Tech Mahindra posted a net profit of ₹1,194 crore in the September quarter, up 5% sequentially from ₹1,140.6 crore in Q1 FY26, but a drop of 4.4% YoY.
The company’s revenue from operations came in at ₹13,995 crore, a 4.8% rise from ₹13,351 crore in the previous quarter and a 6.2% increase from ₹13,313 crore a year ago.
“Revenue this quarter reflects broad-based growth across manufacturing, BFSI, retail, travel, logistics and healthcare,” said Mohit Joshi, CEO. In US dollars, the company reported revenue of $1.5 billion, a 1.6% sequential rise, with year-on-year performance remaining largely stable.
“This quarter, we closed net new deals worth $816 million, marking a 57% increase over the past 12 months. The wins spanned key verticals, including communications, manufacturing, retail, and transport and logistics, highlighting the broad-based nature of our growth.”
Margins continued to expand, with EBIT at 12.1%, reflecting disciplined execution under Project Fortius. “This is a testament to the operational efficiency, cost optimisation and value-based price initiatives we have instituted,” Joshi said.
The company has now delivered eight straight quarters of margin improvement since outlining its FY27 plans.
On the AI front, Tech Mahindra highlighted its recognition as a key player in the IndiaAI Mission. “We are partnering to develop an indigenous, sovereign large language model with 1 trillion parameters,” Joshi said, calling it a major technical milestone.
The company also launched TechM Orion, its next-gen API platform for intelligent, autonomous execution of complex workflows, alongside an AI marketplace to enable enterprises to deploy solutions at scale.
The company’s largest clients continued to deliver above-average growth, with the 20-million-dollar-plus revenue client bucket contributing over $1 billion in the quarter.
Joshi emphasised that the second half of FY26 would turn this foundation into “further decisive action and competitive gains” under the firm’s strategic plan.
While the growth is modest, it reflects Tech Mahindra’s steadying momentum after last year’s sharp profit fall. The company has now delivered eight straight quarters of margin improvement under Project Fortius, its multi-year cost and efficiency drive aimed at improving operating margins to 15% by FY27.
In Q1, CFO Rohit Anand had said the project reflects “discipline and focus across our organisation,” as the company turned its attention to profitable growth and large deals. That narrative continues to hold as Q2 results show improved profitability alongside a wider revenue base.
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