Tech Mahindra Q2 Review - Systematix Maintains 'Sell' On The Stock; Says Current Valuations Limits Upside

1 week ago 7

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Tech Mahindra's valuations remain elevated even after the recent improvement in execution, adds the brokerage.

15 Oct 2025, 10:18 AM IST i

15 Oct 2025, 10:18 AM IST

15 Oct 2025, 10:18 AM IST

<div class="paragraphs"><p> For Q2,  Tech Mahindra reported QoQ growth of 1.6% in CC, 4.8% in INR terms, and 1.4% in USD terms</p><p>(Photo source: Vijay Sartape/NDTV Profit)</p></div>

For Q2, Tech Mahindra reported QoQ growth of 1.6% in CC, 4.8% in INR terms, and 1.4% in USD terms

(Photo source: Vijay Sartape/NDTV Profit)

Tech Mahindra’s Q2 FY26 results exceeded the brokerage's expectations on both revenue and Ebit margins, though PAT margins came in below estimates. Revenue was up 1.6% in CC and 1.4% QoQ in USD terms. Europe markets were weak, while US and RoW propelled growth. Management remains cautiously optimistic, expecting revenue pickup from past deal wins strengthening in H2.

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