ICICI Securities Recommends 'Hold' on Tech Mahindra, Sets Target at Rs 1600

• Tech Mahindra's Q3FY26 showed strong performance, marking a turnaround under new CEO Mohit Joshi.
• Management aims to outperform large-cap peers in FY27, driven by improved deal wins and market share gains.
• Communication vertical expected to accelerate revenue in FY27; USD 20 million accounts growing faster.
• Company targets 15% EBIT margin by end of FY27, primarily through better gross margins.
• ICICI Securities raised FY27/28 EPS estimates by 4%/2% and maintains a 'Hold' rating with a target price of INR 1,600.

Why It Matters: ICICI Securities recommends 'Hold' on Tech Mahindra, citing turnaround and re-rated stock at Rs 1600 target.