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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
₹14,393 Cr
verified against source
Revenue YoY
8.3%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Tech Mahindra delivered a strong Q3 FY26 with revenue of INR 14,393 crore, up 8.3% YoY, and operating margin expanding 290 bps YoY to 13.1%. Growth was broad-based across comms, manufacturing, retail, and healthcare, with Europe leading geographically at 11.2% YoY. Deal bookings hit a five-year high at $1.096 billion, including a $500M+ European telco win. Management reiterated its FY27 target of growing above peer average and reaching 15% EBIT margin. Key risks include BFSI volatility from furloughs and productivity pass-through, and potential margin headwinds from wage hikes under the new labor code.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to grow higher than the peer average by the end of FY27, supported by strong deal pipeline and large client momentum.
- Company remains on track to achieve 15% EBIT margin by FY27, driven by continued operational improvements and gross margin expansion.
- The $500M+ European telco deal will start ramping in the first half of FY27, contributing to revenue growth.
Risks flagged
- BFSI revenue declined 0.8% YoY due to higher-than-normal furloughs and annual productivity gains in a large contract, which may persist.
- Wage hike timing and quantum are undecided due to new labor code implications; could pressure margins when implemented.
- Manufacturing growth was partly boosted by one-time deliveries in European auto, which will normalize next quarter, creating a headwind.
Key quotes
- We recorded our highest quarterly deal bookings in the last five years, our highest deal wins on a last 12-month basis in the last five years, and our largest deal win in Europe in the comms industry.
- We expect to grow higher than the peer average by the end of FY 2027 while progressing towards a 15% EBIT margin for FY 2027.
- I just feel that nobody's really come up with a metric which is candidly credible and auditable.
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