Tech Mahindra Q2 FY27 Results: Consolidated Net Profit ₹1,610 Crore on Total Income of ₹16,173 Crore
Earnings
IT Services
Blacklitt Research3 min read
Petiatil, via Wikimedia Commons (public domain). Illustrative image.
Tech Mahindra reported consolidated total income of ₹16,172.80 crore and net profit of ₹1,609.70 crore for the quarter ended 30 Sep 2026. Standalone total income was ₹14,280.00 crore and net profit was ₹1,613.80 crore.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹16,173 crore, up 15.2% YoY, up 3.6% QoQ
Net profit: ₹1,610 crore, up 34.0% YoY, up 8.3% QoQ
EPS: ₹17.88, against ₹13.48 in Q2 FY26
Interim dividend: ₹15 a share, record date 23 October 2026, with a 1:1 bonus issue recommended
Standalone
The company on its own, without its subsidiaries
Total income: ₹14,280 crore, up 16.0% YoY, up 9.2% QoQ
Net profit: ₹1,614 crore, up 37.3% YoY, up 41.8% QoQ
EPS: ₹16.45, against ₹11.99 in Q2 FY26
Other income: ₹537.60 crore, against a net loss of ₹137.30 crore in June
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
16,172.80
14,034.90
+15.2%
15,605.50
+3.6%
Revenue from operations
16,180.20
13,994.90
+15.6%
15,711.90
+3.0%
Other income
-7.40
40.00
n/a
-106.40
+93.0%
1,609.70
1,201.70
+34.0%
1,486.30
+8.3%
Finance costs
83.60
77.20
+8.3%
111.30
-24.9%
Depreciation
491.40
468.70
+4.8%
478.60
+2.7%
Tax expense
686.40
457.60
+50.0%
555.60
+23.5%
Net profit margin
9.95%
8.56%
+1.39 pp
9.52%
+0.43 pp
Tax as share of profit before tax
29.9%
27.6%
+2.32 pp
27.2%
+2.74 pp
EPS, basic (₹)
17.88
13.48
+32.6%
16.53
+8.2%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Revenue growth in rupees is about twice what it is in dollars. Revenue of ₹16,180 crore is up 15.6% on the year, but in US dollars it is $1,693 million, up 6.8% (7.2% in constant currency), so more than half of the rupee growth comes from the exchange rate (derived). New deal wins were $1,023 million, up 25.4%, and the EBIT margin was 14.8% on EBIT of ₹2,387 crore, up 40.5%.
The profit in the table, ₹1,609.70 crore, is the profit for the period including non-controlling interests; the company's headline profit after tax, attributable to owners, is ₹1,586 crore, up 32.7%, and diluted earnings per share are ₹17.84. Tax rose 50.0% to ₹686.40 crore, 29.9% of profit before tax against 27.6%, so profit before tax grew about 38% (derived). Other income is a net loss of ₹7.40 crore.
The company reports headcount of 152,206, last-twelve-month IT attrition of 11.7% and cash and cash equivalents of ₹7,330 crore. The interim dividend of ₹15 on a face value of ₹5 (300%) is payable by 13 November 2026 to holders on the 23 October record date, which at about 88.7 crore shares (derived from profit and earnings per share) is about ₹1,330 crore, or about 84% of the quarter's attributable profit (derived).
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
14,280.00
12,314.00
+16.0%
13,081.30
+9.2%
Revenue from operations
13,742.40
12,067.60
+13.9%
13,218.60
+4.0%
Other income
537.60
246.40
+118.2%
-137.30
n/a
1,613.80
1,175.70
+37.3%
1,137.90
+41.8%
Finance costs
67.80
56.60
+19.8%
76.30
-11.1%
Depreciation
240.40
213.10
+12.8%
235.40
+2.1%
Tax expense
590.50
357.70
+65.1%
371.80
+58.8%
Net profit margin
11.30%
9.55%
+1.75 pp
8.70%
+2.60 pp
Tax as share of profit before tax
26.8%
23.3%
+3.46 pp
24.6%
+2.16 pp
EPS, basic (₹)
16.45
11.99
+37.2%
11.60
+41.8%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
The standalone profit is driven by other income. Net profit rose 41.8% from June to ₹1,613.80 crore, while other income swung from a net loss of ₹137.30 crore to a gain of ₹537.60 crore, a change of about ₹675 crore (derived), which is more than the ₹476 crore increase in profit. The filing does not say what the other income contains.
The standalone profit is close to the consolidated one, with the group about ₹4 crore lower (derived). Tax rose 65.1% to ₹590.50 crore, 26.8% of profit before tax against 23.3%.
The board also recommended a bonus issue in the ratio of 1:1, which needs shareholder approval by postal ballot, and an increase in authorised share capital from ₹924.3 crore to ₹1,000 crore; the record date for the bonus will be announced separately. A bonus issue doubles the number of shares and does not by itself change the company's earnings.
Inference
Tech Mahindra's growth in dollars is much slower than its rupee growth suggests, while its profit grew about twice as fast as revenue.
The standalone profit depends on other income, which the filing does not explain, and the bonus record date has not been set.
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