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Axis Securities Report
Tech Mahindra Ltd. appears to be effectively addressing client-specific engagement challenges across verticals while sustaining a healthy deal pipeline.
Although Q1 FY26 witnessed muted fresher hiring due to subdued demand, the company's focus on improving bench utilisation is expected to aid margin expansion.
The outlook for H2 FY26 remains stronger than H1 FY26, supported by better deal conversions and signs of sectoral recovery.
At current levels, the stock is attractively valued. We recommend a Buy rating with a target price of Rs 1,660/share, implying an upside of 10% from current market price.
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