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The comparison below keeps the periods and metric labels separate. Q4 FY25 is the cleanest like-for-like four-company comparison from IDBI Capital. The 3QFY26 figures come from a January 2026 JM Financial Institutional Securities compilation, whose footnote says some peer figures may be estimates or adjusted.
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Q4 FY25: Tech Mahindra ranked fourth on EBIT margin
IDBI Capital’s Q4 FY25 comparison places all four companies on the same quarterly EBIT-margin basis. That makes it the most direct answer to the question of how Tech Mahindra compared with its three large Indian IT peers at that point.
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| Company | Q4 FY25 EBIT margin | Rank | Source and period |
|---|---|---|---|
| TCS | 24.2% | 1 | IDBI Capital, Q4 FY25, 2025 |
| Infosys | 21.0% | 2 | IDBI Capital, Q4 FY25, 2025 |
| Wipro | 17.3% | 3 | IDBI Capital, Q4 FY25, 2025 |
| Tech Mahindra | 10.5% | 4 | IDBI Capital, Q4 FY25, 2025 |
Tech Mahindra’s 10.5% EBIT margin was 13.7 percentage points below TCS, 10.5 points below Infosys and 6.8 points below Wipro. These are percentage-point differences, not percentage changes: a 13.7-point gap means TCS’s reported margin was 13.7 points higher on the same table.
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What the Q4 FY25 ranking means
- TCS was the highest-margin company in the four-company set.
- Infosys was second, 3.2 percentage points behind TCS.
- Wipro was third, 3.7 points behind Infosys.
- Tech Mahindra was fourth, with a margin 6.8 points below Wipro.
Because the four figures come from one broker table and one quarter, this ranking avoids mixing annual and quarterly definitions. It is therefore more useful for a direct peer comparison than placing a company’s annual operating margin beside another company’s single-quarter EBIT margin.
3QFY26: Tech Mahindra improved, but remained last
The newer 3QFY26 table published by JM Financial Institutional Securities shows higher margins for all four companies than the Q4 FY25 figures in the IDBI Capital table, although the periods and compilation methods are different. Tech Mahindra moved up from 10.5% to 13.1%, but the ranking did not change.
| Company | 3QFY26 EBIT margin | Rank | Source and period |
|---|---|---|---|
| TCS | 25.2% | 1 | JM Financial Institutional Securities, 3QFY26, 2026 |
| Infosys | 21.2% | 2 | JM Financial Institutional Securities, 3QFY26, 2026 |
| Wipro | 17.6% | 3 | JM Financial Institutional Securities, 3QFY26, 2026 |
| Tech Mahindra | 13.1% | 4 | JM Financial Institutional Securities, 3QFY26, 2026 |
Margin movement between the cited quarterly snapshots
| Company | Q4 FY25 | 3QFY26 | Change in percentage points |
|---|---|---|---|
| TCS | 24.2% | 25.2% | +1.0 |
| Infosys | 21.0% | 21.2% | +0.2 |
| Wipro | 17.3% | 17.6% | +0.3 |
| Tech Mahindra | 10.5% | 13.1% | +2.6 |
On the figures shown, Tech Mahindra recorded the largest improvement between the two cited snapshots: 2.6 percentage points. That is a comparison of the published margins, not a full sequential trend analysis, because the tables come from different broker reports and do not present every intervening quarter.
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How large was the remaining gap in 3QFY26?
Using the JM Financial table, Tech Mahindra was 12.1 percentage points below TCS, 8.1 points below Infosys and 4.5 points below Wipro. The gap narrowed against each peer relative to the Q4 FY25 table, but Tech Mahindra still did not overtake any of them.
Which company had the highest margin?
TCS had the highest reported EBIT margin in both cited quarterly comparisons: 24.2% in Q4 FY25 and 25.2% in 3QFY26. Infosys was second in both tables, while Wipro was third and Tech Mahindra fourth.
This is an EBIT-margin conclusion. EBIT margin measures earnings before interest and tax as a share of revenue. It should not be treated as a net margin, which is calculated after items such as interest and tax, or as an EBITDA margin, which excludes depreciation and amortisation. The IDBI Capital Q4 FY25 and JM Financial Institutional Securities 3QFY26 tables are specifically labelled EBIT-margin comparisons.
Is Tech Mahindra’s margin lower than TCS and Infosys?
Yes. In Q4 FY25, Tech Mahindra’s reported EBIT margin was below both TCS and Infosys. The difference was 13.7 percentage points versus TCS and 10.5 points versus Infosys. In the 3QFY26 table, Tech Mahindra remained below both companies, with gaps of 12.1 and 8.1 points respectively.
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1Repair Windows errors before they cause bigger problems2Scan for outdated or missing drivers - takes under a minute3Clear out junk files and repair common Windows errorsThe later snapshot therefore shows relative improvement, not parity. Tech Mahindra reduced the distance to each leader while remaining the lowest-margin company in the four-company group.
Rank #3
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How far behind Wipro was Tech Mahindra?
Wipro was the closest of the three peers in both comparisons. The Q4 FY25 gap was 6.8 percentage points, based on Wipro’s 17.3% and Tech Mahindra’s 10.5%. In 3QFY26, the gap was 4.5 points, based on Wipro’s 17.6% and Tech Mahindra’s 13.1%.
This does not mean the two companies had identical reporting policies or business mixes. It means their margins were the closest within the cited broker tables for those periods.
What do the FY2025 annual figures add?
Annual-report figures provide a separate view and should not be merged into the quarterly ranking. Infosys reported a 21.1% FY2025 operating margin. Wipro’s FY2025 operating margin was 16.98% in annual-report filing data.
| Company | FY2025 operating margin | Metric label | Source and year |
|---|---|---|---|
| Infosys | 21.1% | Operating margin | Infosys, FY2025 |
| Wipro | 16.98% | Operating margin | Wipro annual-report filing data, FY2025 |
These annual figures support the broad observation that Infosys and Wipro operated at stronger margins than Tech Mahindra’s Q4 FY25 result, but they are not a like-for-like annual ranking of all four companies. The available figures use an annual period and the label “operating margin,” whereas the four-company broker tables use quarterly EBIT margin. No standardized FY2025 annual EBIT-margin table covering TCS, Infosys, Wipro and Tech Mahindra together was published in the cited sources.
Rank #4
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Why annual and quarterly margins should stay separate
- Different time windows: FY2025 covers a full financial year; Q4 FY25 covers one quarter; 3QFY26 covers another quarter in a later financial year.
- Different labels: “Operating margin” and “EBIT margin” can be reported under company-specific definitions and should not be silently treated as identical.
- Different source types: annual-report figures are company or filing data, while the quarterly comparison tables are broker compilations.
- Different scope risks: consolidated and segment figures can produce different margins. A valid comparison requires the same scope for every company.
How to interpret the improvement without overclaiming
The movement from 10.5% in the IDBI Capital Q4 FY25 table to 13.1% in the JM Financial 3QFY26 table is evidence that Tech Mahindra’s reported margin was higher in the later snapshot. It is not, by itself, proof of a particular operational cause, a permanent turnaround or a full-year outcome.
Several checks are needed before making a stronger claim:
- Confirm the definition. Check that each figure is EBIT margin rather than EBITDA, net margin or another operating-profit measure.
- Confirm the period. Read “Q4 FY25” and “3QFY26” as distinct quarters; do not treat them as consecutive quarters.
- Confirm the scope. Use consolidated figures for all four companies, or compare the same segment across all four.
- Check the source note. The JM Financial table says some peer figures may be estimates or adjusted, so its values should be read as a broker compilation rather than a single standardized company filing.
- Use primary disclosures for causes. Explaining why a margin changed requires the relevant earnings release, annual report or earnings-call discussion from the company involved.
A practical framework for comparing Indian IT margins
Readers comparing these companies over time can use the following sequence to avoid misleading conclusions.
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Start with one period, one currency basis and one metric. The Q4 FY25 IDBI Capital table does this for the four companies, which is why it is the cleanest snapshot for the headline comparison.
2. Rank the absolute margins
Higher EBIT margin means a larger share of reported revenue remains as EBIT under that company’s stated measure. In the cited Q4 FY25 table, the ranking was TCS, Infosys, Wipro, then Tech Mahindra. The same order appeared in 3QFY26.
3. Calculate percentage-point gaps
Subtract the lower margin from the higher margin. This shows how much separation exists between companies without confusing a margin difference with a growth rate.
4. Measure change over time for each company
Subtract the earlier reported margin from the later one. Tech Mahindra’s cited change was +2.6 points; TCS rose 1.0 point; Infosys 0.2; and Wipro 0.3. Because the figures come from different broker tables, treat these as directional comparisons between snapshots rather than a complete quarterly series.
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Annual operating-margin figures can validate a company’s broader position, but they should not be inserted into a quarterly table unless the metric definition, period and scope are standardized.
What the figures do—and do not—tell you
What they establish
- Tech Mahindra was fourth in the Q4 FY25 EBIT-margin comparison.
- Tech Mahindra remained fourth in the 3QFY26 comparison.
- TCS had the highest margin in both cited quarterly tables.
- Tech Mahindra’s reported margin was higher in the later 3QFY26 snapshot than in the Q4 FY25 snapshot.
- The distance between Tech Mahindra and each peer was smaller in the later table.
- Infosys and Wipro’s FY2025 annual operating-margin figures were 21.1% and 16.98%, respectively.
What they do not establish
- They do not identify the operational reasons for any company’s margin level or change.
- They do not provide a standardized FY2026 full-year margin for all four companies.
- They do not show revenue growth, cash generation, employee costs, utilization, pricing or contract profitability.
- They do not prove that the 3QFY26 margin improvement will continue in later quarters.
- They do not make the annual Infosys and Wipro figures directly interchangeable with the quarterly EBIT figures.
Bottom line for readers
On the cleanest like-for-like Q4 FY25 comparison, Tech Mahindra had the weakest EBIT margin of the four companies. The newer 3QFY26 table shows meaningful improvement to 13.1%, but Tech Mahindra still trailed Wipro, Infosys and TCS. TCS remained the margin leader in both snapshots, while the annual FY2025 figures separately reported by Infosys and Wipro reinforce their stronger margin positions without replacing the quarterly comparison.
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