Tech Mahindra has been undergoing a significant transformation under CEO Mohit Joshi, with the IT services company moving closer to the ambitious targets it set more than two years ago.

India’s fifth-largest IT services firm had aimed to outgrow its domestic peers while raising its operating margin to 15% by FY27. The target represented a major shift from the company’s position at the end of March 2024, when its margin stood at just 6%.

Joshi took charge at a challenging time for the global technology industry, with clients becoming more cautious about technology spending and the broader IT services sector facing pressure on growth.

His strategy has focused on improving profitability while simultaneously creating room for future expansion. The turnaround has involved sharpening the company’s business priorities and strengthening its ability to compete for larger technology deals.

The progress is significant because Tech Mahindra is attempting to improve margins without sacrificing growth at a time when the roughly $315 billion Indian IT industry is navigating one of its more difficult periods.

With FY27 approaching, the company is now moving closer to the goals outlined when Joshi began his tenure. The performance under his leadership has consequently become a closely watched turnaround story within India’s technology services sector.