Tech Mahindra Q4 Results Review: Margin Roadmap Intact, Says Motilal Oswal Maintaining 'Buy', Sees 35% Upside

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Motilal Oswal Report

We remain positive about the restructuring at Tech Mahindra Ltd. under the new leadership and believe this quarter was another step in the right direction. But we expect the impact from these steps to be visible gradually.

We believe its bottom-up transformation appears relatively independent of discretionary spending. With the potential for telecom recovery and improved operational efficiency, we see room for sustained margin improvement going forward.

We value Tech Mahindra at 25x FY27E EPS with a target price of Rs 1,950 (35% upside). We reiterate our Buy rating on the stock.

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