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Tech Mahindra Q2 Review — Systematix Maintains 'Sell' On The Stock; Says Current Valuations Limits Upside
Tech Mahindra's valuations remain elevated even after the recent improvement in execution, adds the brokerage.
15 Oct 2025, 10:18 AM IST 
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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.
