Tech Mahindra Limited · NSE:TECHM
Tech Mahindra — Q4 FY26 Earnings Presentation
21 slides from Tech Mahindra's earnings presentation, April 2026
Slide 1: Earnings Presentation Q4 FY26 & FY 2026
Earnings Presentation Q4 FY26 & FY 2026 1
Slide 2: Safe Harbor
Safe Harbor Certain statements in this presentation may contain ‘forward-looking statements’ identified by the use of forward-looking words or phrases and statements relating to our future performance and prospects for growth in FY2027 and beyond, our ability to achieve our financial, strategic and
Slide 3: FY 2026 – At a Glance
FY 2026 – At a Glance Revenue $ 6,385 Mn EBIT 12.6% A Promise of TM Scale at Speed PAT Margin 8.5% FCF $ 616 Mn New Deal Wins $ 3,794 Mn 3
Slide 4: Management Commentary
Management Commentary We are accelerating our transition to an AI-led FY26 marked the end of the Stabilization Phase of our organization, embedding AI across services and transformation journey, with margins expanding for the expanding our capabilities to enhance value delivery 10th consecutive quar
Slide 5: Strategic Highlights
Strategic Highlights Business Updates − Closed FY26 with the highest ever deal wins of $ 3,794 Mn in the last − Launched Agentic Payment Assistance & Collections Optimization five years, reflecting stronger client confidence in Tech Mahindra’s Solution for Telcos at Mobile World Congress 2026. The s
Slide 6: Financial Highlights
Financial Highlights FY 2026 Q4 FY26 Revenue Revenue • USD Revenue $6,385 millions; up 1.9% YoY • USD Revenue $1,625 millions; up 0.9% QoQ and 4.9% YoY • Revenue (constant currency); up 0.6% YoY • Revenue (constant currency); up 0.6% QoQ and 2.4% YoY • INR Revenue ₹56,815 crores; up 7.2% YoY • INR R
Slide 7: Financial Trend
Financial Trend Revenue (USD Mn) LTM Deal Wins (USD Mn) 1,625 3,518 3,794 1,610 3,168 2,955 1,586 2,680 1,564 1,549 Q4 FY25 Q1 FY25 Q2 FY26 Q3 FY26 Q4 FY26 Q4 FY25 Q1 FY25 Q2 FY26 Q3 FY26 Q4 FY26 Earnings Before Interest & Taxes (EBIT %) Return of Capital Employed (ROCE) 26.2% 13.8% 13.1% 24.4% 12.1
Slide 8: Geography-wise and Vertical-wise Performance
Geography-wise and Vertical-wise Performance Q4 FY26 FY26 Geographies % Mix QoQ YoY % Mix YoY Americas 49.7% -0.8% 7.7% 49.8% 0.2% Europe 26.0% 2.7% 7.4% 25.8% 8.9% ROW 24.3% 2.7% -2.7% 24.4% -1.2% Q4 FY26 FY26 Verticals % Mix QoQ YoY % Mix YoY Communications 33.4% 1.8% 5.6% 33.3% 2.6% Manufacturing
Slide 9: Client Metrics
Client Metrics Number of Clients Q4 FY25 Q3 FY26 Q4 FY26 ≥ $1 million clients 540 521 512 ≥ $5 million clients 195 196 194 ≥ $10 million clients 106 111 112 ≥ $20 million clients 59 64 66 ≥ $50 million clients 25 28 29 Client Concentration Q4 FY25 Q3 FY26 Q4 FY26 Top 5 15.5% 15.2% 14.9% Top 10 24.5%
Slide 10: People Highlights
People Highlights Total Headcount Q4 FY25 Q3 FY26 Q4 FY26 IT 80,609 76,194 75,377 BPS 59,636 65,450 64,330 Sales & Support 8,486 7,972 7,916 IT Headcount mix Q4 FY25 Q3 FY26 Q4 FY26 Onsite 22.1% 22.1% 22.2% Offshore 77.9% 77.9% 77.8% IT Utilization & Attrition Q4 FY25 Q3 FY26 Q4 FY26 Utilization % 8
Slide 11: Cash Flow Metrics
Cash Flow Metrics Cash Conversion Q4 FY25 Q3 FY26 Q4 FY26 Days Sales Outstanding 88 90 89 Free Cash Flow (USD Mn) 150 194 99 Free Cash Flow to PAT % 110.7% 131%* 68% USD/INR Rate Q4 FY25 Q3 FY26 Q4 FY26 Period Closing Rate 85.5 89.9 94.8 Period Average Rate 86.5 89.4 92.6 Cash & Borrowings (USD Mn)
Slide 12: AI Delivered Right
AI Delivered Right Highlights • Supporting clients move from AI experimentation to execution at Scale - IT Build & Change; IT Ops & Assurance; Process & Operation Transformation; Experience Transformation and Business Transformation • AI becoming a core growth and execution engine across large enter
Slide 13: Key AI Deal Wins
Key AI Deal Wins – Selected by a global aerospace manufacturer to incubate AI capabilities – Engaged by a global medical technology company to deliver an within PLM operations, piloting intelligent automation and AI-assisted enterprise-wide AI enablement program, conducting executive-level engineeri
Slide 14: Deal-Win Performance
Deal-Win Performance Total TCV Q4 FY26: $ 1,073 Mn − Won a large, multi-year AI-led transformation and outsourcing − Selected by a Fortune 500 energy major as the sole strategic partner to engagement with a major European telecommunications operator, run and manage infrastructure, cloud, service des
Slide 15: Other Highlights
Other Highlights New Launches, Partnerships & Collaborations Announced a collaboration with Microsoft to launch an ontology-driven Agentic AI Announced a partnership with FICO to help BFSI organizations accelerate platform that accelerates telecom and enterprise data modernization. Built on value cr
Slide 16: Analyst Recognitions – FY26
Analyst Recognitions – FY26 – Ranked in 550 analyst evaluations in FY 26 - 35% Positioned as Leaders (#1 Ranking) - 90% Positioned in Top 2 Rankings – 30 Co-authored Papers with Analysts Highlights in FY26 – Gartner Emerging Market Quadrant for Generative AI Consulting and Implementation Services Oc
Slide 17: Awards
Awards Recognized as India’s Most Listed in the Top 1% in the IT Recognized among the Top 10 Sustainable Company at BW Services sector in the S&P Global Desirable Service Companies by Sustainable World Conclave Sustainability Yearbook 2026 Unstop & People Matters Secured ninth place globally in the
Slide 18: Quarterly Financial Statement
Quarterly Financial Statement in USD millions Q4 FY26 QoQ YoY Revenue 1,625 0.9% 4.9% Direct Cost 1,123 Gross Profit 502 2.9% 11.0% SG&A 228 EBIT 223 5.5% 36.3% EBIT % 13.8% ~70 bps ~330 bps Other Income, net (31) Miscellaneous + Interest Income, net (1) Exchange Gain / (Loss) (30) Profit After Tax
Slide 19: FY26 Financial Statement
FY26 Financial Statement in USD millions FY26 YoY Revenue 6,385 1.9% Direct Cost 4,486 Gross Profit 1,899 11.0% SG&A 890 EBIT 797 31.4% EBIT % 12.6% 290 bps Other Income, net (32) Miscellaneous + Interest Income, net 20 Exchange Gain / (Loss) (52) Profit Before Exceptional items and Tax 765 24.6% Ex
Slide 20: About Tech Mahindra
About Tech Mahindra Tech Mahindra (NSE: TECHM) offers technology consulting and digital solutions to global enterprises across industries, enabling transformative scale at unparalleled speed. With 147,000+ professionals across 90+ countries helping 1100+ clients, Tech Mahindra provides a full spectr
Slide 21: Disclaimer
Disclaimer The information is to be treated as Tech Mahindra Confidential Information. TechM provides a wide array of presentations and reports, with the contributions of various professionals. These presentations and reports may be for information purposes + + + + + + + + + + + + + + + + + and priv