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Today's prices ask more of Tech Mahindra than of Wipro.
At current prices, buyers of Tech Mahindra are assuming about 9% growth against 4% in its own record; for Wipro it is 0% against 3%. That shows which share needs more to go right — not which is cheaper. How far each trades from its estimated fair value is in the full valuations.
- Valuation method: both on discounted cash flow.
- Size: the two are worth roughly the same on the stock market.
- Record: On revenue the two have grown at much the same pace: Tech Mahindra compounded at about 8% a year (FY2018–FY2026) and Wipro at about 7% (FY2019–FY2026).
- What to watch: margin recovery at Tech Mahindra; deal wins at Wipro.
| Tech Mahindra | Wipro | |
|---|---|---|
| Price | ₹1,764 | ₹195 |
| Market cap | ₹1.56L Cr | ₹1.93L Cr |
| P/E | 34.0 | 14.6 |
| P/B | 5.28 | 2.19 |
| Fair value 🔒 sign in | ₹0,000 | ₹0,000 |
| Upside 🔒 sign in | +00% | +00% |
| Valued on | Discounted cash flow | Discounted cash flow |
01Two businesses
The Mahindra group's IT company
Tech Mahindra, part of the Mahindra group, is one of India's large IT services companies. Its biggest client industry is telecoms — operators and equipment makers — alongside manufacturing, banking and retail. It merged with Satyam Computer Services in 2013.
From vegetable oil to IT services
Wipro began as a vegetable-oil company in 1945 and became one of India's largest IT services firms under Azim Premji, whose family still owns the majority of its shares. It provides consulting, cloud, engineering and managed services to large companies, mostly in the US and Europe.
02The records side by side
On revenue the two have grown at much the same pace: Tech Mahindra compounded at about 8% a year (FY2018–FY2026) and Wipro at about 7% (FY2019–FY2026). By revenue, Wipro is about 1.6 times the size of Tech Mahindra. Tech Mahindra kept 8.5% of revenue as net profit in FY2026; Wipro kept 14.3% of revenue as net profit in FY2026.
Full ten-year tables and charts are on each company's page: Tech Mahindra · Wipro.
03What each price assumes
Work backwards from each share price and you can see what buyers are taking for granted — the rate each company must sustain to justify what it costs, against what its own record supports.
04What decides each one's value
- Margin recoveryClosing the margin gap with peers is the main lever.
- Telecom demandOperator spending drives a large share of revenue.
- Deal winsLarge contract wins are the clearest sign that growth is returning.
- ConsultingCapco and other consulting work are discretionary and swing with client budgets.
05What could go wrong
- Telecom slowdownOperators cut spending when their own growth slows.
- ExecutionTurnarounds often take longer than planned.
- Further slowdownClients may keep shifting spending to larger rivals.
- Leadership changesFrequent reorganisations can unsettle clients and staff.
06Which is better value?
Sign in free to see which trades further below its worth
- ✓Both fair values per share — each on the method that fits the business
- ✓Every step of both workings — growth, margins and cost of capital, with sources
- ✓Bull, base and bear cases — for each company
- ✓Downloadable reports — the full write-up for each, yours to keep
08Questions people ask
Is Tech Mahindra or Wipro better value?
That turns on how far each share trades from its estimated fair value. Both figures, with every step of the working, are in the full valuations, free to view once you sign in. On the public numbers, Tech Mahindra trades at 34.0 times earnings and 5.28 times book value, and Wipro at 14.6 times earnings and 2.19 times book value — but multiples alone mislead when two businesses work differently, which is why each is valued on the method that fits it.
What is the difference between Tech Mahindra and Wipro?
Tech Mahindra, part of the Mahindra group, is one of India's large IT services companies. Wipro began as a vegetable-oil company in 1945 and became one of India's largest IT services firms under Azim Premji, whose family still owns the majority of its shares.
Are Tech Mahindra and Wipro valued the same way?
Yes — both on discounted cash flow, so their workings compare like for like.
What does today's price assume for Tech Mahindra and Wipro?
Worked backwards from the share price, Tech Mahindra needs about 9% growth and Wipro about 0% growth, against 4% and 3% in their own records.