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Tech Mahindra Ltd - Stock Valuation and Financial Performance

BSE: 532755 | NSE: TECHM | IT - Software | Large Cap

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Tech Mahindra Share Price

 ₹1,548.50 -15.00 -0.96%
as on 18-Jul'25 16:59

Tech Mahindra Ltd - Stock Valuation and Financial Performance

BSE: 532755 | NSE: TECHM | IT - Software | Large Cap

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Tech Mahindra Share Price

 ₹1,548.50 -15.00 -0.96%
as on 18-Jul'25 16:59

DeciZen - make an informed investing decision on Tech Mahindra

Overall Rating ⓘ
Bole Toh

1. Quality

Very Good
Check detailed 10 Yrs performace

2. Valuation

Somewhat overvalued
Check 10 Yrs Valuation charts

3. Price Trend

Semi Strong
Check Price chart

Tech Mahindra stock performance -

PE Chart Key Ratios
mw4me loader
P/E Ratio (CD):
33.40
Market Cap:
1,51,636.1 Cr.
52-wk low:
1,209.7
52-wk high:
1,807.4

Is Tech Mahindra Ltd an attractive stock to invest in?

1. Is Tech Mahindra Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Tech Mahindra Ltd is a good quality company.

2. Is Tech Mahindra Ltd undervalued or overvalued?

The key valuation ratios of Tech Mahindra Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.

3. Is Tech Mahindra Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Tech Mahindra Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Tech Mahindra:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Standalone Basis P Consolidated Basis P
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Tech Mahindra Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation ⓘ

Value Creation Index Colour Code Guide ⓘ

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % ⓘ26.5%22.2%24.3%24.7%21.4%23%26.5%22.4%12%20.4%-
Value Creation
Index ⓘ		1.41.01.21.20.91.01.41.00.10.8-

Growth Parameters ⓘ

Growth Parameters Colour Code Guide ⓘ

Sales ⓘ26,49429,14130,77334,74236,86837,85544,64653,29051,99652,98853,334
Sales YoY Gr.-10%5.6%12.9%6.1%2.7%17.9%19.4%-2.4%1.9%-
Adj EPS ⓘ33.528.935.348.242.649.358.952.52746.346.4
YoY Gr.--13.6%22.2%36.5%-11.7%15.7%19.5%-10.9%-48.5%71.4%-
BVPS (₹) ⓘ161.2181.1208.6224245.3279.1301.7313298.7306.8289.2
Adj Net
Profit ⓘ		2,9152,5363,1204,2783,7124,3085,1674,6192,3864,1004,541
Cash Flow from Ops. ⓘ3,1374,0713,5544,4324,3588,0945,2855,5726,3765,786-
Debt/CF from Ops. ⓘ0.40.30.70.50.60.20.30.30.20.1-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ8%7.5%5.9%1.9%
Adj EPS ⓘ3.7%1.7%-7.7%71.4%
BVPSⓘ7.4%4.6%0.6%2.7%
Share Price 11.9% 20.9% 15.4% 3.8%

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity % ⓘ		20.815.216.520.616.717.519.116.18.414.515.6
Op. Profit
Mgn % ⓘ		15.613.815.318.214.91817.914.68.71313.8
Net Profit
Mgn % ⓘ		11.18.810.112.39.711.211.78.74.77.78.5
Debt to
Equity ⓘ		0.10.10.10.10.10.10.10.10.10-
Working Cap
Days ⓘ		15215716315717016915014514814178
Cash Conv.
Cycle ⓘ		2729343025313737413536

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 15.60%

Sales growth has been subdued in last 3 years 5.88%

Net Profit has been subdued in last 3 years -7.67%

Sales growth is not so good in last 4 quarters at 2.89%

Latest Financials - Tech Mahindra Ltd.

Standalone Consolidated
TTM EPS (₹) 41.3 46.4
TTM Sales (₹ Cr.) 45,293 53,334
BVPS (₹.) ⓘ 238.8 289.2
Reserves (₹ Cr.) ⓘ 22,893 27,830
P/BV ⓘ 6.48 5.35
PE ⓘ 37.53 33.40
From the Market
52 Week Low / High (₹) 1209.70 / 1807.40
All Time Low / High (₹) 50.92 / 1837.75
Market Cap (₹ Cr.) 1,51,636
Equity (₹ Cr.) 489.6
Face Value (₹) 5
Industry PE ⓘ 28.7

Management X-Ray of Tech Mahindra:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Valuation of Tech Mahindra

Event Update

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Analyst's Notes

Tech Mahindra: sell note - 14 Jul 2025

Tech Mahindra Ltd.
Initiate SELL – Better Opportunities Elsewhere

Initial Investment Thesis – Growth from Telecom Expertise and Acquisitions

Tech Mahindra (TechM), historically recognized for its strength in telecom and communication services due to its joint venture legacy with British Telecom, was once seen as a prime beneficiary of the 5G rollout in the US and EU. Backed by its impressive performance during the 4G deployment phase, we believed TechM would ride the next wave of telecom capex and deliver superior growth. 

Where the Thesis Went Wrong – Core Segment Underperformance and Flat Earnings

Despite a growth of 7% CAGR in total revenues over FY20–25, TechM’s telecom vertical—which still contributes over 40% of its revenue—has grown at a mere 3% CAGR and is now declining. This is in stark contrast to peers who have shown much stronger and consistent growth in telecom verticals. Infosys and TCS, for example, have posted 10% & 7% growth respectively over FY20–25 and HCL tech which began serving telecom clients post Covid growing at 19%, highlighting a possible loss of market share by TechM.

Even more concerning is the weak profitability profile. Operating profit has grown by only 5% CAGR over the same period, while PAT has remained flat, showing 0% CAGR from FY20 to FY25. FY25 PAT is still below FY21 levels, indicating weak earnings momentum and lack of operating leverage despite revenue growth.

Valuation: Disconnect Between Stock Price and Fundamentals

Despite stagnant earnings and muted core growth, Tech Mahindra is trading at a P/E of 40x, significantly higher than its long-term average of 15x in 2019 and well above industry peers such as Infosys (25.6x), TCS (25x), and HCL Tech (26.1x).

In comparison, peers with superior fundamentals and higher growth visibility are trading at more reasonable valuations. The current rerating in TechM appears sentiment-driven, unsupported by any structural change in fundamentals. In our view, such a valuation premium is unjustified and unsustainable.

Macroeconomic Headwinds and Execution Risks Worsen Outlook

Tech Mahindra continues to face significant macroeconomic headwinds that are weighing on near-term performance. Its largest segment, Communications, declined 4.2% in FY25 due to ongoing discretionary spending cuts by North American telecom clients, with only marginal recovery in Europe and APAC. The Americas region reported a 2% revenue decline, while the manufacturing vertical remained soft due to persistent weakness in the global auto sector. Additionally, delays in client renewal decisions, particularly in hi-tech and Business Process Services, reflect prolonged sales cycles and weak demand visibility. Management has acknowledged that while FY25 marked some stabilization, any recovery in enterprise tech spending is expected to be gradual, not sharp.

Conclusion

  • Telecom vertical growth at just 3%, now turning negative – a concern for the company’s largest revenue contributor
  • Flat PAT (0% CAGR) over FY20–25, despite peers growing at 8-10%.
  • Valuation (P/E 40x) significantly above peers with better growth metrics
  • Macroeconomic uncertainty and delayed client spends further cloud visibility

We believe Tech Mahindra’s current valuation is disconnected from its financial performance and competitive positioning. In an environment where capital efficiency matters, there are far better opportunities in the market with stronger growth profiles, better profitability, and more reasonable valuations.

Hence, we initiate a SELL call on Tech Mahindra and recommend investors to reallocate capital to other opportunities

Tech Mahindra: Q3 FY25 Result Update - 29 Jan 2025

Segment Performance:

  • Communications (32.5% of revenue): Declined 4.0% QoQ and 5.6% YoY due to pressures in large telecom accounts and ongoing challenges in discretionary spending.

  • Manufacturing (16.8% of revenue): Decreased 3.7% QoQ and 7.2% YoY due to weakness in the automotive segment. The company is focusing on enhancing engineering capabilities for long-term growth.

  • BFSI (16.1% of revenue): Growth of 0.4% QoQ and 8.3% YoY driven by strong demand for core banking, analytics, and digital transformation initiatives.

  • Hi-Tech & Media (14.3% of revenue): Declined 1.5% QoQ and increased 3.5% YoY, impacted by slower deal ramp-ups in specific accounts.

  • Healthcare & Life Sciences (7.7% of revenue): Grew 2.2% QoQ and 2.0% YoY on the back of sustained demand in key accounts and expansion in healthcare solutions.

  • Retail, Transport & Logistics (8.0% of revenue): Decreased 0.3% QoQ and 1.6% YoY, supported by consistent project ramp-ups and broader market opportunities.

  • Others (4.6% of revenue): Significant growth of 15.8% QoQ and 32.5% YoY, driven by global public sector project.

Geographical Performance:

  • Americas (51% of revenue): Declined 2.3% YoY amid discretionary spending constraints.

  • Europe (23.6% of revenue): Fell 1% YoY due to macroeconomic challenges.

  • Rest of the World (25.6% of revenue): Grew 4.5% YoY, with robust performance in emerging markets.

  • EBIT Margin: Expanded by 480 bps YoY on the back of efficient delivery, pricing excellence and cost optimisation under Project Fortius.

  • Wage hikes in Q4 are expected to impact margins by 100-150 bps, partially offset by operational efficiencies.

Margins:

Key Deal Wins:

  • Total Contract Value (TCV): $745 million, up 23.5% QoQ and 95.5% YoY, marking the highest TCV in a year.

  • Six large deals, including strategic partnerships in BFSI and Healthcare, with expansion in hyperscaler ecosystems.

Workforce & AI Initiatives:

  • Headcount: Decreased by 3,785 from Q2FY25, totaling 1,50,488 employees.

  • Attrition: Stood at 11%, up 60 bps QoQ and 90 bps YoY.

  • AI Initiatives: Launched "Agent X," a GenAI-powered suite driving enterprise automation and efficiency.

Tech Mahindra: Q3 FY24 Result Update - 30 Jan 2024

Particulars

Q3FY24 (Rs. Cr)

YoY Trend

Comments

Revenue

13,101

-5%

The enterprise segment grew 2% QoQ. The communications segment marginally declined by 0.3%. There was a positive lift from the seasonality business in Comviva and the retail segment which was off-set by the impact of furloughs.
EBITDA

1,146

-46%

 
EBITDA Margin

8.7%

- 680 bps

Standalone operating margins were impacted by 160 bps due to exceptional items (closure of certain non-core contracts)
PAT

524

-61%

Other income was lower due to forex loss of $ 5 Mn
  • New large deal win TCV was reported at $381 Mn for the quarter (down 52% YoY).
  • A prominent life and annuities provider in North America selected the company as the strategic IT transformation partner.
  • The company launched Vision amplifAIer, a solution that infuses GenAI in computer vision and provides end-to-end workbench to substantiate computer vision use cases.
  • The erstwhile organization structure which comprised 12 sales SBUs, is now simplified to just six units.

Management expects significant volatility in the telecom vertical. Recovery shall need atleast 2 quarters. Organizational change is underway with Mohit Joshi taking charge as MD & CEO. Earnings revival shall take some more time but the long-term story for the company remains intact. MRP has been revised to Rs. 1,164.

Tech Mahindra: Q2FY24 Result Update - 26 Oct 2023

Particulars

Q2FY24 (Rs. Cr)

YoY Trend

Comments

Revenue

12,864

-2%

Communications, BFSI verticals saw YoY decline of 11.5%/6.3%. Manufacturing saw a YoY growth of 5.7%.
EBITDA

914

-53%

 
EBITDA Margin

7%

-800 bps

Margin miss was on account of one-off impact in non-core portfolio & wage hikes given to senior employees.
PAT

505

-61%

 

Revenue as well as margin was a big miss. There was sequential improvement in large deal TCV at USD 640mn, up 78% QoQ, but down 11% YoY. Management change should take some while to get organized. Expect choppy times ahead for the company.          

Tech Mahindra: Q1FY24 Result Update - 28 Jul 2023

Particulars

Q1FY24

YoY Trend

Comments

Revenue

13,159

+4%

Revenue fell 4% QoQ, largely led by the CME vertical (38% of revenue) which dropped 9.5% QoQ

EBITDA

1,339

-29%

 

EBITDA Margin

10.2%

-460 bps

Margin drop was impacted by -200 bps due to provision for client bankruptcy

PAT

704

-39%

 

Net new deal TCV declined sharply at USD 359mn, -50% YoY which shall impact near term growth. Disappointing results, recovery might take longer than expected.

 

Tech Mahindra: Q1FY23 Result Update - 26 Jul 2022

Click here for 10 year X-ray

View All Notes

Key Ratios of Tech Mahindra

Standalone Basis Consolidated Basis

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales26,49429,14130,77334,74236,86837,85544,64653,29051,99652,988
Operating Expenses ⓘ 22,36325,11726,09028,40531,35931,05936,65645,49847,53146,321
Manufacturing Costs7848788648861,0689031,1361,3411,3541,443
Material Costs0000000000
Employee Cost 13,94815,45416,62417,50818,81019,29722,28627,69229,12829,624
Other Costs ⓘ 7,6328,7868,60310,01111,48110,85813,23416,46517,04915,254
Operating Profit ⓘ 4,1314,0234,6836,3375,5096,7967,9907,7924,4646,668
Operating Profit Margin (%) 15.6%13.8%15.2%18.2%14.9%18.0%17.9%14.6%8.6%12.6%
Other Income ⓘ 5799391,4445341,1927871,1429659591,151
Interest ⓘ 97129162133192174163326392322
Depreciation ⓘ 7599781,0851,1291,4461,4581,5201,9571,8171,853
Exceptional Items ⓘ 0000000000
Profit Before Tax ⓘ 3,8573,8534,8795,5435,0585,9537,4526,4463,2245,653
Tax ⓘ 8301,0021,0931,2541,1601,6001,8221,5898281,400
Profit After Tax 3,0272,8513,7864,2893,8974,3535,6304,8572,3974,253
PAT Margin (%) 11.4%9.8%12.3%12.3%10.6%11.5%12.6%9.1%4.6%8.0%
Adjusted EPS (₹)34.432.143.048.446.350.763.454.926.748.1
Dividend Payout Ratio (%)35%28%33%29%32%89%71%91%150%94%

Balance Sheet

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund 14,03715,89018,42819,87621,38724,39426,47727,54026,36527,144
Share Capital ⓘ 436439442444436437439440441442
Reserves ⓘ 13,60215,45117,98619,43220,95123,95726,03827,10025,92426,701
Minority Interest193464509478393380495470477430
Debt1,0021,2201,7261,4052,4281,6621,4901,4861,461358
Long Term Debt1973857712091791661421291030
Short Term Debt8068349551,1962,2501,4961,3481,3571,358358
Trade Payables2,2761,8062,0372,4893,2572,7854,0954,3853,7854,411
Others Liabilities ⓘ 4,4856,4207,1618,5909,0449,54411,49510,9769,89610,294
Total Liabilities ⓘ 21,99325,79929,86132,83836,50938,76544,05244,85741,98442,637

Fixed Assets

Gross Block8,52912,42714,55214,54517,68218,74725,77727,89128,13329,034
Accumulated Depreciation4,2206,0687,1207,6548,9549,81811,07313,03414,30115,086
Net Fixed Assetsⓘ 4,3096,3597,4326,8908,7288,92914,70414,85713,83213,948
CWIP ⓘ 6293732402765011816512013321
Investmentsⓘ 1,2432,3964,8417,3425,84810,2384,8843,3883,2383,182
Inventories40616675362441243839
Trade Receivables5,7715,3386,4986,9597,5779,03211,93312,88211,40111,547
Cash Equivalents 4,0183,2193,0442,3593,1482,8353,9754,2554,7364,542
Others Assetsⓘ 5,9838,0547,7408,93711,1227,5888,3509,3328,6079,358
Total Assets ⓘ 21,99325,79929,86132,83836,50938,76544,05244,85741,98442,637

Cash Flow

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity ⓘ 3,1374,0713,5544,4324,3588,0945,2855,5726,3765,786
PBT ⓘ 3,8573,8534,8795,5435,0585,9537,4526,4463,2245,653
Adjustment ⓘ 1,0577109841,6071,3351,9921,5812,9652,4301,873
Changes in Working Capital ⓘ -461588-783-1057-5221564-1434-18451969-266
Tax Paid ⓘ -1,315-1,080-1,526-1,661-1,513-1,415-2,314-1,993-1,247-1,474
Cash Flow From Investing Activity ⓘ -1,460-2,890-3,360-2,1161,029-5,450482-279-1,31412
Capex -871-760-790-779-829-573-835-969-738-483
Net Investments -698-1,847-2,784-1,5171,494-4,0005,724522-778250
Others ⓘ 109-282214180364-878-4,408168202245
Cash Flow From Financing Activityⓘ -496-1,571-269-2,251-4,466-2,987-4,667-5,078-4,767-5,834
Net Proceeds from Shares ⓘ 3635863647578744249
Net Proceeds from Borrowing ⓘ -23-241743-648-956-284134-26-25
Interest Paid ⓘ -93-111-160-135-188-179-123-257-351-264
Dividend Paid ⓘ -555-1,239-944-1,491-2,492-1,759-3,981-4,263-3,917-3,877
Others ⓘ 138-145-13-876-1,077-690-636-497-1,678
Net Cash Flow ⓘ 1,181-389-7664921-3431,100215296-37

Finance Ratio

Standalone Basis Consolidated Basis
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)23.3919.0522.0722.3918.8919.0222.1317.988.8915.9
ROCE (%)26.4822.1524.2924.6921.4222.9926.4922.4112.0220.43
Asset Turnover Ratio1.281.221.111.111.061.011.081.21.21.25
PAT to CFO Conversion(x)1.041.430.941.031.121.860.941.152.661.36
Working Capital Days
Receivable Days76707071728086858579
Inventory Days0111100000
Payable Days0000000000

Tech Mahindra Ltd Stock News

Tech Mahindra Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Tech Mahindra on 18-Jul-2025 16:59 is ₹1,548.5.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 18-Jul-2025 16:59 the market cap of Tech Mahindra stood at ₹1,51,636.1.
The latest P/E ratio of Tech Mahindra as of 18-Jul-2025 16:59 is 37.53.
The latest P/B ratio of Tech Mahindra as of 18-Jul-2025 16:59 is 6.48.
The 52-week high of Tech Mahindra is ₹1,807.4 and the 52-week low is ₹1,209.7.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Tech Mahindra is ₹45,293 ( Cr.) .

About Tech Mahindra Ltd

Tech Mahindra, part of the eminent Mahindra Group, is a leading global enabler of digital transformation, consulting and business re-engineering services and solutions. The company represent the bold, new, disruptive digital era, offering innovative and customer-centric services and solutions to integrate technology with businesses more meaningfully and innovatively. Its core operation has been built around the credo ‘Connected World. Connected Experiences.’ The company’s solutions help clients integrate their platforms across a wide range of technologies to deliver tangible business value to their stakeholders.

The company offers the right blend of physical and digital design, powered by technology. It uses digital capabilities to transform client’s internal businesses and technology operations, and deliver industry-leading outcomes. Its solutions help clients accelerate their digital transformation journey by building intelligent and digital-next businesses, backed by next-generation technologies. The company’s Makers Lab develops future-ready solutions by leveraging next generation technologies like Artificial Intelligence (AI), Machine Learning (ML), Robotics, Internet of Things (IoT), Augmented Reality (AR)/ Virtual Reality (VR), 5G – Network of the future. With many technology platforms and solutions, it help customers achieve faster time-to-market and incremental innovation capabilities. It delivers technology solutions across many countries in Americas, Europe, Middle-East, Latin America, Africa and Asia-Pacific. Such prudent geographic diversification also reduces market concentration risks to the business.

Business area of the company

The company offers a bouquet of services which includes Telecom IT & Network Services, Consulting, Application Outsourcing, Infrastructure Outsourcing, Engineering Services, BPO, Platform Solutions and Mobile Value Added products and Services.

Services:

  • Infrastructure and Cloud Services
  • Integrated Engineering Solutions
  • Enterprise Business Solution 
  • Data Analytics 
  • Network Services 
  • Cyber Security 
  • Business Process Services 
  • Testing Services
  • Performance Engineering 
  • Business Excellence Services (Consulting) 
  • Telecom Product Engineering 
  • Enterprise of Future 
  • Customer Experience 
  • Digital Supply Chain

Awards and accolades

2013-14:

  • Recognized as the ‘Top Telecom Company of the year’ by Voice and Data.
  • The Top IT & ITES Exporter from the state of Andhra Pradesh for the year 2012-13 by ITsAP - Information Technology & Services Industry Association of Andhra Pradesh.
  • Won Gold at Express IT awards by Financial Express for EMRI and Fightback in ‘CSR in IT category’.
  • Winner of 2013, 2011 and 2010 AT&T Supplier Award for outstanding performance & service to AT&T and its affiliates.
  • iCMG world award in the ‘IT Landscape Rationalization’ category along with BT.

2014-15:

  • Ranked 5th in IT and Software ranking by DUN and Bradstreet.
  • Digital Humanitarian Award at TMF World 2014 for deploying Women Safety Mobile Application Fightback.
  • Businessworld identified Tech Mahindra among the fastest growing companies in India based on financial performance.
  • Featured in FINTECH TOP 25 rankings for the year 2014 by IDC Financial Insights.

2015-16:

  • National Award for Supply Chain and Logistics Excellence.
  • Indo American Corporate Excellence Award for Excellence in CSR.
  • Dow Jones Sustainability Index under both emerging Markets and DJSI world Category.
  • Golden Peacock HR Excellence Award for Outstanding People Management Practices.
  • ET Telecom Awards for Cloud Technology.

2016-17:

  • The Business World HR Excellence Award.
  • HR Excellence Award from the Society for Human Resource Management.
  • Golden Peacock Award for HR Excellence.
  • CMO ASIA Award for Best Use of Social Media in Employer Branding, 2016.
  • NASSCOM Award for Best Practices in HR Technology, 2016.

2017-18:

  • Business World HR Award in HR Technology 2017.
  • Featured in AVTAR - 100 Best Companies of 2017 Working Mother and AVTAR Best Companies for Women in India.
  • Featured in HR Asia Best Companies To Work For In Asia 2017 - Malaysia.
  • Excellence in Workplace Diversity Award at Mercer NDTV Employer Excellence Awards 2017.

2018-19:

  • Ranked 15th on the Forbes Digital 100 list, and the highest-ranked non-US Company on the list.
  • Received the AICRA STEM Awards 2018 in the ‘Excellence in Automation’ category, recognizing the best automation system integrators in the business.
  • Gold Winner at the CEO World Award in the ‘CEO Achievement of the Year’ category.
  • Selected as ‘Brand of the Decade 2019’ by BARC Asia, a media research and rating agency.
  • Awarded Golden Peacock Global Award for Excellence in Corporate Governance – 2018 by the Institute of Directors (IOD).
  • Recognized as a gold winner for being the Most Innovative Cyber security Company at the Cybersecurity Excellence Awards 2019.
  • Featured in the Forbes Asia’s Fab 50 Companies List 2018.
  • One of the Top 10 Best Company for Women in India in the 2018 Working Mother & AVTAR 100 Best Companies List.

2019-20:

  • Winner of the ‘COMPANY OF THE YEAR – IT’ at the second edition of CNBC-AWAAZ CEO Awards for Year 2019.
  • Ranked 21 in India’s  Best Companies to Work For 2020 by the Great Place to Work Institute. Also recognized as Best in Mega Employer and in Best Companies for Career Management list.
  • Recognised amongst ‘Most Valuable Digital Transformation Companies in 2019’ by a global business magazine, CIOLook.
  • Won the ET Innovation Award in the ‘People Innovation’ category from The Economic Times.
  • Tech Mahindra’s CSR arm, Tech Mahindra Foundation (TMF) received ASSOCHAM Skilling India Awards 2019 for Best Higher Vocational Institute for Skill Development.
  • Winner of ‘The Golden Peacock HR Excellence Award’ for the year 2019 in the IT sector.
  • Emerged winners in the categories of ‘Diversity & Inclusion’ and ‘HR Technology’ in both BusinessWorld HR Excellence Awards 2020 and 10th Asia’s Best Employer Brand Awards 2019.

Milestones:

  • 2002: Mahindra British Telecom (MBT) assessed at Level 5 of SEI CMM by KPMG.
  • 2000: MBT incorporates MBT Software Technologies, Singapore.
  • 2005: Certified BS 7799-2:2002 (Information Security Management Framework) by RWTUV now known as TUV Nord.
  • 2005: Acquired Axes Technologies (India), including its US and Singapore subsidiaries.
  • 2005: Largest global development center outside India (in Melbourne) begins operation.
  • 2005: Citisoft and Knowledge Dynamics acquired.
  • 2006: Name changed to Tech Mahindra.
  • 2006: Raised Rs 4.65 billion ($100 million) from a hugely successful IPO to build a new facility in Pune, to house about 9,000 staff.
  • 2006: Formed a JV with Motorola Inc. under the name CanvasM.
  • 2006: Set up the first 'Global Innovation Hub' in Singapore.
  • 2006: Set up operations in Guangzhou, China.
  • 2007: Acquired iPolicy Networks.
  • 2007: Announced the Official IT Services Provider for the FIFA World Cup 2010TM.
  • 2007: Opens Global Development Center (GDC) in Malaysia.
  • 2007: First Asian company to feature in the 'Training' Magazine's list of Top 125 companies for learning.
  • 2009: Tech Mahindra acquires a controlling stake in Satyam.
  • 2010: Satyam gets rebranded as 'Mahindra Satyam'.
  • 2010: Expands footprint in Latin America.
  • 2011: Inaugurated Saab India Technology Center.
  • 2012: Merger of Tech Mahindra and Mahindra Satyam announced.
  • 2012: Acquisition of Hutchison Global Services.
  • 2012: Acquisition of Comviva Technologies.
  • 2013: Tech Mahindra-Mahindra Satyam merger finally consummated.
  • 2013: Mahindra Satyam acquires majority stake in Complex IT.
  • 2013: Mahindra Satyam and Tech Mahindra launches the ‘Young CEO’ Program.
  • 2013: Establishes First European Testing Lab in Sweden.
  • 2013: Mahindra Satyam launches Contextual Services Platform for E-Commerce and Banking.
  • 2013: Launches BSS Platform for New Telcos Entering the Market.
  • 2013: Tech Mahindra Announces Strategic Partnership with NIS -Tech Mahindra.
  • 2013: Mahindra Satyam merger consummated Announces new brand identity.
  • 2013: Tech Mahindra Signs an Outsourcing Contract for Application Maintenance and Development with Volvo Car Corporation.
  • 2013: Tech Mahindra and Bosch Software Innovations announce Global System Integrator Partnership.
  • 2013: Launches Hewlett Packard Center of Excellence.
  • 2014: Launches NFC Testing Lab.
  • 2014: Tech Mahindra and Microsoft Partner to Co-Develop the Spring Release of Microsoft Dynamics CRM.
  • 2014: Launches Alstom Transport Global Development Center.
  • 2014: Launches Reference Data Management Solution in North America.
  • 2014: Opens a Delivery Center in Belgium.
  • 2014: Launches Airbus Group’s ‘HUB’ at Electronic city facility, Bengaluru.
  • 2014: Launches Telematics Platform for the Insurance Industry.
  • 2015: Forms a joint venture with Avion Systems.
  • 2015: Acquires SOFGEN to expand core banking expertise.
  • 2015: Entered into a strategic agreement with China-based company Gao Feng Advisory Company.
  • 2015: Signed a contract with Bombardier to develop an aircraft ground support system (AGSS).
  • 2016: Acquisition of a UK Company.
  • 2016:  Acquires leading Digital Change Agents: The BIO Agency.
  • 2016: Enters Channel NewsAsia Sustainability Index.
  • 2016: Launches Virtual Network Function Exchange.
  • 2016: Tech Mahindra-Mahindra Comviva launches new Revenue Experience platform for mobile operators.
  • 2016: Launches FEEDS, a Connected Intelligent Solution Transforming Fresh Food Supply Chain.
  • 2017: Tech Mahindra, Gao Feng Advisory Company join hands to set up Artificial Intelligence Lab in Shanghai.
  • 2017: Tech Mahindra, Saudi Telecom Company Alliance to Innovate for Vision 203.
  • 2018: Tech Mahindra partners with edX.org, the leading online learning platform founded by Harvard and MIT.
  • 2019: Tech Mahindra partners with Mahindra TEQO.
  • 2019: Tech Mahindra partners with Business Finland for R&D in 5G, 6G.
  • 2019: Tech Mahindra acquires BORN Group.
  • 2019: Tech Mahindra secures Rs 500 crore smart city project from PCMC.
  • 2019: Tech Mahindra, Celonis ink global strategic alliance to drive enterprise performance.
  • 2020: Inaugurates new delivery center in Telangana.
  • 2020: Launches Google Cloud COE in Hyderabad.
  • 2020: Tech Mahindra, Telangana government unveil T-Block Accelerator.
  • 2020: Tech Mahindra, IBM to help clients modernize operations leveraging cloud.
  • 2020: Tech Mahindra launches mPAC 3.0.
  • 2020: launches ‘Blockchain based Contracts and Rights Management System’.
  • 2020: Signs global partnership with Hinduja Group's CyQureX.
  • 2020: Launches ‘Microsoft Business Unit’ to accelerate digital transformation globally.
  • 2020: Expands strategic alliance with BMC Software.
  • 2020: Tech Mahindra, HAL sign Rs 400 crore contract for ‘Project Parivartan’.
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