TECHM

Turning Point: Tech Mahindra might be at a turnaround inflection. Margin expansion and disciplined cost control could drive earnings leverage even if top-line growth is modest. Deal Pipeline: Strong deal wins (USD 809 Mn in latest quarter) are promising. If these convert into revenue, TechM could see meaningful earnings growth. Capital Return: A strong PAT growth (FY25) could lead to increased cash return (dividend or buybacks), though reinvestment will also be needed for growth. Risk Appetite: Good pick for a balanced investor who wants exposure to IT but is not purely chasing high-growth plays. Risk comes from execution and macro demand.