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Tech Mahindra (TECHM) investor relations material
Tech Mahindra Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary14 Oct, 2025
Executive summary
Q2 FY26 revenue was $1,586 million, up 1.4% sequentially and down 0.2% year-over-year; EBIT margin at 12.1% and PAT margin at 8.5%.
Free cash flow reached $237 million, with FCF to PAT conversion at 176%.
New deal wins totaled $816 million, with LTM deal TCV up 57% year-over-year.
Launched TechM Orion and TechMRI, next-generation AI platforms, and TechM Orion Marketplace to accelerate enterprise AI adoption.
Interim dividend of INR 15 per share declared; board maintains policy of returning 85%+ of free cash flow to shareholders.
Financial highlights
USD revenue up 1.4% QoQ and down 0.2% YoY; INR revenue up 4.8% QoQ and 5.1% YoY.
EBIT at $192 million, margin at 12.1%, up 108 bps QoQ; PAT at $135 million, margin at 8.5%.
Free cash flow for the quarter was $237 million; FCF to PAT ratio at 176%.
ROCE reached 24.4% for the quarter.
Cash and cash equivalents at quarter-end were $821 million (₹7,287 crore).
Outlook and guidance
Management expects continued margin expansion driven by operational efficiency and disciplined execution.
Growth for FY27 anticipated to be higher than FY26, though industry growth expectations are now more muted.
Targeting net new deal wins closer to $1 billion per quarter to support growth ambitions.
Focus remains on scaling AI-led solutions and digital transformation for clients.
Expectation of improved performance in the second half of the year, driven by operational efficiencies and better demand visibility.
Reasoning for Satyam alleged advances non-payment?
How do mergers impact Q2 FY25 growth analysis?
Expected ROI from AI platform investments?
What drives future margin expansion?
Describe the new AI commercial model?
How will deal wins drive future growth?
AI commercial model: growth drivers?
What are the primary drivers for future margin expansion?
Client portfolio optimization for growth?
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Next Tech Mahindra earnings date
Investor Day 202520 Nov, 2025
Next Tech Mahindra earnings date
Investor Day 202520 Nov, 2025
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Frequently asked questions
Tech Mahindra Limited is a provider of software engineering, systems integration, outsourcing and consulting services for the global aerospace and defense industries, with a focus on delivering operating platforms for cyber-physical systems. The Company's segments include Mobility Solutions, IT Services and Digital Business Services. It operates in two geographical segments: Americas and Europe, Middle East & Africa (EMEA). Tech Mahindra aims to deliver sustained value growth to shareholders over the long term. The company operate with a commitment to their customers, shareholders and people.
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