# Tech Mahindra (NSE: TECHM) share analysis

Canonical: https://vestmind.in/stocks/tech-mahindra  
Source: VestCall by Vestmind, price as of 14 October 2026.

> Tech Mahindra (NSE: TECHM) was trading at ₹1,556.2 on 14 October 2026. VestCall scores its business health 53/100 (adequate). On valuation, the price sits in the “Fairly Valued” zone (₹1,512.04 – ₹1,561.14) — inside the modelled fair-value range. This is a reading of the evidence, not a buy or sell recommendation.

## Valuation zones

| Zone | Price band | Meaning |
| --- | --- | --- |
| Deeply Discounted | ₹1,400.71 – ₹1,498 | Furthest below the modelled fair-value range |
| Attractive Valuation | ₹1,498 – ₹1,512.04 | Below the modelled fair-value range |
| Fairly Valued (current) | ₹1,512.04 – ₹1,561.14 | Inside the modelled fair-value range |
| Valuation Premium | ₹1,561.14 and above | Above the modelled fair-value range |

## The case for and against

- Supports — Capital Allocation 100/100
- Supports — Shareholding Quality 75/100
- Supports — Financial Strength 70/100
- Supports — Business Quality 70/100
- Needs proof — Growth 9/100
- Needs proof — Management Stability 56/100

## Key ratios

| Ratio | Tech Mahindra | Sector median |
| --- | --- | --- |
| P/E | 11.56x | — |
| P/B | 2.3x | — |
| P/S | 0.88x | — |
| Return on equity (ROE) | 22.1% | — |
| Return on capital employed (ROCE) | 30.3% | — |
| Operating margin | 11.6% | — |
| Net margin | 8.5% | — |
| Current ratio | 1.59x | — |

## Bull, base and bear case (model outputs, not forecasts)

| Scenario | Modelled CAGR | Weight | Assumption |
| --- | --- | --- | --- |
| Bear | −6.0% | 19% | Growth decelerates to -2% and the multiple de-rates toward the cohort's trough. |
| Base | +2.8% | 55% | Earnings compound near the measured 2.8% and the multiple drifts toward its quality-adjusted warranted level. |
| Bull | +9.3% | 26% | Growth holds at 5.8% and the market pays the full premium the measured quality supports. |

## Questions

### Is Tech Mahindra overvalued or undervalued?

At ₹1,556.2, Tech Mahindra sits in VestCall’s “Fairly Valued” zone (₹1,512.04 – ₹1,561.14): inside the modelled fair-value range. Its valuation scores 45/100 (fair) against Unclassified peers. Zones describe where the price sits against modelled value; they are not an instruction to buy or sell.

### Is Tech Mahindra fundamentally strong?

VestCall scores Tech Mahindra’s business health 53/100 (adequate). The strongest measured pillars are capital allocation and shareholding quality. The ones that need proof are growth and management stability. Each pillar is computed from reported financials, and a pillar whose inputs were not reported is excluded rather than scored as zero.

### What is Tech Mahindra’s P/E ratio?

Tech Mahindra trades at a P/E of 11.56x, on VestCall’s latest read. A multiple only means something against the business it buys: the quality-adjusted fair value on this page weighs it against Tech Mahindra’s returns and growth.

### What are the risks of investing in Tech Mahindra?

The review triggers VestCall watches for Tech Mahindra are: revenue growth falls below the thesis floor (revenue cagr below 8%); return on equity falls below the quality floor (roe below 15%); promoter holding drops materially (promoter holding below 31.98%, 3 points under the Mar 2026 filing). On the fundamentals, growth is the weakest measured pillar at 9/100. A trigger is a named condition that would change the reading, published so the case against the stock is as visible as the case for it.

### Is this a recommendation to buy or sell Tech Mahindra?

No. VestCall states where Tech Mahindra’s price sits against modelled value, what supports the case and what would break it, with every figure sourced. It does not issue buy, sell or hold calls or price targets. Vestmind is not a SEBI-registered investment adviser or research analyst, and nothing on this page is personalised investment advice.

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Vestmind is not a SEBI-registered investment adviser or research analyst. This is research for information, not a recommendation or personalised investment advice.