okay so Tech Mahindra
two years ago it was the slow one in Indian IT
profit in April–June 2024 was ₹865 crore
in April–June 2026 it was ₹1,486 crore
and fresh results drop on 15 Oct
Crossed ₹1,604, couldn’t stay above it
₹1,604 is the line I keep watching on this chart
it broke above it 3 times since July.
came back each time
last close was ₹1,514 on 9 Oct 2026
that’s still stage 2, an uptrend, above its 40-week average of about ₹1,480
so rn it’s pulling back inside an uptrend
the floors it bounced from are ₹1,487 and ₹1,386, that one 4 times
the range over the last year is ₹1,332 to ₹1,717
Zooming out: the last 5 years
The tech team behind your phone company
they build and run software for big companies abroad
phone companies are the biggest chunk, over 32% of sales
they work with 100 plus phone operators across the world
more than 75% of revenue comes from the US and Europe
manufacturing is the fast one now, up 17.2% in April–June 2026
Watch it in under 90 seconds
The good and the bad
What’s working
Margins got fixed, quarter by quarter
OPM is operating profit as a share of sales.
it was 7% in July–September 2023.
it’s 17% now.
11 quarters up in a row
Big deals are finally landing
deal wins hit US$3.79 billion in the year to March 2026.
that’s up 42%.
April–June 2026 added another US$1.078 billion
The cash backs up the profit
operating cash was ₹6,172 crore in the year to March 2026.
profit was ₹4,806 crore.
they paid ₹51 a share in dividends, their highest ever
What’s bugging me
The market already expects a lot
P/E is how much the market pays for each ₹1 of yearly profit.
it’s 27.9 now.
its usual level is about 20.8.
so results have to keep showing up
Telecom, the biggest part, barely grew
communications grew just 1.3% in April–June 2026.
that’s over 32% of sales.
they also flagged volatility in a large US telecom client
Costs are coming back
pay hikes start from July–September 2026, in phases.
a European auto project ran early and won’t repeat.
the CFO put that hit at around 1% to 1.3% of next quarter
Did they do what they said?
mostly yes, tbh
the margin plan from April 2024 showed up every single quarter
the miss is hiring more freshers, which keeps project costs lower
in July the CFO said that shift comes "but not in this year"
“Hopefully, Kawal, you consider 15% also as high teens because then I can reassure you we will hit that number for the year.”
— Mohit Joshi, CEO, earnings call of 16 July 2026
My take: he’s joking, but he put his name on 15%.
I’ll check that number every quarter
The numbers
Revenue
revenue is just total sales
April–June 2026 was ₹15,712 crore, up about 18% on a year ago
last 12 months: ₹59,176 crore, up from ₹53,334 crore
PAT
PAT is just profit after tax
last 12 months: ₹5,163 crore, up from ₹4,518 crore
April–June 2026 alone was ₹1,486 crore, up 31.6%
OPM
over the last 12 months OPM went from 14% to 17%
that’s ₹9,834 crore of operating profit on ₹59,176 crore of sales
more of every sale stays with them now
ROE
ROE is yearly profit as a share of the owners’ money in the business
it fell to 8.8% in the year to March 2024
back to 16.9% by March 2026.
still under the 21.8% of 2022
EPS and P/E
EPS is profit per share
last 12 months it’s ₹52.41, up from ₹46.4
P/E is 27.9 vs a usual 20.8.
it hit 63 in Sep 2024, when profit had crashed
Dates to watch
margin fix mostly done. now growth has to carry it. I’m watching 15 Oct closely — Roshan, Sector Alpha
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Prices as of 9 October 2026 · results to Apr–Jun 2026 · business analysis from 22 August 2026
Sector Alpha shows what has happened in published results and market data, and explains the business behind it, so you can study a stock yourself. It is never a recommendation to buy or sell, and Sector Alpha is not registered with SEBI as an adviser. Data as of 13 October 2026. Full data page: https://sectoralpha.in/stocks/TECHM