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

Tech Mahindra's growth and margin aspirations looks on track despite macro uncertainty, says Motilal Oswal reiterating Buy on the stock.

<div class="paragraphs"><p>Tech Mahindra posted a 42% YoY increase in deal TCV in FY25, the strongest among large and mid-tier peers.</p><p>. (Photo source: NDTV Profit)</p></div>
Tech Mahindra posted a 42% YoY increase in deal TCV in FY25, the strongest among large and mid-tier peers.

. (Photo source: NDTV Profit)

Tech Mahindra's FY27 margin aspiration of 15% now appears achievable, supported by structural initiatives under Project Fortius— focused on pyramid optimization, pricing improvement, automation, and utilization of T&M resources. Cost levers include an improved offshore mix, subcontractor rationalization, and selling, general and administrative efficiency. These gains are expected to offset investments in GenAI, talent upskilling, and...
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