Techm / Q4-FY24

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.

Watch2024-04-30Back to TECHM

Revenue

₹12,871 Cr

verified against source

Revenue YoY

-6.4%

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 Q4 FY24 revenue of INR 12,871 crore, down 6.4% YoY in constant currency, with EBIT margin of 7.4% (up 200bps QoQ). Full-year revenue declined 4.7% CC, driven by headwinds in the communications vertical. Management outlined a three-year strategy targeting above-peer growth and 15% EBIT margin by FY27, underpinned by Project Fortius aiming for $250M annual savings. FY25 is positioned as a turnaround year with YoY growth expected from Q1. Key risks include execution on the ambitious margin roadmap and continued weakness in telecom vertical.

Colored figures show movement against the previous available record.

Guidance to track

  • Management targets exceeding 15% EBIT margins by FY27 through Project Fortius and operational improvements.
  • Revenue growth to exceed peer average by FY27, with FY25 as a turnaround year and gradual acceleration.
  • Average annual savings of $250 million over three years from cost optimization initiatives.
  • Board approved policy to distribute at least 85% of free cash flow over five years via dividends or buybacks.

Risks flagged

  • Achieving 15% EBIT margin by FY27 requires consistent execution of Project Fortius and pyramid restructuring, which may face delays.
  • Communications vertical remains under pressure; recovery may be slower than expected, impacting overall growth.
  • Portfolio companies need to be integrated effectively; past acquisitions have not always met expectations.
  • Growth plan assumes no severe downturn; if macro worsens, revenue recovery may be delayed.

Key quotes

  • We have set ourselves very high standards. We will be consistently doing the right thing.
  • The big differentiating source for us is the new structure. That's why I'm seeing a lot of confidence...
  • There is no reason why this platform... should not be delivering in the top three of the peer group.

Research modules

Go one layer deeper.

TranscriptRisk registerPromise ledgerClaim ledgerReality check