Techm / Q2-FY25

Read the quarter in context.

A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.

Research layer active

ConCallIQ research layer

Signal, with the source still visible.

Use the controls below to narrow the view, then follow the evidence into the next layer of context.

Positive2024-10-22Back to TECHM

Revenue

₹13,313 Cr

verified against source

Revenue YoY

3.5%

reported change

EBITDA

Pending

latest reported figure

Source

nse xbrl

record provenance

Actual signal trajectory

Where this quarter sits.

source records only
Revenue (₹ Cr)PositiveWatchNegative
11 actual records
Actual quarterly Revenue (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q1 FY24: 13,159 · Negative source sentiment · 2023-07-20Q1 FY24Q2 FY24: 12,864 · Negative source sentiment · 2023-10-24Q2 FY24Q3 FY24: 13,101 · Negative source sentiment · 2024-01-17Q3 FY24Q4 FY24: 12,871 · Watch source sentiment · 2024-04-30Q4 FY24Q1 FY25: 13,006 · Watch source sentiment · 2024-07-24Q1 FY25Q2 FY25: 13,313 · Positive source sentiment · 2024-10-22Q2 FY25Q3 FY25: 13,286 · Positive source sentiment · 2025-01-17Q3 FY25Q4 FY25: 13,384 · Watch source sentiment · 2025-04-26Q4 FY25Q1 FY26: 13,351 · Watch source sentiment · 2025-08-12Q1 FY26Q2 FY26: 13,995 · Positive source sentiment · 2025-10-24Q2 FY26Q3 FY26: 14,393 · Positive source sentiment · 2026-01-15Q3 FY2614,39312,864
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

Tech Mahindra reported Q2 FY25 revenue of INR 13,313 crore (+3.5% YoY) and EBIT margin of 9.6% (+110bps QoQ), driven by Project Fortius savings and currency tailwinds. PAT stood at INR 1,250 crore (9.4% margin). Deal wins TCV was $603 million, with BFSI growing 4.5% YoY and communications stabilizing sequentially. Management highlighted disciplined large deal strategy, prioritizing margins over volume. Guidance points to continued margin expansion through cost optimization and fresher hiring. Risks include sustained weakness in telecom vertical, competitive pricing pressure, and potential furlough impact in Q3.

Colored figures show movement against the previous available record.

Guidance to track

  • Management reiterated commitment to significant and predictable margin expansion by FY27, driven by Project Fortius and operational efficiencies.
  • Company is on track to hire over 6,000 fresh graduates this fiscal year, with 2,000+ already onboarded in H1.
  • Management expects to reduce subcontractor costs as a percentage of revenue to single digits over time, supporting margin expansion.
  • Investments under Project Fortius (1.5% of margins) will be slightly more in H2 vs H1, but not materially different.

Risks flagged

  • Communications vertical declined 1.7% YoY as clients prioritize cost savings; U.S. telecom remains stressed.
  • Management noted competitors making 'heroic assumptions' on productivity, potentially leading to aggressive pricing that TechM avoids.
  • Q3 is seasonally weak due to furloughs; management has limited visibility on magnitude this early.
  • Manufacturing vertical declined 4% QoQ due to softness in auto, especially in Europe and U.S.

Key quotes

  • We will prioritize margins over large deals at this point of time.
  • We are the only IT services player that has a unique software capability for the telecoms business.
  • We are seeing the percentage of GenAI-infused deals go up every quarter.

Research modules

Go one layer deeper.

TranscriptRisk registerPromise ledgerClaim ledgerReality check