“Maintains a 'Neutral' rating on Tech Mahindra, but increased its target price to ₹1,600 from ₹1,400, implying a 6% upside. This adjustment follows Tech Mahindra's Q1 FY27 performance, which beat estimates with nearly 3% QoQ CC revenue growth and an EBIT margin of 14.4%, indicating the company is on track to exceed large-cap peers in growth for FY27-28.”

Nomura Analysis’s track record: 3 graded calls · 95% CI 6–79%