In short: Tech Mahindra's Q2 FY27 revenue rose 15.6% to ₹16,180 crore from a year earlier, and net profit rose 32.7% to ₹1,586 crore. EBIT margin was 14.8%, up 40 bps from the previous quarter. In the first trading session after the results (16 Oct), the median NAV change was +1.8% for technology funds, +4.0% for IT index funds and ETFs and +0.7% for Nifty 50 index funds. Revenue grew 2.4% from the June quarter in constant currency and new deal wins passed $1 billion for a fourth quarter in a row; the board declared a ₹15 dividend and recommended a 1:1 bonus issue.
What changed in Tech Mahindra's Q2 FY27 results
- Revenue from operations was ₹16,180 crore, up 15.6% from a year earlier and up 3.0% from the previous quarter.
- Net profit was ₹1,586 crore, up 32.7% from a year earlier and up 8.2% from the previous quarter.
- EBIT margin was 14.8%, up 40 bps from the previous quarter and up 260 bps from a year earlier.
- Revenue was $1,693 million. In constant currency, revenue grew 7.2% from a year earlier and 2.4% from the previous quarter.
- New deal wins (TCV): $1,023 million, against $1,078 million in the previous quarter.
- Headcount was 152,206, up 5,446 in the quarter. IT attrition over the last twelve months was 11.7%.
- Interim dividend of ₹15 per share, with a record date of 23 October 2026.
Tech Mahindra Q2 FY27 results at a glance
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 | QoQ | YoY |
|---|---|---|---|---|---|
| Revenue (₹ crore) | 16,180 | 15,712 | 13,995 | +3.0% | +15.6% |
| Net profit (₹ crore) | 1,586 | 1,465 | 1,195 | +8.2% | +32.7% |
| EBIT margin | 14.8% | 14.4% | 12.1% | +40 bps | +260 bps |
Genvest analysis
Revenue was $1,693 million, up 2.0% from the June quarter and 6.8% from a year earlier; in constant currency it grew 2.4% and 7.2%. In rupees, revenue rose 3.0% to ₹16,180.2 crore and 15.6% from a year earlier, helped by the rupee, which averaged ₹95.5 to the dollar in the quarter against ₹88.2 a year earlier.
Communications, the largest vertical at 33.5% of revenue, grew 6.0% from the previous quarter, and retail, logistics and transport 9.6%, while manufacturing fell 3.9%. By region, Europe grew 2.5% from the previous quarter and 16.2% from a year earlier, and the Americas 1.9% and 4.1%.
EBIT rose 5.4% from the previous quarter to ₹2,387 crore, and the EBIT margin to 14.8%, up about 40 bps from the June quarter and 260 bps from a year earlier; Tech Mahindra said its margin has now risen for twelve quarters in a row, and its stated aim for FY27 is 15%. Other income was a loss of ₹7.4 crore, against a loss of ₹106.4 crore in the June quarter, and net profit attributable to shareholders rose 8.2% to ₹1,585.6 crore, up 32.7% from a year earlier.
New deal wins were $1,023 million, against $1,078 million in the June quarter and up 25.4% from a year earlier; deal wins over the past twelve months were $4,270 million, up 34.8%. Clients with more than $10 million in annual revenue rose to 118 from 115.
Headcount rose by 5,446 to 152,206, with IT staff up 1,928 to 76,617, and IT attrition over the past year was 11.7%. The board declared an interim dividend of ₹15 per share and recommended a 1:1 bonus issue, which needs shareholders' approval by postal ballot; the record date for the bonus is still to be set.
Tech Mahindra bonus shares: the 1:1 bonus issue
With the results, Tech Mahindra's board recommended a 1:1 bonus issue: one new fully paid-up share of ₹5 for every share held on the record date. It needs shareholders' approval by postal ballot, and the record date will be announced separately. The company expects to credit the bonus shares within two months of the board's approval, by 15 December 2026.
On the share count at the time of the announcement, about 98.02 crore bonus shares would be issued, taking the total to about 196.04 crore. The bonus is paid out of reserves: about ₹490.10 crore moves from reserves to share capital, and the authorised share capital rises from ₹924.3 crore to ₹1,000 crore to make room for the new shares.
A bonus issue does not change what a shareholder owns. The number of shares doubles and the share price adjusts on the ex-bonus date, roughly halving, so the value of a holding is unchanged by the bonus itself. Per-share figures are restated for the larger share count: Q2 FY27 basic earnings per share of ₹17.88 corresponds to about ₹8.94 after the bonus. For mutual funds that hold Tech Mahindra, the bonus does not change the NAV.
The ₹15 interim dividend is separate. Its record date is 23 October 2026, so it is paid on the shares held before the bonus.
Tech Mahindra revenue, margin and earnings trend
- Revenue went from ₹13,286 crore in Q3 FY25 to ₹16,180 crore in Q2 FY27, rising on the previous quarter in 6 of the last 7 quarters.
- Year-on-year revenue growth over the last 4 quarters ranged from 8.3% to 17.7% in rupees.
- In constant currency, growth on the previous quarter ranged from −1.5% to 2.6% over the last 8 quarters.
- Earnings per share over the last four quarters were ₹62.34, against ₹50.62 in the four quarters before (+23.2%).
- EBIT margin ranged from 10.2% (Q3 FY25) to 14.8% (Q2 FY27); the latest quarter is the high.
| Quarter | Revenue (₹ crore) | YoY | CC growth QoQ | EBIT margin | EPS (₹) |
|---|---|---|---|---|---|
| Q2 FY27 | 16,180 | +15.6% | +2.4% | 14.8% | 17.88 |
| Q1 FY27 | 15,712 | +17.7% | +2.6% | 14.4% | 16.53 |
| Q4 FY26 | 15,076 | +12.6% | +0.6% | 13.8% | 15.27 |
| Q3 FY26 | 14,393 | +8.3% | +1.7% | 13.1% | 12.66 |
| Q2 FY26 | 13,995 | +5.1% | +1.6% | 12.1% | 13.48 |
| Q1 FY26 | 13,351 | – | −1.4% | 11.1% | 12.87 |
| Q4 FY25 | 13,384 | – | −1.5% | 10.5% | 13.17 |
| Q3 FY25 | 13,286 | – | +1.2% | 10.2% | 11.10 |
Earnings per share are as reported: Q2 FY25 includes a ₹450 crore gain on the sale of property and Q3 FY26 a ₹272 crore Labour Codes charge (both before tax). Source: Tech Mahindra's quarterly results filings, press releases and earnings presentations.
How IT funds moved after Tech Mahindra's results
Median one-day change in NAV between 15 Oct and 16 Oct, across the Direct-Growth plans in each group (all units for ETFs). NAVs capture the whole day's market, not only one company's results. Wipro also reported on 15 Oct, so the move reflects both.
| Fund group | Median change | Funds |
|---|---|---|
| Technology funds | +1.76% | 12 |
| IT index funds and ETFs | +4.02% | 17 |
| Nifty 50 index funds | +0.66% | 23 |
Source: AMFI daily NAVs.
What Tech Mahindra's results mean for fund investors
- Technology funds. Large IT services companies are usually among the biggest holdings of technology funds, so results days move these funds more than diversified equity funds.
- Index funds. IT services is one of the larger sectors in the Nifty 50, so Nifty 50 index funds also carry some of this result.
- Overlap. If you hold several technology funds, or IT shares alongside them, check how concentrated you are with the portfolio analyzer.
Tech Mahindra Q2 FY27 results: questions
When did Tech Mahindra announce Q2 FY27 results?
Tech Mahindra announced its Q2 FY27 results on 15 October 2026.
What was Tech Mahindra's Q2 FY27 net profit?
Net profit was ₹1,586 crore, up 32.7% from a year earlier and up 8.2% from the previous quarter.
What was Tech Mahindra's Q2 FY27 revenue?
Revenue from operations was ₹16,180 crore, up 15.6% from a year earlier and up 3.0% from the previous quarter.
Has Tech Mahindra announced a bonus share issue?
Yes. On 15 October 2026 its board recommended a 1:1 bonus issue, one new share for every share held, subject to shareholders' approval by postal ballot. The record date will be announced separately, and the company expects to credit the bonus shares by 15 December 2026.
What is the Tech Mahindra bonus record date?
It has not been announced yet. Tech Mahindra said on 15 October 2026 that the record date for the bonus issue will be intimated separately. The record date for the ₹15 interim dividend is 23 October 2026.
Other IT Q2 FY27 results
- TCS Q2 FY27 results · 8 October 2026 · net profit +15.0% YoY
- HCLTech Q2 FY27 results · 12 October 2026 · net profit +21.2% YoY
- Wipro Q2 FY27 results · 15 October 2026 · net profit −1.4% YoY
- Tech Mahindra Q2 FY27 results · 15 October 2026 · net profit +32.7% YoY
- Infosys Q2 FY27 results · 23 October 2026 · net profit +6.2% YoY
All IT Q2 FY27 results in one place
Sources
- Tech Mahindra Q2 FY27 press release
- Tech Mahindra Q2 FY27 earnings presentation
- Tech Mahindra Q2 FY27 board meeting outcome and audited results (NSE filing)
- Tech Mahindra Q1 FY27 press release
- Tech Mahindra: Q2 FY27 earnings call intimation to BSE, 2 October 2026
- AMFI daily NAVs, 16 Oct.
This page is educational research based on company results filings and AMFI data. It is not a recommendation to buy or sell any security or fund, or personalised investment advice. Investments in securities market are subject to market risks. Read all related documents carefully before investing. Registration granted by SEBI, enlistment with IAASB and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.