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Tech Mahindra Q2 Review — Margin Beat; FY27 May Be Slower Than Expected Says Yes Securities Maintaining 'Buy'
Multiple margin levers remain in place to support Tech Mahindra's improvement ahead, says Yes Securities.
15 Oct 2025, 11:18 AM IST 
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While Tech Mahindra’s order book stands at a three-year high, indicating a healthy medium-term pipeline, revenue conversion may be weak given weak macro environment. (Source: Company official webpage.)
Tech Mahindra delivered better-than-expected revenue growth, beating consensus by 2.2%, led by strong traction in Europe, steady progress in BFSI, and large deal ramp-ups in Retail, despite ongoing macro headwinds. Management, however, remained cautious on a meaningful acceleration in revenue growth for both FY27 and the broader industry, citing continued macroeconomic and policy uncertainties.
