Tech Mahindra Ltd
Tech Mahindra Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Tech Mahindra expects industry and company growth in FY '27 to be better than FY '26 but more muted compared to initial higher expectations (Page 17). Tech Mahindra expects industry and company growth in FY '27 to be better than FY '26, though with a more muted outlook compared to initial higher expectations at the transformation journey start.
From Tech Mahindra Ltd's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.
Revenue & Sales Performance
- Tech Mahindra expects industry and company growth in FY '27 to be better than FY '26 but more muted compared to initial higher expectations (Page 17).
- The company aims to grow its portfolio of must-have accounts contributing over $1 million, with a focus on approximately 60-65 accounts generating over $20 million annually, expecting these to outperform portfolio average growth (Page 19).
- New business TCV has improved and hovers around $750-$850 million quarterly, with aspirations to reach closer to the $1 billion mark (Page 18).
- Growth from smaller, strategic accounts in the 0 to $1 million range is expected as these clients scale up, alongside trimming non-strategic smaller accounts (Page 19).
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Profitability & Margins
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Capital Expenditure Plans
- Tech Mahindra is committed to its capital allocation policy over the next 6 quarters, focusing primarily on tuck-in acquisitions to support growth and transformation.
- Discussions with the Board are ongoing about the shape of a programmatic M&A strategy for future service line, regional, and vertical expansions.
- No major shifts in acquisition strategy are expected soon; acquisitions will remain tuck-in only in the near term.
- Investments continue in talent development programs such as the Zenith leadership program (in collaboration with INSEAD), AI training, and upskilling through Mahindra University.
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Top-ranked in IT - Software
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
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Order Book & Pipeline
- As of the latest update, Tech Mahindra's total deal wins for the quarter stood at $816 million.
- This reflects a 57% growth on a last twelve months (LTM)-to-LTM basis compared to last year.
- The deal wins are broad-based across multiple verticals, indicating diversified order inflows.
- There is confidence in continued deal momentum, especially in strategic segments and must-have accounts.
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Tech Mahindra Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹15.1K Cr, net profit ₹1.4K Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Tech Mahindra Ltd's management said in earlier quarters
- Q2 FY27 earnings call analysis →
- Q1 FY27 earnings call analysis →
- Q4 FY26 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q1 FY26 earnings call →
- Q4 FY25 earnings call →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
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Frequently Asked Questions
What were Tech Mahindra Ltd Q2 FY26 results?
Tech Mahindra expects industry and company growth in FY '27 to be better than FY '26 but more muted compared to initial higher expectations (Page 17). Tech Mahindra expects industry and company growth in FY '27 to be better than FY '26, though with a more muted outlook compared to initial higher expectations at the transformation journey start.
What is Tech Mahindra Ltd share price analysis?
Tech Mahindra Ltd currently shows a neutral. The stock trades at a P/E of 33.0 with a market cap of ₹175,448 Cr. Investors should review the full earnings analysis for detailed insights.
Is Tech Mahindra Ltd planning capital expenditure?
Tech Mahindra is committed to its capital allocation policy over the next 6 quarters, focusing primarily on tuck-in acquisitions to support growth and transformation.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.