Tech Mahindra reported a stronger-than-expected first-quarter profit but disappointed on the top line. Consolidated net income for the three months to June rose 34% from a year earlier to ₹1,141 crore, while revenue increased a modest 2.7% to ₹13,351 crore and slipped 0.2% sequentially, missing several analyst forecasts. On an underlying basis, constant-currency revenue declined 1.4% quarter-on-quarter. The Pune-headquartered IT services company closed US$809 million in net new deals, lifted its workforce to 148,517 and kept last-twelve-month attrition at 12.6%, one of the lowest levels in the sector. Investors focused on the revenue softness, sending the stock down as much as 2% to about ₹1,580 in Mumbai trading on Thursday. Broker views were mixed: HSBC reiterated a buy call with a ₹1,900 target, CLSA stayed ‘outperform’ at ₹2,020, while Morgan Stanley kept an underweight stance at ₹1,555 and Jefferies remained underperform with a ₹1,400 target. Management said deal conversion should accelerate from the second quarter and reaffirmed its FY27 strategic plan, but analysts remain divided on how quickly margins can recover amid macro headwinds and a muted outlook for manufacturing clients.