Fundamentals scanner
Every ratio from the Fundamental Analysis track, computed on a real company and annotated with what the number actually means. Then the three financial statements, so you can do the cash-flow check yourself.
Tech Mahindra
TechnologyBullish- Market cap
- ₹1,44,641 Cr
- P/E
- 28.2x
- ROE
- —
- Debt / equity
- 0.07
What the company does
Tech Mahindra Limited provides information technology services and solutions in India, the Americas, Europe, and internationally. The company offers TechM AppGinieZ, a software development lifecycle acceleration platform; Swifter.io, a software engineering platform; ADMSNXT Reforge, an application modernization platform; Autonomous Operations Center, an AI-powered operations platform; and New Age Delivery Platform for DevSecOps and engineering. It also provides LitmusT, a quality engineering and intelligent testing platform; TechM Orion, an agentic AI platform; Ops amplifAler 4.0 for IT operations; Email amplifAler for visualization and automation; SDLC amplifAler solutions; Zone insights solutions for monitoring of object movement; synthetic data generation, freightwatch solutions, cognitive process monitoring, and guardrails framework for AI; VerifAI for scaling AI; and MobiLytix for marketers. In addition, the company offers netOps.ai, an automated cloud platform; AftEAZE solution for warranty and aftermarket problems; AI maturity assessment, generative AI studio, and generative AI performance monitoring; Vision amplifAler, a vision-based solution; Document amplifAler, a digital assistant; and AI-led care, forecasting workbench, AI store, AI adoption, AIOps solution suite, intelligent asset inspection platform, and legal artificial assistant. Further, the company provides business process services, such as consulting CoE and business-process-as-services; Navixus, a digital transformation suite; Cloud and infrastructure services, including enterprise mainframe, FLEX digital workplace, data center services, and CLOUDNXT.NOW, a cloud service; and digital enterprise applications comprising SAP, Oracle, Salesforce, ServiceNow, enterprise digital solutions, digital process solutions, and Emerging Apps. Additionally, it offers engineering, experience, network, and testing services. The company was incorporated in 1986 and is based in Pune, India.
Valuation — what you are paying
How the price compares to earnings, assets and cash generation.
- P/E (trailing)28.2xFair
You are paying 28.2 years of current profit for each share. The earnings yield is 3.5%.
- P/B (price to book)4.9xFair
The market values the company at 4.9× its accounting net worth. High is normal for asset-light businesses and unusual for banks.
- EV / EBITDA15.0xFair
This is the only common multiple that accounts for debt — it is what an actual acquirer would look at, because they would inherit the borrowings.
- Dividend yield3.12%Strong
Pays 3.12% of the current price out each year. Remember that yield rises when price falls — check the dividend is covered by cash flow.
Profitability — is this a good business?
Returns on capital and margins, the numerical shadow of a moat.
- Return on equity—No data
Not available.
- Return on assets—No data
Not available.
- Operating margin14.4%Fair
Keeps ₹14.4 of operating profit from every ₹100 of sales. Compare only against companies in the same industry.
- Net margin8.7%Fair
Sustained high net margins are evidence that something is stopping competitors from competing the profits away.
Financial strength — can it survive a bad year?
Leverage and liquidity. This is where fragility shows up first.
- Debt to equity0.07Strong
A conservative balance sheet that can absorb a downturn without a crisis.
- Current ratio—No data
Not available.
- Total debt₹2186.20 CrNo data
Against cash of ₹8385.70 Cr. Net debt is what matters, not gross borrowings.
- Free cash flow—No data
Not available.
Growth — is it getting bigger?
Revenue and earnings momentum, and how the two compare.
- Revenue growth (yoy)+17.7%Strong
Ask where the growth came from: more volume, higher prices, or an acquisition. They are very different in quality.
- Earnings growth (yoy)+28.3%Strong
Profits are growing faster than sales — margins are expanding, which is the sign of genuine operating leverage.
- Revenue (TTM)₹59176.10 CrNo data
EBITDA of ₹9263.58 Cr and operating cash flow of —.
- PEG ratio1.86Fair
P/E divided by expected growth. Only as reliable as that growth forecast, which is usually optimistic.
Financial statements
Reported figures, most recent year first. All values in rupees.
| FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Revenue | ₹56815.40 Cr | ₹52988.30 Cr | ₹51995.50 Cr | ₹53290.20 Cr |
| Cost of revenue | ₹0.00 | ₹0.00 | ₹0.00 | ₹0.00 |
| Gross profit | ₹0.00 | ₹0.00 | ₹0.00 | ₹0.00 |
| Operating expenses | ₹0.00 | ₹0.00 | ₹0.00 | ₹0.00 |
| Operating income | — | — | — | — |
| Interest expense | — | — | — | — |
| Pre-tax income | — | — | — | — |
| Tax | ₹0.00 | ₹0.00 | ₹0.00 | ₹0.00 |
| Net profit | ₹4801.90 Cr | ₹4251.50 Cr | ₹2357.80 Cr | ₹4831.30 Cr |