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IT major Tech Mahindra is expected to post a marginal decline of 0.8 per cent quarter-on-quarter in constant currency (cc) revenue for the June quarter, weighed down by continued weakness in its key Communications, Media, and Technology (CMT) vertical, according to Zee Business Research.

Despite the likely topline softness, margins are expected to improve. Analysts estimate a 30 basis point sequential expansion in EBIT margin, supported by ongoing cost optimisation efforts.

Deal momentum, however, is expected to remain steady. The research team pegs net new deal wins in the range of USD 600–800 million, signaling sustained traction in key segments.

In Q4, Tech Mahindra reported revenues of Rs 13,394 crore, up 1 per cent from Rs 13,384 crore a year earlier. EBIT stood at Rs 1,476 crore, up 5 per cent, while EBIT margin expanded to 10.8 per cent from 10.5 per cent. Adjusted PAT rose 4.4 per cent to Rs 1,218 crore, with earnings per share (EPS) at Rs 13.9, up from Rs 13.2.

Management commentary on demand trends in telecom and BFSI

Progress on large deal wins

Updates on margin improvement roadmap

Clarity on the FY27 revenue and profitability targets

Tech Mahindra’s Q1 numbers will be closely tracked for signs of recovery in growth and margin levers amid a cautious demand environment across global IT spending.

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