Tech Mahindra’s Q2FY25 results are showing strong momentum, with a notable 153% YoY increase in net profit and solid revenue growth, thanks in part to Project Fortius and effective cost measures. While I see potential upside in the upcoming quarters as Project Fortius progresses, given the current stock valuation at 24x September 2026 EPS and recent sell-offs in Indian markets, I’m holding off on buying just yet. Ideally, I’d wait for a 5-10% dip in the stock price or look for positive signs in telecom discretionary spending, BFSI expansion, and updates on margin improvements through Project Fortius before considering a position.
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