Analysts split on Tech Mahindra's growth prospects, see limited upside

Tech Mahindra's Q1FY26 profit up 33% YoY and deal wins rise 44% but analysts offer mixed views on growth prospects; stock down 3% on cautious outlook

Tech Mahindra reported a revenue of ₹13,350 crore for the April-June quarter of the financial year 2026 (Q1FY26), representing a decline of 1.4 per cent quarter-on-quarter (Q-o-Q) and down 1.0 per cent year-on-year (Y-o-Y) in constant currency (CC) terms.

 

On sequential basis in USD terms, the communications vertical was up 2.8 per cent Q-o-Q, BFSI (banking, financial services & insurance) was down 0.6 per cent Q-o-Q, manufacturing up 4.0 per cent Q-o-Q, hi-tech & media up by 1.3 per cent Q-o-Q, retail, transport & logistics down by 1.0 per cent and healthcare up by 0.1 per cent Q-o-Q.

 

Geography-wise, the