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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹13,286 Cr
verified against source
Revenue YoY
1.4%
reported change
EBITDA
Pending
latest reported figure
Source
nse xbrl
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Tech Mahindra reported Q3 FY25 revenue of ₹13,286 crore (+1.4% YoY reported) and EBIT margin of 10.2% (+60bps QoQ), driven by Project Fortius savings and pricing discipline. PAT stood at ₹983 crore with robust free cash flow of $199 million (172% PAT conversion). New deal wins reached $745 million, up from $603 million last quarter, led by telecom, BFSI, and healthcare. Management reiterated FY27 targets of industry-leading growth and 15% EBIT margin, citing strong pipeline and AI investments. Risks include lumpy deal flow, wage hike headwinds (1-1.5% margin impact in Q4), and persistent weakness in European auto and North American telco discretionary spend.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated commitment to achieving 15% EBIT margin by FY27 through Project Fortius, pricing optimization, and productivity gains.
- Wage hikes effective Q4 FY25 will impact margins by 1-1.5%, but operating levers are expected to partially offset.
- Management aims to deliver growth higher than peer average by FY27, supported by large deal pipeline and portfolio rebalancing.
- TechM will continue investing in GenAI capabilities, including sovereign LLMs, agentic AI, and partnerships with NVIDIA, AWS, and ServiceNow.
Risks flagged
- Large deal wins are inherently lumpy; a quarter without major closures could slow revenue growth momentum.
- Wage hikes of 1-1.5% will pressure Q4 margins; offsetting levers may not fully compensate.
- Manufacturing declined 2.5% QoQ due to Pininfarina and European auto pressures; North American telco discretionary spend remains challenged.
- Significant cross-currency headwinds impacted reported revenue; hedging may not fully offset if INR depreciation continues.
Key quotes
- We're where we set out to be, if not a little bit further, and on the steady path towards achieving our long-term goals.
- I feel it's a little bit like an iceberg, right? You can thankfully see the tip of the iceberg. You can see the top 10%. The 90% below it, right, is the one that gives me a huge amount of confidence that we are building momentum towards achieving the FY27 goals.
- We are the only player that has the capability to build large language models from scratch that is not relying on existing model frameworks.
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