Questions across 3 calls

Rod Bourgeois

DeepDive Equity Research

Tech Mahindra Limited

Tech Mahindra Limited CC-Jan26.pdf · 2026-01-16

Yes, hey, you guys had set a target to grow at or above your peers, their average by fiscal '27. And you have now hit that target. Our data says you beat the peer average by about 1.7 percentage points when you look at organic constant currency growth results. So, question is, do you see this as an improved growth position, relative to your peers that should be sustainable going forward at this point as you are now close to fiscal 27? Thanks.

Okay, great. And then if I could dive further into the Comms vertical, especially in light of the large deal win in Europe, can you give us more color on your outlook for that vertical in particular? And how much of your outlook is a function of what's ha ppening in the vertical overall versus your ability to capture share? Thanks.

Tech Mahindra Limited CC-Jun25.pdf · 2025-07-16

So, Mohit, it is encouraging that you guys are showing continuing steady progress on margins toward your Fiscal '27 target. So, I want to ask more about your path towards improving Tech Mahindra's growth position. Specifically, are there tangible leading indicators that suggest that your growth position is going to be on the rise? It would be great if you could specify any main leading indicator that's making you see the revenue momentum that you mentioned in your comments.

Very clear. Very helpful. Thank you.

Tech Mahindra Limited CC-Sep24.pdf · 2024-10-19

Hey, so as you execute your transformation plans and investments, I wanted to ask if you’re seeing additional early signs that you’re making underlying progress towards your fiscal ‘27 target? So, I guess I am asking are you seeing any underlying signs of improvement or progress either in the organization or also in Tech Mahindra’s positioning with its clients?

No, that’s great. And just a quick follow up on the transformation plan. But to what extent are you prioritizing large deal wins in your plan? I guess I am asking because large deals can definitely boost your bookings results, but they can also sometimes require margin sacrifices and contract risk, right, to win those large deals. So, I’d like to ask how you’re thinking about large deals in the overall plan?