CLSA on Tech M ; Hold, TP Rs 1494

•Reported a beat across revenue/EBIT/PAT of 0.2%/2%/3% compared to estimates. • Its orderbook continued to grow strongly, up 25% YoY, despite no mega deal wins this quarter. • Management reiterated its stance of achieving a 15% EBIT margin in FY27 with revenue growth of more than double the industry revenue growth rate. • It would like to focus on market share gains without sacrificing margins. •Also, pricing compression in IT services, according to TechM, is more due to intense competition rather than IT service budgets getting squeezed on the back of AI.

TECH MAHINDRA LIMITED

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