Prabhudas Lilladher ne Tech Mahindra ko 'Accumulate' kiya, target Rs 1860 set.

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AuthorAnanya Iyer|Published at:
Prabhudas Lilladher ne Tech Mahindra ko 'Accumulate' kiya, target Rs 1860 set.
Overview

Prabhudas Lilladher ne Tech Mahindra ko 'Accumulate' rating di hai, naya target Rs 1860 rakha hai. Brokerage ne estimate se zyada revenue growth dekha hai, jo Communications aur automotive sectors ke strong performance aur USD 500 million ki strategic jeet se driven hai. Deal wins 44% YoY badhe hain, jo sustained topline growth ke liye confidence badhate hain. Cost optimization aur operating leverage se margin improvement ki ummeed hai.

Analyst Upgrade Fuels Tech Mahindra Outlook

Prabhudas Lilladher ne Tech Mahindra ki rating ko 'Accumulate' tak upgrade kiya hai, aur naya price target Rs 1860 set kiya hai. Firm ki latest research report mein estimate se behtar revenue growth dikhaya gaya hai, jo tech sector mein investor sentiment ke liye crucial hai.

Revenue Exceeds Expectations

Company ne constant currency quarter-on-quarter 1.7% revenue growth report kiya hai, jo Prabhudas Lilladher ke 0.5% estimate se zyada hai. Yeh growth Communications vertical (2.8% rise) aur European automotive segment mein seasonal ramp-up se chalaya gaya. BFSI vertical mein 6.3% decline dekha gaya, lekin baaki segments mein growth encouraging rahi, jo core communications ke alawa teesre lagaatar quarter mein positive expansion marking hai.

Deal Pipeline Strengthens

Management FY27 mein Communications segment mein momentum maintain karne ka confidence rakhta hai. Yeh outlook USD 500 million ki ek European telco ke saath strategic win se aur mazboot hua hai, jisse company ke topline mein around 1% ka contribution expected hai. FY26 ke pehle 9 mahine mein deal TCV (Total Contract Value) USD 2.7 billion raha, jo 44% YoY increase hai. FY25 mein bhi 42% TCV growth dekha gaya tha. USD 800 million se USD 1 billion ki sustained quarterly TCV run-rate ko Tech Mahindra ke liye peer average topline growth se outpace karne ke liye sufficient mana gaya hai.

Margin Outlook and Target Revision

Prabhudas Lilladher ka maanana hai ki Tech Mahindra ke restructuring efforts ne margins ko largely stabilize kar diya hai. Future improvements cost optimization, Project Fortius jaise initiatives ko leverage karne, aur growth accelerate hone par operating leverage se expected hain. Brokerage FY26E mein 270 bps, FY27E mein 200 bps, aur FY28E mein 50 bps margin improvements forecast karta hai. Price target ko 21x price-to-earnings multiple apply karke Rs 1860 tak revise kiya gaya hai, jo pehle ke 19x valuation se increase hai.

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