HDFC Securities Pick of the Week 20 July'26: Tech Mahindra Ltd

Despite macro headwinds, Tech Mahindra’s deal wins have increased by 0.5% QoQ and 33.3% on YoY basis at $1,078 mn in Q1FY27, supported by broad-based momentum across verticals. LTM Deal wins at $ 4,063 Mn, up 37.5% YoY.

The deal pipeline remains healthy and well-diversified across verticals. If the current environment remains stable, TCV could rise further; if the environment improves, the existing run rate will remain strong.