Sharekhan has given Buy recommendation for Tech Mahindra with a target price of Rs. 1300 in its research report issued on Jul 29, 2021

Sharekhan’s research report on Tech Mahindra

Strong beat on all fronts; new deal win TCVs stood at $815 million, in-line with our expectation and higher than its average quarterly deal win TCVs of $400 mn-$500 mn. Management reiterated its double-digit organic revenue growth with an upward bias, given healthy deal wins and broad-based growth across verticals; expect sustainable margin performance with an upward bias in subsequent quarters. We continue to prefer TechM because of improving deal wins, 5G opportunities, and anticipation of stable margin performance. TechM is expected to report USD revenue/earnings CAGR of 11%/17%, respectively, over FY2021-FY23E.


We maintain a Buy rating on Tech Mahindra (TechM) with a revised PT of Rs. 1,300 given healthy deal win TCVs, strong deal pipeline, 5G opportunity and reasonable valuation.

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