JEFFERIES ON TECH MAHINDRA ; HOLD | TP ₹1,540 | EARLIER TP ₹1,260

• Growth outlook is improving. • Margin expansion continued as expected, but higher focus on growth may limit further margin expansion beyond FY27. • Jefferies raises FY27–29 EPS estimates by 4–6%. • Expects ~6% CC revenue CAGR and ~12% EPS CAGR over FY27–29.

TECH MAHINDRA LIMITED

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