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Tech Mahindra’s turnaround is real but still in progress. In Q1 FY27, the company reported 6.6% year-on-year revenue growth in constant currency and a 14.4% EBIT margin, close to its FY27 target of 15%. Business Today’s description of Tech Mahindra as the fastest-growing large IT firm applies to that quarter’s comparisons with named peers—not to every Indian IT firm or the entire turnaround period. The company still has to demonstrate sustained peer-leading growth and meet its return-on-capital and shareholder-return targets.
What changed under Mohit Joshi?
Tech Mahindra announced a three-year transformation plan in April 2024, built around faster growth, higher margins and a stronger market position. Joshi, the company’s CEO and managing director, joined Tech Mahindra in 2023 after serving as president at Infosys, leading Infosys’s Mexico business as CEO, and chairing EdgeVerve. He has more than two decades of enterprise technology software and consulting experience and an MBA from the Faculty of Management Studies at Delhi University. Tech Mahindra’s biography identifies him as CEO and managing director.
Joshi took over from C.P. Gurnani, a 15-year veteran of the company, about six months before the plan was announced. He told Business Today that defining numerical goals helped focus the organisation: “I think the single best thing that we did was articulating a very clear sense of what we would do in three years, backed by numbers.” The plan made the turnaround measurable rather than relying on a general promise to improve.
What the turnaround plan targets—and what has been achieved
The plan’s targets are for FY27, so results from an interim quarter should not be mistaken for final achievement. Tech Mahindra’s FY26 annual report and Q1 FY27 earnings-call remarks describe the following goals and milestones.
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| Measure | FY27 target or reported result | What it indicates |
|---|---|---|
| EBIT margin | Target: 15% by FY27. Reported: 12.6% for FY26, up about 290 basis points year on year; 14.4% in Q1 FY27. | The margin target was close in Q1 FY27, but the company has not reported final FY27 achievement in the cited material. |
| Revenue growth | Target: growth ahead of the peer average by FY27. Reported: 6.6% year-on-year constant-currency growth in Q1 FY27. | One quarter’s growth does not by itself establish sustained outperformance. |
| Return on capital employed (ROCE) | Target: above 30% by FY27. | The target remains an open test; the cited FY26 and Q1 FY27 figures do not establish achievement. |
| Cash returned to shareholders | Target: more than 85% of free cash flow. | In FY26, the company reported returning 91% of free cash flow as dividends. |
| Free cash flow | FY26 reported: $616 million, equal to 115% of profit after tax. | This is a company-reported FY26 figure, separate from its shareholder-return target. |
| Deal wins | FY26 reported: $3.794 billion, described by the company as its highest in five years. | Deal wins can support future revenue, but conversion and delivery still matter. |
Joshi said on the Q1 FY27 earnings call that the first year focused on laying the foundations for margin expansion, while the final year was intended to deliver growth ahead of peers. The company reported ten consecutive quarters of margin expansion in its FY26 annual-report materials. That record and the improvement from 12.6% in FY26 to 14.4% in Q1 FY27 indicate meaningful progress on profitability, but they do not settle whether growth can accelerate without eroding margins.
Why “fastest-growing” depends on the comparison
Business Today’s Q1 FY27 peer comparison shows Tech Mahindra ahead of the large firms it named on quarter-on-quarter constant-currency growth. Its 2.6% was compared with TCS at 0.4%, Infosys at 1%, HCL Technologies at -0.5%, and Wipro at -1.2%. On year-on-year growth in that quarter, Tech Mahindra reported 6.6%, versus TCS at 3.2%. Business Today cautioned that Tech Mahindra’s growth may have come off a low comparative baseline. These figures support a period-specific comparison, not a claim that it led the whole Indian IT sector.
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The earlier picture differs because the period and metric differ. Mint’s comparison from 1 April 2024 to 30 September 2025 put Tech Mahindra’s quarterly compounded growth at 0.41%, behind Infosys at 1.8% and HCL Technologies at 1%, but ahead of TCS at 0.23% and Wipro at -0.34%. Mint also reported mid-cap IT services companies in a 1.3% to 8.3% range over that period. In the same analysis, Tech Mahindra’s margin expansion was about 470 basis points to 12.1%, which Mint described as the fastest margin growth among the big five it compared.
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The two accounts are compatible: Tech Mahindra’s margin recovery led the large peers over Mint’s earlier window, while its growth ranking improved in Business Today’s Q1 FY27 comparison. Growth rates also depend on whether they are quarter-on-quarter or year-on-year, whether they are measured in constant currency, and which companies are included. A “fastest-growing” label without those qualifications hides more than it explains.
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What management changed
Business Today describes the turnaround as a coordinated reset across growth, operations and organisation. Reported steps included changing talent strategy, focusing on selected industries and customers, and pursuing potential synergies with the Mahindra Group. The company also worked to improve employee utilisation, revisit pricing, use technology to raise productivity and control costs, and avoid deals management considered economically unattractive.
The growth approach placed more emphasis on organic expansion and developing existing accounts than on acquisition-led expansion. Tech Mahindra also sought to reduce its dependence on telecom by building business in banking, financial services and insurance (BFSI), manufacturing, healthcare and retail. In its FY26 annual-report materials, the company identifies disciplined execution of large deals, deeper client relationships, differentiated AI-led capabilities, and AI and automation for productivity and margins as key levers. It reported 182 new clients in FY26 and deeper relationships with 29 clients generating more than $50 million.
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These are management’s stated actions and explanations, not proof that any one change caused the performance improvement. Atul Soneja, Tech Mahindra’s chief operating officer, described the Q1 FY27 results as reflecting “the turnaround and stabilisation achieved through the investments we made to fuel the right kind of growth and build an operational mindset within the organisation.” The results provide evidence of progress; they do not isolate the contribution of each intervention.
What could derail the next phase?
The challenge now is to sustain growth while protecting the margin gains. Everest Group CEO Jimit Arora told Business Today that the next phase would require sustained execution, with Tech Mahindra needing to maintain growth while preserving improved margins. Large-deal ramp-ups can strain delivery capacity, and a greater onsite delivery mix can affect costs. The company also faces pressure on traditional IT services from AI and must adapt as new service demand forms.
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There is a tension built into the strategy: avoiding poorly priced or uneconomic work can protect profitability, while winning and delivering enough suitable work is necessary for growth. Large deal wins are not the same as revenue already delivered, and client expansion requires continued execution. The company’s FY26 annual-report page says it aspires to sustain above-peer growth beyond FY27; that remains an ambition, not an established result.
How to judge whether the turnaround is complete
Investors and technology-sector readers should track growth and profitability together, rather than treating one strong quarter or a near-target margin as a complete verdict. The most useful checks are:
- Growth against peers: Look for results across multiple quarters, with the peer set and measurement basis clearly stated.
- Growth metric and period: Separate quarter-on-quarter from year-on-year performance and constant-currency figures from reported-currency figures.
- Margin durability: Watch whether EBIT margin can reach and sustain the 15% FY27 target while revenue expands.
- Capital returns: Check progress toward ROCE above 30% and shareholder returns exceeding 85% of free cash flow, while distinguishing targets from annual outcomes.
- Deal execution and mix: Assess whether deal wins turn into delivered revenue, whether client relationships deepen, and whether growth broadens beyond telecom.
- Delivery economics: Follow the effects of large-deal ramp-ups, onsite intensity, pricing discipline, and AI-driven changes in demand.
Joshi’s plan has produced a clear margin recovery and a stronger Q1 FY27 growth comparison against named large peers. But the earlier growth record, the low-baseline caveat, and the still-open FY27 targets mean the fairest description is a turnaround in progress—not a completed transformation or proof of durable industry leadership.
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