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Created: 2025-07-18 05:04:58 UTC

📊 Tech Mahindra Ltd | Broker Report | 𝘉𝘜𝘠 𝘊𝘢𝘭𝘭 🟢

🏢 𝘉𝘶𝘺 𝘛𝘦𝘤𝘩 𝘔𝘢𝘩𝘪𝘯𝘥𝘳𝘢; 𝘵𝘢𝘳𝘨𝘦𝘵 𝘰𝘧 𝘙𝘴 1950: 𝘚𝘩𝘢𝘳𝘦𝘬𝘩𝘢𝘯
📈 𝘙𝘦𝘤𝘰𝘮𝘮𝘦𝘯𝘥𝘢𝘵𝘪𝘰𝘯: BUY
🏛️ 𝘉𝘳𝘰𝘬𝘦𝘳𝘢𝘨𝘦: Sharekhan

Tech Mahindra: Sharekhan maintains a Buy rating with an unchanged PT of ₹1,950. The company reported a decent quarter with revenue and margin in-line with expectations. 📈

- 𝗕𝗿𝗼𝗸𝗲𝗿𝗮𝗴𝗲 𝗙𝗶𝗿𝗺: Mirae Asset Sharekhan
- 𝗥𝗮𝘁𝗶𝗻𝗴: Buy
- 𝗧𝗮𝗿𝗴𝗲𝘁 𝗣𝗿𝗶𝗰𝗲: ₹1,950 (25x FY27E EPS)

- 𝗥𝗮𝘁𝗶𝗼𝗻𝗮𝗹𝗲:
  ▪ The company expects to bridge the historical growth gap with peers in FY26 and aims to exceed peer-average growth in FY27.
  ▪ Stabilizing telecom vertical, consistent large deal wins, and a strong deal pipeline are expected to improve revenue momentum.
  ▪ Steady progress in EBIT margins for the past seven consecutive quarters.

- 𝗞𝗲𝘆 𝗠𝗲𝘁𝗿𝗶𝗰𝘀:
  ▪ Reported revenues: $XXXXX million, up X% QoQ/0.4% YoY.
  ▪ In CC terms, revenue declined XXX% QoQ.
  ▪ EBIT margin expanded by ~60 bps QoQ to 11.1%.
  ▪ New deal TCVs: $XXX million, up XX% YoY.
  ▪ Adjusted net profit: ₹1,141 crore, up XXX% QoQ/34% YoY.
  ▪ LTM attrition: XXXX% (up XX bps QoQ).
  ▪ At CMP, the stock trades at 26.7/20.7x F26/FY27E EPS.

- 𝗞𝗲𝘆 𝗣𝗼𝘀𝗶𝘁𝗶𝘃𝗲𝘀:
  ▪ ➕ New deal win TCVs up XX% YoY and XX% YoY on LTM basis.
  ▪ ➕ EBIT margin expanded XX bps QoQ to XXXX% (seventh consecutive quarter of expansion).
  ▪ ➕ Added one client each in $XX million+ and $XX million+ categories.

- 𝗞𝗲𝘆 𝗡𝗲𝗴𝗮𝘁𝗶𝘃𝗲𝘀:
  ▪ ➖ Net headcount declined by XXX QoQ.
  ▪ ➖ LTM attrition rose XX bps QoQ to 12.6%.
  ▪ ➖ Utilisation declined XXX bps QoQ to 85.1%.

- 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗖𝗼𝗺𝗺𝗲𝗻𝘁𝗮𝗿𝘆:
  ▪ TechM expects to bridge the historical growth gap with peers in FY26 and aims to exceed peer-average growth in FY27.
  ▪ Management expects FY26 growth to be better than FY25. They expect revenue momentum to improve from Q2FY26 onwards, driven by previously won deals.
  ▪ The company remains on track to achieve its FY27 margin. Future margin improvements to come from productivity in fixed-price programs, offshoring, and portfolio company integration.

- 𝗥𝗶𝘀𝗸𝘀:
  ▪ Rupee appreciation and/or adverse cross-currency movements.
  ▪ Macro headwinds and recession in the US can moderate the pace of technology spending. ⚠️

🔗 𝘙𝘦𝘢𝘥 𝘍𝘶𝘭𝘭 𝘙𝘦𝘱𝘰𝘳𝘵:

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