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Mahindra Group IT-services firm specializing in telecom network and enterprise software outsourcing.
Mahindra Group IT-services firm specializing in telecom network and enterprise software outsourcing.
Bills telecom and enterprise clients on multi-year outsourcing contracts and project work, with staff in India doing most of the delivery. It grew from a joint venture with British Telecom, and the Mahindra Group is the largest shareholder. It absorbed Satyam Computer Services after Mahindra took the scandal-hit company over in 2009.
In one line: A telecom-focused Indian Cognizant.
Moat: narrow (switching costs, customer qualification). Deep telecom-carrier network-engineering relationships are hard to replace mid-contract, though margins trail peers.
Headquarters: Pune, India · Founded: 1986 · Employees: 147,623
Size Tech Mahindra (TECHM.NS) is an India Information Technology company (Information Technology Services) with a market value of $19.0B, the 52nd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,831 on 6 Nov 2026.
Performance Over six months the shares gained 26.4%, against +26.3% for the median peer and 0.0% for the India market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 13.6% over the last twelve months (peer median +10.5%); the operating margin is 14.1% (peer median 10.1%).
Valuation It trades at 23.9× forward earnings against a peer median of 19.2× (10th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 20% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is +12 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 12.0 points above its cost of capital (13.3% WACC).
Next results Next results expected around 22 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹614B | ₹568B | ₹530B | ₹520B | ₹533B |
| Revenue growth | — | +7% | +2% | -2% | — |
| Gross profit | ₹210B | ₹113B | ₹95.0B | ₹84.2B | ₹103B |
| EBITDA | ₹106B | ₹89.4B | ₹71.4B | ₹50.9B | ₹81.6B |
| Net income | ₹55.3B | ₹48.1B | ₹42.5B | ₹23.6B | ₹48.3B |
| Free cash flow | n/a | ₹53.9B | ₹51.2B | ₹53.9B | ₹44.4B |
| Capital expenditure | n/a | ₹6.96B | ₹5.93B | ₹7.91B | ₹10.2B |
| Total debt | ₹21.8B | ₹21.9B | ₹20.3B | ₹25.4B | ₹27.4B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Tech Mahindra TECHM.NS | $19.0B | +26% | +14% | 14% | 23.9× | 20.3% |
| Tata Consultancy Services TCS.NS | $95.7B | +4% | +10% | 25% | 16.2× | 12.0% |
| Infosys INFY.NS | $50.7B | +2% | +6% | 21% | 15.5× | 6.6% |
| Wipro WIPRO.NS | $20.7B | 0% | +8% | 16% | 14.9× | 9.0% |
| HCL Technologies HCLTECH.NS | $41.4B | +22% | +13% | 18% | 19.5× | 11.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TECHM.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +22.8% | +4.5% | 3rd highest of 21 |
| 6-month return | +26.4% | +26.3% | 11th highest of 21 |
| Distance from 52-week high | -1.6% | -22.9% | highest of 21 |
| Revenue growth (TTM) | +13.6% | +10.5% | 7th highest of 21 |
| Operating margin | 14.1% | 10.1% | 8th highest of 21 |
| Forward P/E | 23.9× | 19.2× | 10th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 20.3% | 5.0% | 6th most demanding of 19 |
| Growth delivered (Del g) | +8.5% | +8.3% | 9th highest of 19 |
| Hurdle (Req g minus delivered) | +11.8 pp | -1.9 pp | 2nd most demanding of 19 |
| ROIC minus cost of capital | +12.0 pp | +3.9 pp | 6th highest of 20 |
| EV / EBITDA | 16.6× | 12.9× | 6th most expensive of 15 |
| Net debt / EBITDA | -0.5× | 0.5× | 7th least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tech Mahindra TECHM.NS | India | $19.0B | +26% | +14% | 14% | 23.9× | 20.3% | +8.5% |
| CDW CDW | United States | $19.6B | +51% | +11% | 7% | 12.9× | 2.6% | +4.0% |
| Nomura Research Institute 4307.T | Japan | $20.2B | +40% | +8% | 19% | 26.4× | 0.7% | +8.2% |
| Wipro WIPRO.NS | India | $20.7B | 0% | +8% | 16% | 14.9× | 9.0% | +8.4% |
| CGI GIB-A.TO | Canada | $17.2B | +27% | +6% | 17% | 12.2× | -12.0% | +5.5% |
| OBIC 4684.T | Japan | $16.6B | +46% | +13% | 67% | 30.3× | 4.6% | +10.0% |
| Rubrik RBRK | United States | $21.9B | +70% | +42% | -18% | 215.0× | 36.2% | +27.7% |
| Credo Technology CRDO | United States | $22.7B | -36% | +165% | 32% | 16.5× | 47.4% | +86.8% |
| Capgemini CAP.PA | France | $24.1B | +31% | +6% | 11% | 10.4× | -0.1% | +7.2% |
| HP Inc. HPQ | United States | $25.7B | +27% | +9% | 7% | 9.5× | -7.0% | -0.4% |
| CACI International CACI | United States | $13.6B | +27% | +10% | 10% | 17.6× | 7.3% | +9.6% |
| Bentley Systems BSY | United States | $13.5B | +36% | +13% | 24% | 31.4× | 22.8% | +13.4% |
| Guidewire Software GWRE | United States | $13.3B | +17% | +23% | 10% | 38.5× | 39.4% | +14.7% |
| iflytek 002230.SZ | China | $13.2B | -20% | +11% | -4% | 106.3× | n/a | n/a |
| Cognizant CTSH | United States | $28.9B | +26% | +5% | -1% | 10.5× | 0.8% | +4.9% |
| Samsung Sds 018260.KS | South Korea | $12.4B | +31% | +2% | 5% | 24.9× | 13.0% | +4.8% |
| Ruijie Networks 301165.SZ | China | $11.7B | +6% | +30% | 5% | 48.3× | n/a | n/a |
| Indra Sistemas IDR.MC | Spain | $11.2B | +12% | +28% | 10% | 19.7× | 4.2% | +12.4% |
| Persistent Systems PERSISTENT.NS | India | $10.6B | +21% | +27% | 16% | 43.9× | 37.4% | +28.6% |
| Fujitsu 6702.T | Japan | $35.4B | +1% | +4% | 10% | 18.0× | 4.1% | -0.5% |
| Nec 6701.T | Japan | $36.3B | +5% | +7% | 12% | 18.6× | 5.5% | +3.7% |