Tech Mahindra Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹1,240.50Overvalued by 19.60%vs CMP ₹1,543.00

P/E (28.4) × ROE (17.5%) × BV (₹302.00) × DY (3.31%)

₹656.31Overvalued by 57.47%vs CMP ₹1,543.00

MoS: -135.1% (Negative)Confidence: 68/100 (Moderate)Models: All 9: Overvalued

Model	Category	Value	Weight	Signal
PE-ROE	Earnings	₹1,193.49	22%	Over (-22.7%)
Graham Number	Earnings	₹566.38	16%	Over (-63.3%)
Earnings Power	Earnings	₹321.55	13%	Over (-79.2%)
DCF	Cash Flow	₹451.87	13%	Over (-70.7%)
Net Asset Value	Assets	₹302.15	7%	Over (-80.4%)
EV/EBITDA	Enterprise	₹877.24	9%	Over (-43.1%)
Earnings Yield	Earnings	₹472.10	7%	Over (-69.4%)
ROCE Capital	Returns	₹563.20	9%	Over (-63.5%)
Revenue Multiple	Revenue	₹540.60	5%	Over (-65%)
Consensus (9 models)		₹656.31	100%	Overvalued

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -3.8%

*Investments are subject to market risks

Analysis summary

Data coverage: Price-data record updated 25 September 2026, 5:32 am +05:30. Annual results through Mar 2025; quarterly results through Dec 2025; cash flow through Mar 2026. Each section can have a different reporting period. The share price is not live.

Valuation in context

Operating performance

Revenue for Mar 2025 was ₹52,988.00 Cr, versus ₹51,996.00 Cr in Mar 2024 (1.9% year on year). Net profit for Mar 2025 was ₹4,253.00 Cr, versus ₹2,397.00 Cr in Mar 2024 (77.4% year on year). These are the latest annual periods stored on this page; check the quarterly table separately for more recent developments.

Cash generation

For the same Mar 2025 period, operating cash flow was ₹5,786.00 Cr against net profit of ₹4,253.00 Cr. Cash flow covered 1.36 times reported profit. Cash generation supports the reported profit for this period; check whether this continues over several years.

Balance-sheet check

Reported borrowings were ₹2,186.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How to use the valuation and peer comparisons

The Intrinsic Value panel combines the available model estimates using the displayed weights. Earnings, cash-flow, dividend and asset-based methods can give very different answers. The displayed 12% cost of equity and 4% terminal growth assumptions apply where relevant; historical EPS growth is not a promise of future growth. Use the individual values and their spread to judge sensitivity.

The peer group follows the stored industry classification and may include different business models. Compare reporting periods, leverage and recurring earnings before interpreting a valuation gap. For banks and other financial businesses, capital adequacy and asset quality can be more informative than industrial-company cash-flow ratios.

Sources: Company data source. Check the company filings linked by the source for the reporting basis and exceptional items.

Automatically generated interpretation of the stored financial data, not a separately researched analyst opinion. Missing data is not evidence of poor performance. New filings become available here after the existing data refresh process captures them.

Investment Snapshot

Tech Mahindra Ltd scores 72/100 (Strong)

Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison

Stock Health95/100 · Strong

ROCE 23.1% ExcellentROE 17.5% GoodD/E 0.01 Low debtInterest Coverage 24.3x StrongProfitable 5/5 available years Reported history

Smart Money45/100 · Moderate

FII holding down -1.94% (6mo) SellingDII holding up 2.28% MF buyingPromoter holding at 35.0% Stable

Earnings Quality65/100 · Strong

CFO/NP ratio: 1.54x Cash-backed earningsOPM contracting (17% → 11%) Declining

Quarterly Momentum68/100 · Strong

Revenue (4Q): +5% YoY GrowingProfit (4Q): +22% YoY Positive

Industry Rank60/100 · Moderate

P/E 28.4 vs industry 35.0 In-lineROCE 23.1% vs industry 15.0% Above peers3Y sales CAGR: 6% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores use stored reporting periods and are screening indicators, not investment recommendations. Missing health ratios are excluded. Broad industry groups and financial-sector accounting can limit comparability.

Share Price and Basic Stock Data

Last Updated: September 25, 2026, 5:32 am

Market Cap	1,51,239 Cr.
Current Price	1,543
Intrinsic Value	₹656.31
High / Low	1,854/1,304
Stock P/E	28.4
Book Value	302
Dividend Yield	3.31 %
ROCE	23.1 %
ROE	17.5 %
Face Value	5.00
PEG Ratio	-7.49

Understand these figures: how to read the P/E ratio, ROE versus earnings per share, and calculate intrinsic value.

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for Tech Mahindra Ltd

Competitors

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Tech Mahindra Ltd	1,51,239 Cr.	1,543	1,854/1,304	28.4	302	3.31 %	23.1 %	17.5 %	5.00
Wipro Ltd	1,62,089 Cr.	164	273/163	12.3	83.9	6.72 %	17.8 %	15.5 %	2.00
LTIMindtree Ltd	1,35,243 Cr.	4,559	6,430/3,802	26.1	789	1.43 %	27.6 %	21.5 %	1.00
Oracle Financial Services Software Ltd	95,159 Cr.	10,925	12,540/6,232	27.9	899	3.66 %	45.3 %	32.6 %	5.00
Persistent Systems Ltd	83,245 Cr.	5,277	6,599/4,243	41.8	497	0.76 %	34.4 %	27.2 %	5.00
Industry Average	27,427.27 Cr	543.59		46.30	135.89	0.82%	16.38%	17.56%	6.76

All Competitor Stocks of Tech Mahindra Ltd

Quarterly Result

Metric	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	13,735	13,718	13,159	12,864	13,101	12,871	13,006	13,313	13,286	13,384	13,351	13,995	14,393
Expenses	11,600	11,915	11,821	11,950	11,955	11,772	11,441	11,563	11,477	11,545	11,416	11,830	12,028
Operating Profit	2,135	1,803	1,338	914	1,146	1,099	1,564	1,750	1,809	1,839	1,935	2,165	2,366
OPM %	16%	13%	10%	7%	9%	9%	12%	13%	14%	14%	14%	15%	16%
Other Income	247	306	200	264	92	380	147	522	23	173	219	40	-293
Interest	113	93	120	98	116	58	72	89	76	85	78	77	94
Depreciation	498	490	447	466	443	461	462	470	459	462	458	469	474
Profit before tax	1,771	1,525	971	615	679	959	1,178	1,714	1,297	1,464	1,618	1,659	1,505
Tax %	27%	26%	28%	18%	23%	31%	27%	27%	24%	22%	30%	28%	26%
Net Profit	1,285	1,125	704	505	524	664	865	1,258	989	1,142	1,129	1,202	1,119
EPS in Rs	13.32	11.47	7.10	5.06	5.23	6.77	8.71	12.78	10.05	11.92	11.65	12.19	11.45

Last Updated: February 3, 2026, 10:46 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 26, 2026, 2:46 am

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	18,802	22,621	26,494	29,141	30,773	34,742	36,868	37,855	44,646	53,290	51,996	52,988	55,123
Expenses	14,630	18,428	22,234	24,956	26,063	28,471	31,365	31,059	36,626	45,527	47,489	46,024	46,818
Operating Profit	4,172	4,193	4,260	4,184	4,710	6,271	5,503	6,796	8,020	7,763	4,506	6,964	8,305
OPM %	22%	19%	16%	14%	15%	18%	15%	18%	18%	15%	9%	13%	15%
Other Income	244	106	453	775	1,417	534	1,192	788	1,115	965	927	864	138
Interest	80	69	97	129	162	133	192	174	163	326	392	322	334
Depreciation	522	611	759	978	1,085	1,129	1,446	1,458	1,520	1,957	1,817	1,853	1,863
Profit before tax	3,815	3,618	3,857	3,853	4,879	5,543	5,058	5,953	7,452	6,446	3,224	5,653	6,247
Tax %	20%	27%	22%	26%	22%	23%	23%	27%	24%	25%	26%	25%
Net Profit	3,062	2,659	3,027	2,851	3,786	4,289	3,897	4,353	5,630	4,857	2,397	4,253	4,591
EPS in Rs	32.44	27.35	30.92	28.88	38.78	43.70	41.76	45.73	57.27	49.60	24.14	43.43	47.21
Dividend Payout %	15%	22%	35%	28%	33%	29%	32%	89%	47%	91%	150%	94%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
YoY Net Profit Growth (%)	-13.16%	13.84%	-5.81%	32.80%	13.29%	-9.14%	11.70%	29.34%	-13.73%	-50.65%	77.43%
Change in YoY Net Profit Growth (%)	0.00%	27.00%	-19.65%	38.61%	-19.51%	-22.43%	20.84%	17.63%	-43.07%	-36.92%	128.08%

Tech Mahindra Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:	9%
5 Years:	8%
3 Years:	6%
TTM:	3%

Compounded Profit Growth
10 Years:	4%
5 Years:	0%
3 Years:	-11%
TTM:	80%

Stock Price CAGR
10 Years:	11%
5 Years:	15%
3 Years:	12%
1 Year:	-8%

Return on Equity
10 Years:	18%
5 Years:	16%
3 Years:	14%
Last Year:	15%

Last Updated: September 5, 2025, 1:41 pm

Balance Sheet

Last Updated: July 23, 2026, 5:00 am

Month	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	436	439	442	444	436	437	439	440	441	442	443
Reserves	11,768	14,155	15,998	18,401	19,841	21,377	24,428	26,447	27,484	26,228	26,919	29,173
Borrowings	700	1,091	1,366	2,397	1,996	3,670	2,901	2,618	2,740	2,537	2,025	2,186
Other Liabilities	6,899	6,843	8,254	9,192	11,166	11,834	11,836	14,911	15,162	13,943	14,880	17,366
Total Liabilities	19,848	22,525	26,057	30,431	33,446	37,318	39,602	44,416	45,827	43,149	44,267	49,168
Fixed Assets	4,033	4,309	6,460	7,622	7,061	8,872	9,018	14,784	14,932	13,903	13,982	14,864
CWIP	568	629	373	240	276	50	118	165	120	133	21	27
Investments	2,103	1,297	2,396	4,841	7,342	5,848	10,238	4,884	3,388	3,238	3,182	3,426
Other Assets	13,145	16,289	16,828	17,728	18,766	22,548	20,228	24,583	27,388	25,875	27,082	30,851
Total Assets	19,848	22,525	26,057	30,431	33,446	37,318	39,602	44,416	45,827	43,149	44,267	49,168

Reserves and Borrowings Chart

Cash Flow

Month	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 Operating Activity +	2,448	3,137	4,071	3,554	4,432	4,358	8,094	5,285	5,572	6,376	5,786	6,172
Cash from Investing Activity +	-1,865	-1,453	-2,893	-3,319	-2,104	1,081	-5,433	480	-226	-1,318	-15	-314
Cash from Financing Activity +	-829	-496	-1,571	-269	-2,251	-4,466	-2,987	-4,667	-5,078	-4,767	-5,799	-5,130
Net Cash Flow	-246	1,188	-392	-35	77	974	-326	1,098	267	291	-29	728
Free Cash Flow	1,335	2,266	3,311	2,763	3,653	3,529	7,521	4,450	4,603	5,639	5,303	5,626
CFO/OP	84%	105%	123%	108%	97%	107%	140%	95%	97%	169%	104%	87%

Free Cash Flow

Free cash flow reported in the stored cash-flow statement (₹ Cr)
Period	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Free Cash Flow	1,335.00	2,266.00	3,311.00	2,763.00	3,653.00	3,529.00	7,521.00	4,450.00	4,603.00	5,639.00	5,303.00	5,626.00

This table and the chart use the Free Cash Flow row from the same stored cash-flow statement. Free cash flow generally measures operating cash flow after capital expenditure; check the source definition and reporting basis. It is not operating profit minus borrowings.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	84	84	80	67	77	73	75	87	98	88	80	80
Inventory Days
Days Payable
Cash Conversion Cycle	84	84	80	67	77	73	75	87	98	88	80	80
Working Capital Days	47	54	58	57	42	24	35	24	29	28	23	25
ROCE %	45%	32%	27%	23%	24%	25%	22%	23%	26%	22%	12%	19%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	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	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	27.03%	28.91%	29.42%	30.66%	30.90%	30.73%	32.13%	32.13%	34.64%	37.79%	37.34%	36.92%
Government	0.17%	0.17%	0.17%	0.17%	0.17%	0.17%	0.17%	0.17%	0.17%	0.17%	0.17%	0.17%
Public	11.44%	11.22%	11.16%	10.84%	10.23%	9.88%	9.74%	9.43%	9.61%	9.14%	8.94%	9.28%
No. of Shareholders	8,85,590	8,67,373	8,48,484	8,26,284	7,74,997	7,61,383	7,61,701	7,48,176	7,66,782	7,39,883	7,38,055	7,44,161

Shareholding Pattern Chart

No. of Shareholders

Tech Mahindra Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
ICICI Prudential Technology Fund	6,788,750	7.65	1000.32	6,027,729	2026-06-11 03:22:26	12.63%
Tata Digital India Fund	6,110,933	9.29	900.45	7,110,933	2026-03-12 03:29:05	-14.06%
Kotak Flexicap Fund	4,700,000	1.26	692.55	N/A	N/A	N/A
Kotak Large & Midcap Fund	3,200,000	1.56	471.52	N/A	N/A	N/A
ICICI Prudential Balanced Advantage Fund	3,151,080	0.66	464.31	N/A	N/A	N/A
ICICI Prudential Large Cap Fund	3,081,468	0.6	454.05	2,686,756	2026-03-30 08:01:28	14.69%
Aditya Birla Sun Life Flexi Cap Fund	2,820,504	1.62	415.6	N/A	N/A	N/A
Nippon India Large Cap Fund	2,497,680	0.71	368.03	N/A	N/A	N/A
Axis Large Cap Fund	2,423,542	1.17	357.11	2,760,351	2026-03-12 03:06:51	-12.2%
Aditya Birla Sun Life ELSS Tax Saver Fund	2,301,590	2.36	339.14	N/A	N/A	N/A

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21
FaceValue	5.00	5.00	5.00	5.00	5.00
Basic EPS (Rs.)	48.00	26.66	54.76	63.32	50.64
Diluted EPS (Rs.)	47.91	26.58	54.76	62.81	50.19
Cash EPS (Rs.)	68.91	47.63	80.45	81.45	66.47
Book Value[Excl.RevalReserv]/Share (Rs.)	309.24	307.56	322.65	311.99	288.78
Book Value[Incl.RevalReserv]/Share (Rs.)	309.24	307.56	322.65	311.99	288.78
Revenue From Operations / Share (Rs.)	598.87	589.12	605.57	508.73	433.12
PBDIT / Share (Rs.)	88.37	61.45	102.20	104.06	86.77
PBIT / Share (Rs.)	67.43	40.86	77.27	86.73	70.09
PBT / Share (Rs.)	63.80	36.41	73.57	84.88	68.10
Net Profit / Share (Rs.)	47.97	27.04	55.52	64.12	49.79
NP After MI And SOA / Share (Rs.)	48.05	26.71	54.90	63.42	50.66
PBDIT Margin (%)	14.75	10.43	16.87	20.45	20.03
PBIT Margin (%)	11.25	6.93	12.76	17.04	16.18
PBT Margin (%)	10.65	6.18	12.14	16.68	15.72
Net Profit Margin (%)	8.01	4.58	9.16	12.60	11.49
NP After MI And SOA Margin (%)	8.02	4.53	9.06	12.46	11.69
Return on Networth / Equity (%)	15.53	8.84	17.30	20.70	17.81
Return on Capital Employeed (%)	18.74	11.70	21.51	23.51	20.83
Return On Assets (%)	9.55	5.42	10.46	12.40	11.15
Long Term Debt / Equity (X)	0.00	0.00	0.00	0.01	0.01
Total Debt / Equity (X)	0.01	0.05	0.05	0.05	0.06
Asset Turnover Ratio (%)	1.21	1.16	1.17	0.92	0.83
Current Ratio (X)	1.87	1.86	1.68	1.96	2.46
Quick Ratio (X)	1.87	1.85	1.68	1.95	2.45
Inventory Turnover Ratio (X)	1378.11	0.00	0.00	0.00	0.00
Dividend Payout Ratio (NP) (%)	90.36	166.12	88.24	71.52	39.72
Dividend Payout Ratio (CP) (%)	62.93	93.82	60.68	56.18	29.88
Earning Retention Ratio (%)	9.64	-66.12	11.76	28.48	60.28
Cash Earning Retention Ratio (%)	37.07	6.18	39.32	43.82	70.12
Interest Coverage Ratio (X)	24.31	13.83	27.62	56.16	43.58
Interest Coverage Ratio (Post Tax) (X)	14.19	7.08	16.01	35.61	26.01
Enterprise Value (Cr.)	121824.04	107633.20	94756.50	129681.17	85841.35
EV / Net Operating Revenue (X)	2.30	2.07	1.78	2.90	2.27
EV / EBITDA (X)	15.58	19.85	10.54	14.20	11.32
MarketCap / Net Operating Revenue (X)	2.37	2.12	1.82	2.95	2.29
Retention Ratios (%)	9.63	-66.12	11.75	28.47	60.27
Price / BV (X)	4.59	4.14	3.47	4.89	3.48
Price / Net Operating Revenue (X)	2.37	2.12	1.82	2.95	2.29
EarningsYield	0.03	0.02	0.04	0.04	0.05

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Frequently asked questions

What is the intrinsic value of Tech Mahindra Ltd and is it undervalued?

Tech Mahindra Ltd: the stored intrinsic value estimate is ₹656.31, compared with a stored share price of ₹1,543.00. The model value is 57.5% below that quote. The model classifies this as overvalued; it is an estimate dependent on the inputs and assumptions, not a price target or a buy/sell recommendation. The estimate uses the available valuation models and weights shown in the Intrinsic Value panel, including earnings, cash-flow and asset-based approaches where data permits. It is not a P/E-only calculation.

What share price and 52-week range are shown for Tech Mahindra Ltd?

The stored share price is ₹1,543.00. Price-data record updated: 25 September 2026, 5:32 am +05:30. This is not a live quote. The stored 52-week high / low is 1,854/1,304; this is a rolling range, not a financial-year range.

How have Tech Mahindra Ltd's revenue and profit changed?

Does Tech Mahindra Ltd's profit convert into cash?

What should I check in Tech Mahindra Ltd's balance sheet?

Reported borrowings were ₹2,186.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How should I compare Tech Mahindra Ltd's P/E with other stocks?

The stored P/E is 28.40. Compare companies with similar business models, growth, leverage and accounting periods. The industry group on this page is broad, and its average can be affected by outliers. A lower P/E alone does not establish undervaluation.

What could change Tech Mahindra Ltd's intrinsic value estimate?

Changes in sustainable earnings, cash generation, capital needs, debt and share count can change the estimate. The displayed model uses a 12% cost of equity and 4% terminal growth assumption where applicable. Higher discount rates or weaker growth generally reduce discounted values. Compare the individual model values and weights, and verify fresh filings before relying on the result.