Tech Mahindra demonstrated growth in its first quarter of the fiscal year 2026-27. The company's consolidated net profit increased by 31.7% compared to the same period last year, reaching ₹1,486.3 crore. This growth occurred amid an increase in revenue and operating profit.
Operating revenue grew by 17.7% compared to the previous year, amounting to ₹15,711.9 crore, up from ₹13,351.2 crore a year earlier. On a sequential basis, net profit grew by 9.6% compared to the March quarter, and revenue increased by 4.2% to ₹15,076.1 crore.
Profit attributable to equity shareholders was ₹1,465.1 crore, which is 28.4% higher than the previous year. Profit attributable to non-controlling interests was ₹21.2 crore.
Earnings Before Interest and Taxes (EBIT) increased by 53.3% year-on-year, reaching ₹2,264 crore. Meanwhile, the EBIT margin expanded by approximately 330 basis points to 14.4%. Sequentially, EBIT grew by 8.6%, and the margin improved by approximately 60 basis points.
Total expenses rose by 13.4% to ₹13,559.3 crore from ₹11,951.9 crore. Employee benefits expenses increased by 5% to ₹7,876.6 crore, while subcontracting expenses grew by 36.6% to ₹1,790.9 crore. Other expenses increased by 26.7% to ₹3,301.9 crore.
Financial costs rose by 43.1% to ₹111.3 crore, and depreciation and amortization expenses grew by 4.5% to ₹478.6 crore. Earnings before tax increased by 26.2% to ₹2,041.9 crore. Basic earnings per share reached ₹16.53, and diluted EPS was ₹16.50.
The Information Technology segment revenue increased by 17.6% year-on-year, reaching ₹13,245 crore, and its segment result grew by 39.9% to ₹2,903 crore. Business Process Services revenue increased by 18.2% to ₹2,466.9 crore, and its segment result grew by 30.4% to ₹437.6 crore.
The company noted that revenue in dollar terms grew by 6.1% year-on-year and 2.2% sequentially, totaling $1.66 billion. In constant currency terms, revenue increased by 6.6% year-on-year and 2.6% sequentially.
The strongest geographical growth was recorded in Europe, where revenue grew by 12.1% year-on-year. Revenue from America increased by 4.8%, and business from the rest of the world showed growth of 2.5%.
Among industry verticals, the manufacturing sector (17.2%), banking, financial services and insurance (8.1%), and communications (1.3%) demonstrated revenue growth.
The volume of new deals grew by 33.3% year-on-year, reaching $1.08 billion. This marks the third consecutive quarter where the volume of won deals exceeded the one billion dollar mark. The number of clients generating annual revenue of at least $50 million increased from 26 to 33. Clients with annual revenue of at least $10 million grew from 108 to 115.
The total number of employees was 146,760, a decrease of 863 people sequentially. The IT specialist staff decreased by 688 people to 74,689. The employee attrition rate over the last 12 months improved to 11.8% from 12.6% the previous year.
Free cash flow increased by 94% year-on-year, reaching $167 million, equivalent to 108% of after-tax profit. The days sales outstanding metric improved to 84 days from 95 days.
On May 27, the company acquired an 85% stake in the Canadian company Alluri Technologies, also known as Avant, for ₹187.5 crore. The company plans to acquire the remaining 15% in three years, subject to meeting certain milestones.
The public sector bank Union Bank of India reported a significant increase in its net profit for the first quarter of the fiscal year 2027 (Q1FY27), which ended in June 2026. The company's profit reached 5,332 crore rupees, representing a 29.5% growth compared to 4,116 crore rupees in the same period last year. This growth was driven by a healthy increase in core income and a reduction in operating expenses.
The bank's Net Interest Income (NII) increased by 10.1% year-on-year in Q1FY27, amounting to 10,037 crore rupees versus 9,113 crore rupees the previous year. Meanwhile, the Net Interest Margin (NIM) improved to 2.80%, up from 2.76% in the previous year. Non-interest income grew by 2.6% year-on-year to 4,603 crore rupees, but sequentially declined by 15% compared to the March quarter (4,486 crore rupees).
Within the non-interest income structure, fee-based income showed significant growth, increasing by 45% year-on-year to 3,215 crore rupees (compared to 2,218 crore rupees). This figure remained relatively stable compared to the previous quarter, increasing by only 0.2% (to 3,209 crore rupees). Concurrently, treasury income sharply fell by 54.5% year-on-year, reaching 645 crore rupees (compared to 1,418 crore rupees), although it showed a slight increase of 1.4% compared to the previous quarter (636 crore rupees).
Regarding asset quality, the Gross Non-Performing Assets (GNPA) ratio improved to 2.65% as of June 2026, down from 3.52% a year earlier. The Net NPA ratio decreased to 0.47% from 0.62%. Furthermore, the slippage ratio improved to 0.82% compared to 0.99% last year.
The total volume of global loans grew by 12.5% year-on-year, reaching 10.96 trillion rupees from 9.74 trillion rupees. Internal loans increased by 13.1% to 10.61 trillion rupees, and retail loans grew by 12.1% to 2.57 trillion rupees (from 2.29 trillion rupees). The loan volume in the Retail, Agriculture, and MSME (RAM) segments expanded by 11.6% to 6.08 trillion rupees.
On the liability side, global deposits increased by 3.5% year-on-year, reaching 12.83 trillion rupees (from 12.40 trillion rupees). Internal deposits also grew by 3.5% to 12.83 trillion rupees. The domestic Current Account Savings Account (CASA) ratio improved to 35.10% from 32.52%, and CASA deposits themselves increased by 12.5% year-on-year, totaling 3.76 trillion rupees (compared to 3.34 trillion rupees).
The public sector bank Indian Bank, based in Chennai, announced a 10% increase in net profit for the first quarter of the current fiscal year, reaching INR 3,273 crore. In the same quarter of the previous fiscal year, the profit was INR 2,973 crore.
According to the report submitted to the regulator, the bank's total income for the June quarter of 2026-27 increased to INR 20,724 crore compared to INR 18,721 crore in the corresponding period of FY 26. Interest income also improved, amounting to INR 18,090 crore versus INR 16,283 crore a year earlier.
Net Interest Income (NII) grew by 17%, reaching INR 7,435 crore compared to INR 6,359 crore in the June quarter of FY 26. Furthermore, the bank's operating profit rose to INR 5,557 crore from INR 4,770 crore recorded in the same quarter last year.
The bank demonstrated an improvement in asset quality: Gross Non-Performing Assets (NPA) decreased to 1.86% of total loans by the end of June, down from 3.01% a year earlier. Similarly, Net NPAs, or bad loans, reduced to 0.15% compared to 0.18% in the previous year.
As a result of these changes, provisions for bad loans were reduced to INR 376 crore in the first quarter, down from INR 387 crore a year ago. The Provision Coverage Ratio (PCR) remained unchanged at 98.2% during the quarter.
The Return on Assets (ROA) improved to 1.34% for June 2026, whereas it was 1.03% in June 2025. Meanwhile, the bank's capital adequacy ratio decreased to 17.80% from 17.99% in the same quarter of FY 26.
