Tech Mahindra Limited, established in Pune, India, in 1986, operates as a global provider of information technology (IT) services and solutions. Its operations span the Americas, Europe, India, and other international markets, organized primarily into IT Business and Business Process Outsourcing (BPO) segments. The company's comprehensive service portfolio includes infrastructure and cloud management, encompassing solutions like cloud computing, FLEX Digital workplace, enterprise networking, data center services, and robust enterprise security. Tech Mahindra also delivers specialized offerings such as network services, integrated engineering solutions, SAP implementations, and advanced data analytics. Further expanding its capabilities, it provides expertise in customer experience design, sustainability-as-a-service, rigorous testing, performance engineering, Oracle solutions, artificial intelligence (AI), digital supply chain optimization, business process management, business excellence initiatives, telecom product engineering, cybersecurity, and intelligent automation. Catering to a broad array of industries globally, the company serves sectors including communications; banking, financial, and insurance; energy and utilities; media and entertainment; health and life sciences; high-tech; professional services; manufacturing; retail and consumer goods; travel, transportation, hospitality, and logistics; oil and gas; and public and government.
When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.
+17.7% YoY
YoY Growth Rate
Steady revenue growth
+28.4% YoY
YoY Growth Rate
Strong earnings growth
₹0/ year
↓ Declining (-100% vs prior year)
0.0% of revenue
Below sector average (15%)
R&D spend declining — could signal cost-cutting or efficiency
Cash flow positive
₹0 cash & investments
Company generates more cash than it spends — no dilution risk from fundraising
Tech Mahindra Limited is a rare growth stock that's already generating positive cash flow while growing at 18%. The Winston Score doesn't fully credit this transition from "burner" to "earner."
The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.
The share count has stayed roughly flat over this period — little dilution or buyback activity.
Diluted shares outstanding: 886.2M (2022) → 887.8M (2026)
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ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.
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Healthy double-digit earnings growth — what compounders look like.
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FCF margin between 0% and 10%. Some cash from sales, but not a lot.
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Interest coverage above 8. Profits cover interest many times over.
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P/E above the market average. People are paying up for expected growth.
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Generous yield. Worth checking whether the payout is sustainable.
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