Confirms the company’s guidance is contingent on stability in the macro environment; suggests that margin commitments are maintained but growth guidance is more conditional.

“...over the past 3 or 4 quarters, continued to show a steady increase in our large-deal booking rates. But at the same time, we have also had to deal with tougher macro and some run-offs that we have been grappling with...”

“We do expect that from Q2 onwards and certainly from the second half onwards that the large-deal wins will have completed transition and will start accruing to revenue, provided that the business environment remains at the current level.”

— Mohit Joshi, CEO & MD

Signals Tech Mahindra’s opportunity to benefit from vendor consolidation in the European telco market; management’s optimism is based on tangible pipeline developments.

“In Europe… We are seeing a very significant pipeline from a consolidation perspective, right. There is consolidation in the market overall in terms of the reduction in the number of telcos. But we are also seeing a consolidation of IT services providers and BPO providers for each of our clients.”

— Mohit Joshi, CEO & MD

Reveals that margin expansion is not reliant solely on external (revenue) growth—material operating levers persist internally, especially fixed-price program productivity and corporate integration.

“One of the big portions of the improvement lever will be driving productivity actions around the fixed-price program...”

“Integration of the portfolio companies... will continue to give us improvements from now till F’27…”

— Mohit Joshi, CEO & MD

Gives substance to the frequent AI narrative—Tech Mahindra’s AI initiatives are not limited to pilot projects but are scaling in production.

“We now have a portfolio of 200 plus enterprise-grade AI agents across industry segments. Several of these are already in use at scale with our clients.”

“...Our 77,000 plus employees across the company trained in AI and Gen-AI (Generative Artificial Intelligence), including a critical mass with advanced training and certifications.”

— Mohit Joshi, CEO & MD