Tech Mahindra

Tech Mahindra was incorporated in India in 1986, originally as a joint venture between the Indian tractor and utility-vehicle maker Mahindra & Mahindra and British Telecommunications (BT). The partners initially intended to run a telecom business for India’s industrial sector; the joint venture was first named Mahindra Telecom and later renamed Mahindra British Telecom (MBT).⁠[1][2][3][4]

Because the opening of India’s telecom sector was delayed, the company instead began providing software development services to BT in the United Kingdom: it first took on the lower-end portions of services BT performed for large multinational clients, training engineers in Mumbai and sending them to the UK. Former Mahindra Group CFO Bharat Doshi recalled that MBT started by placing staff on site in the late 1980s, later moved to a fully offshore, project-based model, and accepted BT’s challenge that only 10% of its people be on site in the UK, with the rest offshore.⁠[4][4][4][4][4]

Between 2004 and 2005, CP Gurnani, Vineet Nayyar and Sanjay Kalra joined the company from Perot Systems; Gurnani was the last of the three to sign on. When Gurnani was considering the move, the company had annual revenue of about $140 million, 90% of it from British Telecom. After AT&TAT&TAT&T (AT&T Inc.) is a telecommunications company headquartered in Dallas, Texas. Its predecessor was SBC Communications, a regional holding company created in the 1984 breakup of the Bell System; SBC merged with the original AT&T Corp. in 2005 and adopted its name, and it has since operated a nationwide wireless network and fiber broadband, at one time also owning DIRECTV and WarnerMedia.Open the full entry and other telecom clients, the company gradually took on higher-end work such as system integration and consulting in India, Africa, the Middle East and Asia-Pacific.⁠[4][4][4][4][4]

To win business from other telecom operators such as France Telecom and Deutsche Telekom and to reduce its dependence on British Telecom, the company changed its name to Tech Mahindra ahead of its listing. The initial public offering launched in July 2006 offered 12.75 million shares, or 11% of the enlarged share capital, at a price range of Rs 315 to Rs 365 per share, raising about $86 million to $100 million; 9.6 million of the shares were sold by the controlling shareholders (60% by BT and 40% by Mahindra & Mahindra), and the rest were new shares whose proceeds would fund expanded delivery facilities. According to the offering materials, Mahindra & Mahindra would hold 46.41% and BT 32.55% after the offering.⁠[4][4][2][2][2][2]

At the time of the listing, the company’s key clients were BT, AT&T and Alcatel. In fiscal 2006, ended March 31, 2006, net profit rose 130% to Rs 2.35 billion and revenue rose 31% to Rs 12.4 billion. The shares listed in August 2006; by then annual revenue had doubled from the level when Gurnani joined to about $280 million.⁠[2][2][2][4][4]

In 2008, before the Satyam acquisition, Tech Mahindra’s annual revenue reached $1 billion, with British Telecom’s share falling below 50%.⁠[4]

In 2009, Hyderabad-based Satyam Computer Services fell into crisis after its former promoter admitted to accounting fraud and was arrested. On April 13, 2009, Satyam’s government-appointed board named Venturbay Consultants, a Tech Mahindra subsidiary, as the highest bidder: it would buy a 31% stake in Satyam for Rs 58 per share in cash, followed by an open offer for a further 20%, subject to approval by the Company Law Board. On the day of the announcement, Tech Mahindra’s shares closed 12.31% higher on BSE.⁠[4][5][5][5][5]

Tech Mahindra was about half the size of Satyam at the time. After the takeover, Satyam’s books turned out to have been falsified and it faced lawsuits in the United States; the Mahindra Group cleaned up Satyam’s balance sheet and settled the U.S. litigation, while Gurnani, Nayyar and Kalra spent months visiting clients, employees and government officials to assure them that the business would continue.⁠[4][4][4][4]

In August 2012, British Telecom sold 17.9 million Tech Mahindra shares, about 14.1% of the company, to institutional investors through open-market transactions at an average of Rs 777.73 per share, raising about Rs 1,395 crore; the sale was managed by JP Morgan and Credit Suisse.⁠[6][6]

In September 2012, Tech Mahindra acquired a 51% stake, on a fully diluted basis, in Comviva Technologies, a Bharti GroupBharti EnterprisesBharti Enterprises is an Indian conglomerate founded by Sunil Bharti Mittal in 1976 in Ludhiana, Punjab. It began by manufacturing bicycle components and later entered mobile communications under the Airtel brand. Its flagship company, Bharti Airtel, runs telecommunications businesses in India and Africa; the group also holds stakes in companies including the satellite operator Eutelsat and the UK’s BT Group, and is involved in insurance, real estate, hospitality, and food.Open the full entry provider of mobile value-added services, mobile money and mobile payment solutions, for Rs 260 crore; the company was then renamed Mahindra Comviva. Rs 125 crore was paid up front and the remaining Rs 135 crore was payable over five years subject to performance targets. As of March 31, 2026, Comviva Technologies Limited remained a 99.99%-owned subsidiary of Tech Mahindra.⁠[7][7][7][8]

In December 2012, BT Group completed the sale of its remaining 9.1% stake in Tech Mahindra (11.6 million shares) to institutional investors at Rs 871 per share, for gross proceeds of Rs 1,011.4 crore (£115.7 million), ending an association of more than 26 years. BT said Tech Mahindra remained a key supplier; in the quarter ended September 30, 2012, BT accounted for about 33% of Tech Mahindra’s revenue and was its largest client.⁠[9][9][9][9]

The boards of Tech Mahindra and Mahindra Satyam approved the merger on March 21, 2012, and the scheme was approved by the Bombay High Court and the Andhra Pradesh High Court, the latter on June 11, 2013. On June 25, 2013, the companies announced the formal amalgamation of Mahindra Satyam with Tech Mahindra, effective under the scheme from April 1, 2011; the combined company had revenue of $2.7 billion and 84,000 employees serving 540 clients in 46 countries, adopted a new logo and the positioning “Connected World. Connected Solutions.”, and named Milind Kulkarni chief financial officer of the combined entity.⁠[10][10][8][10][10][11]

Mahindra Group Chairman Anand Mahindra said the merger fulfilled the commitment made when Satyam was acquired in 2009; Tech Mahindra Executive Vice Chairman Vineet Nayyar said that over the previous four years the teams had integrated processes and eliminated overlaps while working through statutory and legal issues. Managing Director CP Gurnani said at the time that the company would continue to focus on telecom and manufacturing and believed it would be a $5 billion company by 2015. The Mahindra Group later said that delaying the merger until Satyam had recovered gave the original Satyam shareholders a better deal.⁠[10][10][11][4]

On December 14, 2015, Tech Mahindra and Mahindra & Mahindra announced an agreement with Pincar S.r.l. to buy 76.06% of the Italian automotive and industrial design company Pininfarina S.p.A. at €1.1 per share through a joint venture owned 60% by Tech Mahindra and 40% by Mahindra & Mahindra, followed by an open offer for the remaining ordinary shares at the same price; Pininfarina remained listed on the Milan Stock Exchange, with Paolo Pininfarina continuing as chairman. As of March 31, 2026, Pininfarina S.p.A. was listed as a Tech Mahindra subsidiary (since May 30, 2016) with a 47.30% holding.⁠[12][12][12][12][8][8]

On March 11, 2023, Tech Mahindra’s board named Mohit Joshi, then president of Infosys, as managing director and CEO designate, to take over when CP Gurnani retired on December 19, 2023. At Infosys, Joshi had headed the global financial services and healthcare businesses and the software business, including the banking platform Finacle, and was responsible for large deals across the company.⁠[13][13][13][13]

In April 2024, Tech Mahindra reported weak results for the fourth quarter of fiscal 2024: quarterly revenue fell 0.8% in constant currency to $1.48 billion, reported net profit fell 50% year on year, and the quarter ended with 145,455 employees. New CEO Mohit Joshi also set out a plan for fiscal 2025 to 2027, targeting an EBIT margin of 15% and a return on capital employed above 30% by fiscal 2027 and the return of more than 85% of free cash flow to shareholders; the plan focused on scaling large accounts, winning multi-tower deals, capturing synergies from past acquisitions and improving the cost structure. The shares rose about 10% in a single day after the announcement.⁠[14][14][15][16][17][17][14][17]

In fiscal 2025, ended March 31, 2025, Tech Mahindra reported revenue of $6.264 billion, down 0.2% year on year; EBIT of $607 million, up 60%, for an EBIT margin of 9.7%; and profit after tax of $502 million. It ended the year with 148,731 employees, 3,276 more than the 145,455 a year earlier.⁠[16][16][16][16][16]

In fiscal 2026, ended March 31, 2026, Tech Mahindra reported U.S. dollar revenue of $6.385 billion, up 1.9% year on year (0.6% in constant currency), and rupee revenue of Rs 56,815 crore, up 7.2%; EBIT of $797 million, up 31.4%, for an EBIT margin of 12.6%; profit after tax of $537 million; and free cash flow of $616 million. New deal wins for the year totaled $3.794 billion, up 41.6% and the highest in five years, and total dividends declared for the year reached a record Rs 51 per share. Chief Financial Officer Rohit Anand said fiscal 2026 marked the end of the “stabilization phase” of the transformation, with margins expanding for the 10th consecutive quarter.⁠[18][18][18][18][18][18][18][18][18][18][19]

As of March 31, 2026, Tech Mahindra had 147,623 employees, including 75,377 in IT, 64,330 in business process services (BPS) and 7,916 in sales and support; a year earlier it had 148,731 (80,609 in IT, 59,636 in BPS and 8,486 in sales and support), a net reduction of 1,108 over the year. Headcount fell by 1,993 in the fourth quarter alone, with declines in all three categories; last-twelve-month attrition in IT was 12.1%.⁠[18][18][18][18][8][19][19][19][18]

In the first quarter of fiscal 2027, ended June 30, 2026, Tech Mahindra reported U.S. dollar revenue of $1.660 billion, up 2.2% sequentially and 6.1% year on year. At quarter-end it had 74,689 employees in IT, 64,080 in BPS and 7,991 in sales and support.⁠[20][20][20][20]

Results for the second quarter of fiscal 2027 (ended September 30, 2026), released on October 15, 2026, showed U.S. dollar revenue of $1.693 billion, up 2.0% sequentially and 6.8% year on year; rupee revenue of Rs 16,180 crore, up 15.6% year on year; consolidated profit after tax of Rs 1,586 crore, up 32.7%; and an EBIT margin of 14.8%, with management noting margin expansion for the 12th consecutive quarter. The company ended the quarter with 152,206 employees, including 76,617 in IT, 67,520 in BPS and 8,069 in sales and support; last-twelve-month IT attrition fell to 11.7%.⁠[21][22][22][22][22][21][22][22][22]

The company marked its 40th anniversary during the quarter. The board recommended a bonus issue of one share for every share held, funded from the securities premium account, general reserves and/or retained earnings, and declared an interim dividend of Rs 15 per share for fiscal 2027. In the same quarter, the company announced a partnership with SpaceXAI to build an AI-powered software engineering practice and, under India’s AI mission, launched Indus Terra, a 30-billion-parameter educational language model built with Nvidia and AWS.⁠[22][22][21][21][22][22][22]

Tech Mahindra describes itself as a global consulting services and system integration company specializing in digital transformation and business re-engineering, under the tagline “Scale at Speed.” According to its 2025–26 annual report, it had more than 147,000 employees across about 90 countries; in fiscal 2026 it earned $3.181 billion in revenue from the Americas, $1.644 billion from Europe and $1.560 billion from the rest of the world. On a standalone basis, IT consulting and software development and maintenance accounted for about 85.99% of turnover and business process services for about 14.01%, and exports made up 93.46% of turnover; the company has 64 office locations in India and 199 abroad.⁠[8][8][8][8][8][1][1][1][1]

The company’s shares are listed on the National Stock Exchange of India (NSE) and BSE; its registered office is at Gateway Building, Apollo Bunder, Mumbai, and its corporate headquarters is at the Rajiv Gandhi Infotech Park in Hinjewadi, Pune. Tech Mahindra is part of the Mahindra Group, founded in 1945; as of the 2025–26 annual report, Mahindra Group Chairman Anand Mahindra served as Tech Mahindra’s non-executive chairman, and independent director Shikha Sharma served as lead independent director.⁠[1][1][1][1][1][8][8][8][8][8]

As of fiscal 2025–26, Tech Mahindra was still dealing with some litigation and other legacy matters arising from the Satyam acquisition. Under the merger scheme approved by the High Court of Andhra Pradesh in Hyderabad, the company presents separately in a “suspense account (net)” claims made by 37 companies in the City Civil Court for alleged advances totaling Rs 12,304 million to the former Satyam; based on the current legal status, the lack of documentation supporting the claims and external legal opinion, management believes the claims will not be payable on final adjudication, and the auditor highlighted the matter as an emphasis of matter without modifying its opinion.⁠[8][8][8][8][8]

Tech Mahindra: Official website: https://www.techmahindra.com/ (opens in a new window).⁠[1]

Mahindra Group: Official website: https://www.mahindra.com/ (opens in a new window).⁠[4]

X: Public account: https://x.com/Tech_Mahindra (opens in a new window)⁠[23]

LinkedInLinkedInLinkedIn is a social networking platform for professionals. It was founded in 2002 by Reid Hoffman and others, launched in 2003, and listed on the New York Stock Exchange in 2011; after Microsoft acquired it for approximately $26.2 billion in 2016, it became a wholly owned Microsoft subsidiary. Its revenue comes from membership subscriptions, advertising, and recruitment solutions.Open the full entry: Public profile: https://www.linkedin.com/company/tech-mahindra (opens in a new window)⁠[23]

YouTubeYouTubeYouTube is Google’s video-sharing and creator platform, founded in 2005 by Steve Chen, Chad Hurley, and Jawed Karim and acquired by Google in 2006. Built around video uploading, viewing, and creator earnings, the platform has developed Shorts, YouTube Music, Premium, YouTube TV, and products for children, and is headquartered in San Bruno, California, United States.Open the full entry: Public channel: https://www.youtube.com/@TechMahindra_Official (opens in a new window)⁠[23]