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Tech Mahindra Q2 Review— Dolat Capital Revises Rating To 'Reduce' On Muted Growth Visibility; Sees 6% Downside
Tech Mahindra’s Q2 performance saw healthy growth and margin improvement, but sustained improvement needs to be monitored, adds the brokerage.
15 Oct 2025, 10:56 AM IST 
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Tech Mahindra’s operating profit margin rose to 12.1% (+108bps QoQ), aided by productivity gains, SG&A savings, and currency benefits.
(Photo: Vijay Sartape/NDTV Profit)
Tech Mahindra Q2 FY26 saw mixed momentum - communication, media and entertainment segment declined 1.9% QoQ due to temporary delivery issues in Europe, while execution in Asia Pacific, India, and Middle East was healthy, and U.S. (inc. top client) was stable. Management is positive on resolution, and projects better growth for Comviva in FY26.
