TMTech Mahindra532755Information technology services

Tech Mahindra reported strong quarterly results with margin expansion and growth, prompting brokerages Jefferies and Kotak Securities to raise target prices

By ScoutQuest · Fri 16 Oct 2026, 8:46 AM IST · 1 min read

Stock move on results day

4.5 percent

Jefferies new target price

1540 rupees

Jefferies old target price

1260 rupees

Kotak new target price

1870 rupees

Kotak old target price

1750 rupees

Heard on business television between 08:46:25 - 08:49:25 IST.

• Tech Mahindra stock rose 4.5 percent on results day, with CC growth of 2.4 percent in the quarter and 7.2 percent year-on-year growth, called fastest in the industry by CEO Mohit Joshi.
• Jefferies upgraded the stock to 'hold' from 'underweight' and raised target price to Rs 1540 from Rs 1260, citing improving growth outlook and continued margin expansion.
• Kotak Securities maintained a 'buy' call and hiked target price to Rs 1870 from Rs 1750, calling it an 'all-rounder quarter' beating on all fronts with scope for further margin expansion.
• Parag Thakar said EBIT margin improved from 9.5 percent when Mohit Joshi joined to 14.8 percent now, close to the promised 15 percent, calling it a phenomenal job.
• Mohit Joshi said the company built a differentiated AI tool chain for every service line to combat AI-led productivity pressure from clients.

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