixed assets (net)3,072 Cr2,981 Cr2,623 Cr2,661 Cr2,463 Cr2,682 Cr2,862 Cr2,558 Cr2,381 Cr2,426 Cr
CWIP373 Cr240 Cr276 Cr50 Cr118 Cr165 Cr84 Cr101 Cr21 Cr27 Cr
Investments2,396 Cr4,691 Cr7,513 Cr5,993 Cr10,327 Cr4,963 Cr3,463 Cr3,309 Cr3,216 Cr3,458 Cr
Inventories61 Cr66 Cr75 Cr36 Cr24 Cr41 Cr24 Cr38 Cr39 Cr104 Cr
Trade receivables5,338 Cr6,498 Cr6,959 Cr7,577 Cr6,473 Cr11,933 Cr12,882 Cr11,401 Cr11,547 Cr13,358 Cr
Cash & bank2,001 Cr1,966 Cr2,043 Cr3,017 Cr2,690 Cr3,789 Cr4,056 Cr4,347 Cr4,319 Cr5,046 Cr
Other assets12,826 Cr13,996 Cr13,959 Cr18,020 Cr17,582 Cr21,297 Cr22,783 Cr21,670 Cr22,972 Cr24,951 Cr
Total assets26,067 Cr30,437 Cr33,447 Cr37,354 Cr39,678 Cr44,871 Cr46,153 Cr43,424 Cr44,495 Cr49,369 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity4,071 Cr3,554 Cr4,432 Cr4,358 Cr8,094 Cr5,285 Cr5,572 Cr6,376 Cr5,786 Cr6,172 Cr
Cash from investing-2,889 Cr-3,360 Cr-2,116 Cr1,029 Cr-5,450 Cr482 Cr-278 Cr-1,314 Cr-23 Cr-409 Cr
Cash from financing-1,571 Cr-269 Cr-2,251 Cr-4,465 Cr-2,987 Cr-4,667 Cr-5,078 Cr-4,767 Cr-5,799 Cr-5,130 Cr
Net cash flow-389 Cr-76 Cr64 Cr921 Cr-326 Cr1,099 Cr267 Cr291 Cr-29 Cr728 Cr
Free cash flow (OCF − Capex)3,303 Cr2,537 Cr3,627 Cr3,514 Cr7,428 Cr4,327 Cr4,557 Cr5,585 Cr5,192 Cr5,476 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %22.0%23.9%25.6%21.3%22.8%26.3%22.6%12.6%20.0%21.4%
ROE %16.6%19.6%20.7%18.2%17.5%20.3%17.0%8.7%15.3%16.0%
Debtor days67777375629788807986
Inventory days1110000001
Days payable23242632273330293032
Cash conversion cycle45544843366458514954
OCF / EBITDA %97.3%75.5%69.9%79.1%119.1%65.9%71.5%141.5%83.1%68.3%
OCF / EBITDA % (3 years)——79.2%74.6%90.6%87.3%83.8%84.8%92.1%89.4%
Debt / equity0.070.090.070.110.070.060.060.060.070.07
Current ratio2.552.292.092.122.461.781.681.691.871.90
Net debt / EBITDA-0.19—-0.10-0.11-0.15-0.28-0.32-0.62-0.33-0.32