# Tech Mahindra (TECHM.NSE)

Canonical: https://gigainvestors.com/s/TECHM.NSE

Analysis as of: 2026-10-16T07:33:24.533Z. Financial observations: FY2012–FY2026.

Listing currency: INR. Reporting currency: INR.

## Verdict

A wonderful business

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: INR 1,650.00 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.23×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.11×

- FY2018: 0.12×

- FY2019: 0.15×

- FY2020: 0.11×

- FY2021: 0.14×

- FY2022: 0.15×

- FY2023: 0.11×

- FY2024: 0.05×

- FY2025: 0.10×

- FY2026: 0.13×

### moat: pass

- The return floor includes all equity, debt and leases without deducting cash or goodwill. Only a floor above the hurdle establishes a pass.

- Conservative return floor, median: 15.4%

- Conservative return floor, second lowest: 12.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.0%

- ROIC including acquisitions, ten-year median: 20.0%

### economics: pass

- Owner earnings / net income, 5-yr: 1.12×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: INR 244B

- Net income, five-year total: INR 218B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 1.0 pp

- Working capital / revenue, final three-year average: 14.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.01×

- FY2023: 1.10×

- FY2024: 1.24×

- FY2025: 1.17×

- FY2026: 1.15×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- Per-share earnings: 30.92 to 47.91 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.9%

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: INR 781B

- Cumulative retained earnings: INR 117B

- Diluted shares, 10-year annual growth: -0.9%

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 5.6%

- Per-share value change: INR 16.99

- Per-share value, starting three-year median: INR 30.92

- Per-share value, ending three-year median: INR 47.91

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 5.1%

- Buyback history: 2 years

- Debt-funded buybacks: Yes

- Cumulative net income, 10 years: INR 412B

- ROIC, last three-year median: 22.4%

Chart: Earnings per share; fiscal year observations.

- FY2017: INR 28.88

- FY2018: INR 42.66

- FY2019: INR 47.72

- FY2020: INR 45.85

- FY2021: INR 50.19

- FY2022: INR 62.81

- FY2023: INR 54.54

- FY2024: INR 26.58

- FY2025: INR 47.91

- FY2026: INR 54.19

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -2.8%

- Receivables to sales index (DSRI): 1.08×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 1.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.28×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.35×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -4.8%

- FY2018: 0.8%

- FY2019: -0.4%

- FY2020: -0.9%

- FY2021: -9.3%

- FY2022: 0.6%

- FY2023: -1.6%

- FY2024: -9.3%

- FY2025: -3.5%

- FY2026: -2.8%

## Holders

## Price story

Up 46% since Oct 2023 · sales +7.2%

Story as of 2026-10-16T09:59:56.060Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales +7.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: INR 291B 

- FY2018: INR 308B 

- FY2019: INR 347B 

- FY2020: INR 369B 

- FY2021: INR 379B 

- FY2022: INR 446B 

- FY2023: INR 533B 

- FY2024: INR 520B 

- FY2025: INR 530B 

- FY2026: INR 568B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in computers software & consulting; annual sales are INR 568.1 billion.

- Source: https://www.screener.in/company/TECHM/consolidated/ (filed 2026-10-16T07:33:24.533Z); FY2026: revenue 568150000000; operatingIncome 71510000000; margin = operatingIncome / revenue.

### Why customers stay

Margins ranged from 5.2% to 12.6% during 2024–26; it earns 22.8% on its capital.

- Source: https://www.screener.in/company/TECHM/consolidated/ (filed 2026-10-16T07:33:24.533Z); FY2024: operatingIncome / revenue = 5.2%.

- Source: https://www.screener.in/company/TECHM/consolidated/ (filed 2026-10-16T07:33:24.533Z); FY2025: operatingIncome / revenue = 9.6%.

- Source: https://www.screener.in/company/TECHM/consolidated/ (filed 2026-10-16T07:33:24.533Z); FY2026: operatingIncome / revenue = 12.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.533Z); 10-year return on capital observations [[2023,0.2323230167579882],[2024,0.11733054097660325],[2025,0.22358221491189698],[2026,0.2861811304204813]]; median 0.22795261583494258. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 1.6% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://www.screener.in/company/TECHM/consolidated/ (filed 2026-10-16T07:33:24.533Z); FY2017: growth capex 0; upkeep 7680000000; owner earnings 30230000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/TECHM/consolidated/ (filed 2026-10-16T07:33:24.533Z); FY2018: growth capex 0; upkeep 10170000000; owner earnings 38680000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/TECHM/consolidated/ (filed 2026-10-16T07:33:24.533Z); FY2019: growth capex 0; upkeep 8050000000; owner earnings 46220000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/TECHM/consolidated/ (filed 2026-10-16T07:33:24.533Z); FY2020: growth capex 0; upkeep 8450000000; owner earnings 46340000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/TECHM/consolidated/ (filed 2026-10-16T07:33:24.533Z); FY2021: growth capex 0; upkeep 6660000000; owner earnings 52200000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/TECHM/consolidated/ (filed 2026-10-16T07:33:24.533Z); FY2022: growth capex 0; upkeep 9580000000; cash acquisitions 46613000000; owner earnings 56102786000. Growth capex plus acquisitions / owner earnings = 0.8308500044899731.

- Source: https://www.screener.in/company/TECHM/consolidated/ (filed 2026-10-16T07:33:24.533Z); FY2023: growth capex 0; upkeep 10150000000; cash acquisitions 10672000000; owner earnings 53303673000. Growth capex plus acquisitions / owner earnings = 0.20021134378488326.

- Source: https://www.screener.in/company/TECHM/consolidated/ (filed 2026-10-16T07:33:24.533Z); FY2024: growth capex 0; upkeep 7910000000; cash acquisitions 7488000000; owner earnings 29295112000. Growth capex plus acquisitions / owner earnings = 0.2556057816061601.

- Source: https://www.screener.in/company/TECHM/consolidated/ (filed 2026-10-16T07:33:24.533Z); FY2025: growth capex 0; upkeep 5940000000; cash acquisitions 1620000000; owner earnings 49759790000. Growth capex plus acquisitions / owner earnings = 0.03255640749287728.

- Source: https://www.screener.in/company/TECHM/consolidated/ (filed 2026-10-16T07:33:24.533Z); FY2026: growth capex 0; upkeep 6960000000; cash acquisitions 899000000; owner earnings 55332000000. Growth capex plus acquisitions / owner earnings = 0.016247379454926623.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.533Z); Dividend observations: [[2017,12390000000],[2018,9440000000],[2019,14910000000],[2020,24920000000],[2021,17590000000],[2022,39810000000],[2023,42630000000],[2024,39170000000],[2025,38420000000],[2026,40260000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price is 2.6 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.533Z); Closing price 1650 INR; reporting-to-trading FX 1; FY2026 annual sales per share 639.9511224277696; price multiple 2.5783219095552616. FY2026 cash earnings/share 62.32469507378923. Closing-price date 2026-10-15.

## Monthly share-price history (INR per share)

- 2016-11: INR 485.20 per share

- 2016-12: INR 488.90 per share

- 2017-01: INR 452.20 per share

- 2017-02: INR 499.40 per share

- 2017-03: INR 459.15 per share

- 2017-04: INR 416.95 per share

- 2017-05: INR 390.00 per share

- 2017-06: INR 382.00 per share

- 2017-07: INR 385.85 per share

- 2017-08: INR 428.15 per share

- 2017-09: INR 457.85 per share

- 2017-10: INR 482.05 per share

- 2017-11: INR 489.25 per share

- 2017-12: INR 504.05 per share

- 2018-01: INR 612.65 per share

- 2018-02: INR 612.65 per share

- 2018-03: INR 638.70 per share

- 2018-04: INR 670.60 per share

- 2018-05: INR 712.35 per share

- 2018-06: INR 655.45 per share

- 2018-07: INR 680.75 per share

- 2018-08: INR 765.80 per share

- 2018-09: INR 745.50 per share

- 2018-10: INR 743.90 per share

- 2018-11: INR 705.95 per share

- 2018-12: INR 723.15 per share

- 2019-01: INR 731.90 per share

- 2019-02: INR 830.15 per share

- 2019-03: INR 775.90 per share

- 2019-04: INR 836.10 per share

- 2019-05: INR 760.35 per share

- 2019-06: INR 706.60 per share

- 2019-07: INR 636.25 per share

- 2019-08: INR 693.65 per share

- 2019-09: INR 714.50 per share

- 2019-10: INR 739.00 per share

- 2019-11: INR 761.45 per share

- 2019-12: INR 762.30 per share

- 2020-01: INR 796.60 per share

- 2020-02: INR 744.40 per share

- 2020-03: INR 565.50 per share

- 2020-04: INR 546.25 per share

- 2020-05: INR 530.45 per share

- 2020-06: INR 543.40 per share

- 2020-07: INR 681.65 per share

- 2020-08: INR 741.00 per share

- 2020-09: INR 791.75 per share

- 2020-10: INR 813.30 per share

- 2020-11: INR 876.85 per share

- 2020-12: INR 973.20 per share

- 2021-01: INR 961.40 per share

- 2021-02: INR 918.85 per share

- 2021-03: INR 991.45 per share

- 2021-04: INR 960.40 per share

- 2021-05: INR 1,021.65 per share

- 2021-06: INR 1,095.45 per share

- 2021-07: INR 1,209.55 per share

- 2021-08: INR 1,447.65 per share

- 2021-09: INR 1,380.60 per share

- 2021-10: INR 1,477.85 per share

- 2021-11: INR 1,541.45 per share

- 2021-12: INR 1,790.55 per share

- 2022-01: INR 1,479.00 per share

- 2022-02: INR 1,410.00 per share

- 2022-03: INR 1,499.45 per share

- 2022-04: INR 1,259.00 per share

- 2022-05: INR 1,180.25 per share

- 2022-06: INR 1,000.00 per share

- 2022-07: INR 1,048.65 per share

- 2022-08: INR 1,076.10 per share

- 2022-09: INR 1,008.60 per share

- 2022-10: INR 1,063.40 per share

- 2022-11: INR 1,077.00 per share

- 2022-12: INR 1,016.40 per share

- 2023-01: INR 1,015.00 per share

- 2023-02: INR 1,100.25 per share

- 2023-03: INR 1,101.85 per share

- 2023-04: INR 1,023.70 per share

- 2023-05: INR 1,115.55 per share

- 2023-06: INR 1,130.85 per share

- 2023-07: INR 1,115.50 per share

- 2023-08: INR 1,201.95 per share

- 2023-09: INR 1,222.80 per share

- 2023-10: INR 1,133.15 per share

- 2023-11: INR 1,220.95 per share

- 2023-12: INR 1,272.65 per share

- 2024-01: INR 1,333.65 per share

- 2024-02: INR 1,273.85 per share

- 2024-03: INR 1,248.10 per share

- 2024-04: INR 1,263.50 per share

- 2024-05: INR 1,228.45 per share

- 2024-06: INR 1,430.35 per share

- 2024-07: INR 1,554.40 per share

- 2024-08: INR 1,636.50 per share

- 2024-09: INR 1,577.20 per share

- 2024-10: INR 1,608.65 per share

- 2024-11: INR 1,712.30 per share

- 2024-12: INR 1,706.20 per share

- 2025-01: INR 1,674.45 per share

- 2025-02: INR 1,487.85 per share

- 2025-03: INR 1,418.25 per share

- 2025-04: INR 1,503.00 per share

- 2025-05: INR 1,573.90 per share

- 2025-06: INR 1,687.00 per share

- 2025-07: INR 1,463.70 per share

- 2025-08: INR 1,481.40 per share

- 2025-09: INR 1,400.30 per share

- 2025-10: INR 1,424.40 per share

- 2025-11: INR 1,517.30 per share

- 2025-12: INR 1,590.90 per share

- 2026-01: INR 1,743.10 per share

- 2026-02: INR 1,357.80 per share

- 2026-03: INR 1,384.00 per share

- 2026-04: INR 1,473.50 per share

- 2026-05: INR 1,483.90 per share

- 2026-06: INR 1,404.70 per share

- 2026-07: INR 1,651.30 per share

- 2026-08: INR 1,628.00 per share

- 2026-09: INR 1,524.00 per share

- 2026-10: INR 1,650.00 per share

## Annual estimated value (INR per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:10.158Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.