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Tech Mahindra Q4 Results: Stock falls over 6% ahead of earnings; Here's what to expectTech Mahindra's Constant Currency revenue growth is likely to be soft at 0.5% this time around, attributed to the normalization of one-off gains from the previous quarters and adverse seasonality in the BPS segment.By Reema Tendulkar   |  Hormaz Fatakia   April 22, 2026, 12:09:10 PM IST (Updated)2 Min ReadShares of Tech Mahindra Ltd. are down as much as 6% on Wednesday, April 22, ahead of the results announcement for the March quarter. The numbers will mostly be reported after market hours.

The stock is down in-line with the sell-off seen in HCLTech after the company reported a weak quarter this time around. HCLTech's fall has rubbed-off on all other IT services companies, largecap and midcap alike.

According to a CNBC-TV18 poll, Tech Mahindra's US Dollar revenue is likely to grow by 0.9% from last quarter to $1,624 million.

Revenue in rupee terms is seen 2.9% higher sequentially to ₹14,804 crore, while its Earnings Before Interest and Tax (EBIT) is seen at ₹2,035 crore from ₹1,891.6 crore in the previous quarter.

EBIT margins for the quarter are likely to expand by 60 basis points to 13.7% from 13.1% last quarter. The company's internal cost optimization program, "Project Fortius", currency tailwinds and offshoring initiatives, will aid margin expansion this quarter.

The primary investor focus is on Tech Mahindra's ability to deliver its "FY27 Vision," which involves reaching a 15% EBIT margin and revenue growth outpacing the industry average. However, Morgan Stanley believes that the full-year margins in financial year 2027 may still fall short of the 15% projection.

Constant Currency revenue growth is likely to be soft at 0.5% this time around, attributed to the normalization of one-off gains from the previous quarters and adverse seasonality in the BPS segment.

Brokerage firm CLSA expects mid-single-digit constant currency growth in financial year 2027 as large telecom deals won by the company begin to ramp-up by May / June of this year.

Large deal wins and their conversion to revenue, updates on the next three year plan and impact of the West Asia crisis are also something that the street would be monitoring.

Shares of Tech Mahindra have slumped to the lows of the day, currently trading 5.8% lower at ₹1,412. The stock is still down 12% on a year-to-date basis.Continue ReadingFirst Published: Apr 22, 2026 11:28 AM ISTTagsQ4 resultsshare market todayTech MahindraTech Mahindra Share Price