Tech Mahindra Limited — Q1FY27 earnings call summary

Filed 22 July 2026 · Official transcript

Q1 FY27 revenue USD 1.66bn, +6.1% y-y (6.6% constant currency); operating margin 14.4%
Q2 outlook positive with expected continued growth; margin target above 15% by year-end
Management confident of exceeding peer average growth and sustaining margin expansion in FY27
AI-led transformation (Project Helix) central to growth; 350+ deployable AI agents, agentic AI platform Orion expanding
All verticals grew y-y: Manufacturing +17.2%, BFSI +8.1%, Retail +8.6%, Healthcare +7.2%, Communications +1.3%
Large deal wins USD 1.078bn, up 33.3% y-y; strong pipeline and client engagement
Free cash flow USD 167m, DSO improved to 84 days; ROCE 28.3%, up 210 bps q-o-q
Wage increases planned phased from Q2; no major client delays or ramp-up pushouts