Guidance ledger · Q4 FY26

Tech Mahindra Ltd TECHM

4 revisions on record · 0 lowered · 2 raised — the strikethrough is what management used to say

mixed guidance posture · held across quarters

Holding view → · latest concall · The pulse

↑ raised EBIT margin trajectory Q3 FY26 → Q4 FY26

~~13.1% Q3FY26 (290 bps YoY, 9 consecutive quarters)~~ → 13.8% Q4FY26 (70bps QoQ, 10 quarters of margin expansion)

“margin percent improved by 70 basis point to be at 13.8%”

↑ raised FY26 deal-win cumulative Q3 FY26 → Q4 FY26

~~$1,096M Q3FY26 (LTM 48% YoY, $3.5B already)~~ → USD 3.79 billion FY26 (42% growth YoY), $1,073M Q4FY26 (up 35% YoY)

“total deal -wins of US D 3.79 billion, representing a 42% growth year -on-year”

→ narrowed FY27 outgrowth ambition vs peers Q3 FY26 → Q4 FY26

~~We expect to grow higher than the peer average by the end (of FY27)~~ → achieving organic constant currency revenue growth above our peer group's average

“achie ving organic constant currency revenue growth above our peer group's average”

↔ widened FY27 industry growth view Q3 FY26 → Q4 FY26

~~Refusal to give an FY27 number; 'too early'~~ → 2%-4% or 3%-5% industry growth range explicitly named

“maybe the industry growth would be in the 2%-4% or 3%-5% range”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.