Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical passes the values gate
Price1,795.70 INR
Fair value1,908.95
Ethical score70.0/100
Value readFairas of 4 Nov 2026
Our investment reviews on this name
2026-10-23Read Markup1,650.00+8.8% to today ✓Accumulation gives way to Markup first Markup read since July
2026-10-16Read Accumulation1,650.00+8.8% to today ✓Markdown gives way to Accumulation after a 15% rise in 5 weeks
2026-09-14Read Markdown1,429.20+25.6% to today Accumulation gives way to Markdown
2026-08-14Read Accumulation1,429.20+25.6% to today ✓Markup gives way to Accumulation
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Tech Mahindra holds its Markup at $1,795.70. The statistical read favours the buyers, held for 4 days.
As held on the ledger · 2026-11-04
Phase
Markup
Quantitative state
The statistical read favours the buyers, held for 4 days
Price at the screen
$1,795.70
Valuation
28.38 trailing · 18.01 forward price to earnings
Values screen
PASS· score 70.0
Beta
0.16
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
4.43%
Below 33%
Interest-bearing debt is just 4.4% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
10.22%
Below 33%
Cash held in interest-bearing accounts and securities is 10.2% of assets, under the one-third limit.
Pass
Receivables
15.27%
Below 49%
Money owed to the company is 15.3% of assets, under the 49% limit.
Pass
Revenue purity
0.59%
Below 5%
Only 0.6% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
Tech Mahindra clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 4%, inside the ~33% line, and almost none of its income is interest, so it passes.
Read as at 2026-11-04. It updates when the underlying figures move, and past reads are kept below.
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Get an email when TECHM.NS's ethical verdict changes
Today TECHM.NS passes the screen. If new figures move it to a fail, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Fair vs our fair value, as of 4 Nov 2026: it trades at roughly a 6% discount to our 1,908.95 INR fair value, 12.60% revenue growth.
Fair value range in INR, drawn from the 2026-11-04 screen. The gold marker is the market price at the same screen. A 5.9% discount to the base estimate.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: its business and earnings are exposed to India and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
TECHM.NS trades on NSE (the company is based in India). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-04Markup$1,795.70+8.8%Entry 10
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 8.8% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 18% above its long-term trend line with momentum reading overbought. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (40 analysts) rates it buy, with a mean price target of $1584.
2026-10-23Markup · changed$1,650.00+0.0%Entry 9
The framework has shifted from accumulation to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 18% above its long-term trend line with momentum reading overbought. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (40 analysts) rates it buy, with a mean price target of $1584.
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 7.3% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (40 analysts) rates it buy, with a mean price target of $1584.
2026-10-02Markdown$1,537.10+7.5%Entry 7
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 7.5% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (40 analysts) rates it buy, with a mean price target of $1584.
2026-09-14Markdown · changed$1,429.20+0.0%Entry 6
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (40 analysts) rates it buy, with a mean price target of $1584.
The framework has shifted from markup to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (40 analysts) rates it buy, with a mean price target of $1584.
2026-07-18Markup$1,429.20+0.0%Entry 4
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (40 analysts) rates it buy, with a mean price target of $1584.
2026-07-16Markup$1,429.20+0.0%Entry 3
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (40 analysts) rates it buy, with a mean price target of $1584. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-03Markup$1,429.20+0.0%Entry 2
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows modest positive risk-adjusted returns.
2026-07-02Markup$1,429.20Entry 1
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows modest positive risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
The Ledger's Promise
This entry now belongs to the ledger. Whatever TECHM.NS does next, these words stay.
Tech Mahindra · TECHM.NS · Markup · $1,795.70
Recorded 2026-11-04 · before the outcome · scored mechanically