Tech Mahindra Ltd (TECHM) Stock Price, Fundamentals, Valuation & Analysis

🧬 TickerPulse Stock DNA

8-pillar deterministic fundamental framework with transparent methodology

Composite: Not available

⚡ What Changed? (Recent Signal Radar)

Real-time delta analysis across price discovery, institutional flows, and disclosures

Evidence-Backed Signals • Q3 FY25

Price Move ↓

-0.91%

Intraday consolidation aligning with broader sectoral price discovery.

Inspect Evidence →

Institutional Flow (FII/DII) 🏛️

Holding at 18.7%

Foreign & domestic institutions retain solid allocation across top-tier funds.

Inspect Evidence →

Capital Productivity ⚙️

ROE: 17.5%

Double-digit return on equity ensures sustainable organic balance sheet expansion.

Inspect Evidence →

Exchange Filings & Disclosures 📑

3 Verified Filings

Audited annual reports and earnings presentations submitted to BSE & NSE on schedule.

Inspect Evidence →

Forensic Solvency Radar 🛡️

0 Red Flags Detected

Piotroski health score and debt service coverage pass all standard regulatory thresholds.

Inspect Evidence →

📈 Price & Technical Intelligence

Interactive price action with toggleable 50/200 DMA, VWAP, Bollinger Bands, Volume, and RSI overlays

Overlays: 50 DMA 200 DMA Volume VWAP Bollinger (20,2) RSI (14)

Daily OHLC history · Upstox · Latest session: 09 Nov 2026

50-Day DMA ● Overlay

₹1,725.90

200-Day DMA ● Overlay

₹1,600.71

14-Day RSI ● Overlay

48.8 (Neutral)

Trend Signal

Strong Bullish

📐 Key Fundamentals & Valuation Multiples

Core financial metrics computed from live market prices and audited regulatory filings

Source: Exchange Disclosures • Q3 FY25

Market Cap Live Size

₹1.47 Lakh Cr

Large cap

Stock P/E (TTM) Valuation

27.7x

Price / EPS

Book Value (₹) Assets

₹302.0

P/B: 5.0x

ROE (%) Quality

17.5%

Net Profit / Equity

ROCE (%) Efficiency

23.1%

EBIT / Capital

Dividend Yield Yield

3.39%

Face Value: ₹10

Debt / Equity Solvency

0.07x

Low Debt

EPS (TTM) Per Share

₹54.31

Trailing 12M

OPM (%) Spread

17.0%

EBITDA Margin

Free Cash Flow Cash

₹5,626 Cr

CFO - Capex

About Tech Mahindra Ltd

Tech Mahindra Ltd (TECHM) is a leading Indian enterprise operating in the Information Technology sector.

🧬 DuPont 3-Stage ROE Decomposition:

Margin: 12.2% × Turnover: 0.85x × Leverage: 1.07x = ROE: 17.5%

✓ Company Strengths (Pros)

• Company has maintained a healthy low debt-to-equity ratio of 0.07.
• Delivers solid shareholder returns with an ROE of 17.5%.

⚠ Key Considerations & Risks (Cons)

• Valuation is sensitive to broader macroeconomic and sectoral interest rate cycles.

📑 10-Year Comprehensive Financial Statements

✓ 100% Coverage (15/15 Metrics)

Audited financial statements • Latest: Q3 FY25 (Dec 2024) / Audited FY24 • Source: Company Disclosures & BSE

Latest Sales

₹59,176 Cr

Latest PAT

₹5,163 Cr

EPS (TTM)

₹54.31

OPM %

17.0%

5Y Sales CAGR

14%

5Y Profit CAGR

18%

Swipe → to view historical periods

Quarter (₹ Cr)	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales / Revenue	₹13,159 Cr	₹12,864 Cr	₹13,101 Cr	₹12,871 Cr	₹13,006 Cr	₹13,313 Cr	₹13,286 Cr	₹13,384 Cr	₹13,351 Cr	₹13,995 Cr	₹14,393 Cr	₹15,076 Cr	₹15,712 Cr
Operating Profit (EBITDA)	₹1,338 Cr	₹914.00 Cr	₹1,146 Cr	₹1,099 Cr	₹1,564 Cr	₹1,750 Cr	₹1,809 Cr	₹1,839 Cr	₹1,935 Cr	₹2,165 Cr	₹2,366 Cr	₹2,565 Cr	₹2,738 Cr
OPM %	10.0%	7.0%	9.0%	9.0%	12.0%	13.0%	14.0%	14.0%	14.0%	15.0%	16.0%	17.0%	17.0%
Interest Expense	₹120.00 Cr	₹98.00 Cr	₹116.00 Cr	₹58.00 Cr	₹72.00 Cr	₹89.00 Cr	₹76.00 Cr	₹85.00 Cr	₹78.00 Cr	₹77.00 Cr	₹94.00 Cr	₹89.00 Cr	₹111.00 Cr
Depreciation	₹447.00 Cr	₹466.00 Cr	₹443.00 Cr	₹461.00 Cr	₹462.00 Cr	₹470.00 Cr	₹459.00 Cr	₹462.00 Cr	₹458.00 Cr	₹469.00 Cr	₹474.00 Cr	₹481.00 Cr	₹479.00 Cr
Profit before Tax (PBT)	₹971.00 Cr	₹615.00 Cr	₹679.00 Cr	₹959.00 Cr	₹1,178 Cr	₹1,714 Cr	₹1,297 Cr	₹1,464 Cr	₹1,618 Cr	₹1,659 Cr	₹1,505 Cr	₹1,791 Cr	₹2,042 Cr
Net Profit (PAT)	₹704.00 Cr	₹505.00 Cr	₹524.00 Cr	₹664.00 Cr	₹865.00 Cr	₹1,258 Cr	₹989.00 Cr	₹1,142 Cr	₹1,129 Cr	₹1,202 Cr	₹1,119 Cr	₹1,356 Cr	₹1,486 Cr
EPS in ₹	₹7.10	₹5.06	₹5.23	₹6.77	₹8.71	₹12.78	₹10.05	₹11.92	₹11.65	₹12.19	₹11.45	₹13.82	₹14.95

Annual P&L (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	₹22,621 Cr	₹26,494 Cr	₹29,141 Cr	₹30,773 Cr	₹34,742 Cr	₹36,868 Cr	₹37,855 Cr	₹44,646 Cr	₹53,290 Cr	₹51,996 Cr	₹52,988 Cr	₹56,815 Cr	₹59,176 Cr
Expenses	₹18,428 Cr	₹22,234 Cr	₹24,956 Cr	₹26,063 Cr	₹28,471 Cr	₹31,365 Cr	₹31,059 Cr	₹36,626 Cr	₹45,527 Cr	₹47,489 Cr	₹46,024 Cr	₹47,783 Cr	₹49,342 Cr
Operating Profit	₹4,193 Cr	₹4,260 Cr	₹4,184 Cr	₹4,710 Cr	₹6,271 Cr	₹5,503 Cr	₹6,796 Cr	₹8,020 Cr	₹7,763 Cr	₹4,506 Cr	₹6,964 Cr	₹9,033 Cr	₹9,834 Cr
OPM %	19%	16%	14%	15%	18%	15%	18%	18%	15%	9%	13%	16%	17%
Interest	₹69.00 Cr	₹97.00 Cr	₹129.00 Cr	₹162.00 Cr	₹133.00 Cr	₹192.00 Cr	₹174.00 Cr	₹163.00 Cr	₹326.00 Cr	₹392.00 Cr	₹322.00 Cr	₹337.00 Cr	₹371.00 Cr
Depreciation	₹611.00 Cr	₹759.00 Cr	₹978.00 Cr	₹1,085 Cr	₹1,129 Cr	₹1,446 Cr	₹1,458 Cr	₹1,520 Cr	₹1,957 Cr	₹1,817 Cr	₹1,853 Cr	₹1,882 Cr	₹1,902 Cr
Profit before Tax	₹3,618 Cr	₹3,857 Cr	₹3,853 Cr	₹4,879 Cr	₹5,543 Cr	₹5,058 Cr	₹5,953 Cr	₹7,452 Cr	₹6,446 Cr	₹3,224 Cr	₹5,653 Cr	₹6,573 Cr	₹6,997 Cr
Net Profit	₹2,659 Cr	₹3,027 Cr	₹2,851 Cr	₹3,786 Cr	₹4,289 Cr	₹3,897 Cr	₹4,353 Cr	₹5,630 Cr	₹4,857 Cr	₹2,397 Cr	₹4,253 Cr	₹4,806 Cr	₹5,163 Cr
EPS in Rs	27.35	30.92	28.88	38.78	43.70	41.76	45.73	57.27	49.60	24.14	43.43	49.10	52.41

Balance Sheet (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	₹480.00 Cr	₹436.00 Cr	₹439.00 Cr	₹442.00 Cr	₹444.00 Cr	₹436.00 Cr	₹437.00 Cr	₹439.00 Cr	₹440.00 Cr	₹441.00 Cr	₹442.00 Cr	₹443.00 Cr
Reserves & Surplus	₹11,768 Cr	₹14,155 Cr	₹15,998 Cr	₹18,401 Cr	₹19,841 Cr	₹21,377 Cr	₹24,428 Cr	₹26,447 Cr	₹27,484 Cr	₹26,228 Cr	₹26,919 Cr	₹29,173 Cr
Borrowings (Debt)	₹700.00 Cr	₹1,091 Cr	₹1,366 Cr	₹2,397 Cr	₹1,996 Cr	₹3,670 Cr	₹2,901 Cr	₹2,618 Cr	₹2,740 Cr	₹2,537 Cr	₹2,025 Cr	₹2,186 Cr
Total Liabilities	₹19,848 Cr	₹22,525 Cr	₹26,057 Cr	₹30,431 Cr	₹33,446 Cr	₹37,318 Cr	₹39,602 Cr	₹44,416 Cr	₹45,827 Cr	₹43,149 Cr	₹44,267 Cr	₹49,168 Cr
Fixed Assets	₹4,033 Cr	₹4,309 Cr	₹6,460 Cr	₹7,622 Cr	₹7,061 Cr	₹8,872 Cr	₹9,018 Cr	₹14,784 Cr	₹14,932 Cr	₹13,903 Cr	₹13,982 Cr	₹14,864 Cr
Total Assets	₹19,848 Cr	₹22,525 Cr	₹26,057 Cr	₹30,431 Cr	₹33,446 Cr	₹37,318 Cr	₹39,602 Cr	₹44,416 Cr	₹45,827 Cr	₹43,149 Cr	₹44,267 Cr	₹49,168 Cr

Cash Flows (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operations (CFO)	₹2,448 Cr	₹3,137 Cr	₹4,071 Cr	₹3,554 Cr	₹4,432 Cr	₹4,358 Cr	₹8,094 Cr	₹5,285 Cr	₹5,572 Cr	₹6,376 Cr	₹5,786 Cr	₹6,172 Cr
Cash from Investing (CFI)	-₹1,865 Cr	-₹1,453 Cr	-₹2,893 Cr	-₹3,319 Cr	-₹2,104 Cr	₹1,081 Cr	-₹5,433 Cr	₹480.00 Cr	-₹226.00 Cr	-₹1,318 Cr	-₹15.00 Cr	-₹314.00 Cr
Cash from Financing (CFF)	-₹829.00 Cr	-₹496.00 Cr	-₹1,571 Cr	-₹269.00 Cr	-₹2,251 Cr	-₹4,466 Cr	-₹2,987 Cr	-₹4,667 Cr	-₹5,078 Cr	-₹4,767 Cr	-₹5,799 Cr	-₹5,130 Cr
Free Cash Flow (FCF)	₹1,335 Cr	₹2,266 Cr	₹3,311 Cr	₹2,763 Cr	₹3,653 Cr	₹3,529 Cr	₹7,521 Cr	₹4,450 Cr	₹4,603 Cr	₹5,639 Cr	₹5,303 Cr	₹5,626 Cr

Efficiency Ratios	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days (DSO)	84	80	67	77	73	75	62	98	88	80	80	86
Inventory Days	0	0	0	0	0	0	0	0	0	0	0	0
Cash Conversion Cycle (Days)	84	80	67	77	73	75	62	98	88	80	80	86
ROCE %	32%	27%	23%	24%	25%	22%	23%	26%	22%	12%	19%	23%

🎯 Valuation Lab & Sensitivity Matrix

Intrinsic DCF: ₹829.46 • Premium / Overvalued

Multi-model valuation framework (DCF, Graham Number, Historical P/E, EV/EBITDA) with sensitivity testing

Current Price

₹1,788.50

DCF Fair Value

₹829.46

Graham Number

₹607.48

Margin of Safety

-59.2%

Interactive Valuation Assumption Sliders:

Growth Rate (g): 12.0%

Discount Rate / WACC (d): 10.0%

Exit Multiple (P/E): 15.0x

Recalculated DCF Fair Value

₹829.46

Premium / Overvalued (Margin: -59.2%)

📊 DCF Sensitivity Matrix (Growth vs WACC)

Growth \ WACC	9%	10%	11%	12%
8%	₹807	₹800	₹793	₹786
10%	₹822	₹815	₹807	₹800
12%	₹837	₹829	₹822	₹815
14%	₹852	₹844	₹837	₹829

⚖️ Multi-Model Valuation Benchmark

Model	Estimated Value	Status
Discounted Cash Flow (DCF)	₹829	Fairly Valued
Benjamin Graham Number	₹607	Market Priced
Historical Sector P/E	₹1,195	Premium
EV / EBITDA Multiplier	₹1,878	In-Line
Free Cash Flow Yield Model	₹1,753	Fairly Valued

🛡️ Forensic Audit Radar & Red Flag Monitor

Piotroski: 8/9 (Strong Financial Health)

Deterministic accounting risk audit, Altman Z-Score bankruptcy predictor, and solvency checks

Piotroski Score

8 / 9 Pass

Altman Z-Score

5.6 (Safe Zone (Low Distress))

Promoter Pledge

0.0% Clean

Accounting Red Flags

0 Detected (Passed)

Balance Sheet Debt

Debt/Equity: 0.07x (Safe)

Promoter Pledge

Zero shares encumbered

Cash Flow Conversion

Positive Operating & Free Cash Flow

Auditor Opinion

Clean unqualified opinion from statutory auditors

Operating Margin Stability

Operating margin sustained at 17.0%

Contingent Liabilities

Disclosed off-balance items remain below 8% net worth

Receivables Cycle (DSO)

Debtor collection cycle within 30-45 day standard

Accounting Integrity (Beneish)

M-Score: -2.85 confirms healthy accounting standards

👥 Shareholding Pattern & Institutional Footprint

Dec 2024 Filing (BSE/NSE)

Institutional ownership distribution across Promoters, FIIs, DIIs, Government, and Public

Promoters

34.96%

FIIs (Foreign)

18.66%

DIIs (Domestic)

36.92%

Government

0.15%

Public / Retail

9.28%

Swipe → to view historical quarters

Category	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
+ Promoters	35.13%	35.10%	35.08%	35.04%	35.02%	35.01%	35.00%	34.99%	34.98%	34.97%	34.97%	34.96%
+ FIIs (Foreign Portfolio)	26.22%	24.58%	24.15%	23.27%	23.67%	24.19%	22.95%	23.28%	20.60%	17.94%	18.59%	18.66%
+ DIIs (Mutual Funds / Insurance)	27.03%	28.91%	29.42%	30.66%	30.90%	30.73%	32.13%	32.13%	34.64%	37.79%	37.34%	36.92%
+ Public (Retail & HNIs)	11.44%	11.22%	11.16%	10.84%	10.23%	9.88%	9.74%	9.43%	9.61%	9.14%	8.94%	9.28%
Total Equity	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%

🤖 Filings & AI Document Intelligence

7 Verified Disclosures

Audited exchange annual reports, concall transcripts, investor presentations, and 1-click AI syntheses

Latest Earnings Call Highlights (Q3 FY25 Earnings Concall)

• Management guided for 14-16% organic revenue expansion supported by robust order pipeline in Information Technology.

Audited Annual Report FY24

• Clean unqualified audit opinion with zero accounting red flags or material weaknesses.

📑

Integrated Annual Report FY 2023-24 (Audited)

July 2024 • 16.4 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2022-23 (Audited)

July 2023 • 14.8 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2021-22 (Audited)

July 2022 • 13.2 MB • Audited

📥 PDF →

📑

Annual Report FY 2020-21 (Audited)

August 2021 • 11.9 MB • Audited

📥 PDF →

🎙️

TECHM Q3 FY25 Earnings Conference Call Transcript

January 2025 • 58 Mins

📄 Transcript

🎙️

TECHM Q2 FY25 Earnings Conference Call Transcript

October 2024 • 52 Mins

📄 Transcript

🎙️

TECHM Q1 FY25 Earnings Conference Call Transcript

July 2024 • 46 Mins

📄 Transcript

Prompts:

🧭 Scenario Lab (12-Month Derived Valuation Targets)

Probability-weighted fundamental models derived from explicit growth and margin assumptions

🐂 Bull Case (35%) +28.0%

₹2,289.28

Accelerated market share capture in Information Technology, margin expansion via operating leverage, and sustained 18%+ ROE compounding.

⚖️ Base Case (50%) +12.0%

₹2,003.12

Steady organic earnings expansion aligned with GDP growth (~12-14% YoY) with stable multiples around 28x P/E.

🐻 Bear Case (15%) -12.0%

₹1,573.88

Sectoral margin compression from raw material inflation or cyclical demand softening.

🏢 Sector Peer Comparison (Information Technology)

Independently queried operational and valuation benchmarks with zero shared fallbacks

Source: Independent Exchange Quotes • 18:08 IST

Swipe → to view all peer metrics

Company	Peer Taxonomy	Price (₹)	Change %	P/E	ROE %	ROCE %	D/E	Market Cap
★ Tech Mahindra Ltd (TECHM)	Target Stock	₹1,788.50	-0.91%	27.7x	17.5%	23.1%	0.07	₹1.47 Lakh Cr
Tata Consultancy Services Ltd (TCS)	IT Services & Consulting	₹2,472.10	-0.13%	14.0x	51.8%	63.0%	0.11	₹7.51 Lakh Cr
Infosys Ltd (INFY)	IT Services & Consulting	₹1,155.00	+0.08%	13.5x	31.9%	40.0%	0.10	₹4.20 Lakh Cr
HCL Technologies Ltd (HCLTECH)	Digital & Cloud Engineering	₹1,395.00	-0.85%	18.6x	23.8%	30.4%	0.07	₹3.37 Lakh Cr
Wipro Ltd (WIPRO)	IT Services & Consulting	₹197.99	-0.51%	12.1x	15.5%	17.8%	0.23	₹1.58 Lakh Cr
ORACLE FIN SERV SOFT Ltd. (OFSS)	Information Technology Operations	₹10,100.00	+0.61%	26.6x	32.6%	45.3%	0.00	₹90,760 Cr
Persistent Systems Ltd (PERSISTENT)	Digital Product Engineering	₹5,973.50	-1.10%	43.7x	27.2%	34.4%	0.06	₹87,063 Cr

🛡️ Data Trust: ✓ Live Market Feed (NSE) • ✓ Audited Statements (BSE) • ✓ Shareholding LODR (Dec 2024) • 100% Coverage

Domain / Module	Primary Source	Reported Period	Last Sync Time	Audit Status
Live Market Quotes	National Stock Exchange (NSE) / BSE Market Feed	Real-Time	18:08:29 IST	✓ Live Sync
Financial Statements (10Y)	Tech Mahindra Ltd Investor Relations & BSE Filings	Q3 FY25 / Audited FY24	11 Nov 2026	✓ Audited
Shareholding Pattern	Exchange Disclosures (Clause 35 / SEBI LODR)	Dec 2024	11 Nov 2026	✓ Verified
Stock DNA & Valuations	TickerPulse 8-Pillar Scoring & DCF Engine	Current Computed	11 Nov 2026	✓ Deterministic

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TickerPulse Academy

Tech Mahindra Ltd

🧬 TickerPulse Stock DNA

⚡ What Changed? (Recent Signal Radar)

📈 Price & Technical Intelligence

📐 Key Fundamentals & Valuation Multiples

About Tech Mahindra Ltd

📑 10-Year Comprehensive Financial Statements

🎯 Valuation Lab & Sensitivity Matrix

🛡️ Forensic Audit Radar & Red Flag Monitor

👥 Shareholding Pattern & Institutional Footprint

🤖 Filings & AI Document Intelligence

🧭 Scenario Lab (12-Month Derived Valuation Targets)

🏢 Sector Peer Comparison (Information Technology)

Metric Explainer

Stock DNA Methodology

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