Tech Mahindra Revenue History — Quarter by Quarter

Tech Mahindra's revenue moved from ₹13,159 Cr in Q1 FY24 to ₹14,393 Cr in Q3 FY26, a 9.4% change over 11 quarters. The table keeps each quarter linked back to the underlying earnings page.

Revenue by Quarter

Quarter	Revenue (₹ Cr)	YoY Change
Q3 FY26	₹14,393 Cr	+8.3%
Q2 FY26	₹13,995 Cr	+5.1%
Q1 FY26	₹13,351 Cr	+2.7%
Q4 FY25	₹13,384 Cr	—
Q3 FY25	₹13,286 Cr	+1.4%
Q2 FY25	₹13,313 Cr	+3.5%
Q1 FY25	₹13,006 Cr	-1.2%
Q4 FY24	₹12,871 Cr	-6.4%
Q3 FY24	₹13,101 Cr	-5.7%
Q2 FY24	₹12,864 Cr	—
Q1 FY24	₹13,159 Cr	—

What management said about revenue

Q3 FY26 · FY27 revenue growth above peer average

Management expects to grow higher than the peer average by the end of FY27, supported by strong deal pipeline and large client momentum.

Q3 FY26 · Large deal ramp in H1 FY27

The $500M+ European telco deal will start ramping in the first half of FY27, contributing to revenue growth.

Q2 FY26 · Second half of FY26 expected to be better than first half

Management expects improved performance in H2 driven by operational efficiencies and improved demand visibility, despite seasonal furloughs in Q3.

Q2 FY26 · Net new deal TCV expected to approach $1 billion

Management aims to increase quarterly net new deal TCV closer to $1 billion, up from current $816 million, driven by a rich pipeline.

Q1 FY26 · FY26 revenue to be better than FY25

Management expects FY26 revenue growth to exceed FY25 levels, driven by deal conversions and stabilization in key verticals.

Q1 FY26 · FY27 margin target of 15% remains intact

Despite macro uncertainty, the company reaffirms its FY27 EBIT margin target of 15%, contingent on growth assumptions.

Q1 FY26 · Revenue growth to improve from Q2 FY26

Large deal wins from previous quarters are expected to start contributing to revenue from Q2 onwards.

Q4 FY25 · Revenue growth ahead of peer average by FY27

Goal to achieve revenue growth above peer average by FY27, supported by deal wins and market share gains.

Q4 FY25 · Quarterly deal wins range of $600M-$800M

CFO indicated that the current deal win range of $600M-$800M per quarter is sufficient to support growth targets, with potential to increase if environment improves.

Q3 FY25 · Industry-leading growth by FY27

Management aims to deliver growth higher than peer average by FY27, supported by large deal pipeline and portfolio rebalancing.

Q2 FY25 · Fresher hiring target of 6,000+ for FY25

Company is on track to hire over 6,000 fresh graduates this fiscal year, with 2,000+ already onboarded in H1.

Q2 FY25 · Subcon cost reduction to single-digit percentage of revenue

Management expects to reduce subcontractor costs as a percentage of revenue to single digits over time, supporting margin expansion.