Tech Mahindra reported a 15.6% year-on-year (YoY) increase in consolidated revenue to ₹16,180 crore in Q2 FY27, while profit after tax (PAT) rose 32.7% to ₹1,586 crore. The EBIT margin expanded to 14.8% for the twelfth consecutive quarter, and new deal wins reached $1.02 billion. The board also recommended a 1:1 bonus issue and declared an interim dividend of ₹15 per share.
The Tech Mahindra Q2 FY27 Results Analysis highlights improving operating profitability, strong deal bookings and a healthy balance sheet. However, lower free cash flow, weakness in manufacturing revenue and PAT falling short of some market expectations remain important factors for investors to monitor.
Table of Contents
- Tech Mahindra Q2 FY27 Results at a Glance
- What Drove Revenue and Profit Growth?
- Deal Wins and Future Revenue Visibility
- Segment and Geographic Performance
- Client Growth and Revenue Concentration
- Employee Strength, Attrition and Utilisation
- Cash Flow, Balance Sheet and Dividend
- Tech Mahindra Bonus Issue: What Shareholders Should Know
- AI Strategy and Business Initiatives
- Tech Mahindra Share Price Reaction and Market Expectations
- Key Positives and Risks for Investors
- What Should Investors Track Next?
- Conclusion
Tech Mahindra Limited announced its audited consolidated financial results for the quarter ended 30 September 2026 on 15 October 2026. The Tech Mahindra Q2 Results showed stronger revenue growth, faster operating profit growth and continued improvement in profitability compared with the corresponding quarter of the previous financial year.
The company also recorded sequential improvements in revenue, EBIT margin, PAT and earnings per share (EPS).
Key Financial Results
| Financial metric |
Q2 FY27 performance |
| Revenue |
₹16,180 crore |
| Revenue growth YoY |
15.6% |
| Revenue growth QoQ |
3.0% |
| EBIT |
₹2,387 crore |
| EBIT growth YoY |
40.5% |
| EBIT margin |
14.8% |
| PAT |
₹1,586 crore |
| PAT growth YoY |
32.7% |
| PAT margin |
9.8% |
| Diluted EPS |
₹17.84 |
| New deal wins |
$1,023 million |
| Free cash flow |
$135 million |
Quarterly comparison
The following comparison shows how Tech Mahindra's financial performance changed against Q1 FY27 and Q2 FY26.
| Metric |
Q2 FY27 vs comparison |
| Revenue |
₹16,180 crore vs ₹15,712 crore in Q1 FY27 and ₹13,995 crore in Q2 FY26 |
| EBIT |
₹2,387 crore vs ₹2,264 crore in Q1 FY27 |
| EBIT margin |
14.8% vs 14.4% in Q1 FY27 and 12.1% in Q2 FY26 |
| PAT |
₹1,586 crore vs ₹1,465 crore in Q1 FY27 and ₹1,195 crore in Q2 FY26 |
| PAT margin |
9.8% vs 8.5% in Q2 FY26 |
| Diluted EPS |
₹17.84 vs ₹16.50 in Q1 FY27 and ₹13.46 in Q2 FY26 |
In dollar terms, revenue reached $1,693 million, increasing 6.8% YoY and 2.0% quarter-on-quarter (QoQ) in reported currency. On a constant-currency basis, revenue grew 7.2% YoY and 2.4% QoQ.
Constant-currency growth is particularly useful for assessing underlying business momentum because it reduces the effect of exchange-rate movements on reported revenue.
Overall, the Tech Mahindra Q2 FY27 performance indicates that revenue growth strengthened alongside operating margin improvement, although cash generation did not keep pace with the previous quarter.
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To assess how the quarterly earnings improvement is reflected in the company's market valuation, review the Tech Mahindra share price, along with its historical charts and key valuation ratios.
The main feature of Tech Mahindra's Q2 FY27 results was the faster growth in operating profit compared with revenue. Revenue increased 15.6% YoY in rupee terms, while EBIT rose 40.5%. This indicates that the company converted a greater proportion of its revenue into operating profit.
EBIT margin expansion continued
Tech Mahindra reported an EBIT of ₹2,387 crore, compared with ₹1,698 crore in Q2 FY26. Its EBIT margin improved from 12.1% to 14.8%, an expansion of approximately 260 basis points.
Sequentially, the margin increased from 14.4% in Q1 FY27 to 14.8% in Q2 FY27, marking the twelfth consecutive quarter of margin expansion, according to the company.
The improvement suggests that the company's profitability recovery has continued over multiple quarters rather than depending on a single period of cost reduction.
EBITDA and gross profit improved
Tech Mahindra's EBITDA increased to ₹2,879 crore from ₹2,168 crore in Q2 FY26. The EBITDA margin was approximately 17.8% of revenue.
Gross profit also increased to ₹4,944 crore from ₹4,079 crore a year earlier.
These figures indicate improvement across multiple levels of the income statement. However, the difference between operating profit growth and PAT growth also shows why investors should assess expenses below the operating-profit line rather than relying on EBIT alone.
PAT and earnings per share increased
Consolidated PAT rose to ₹1,586 crore from ₹1,195 crore in Q2 FY26, representing growth of 32.7%. The PAT margin increased by 130 basis points to 9.8%.
Diluted EPS rose 32.5% YoY to ₹17.84, compared with ₹13.46 in the corresponding quarter of the previous year. EPS also increased 8.1% QoQ from ₹16.50.
For investors, the important distinction is that higher revenue and EBIT demonstrate stronger operating performance, while PAT and EPS reflect the resulting earnings available to shareholders after other expenses and applicable taxes.
Investor takeaway: Tech Mahindra's margin improvement is a key positive, but the next test is whether it can sustain revenue growth while moving its EBIT margin beyond the current 14.8% level towards the 15% target.
Tech Mahindra's new deal wins remained above $1 billion in Q2 FY27, providing an important indicator of future business opportunities. However, deal bookings should not be treated as immediate revenue because large contracts are converted into recognised revenue over time.
New deal wins exceeded $1 billion
| Deal-win metric |
Q2 FY27 performance |
| New deal wins (TCV) |
$1,023 million |
| Q1 FY27 deal wins |
$1,078 million |
| Q2 FY26 deal wins |
$816 million |
| YoY growth in quarterly deal wins |
25.4% |
| Last twelve months' deal wins |
$4,270 million |
| YoY growth in LTM deal wins |
34.8% |
Total contract value (TCV) from new deal wins increased 25.4% YoY from $816 million to $1,023 million. Although quarterly bookings were lower than Q1 FY27's $1,078 million, the company continued to secure contracts worth more than $1 billion for the fourth consecutive quarter.
The last twelve months' deal wins reached $4.27 billion, up 34.8% YoY. This provides evidence of sustained contract momentum across recent quarters.
Key deals secured during the quarter
The company highlighted wins involving:
- A Canadian insurance company.
- A global logistics company.
- A UK digital-network business.
- An Australian telecommunications operator.
- An ASEAN financial institution.
- A European energy company.
These wins span several industries and geographies, supporting the company's efforts to expand its enterprise relationships.
What deal wins mean for investors
Strong TCV growth can improve future revenue visibility, but the timing and profitability of contract execution remain important. Investors should track whether the current deal pipeline translates into sustained constant-currency revenue growth, particularly in large managed-services and transformation engagements.
The key measures to monitor are quarterly deal wins, revenue conversion, margin performance and the contribution of newer technology-led contracts to reported results.
Tech Mahindra's performance varied across geographies and industry verticals in Q2 FY27. Europe delivered the strongest YoY growth among the three reported geographic regions, while Communications remained the largest industry vertical. Manufacturing's sequential decline is an area to watch because of its substantial contribution to revenue.
Geographic revenue performance
|
Particulars
|
Revenue Mix / YoY Growth
|
|
Americas
|
48.5% / 4.1%
|
|
Europe
|
27.6% / 16.2%
|
|
Rest of World
|
23.8% / 2.5%
|
The Americas accounted for nearly half of revenue but grew 4.1% YoY. Europe recorded the strongest growth at 16.2%, while Rest of World revenue increased 2.5%.
On a sequential basis, the Americas grew 1.9%, Europe increased 2.5% and Rest of World rose 1.6%.
Europe's stronger performance helped support overall growth. However, the relatively modest YoY growth in the Americas means that the company's largest geographic market remains an important indicator of future demand.
Industry vertical performance
The company's vertical-level results show where demand was strongest and where performance weakened.
| Industry vertical |
Revenue Mix / YoY Growth |
|
Communications
|
33.5% / 9.5%
|
|
Manufacturing
|
18.2% / 7.0%
|
|
BFSI
|
16.4% / 4.6%
|
|
Technology, Media & Entertainment
|
13.0% / 6.7%
|
|
Retail, Logistics & Transport
|
8.7% / 9.2%
|
|
Healthcare & Lifesciences
|
7.3% / 6.2%
|
|
Others
|
2.8% / -14.1%
|
The sequential growth rates provide further insight into the quarter:
-
Communications: Revenue grew 6.0% QoQ and 9.5% YoY, reinforcing its position as the company's largest vertical.
-
Retail, Logistics & Transport: Revenue increased 9.6% QoQ and 9.2% YoY, making it the fastest-growing major vertical sequentially.
-
Manufacturing: Revenue declined 3.9% QoQ despite growing 7.0% YoY. Its 18.2% revenue share makes sustained performance in this segment important.
-
BFSI: Revenue increased 0.4% QoQ and 4.6% YoY, indicating comparatively modest sequential growth.
-
Technology, Media & Entertainment: Revenue rose 2.8% QoQ and 6.7% YoY.
-
Healthcare & Lifesciences: Revenue grew 1.4% QoQ and 6.2% YoY.
-
Others: Revenue declined 15.0% QoQ and 14.1% YoY, making it the weakest-performing reported vertical.
For investors, the mix of growth across Communications, Retail, Logistics and Transport is encouraging. However, manufacturing's sequential decline and the sharp fall in Others could affect the consistency of growth if these trends persist.
Tech Mahindra reported an increase in several higher-value client categories in Q2 FY27. Growth in large accounts can create opportunities for longer-duration engagements, although client concentration remains an important consideration.
Large-client base expanded
| Client revenue category |
Q2 FY27 clients |
| $50 million-plus |
33 |
| $20 million-plus |
66 |
| $10 million-plus |
118 |
| $5 million-plus |
199 |
| $1 million-plus |
516 |
The $50 million-plus client count remained at 33, up seven from Q2 FY26. The number of clients generating at least $20 million increased by three YoY to 66.
The $10 million-plus category rose to 118 from 106 a year earlier, while $5 million-plus clients increased to 199 from 194.
The $1 million-plus client count was 516, compared with 520 in Q2 FY26 and 499 in Q1 FY27. This indicates an improvement from the previous quarter, although the count remained slightly below the year-ago level.
Client concentration remains relevant
Tech Mahindra's revenue concentration was as follows:
| Client group |
Revenue concentration |
| Top five clients |
15.3% |
| Top ten clients |
24.9% |
| Top twenty clients |
38.0% |
The increase in larger client relationships supports the company's ability to pursue bigger contracts. At the same time, the top twenty clients accounted for 38.0% of revenue, meaning a substantial share of business remained concentrated among major customers.
Investors should monitor both metrics together: whether the company continues adding large accounts and whether its revenue base becomes more diversified over time.
Tech Mahindra's workforce and delivery metrics improved in Q2 FY27. Lower attrition and higher utilisation can support operating efficiency, while the increase in IT headcount indicates an expansion in delivery capacity.
Workforce composition
The company reported a total headcount of 152,206 employees.
| Employee category |
Headcount |
| IT employees |
76,617 |
| BPS employees |
67,520 |
| Sales and support |
8,069 |
| Total workforce |
152,206 |
IT headcount increased by 1,928 sequentially.
Attrition and utilisation improved
The company's key workforce indicators were:
-
LTM IT attrition: 11.7%, down from 12.8% in Q2 FY26.
-
IT utilisation: 88.9%, up from 84.4% a year earlier.
-
Onsite share of IT headcount: 23.6%.
-
Offshore share of IT headcount: 76.4%.
Lower attrition can help retain employee experience and reduce the disruption associated with workforce turnover. Higher utilisation indicates that a greater proportion of available employee capacity is being deployed on client work.
These trends can support margins, particularly when accompanied by revenue growth. However, a higher onsite workforce mix can put pressure on profitability, so the balance between delivery efficiency, staffing and project requirements remains important.
For investors, the combination of rising IT headcount, lower attrition and higher utilisation is constructive. The next question is whether this delivery capacity can support new contract execution without weakening margins.
Tech Mahindra maintained a strong liquidity position in Q2 FY27, with cash and cash equivalents, investments and margin money totalling ₹7,330 crore. Borrowings excluding lease obligations were only $6 million.
However, free cash flow declined compared with both the preceding quarter and the year-ago period. This makes cash conversion an important area to monitor despite the improvement in reported earnings.
Free cash flow and working capital
| Cash flow metric |
Q2 FY27 performance |
| Free cash flow |
$135 million |
| FCF as a percentage of PAT |
81% |
| Cash, investments and margin money |
₹7,330 crore |
| Borrowings, excluding lease obligations |
$6 million |
| Days Sales Outstanding (DSO) |
88 days |
Free cash flow was $135 million, compared with $167 million in Q1 FY27 and $237 million in Q2 FY26. FCF-to-PAT fell to 81% from 108% in Q1 FY27.
This decline means that cash generation was weaker relative to reported profit. Investors should assess whether the change is temporary or continues over subsequent quarters.
Days Sales Outstanding increased to 88 days from 84 days in Q1 FY27. However, it remained below the 94 days recorded in Q2 FY26. DSO measures the time taken to collect payments from customers, making it a useful indicator of receivables management.
Balance sheet provides financial flexibility
The company had ₹7,330 crore in cash, investments and margin money at the end of the quarter, while borrowings excluding lease obligations were negligible at $6 million.
This financial position provides flexibility for investments in AI, potential acquisitions, dividends and other shareholder returns. Nevertheless, a strong balance sheet does not eliminate the need to monitor working capital and free cash flow.
Interim dividend of ₹15 per share
Tech Mahindra's board declared an interim dividend of ₹15 per share.
The dividend represents a cash distribution to eligible shareholders, separate from the proposed bonus issue. Investors should distinguish between dividend income and a bonus issue because the two have different effects on shareholder holdings and cash receipts.
The applicable dividend record date and payment timeline should be checked against the company's official announcements.
Tech Mahindra's board recommended a 1:1 bonus issue as part of the company's 40-year milestone and its stated commitment to shareholder value creation. Under this proposal, eligible shareholders would receive one additional share for every existing share held, subject to the applicable approvals and terms.
How a 1:1 bonus issue works
A 1:1 bonus issue doubles the number of shares held by an eligible shareholder. It does not, by itself, increase the underlying value of that shareholder's investment.
For example, a shareholder holding 100 shares before a 1:1 bonus issue would hold 200 shares after the bonus shares are credited.
The share price would be expected to adjust proportionately, all else being equal. This adjustment means that the total investment value does not automatically increase simply because the number of shares has doubled.
Important points for shareholders
-
Eligibility: Shareholders must meet the eligibility requirements linked to the record date announced by the company.
-
Approvals: The bonus issue remains subject to the applicable shareholder and regulatory approvals, as relevant.
-
Record date: Investors should refer to the company's official announcement for the confirmed record date.
-
Share price: The price adjusts to reflect the increased number of shares, all else being equal.
-
EPS: Earnings per share generally declines mechanically after a bonus issue because the share count increases, assuming earnings remain unchanged.
-
Liquidity: A lower per-share price after adjustment may make the stock more accessible to some investors, although the effect on actual trading liquidity is not guaranteed.
The bonus issue should therefore be viewed as a change in the number of shares rather than a direct increase in company value or earnings.
Bonus issue versus interim dividend
The bonus issue and the ₹15 interim dividend are separate shareholder actions.
The bonus issue provides additional shares, while the dividend distributes cash to eligible shareholders. The dividend amount is not the same as the economic value of the bonus shares, and the two should not be combined when assessing shareholder returns.
Investors should track the official announcements for the record dates, approvals, and implementation timelines of both actions.
Tech Mahindra continued to position artificial intelligence as a key part of its business strategy through its “AI Delivered Right” approach and Helix framework. The company's stated focus is on converting enterprise AI demand into scalable business opportunities while using AI to improve productivity, innovation and delivery capabilities.
Key AI and technology initiatives
The company highlighted several initiatives during the quarter:
-
Zero Gravity Telco Architecture: A framework for AI-native telecommunications operations.
-
SpaceXAI partnership: A strategic partnership aimed at building a global AI-powered software-engineering practice.
-
I-HUB Quantum Technology Foundation: Collaboration focused on developing indigenous quantum-computing capabilities.
-
Indus Terra: A 30-billion-parameter educational large language model developed with NVIDIA and AWS under the India AI Mission.
-
Google Cloud and ServiceNow: Expanded partnerships across enterprise technology and AI deployment.
-
Cisco: Collaboration in areas including security and related technology capabilities.
-
Wandelbots: Partnership activity associated with manufacturing automation.
-
Rezolve AI and Uniphore: Expanded work across AI-enabled enterprise solutions and related deployments.
These initiatives cover telecom AI, agentic AI, physical AI, quantum computing, enterprise platforms and AI-powered software engineering.
What AI investment means for investors
AI partnerships and product launches can strengthen a technology services company's ability to compete for new projects. However, announcements alone do not establish the financial contribution of these initiatives.
The key measures for investors are whether AI-related work generates incremental deal wins, converts into recognised revenue, supports client retention and improves delivery productivity or operating margins.
Tech Mahindra's existing deal momentum provides a base against which investors can assess future progress. The financial impact of these initiatives will become clearer as the company reports subsequent revenue, contract and margin performance.
Tech Mahindra shares rose nearly 7% on 16 October 2026 following the results announcement. The positive market response came alongside stronger revenue growth, continued EBIT margin expansion, robust deal wins and the announcement of a bonus issue and interim dividend.
However, the market reaction should be considered alongside the difference between reported results and analyst expectations.
Why the market response was positive
The quarter contained several indicators of improving operating performance:
-
Revenue increased 15.6% YoY in rupee terms.
-
EBIT rose 40.5% YoY, outpacing revenue growth.
-
EBIT margin improved to 14.8%.
-
Deal wins remained above $1 billion.
-
The company recommended a 1:1 bonus issue and declared a ₹15 interim dividend.
These factors supported the positive response in the share price after the results.
PAT missed some market expectations
Despite the improvement in earnings, PAT of ₹1,586 crore came below some market expectations of approximately ₹1,708 crore. Revenue and EBIT margin, however, reportedly exceeded estimates.
This suggests that investors were responding to the broader improvement in operating momentum and shareholder-return announcements, even though the bottom-line result did not meet every expectation.
A one-day share price movement does not establish the company's longer-term performance. Investors should assess subsequent results against revenue growth, margin targets, cash generation, and the conversion of deal wins into revenue.
The Tech Mahindra Q2 Results 2027 indicate improving operating performance, but the quarter also highlights areas where sustained progress is necessary. Investors should evaluate the positive earnings trends alongside cash-flow performance, segment-level weaknesses and the pace of AI monetisation.
Key positives
-
Revenue growth accelerated: Revenue increased 15.6% YoY in rupee terms, while constant-currency revenue grew 7.2%.
-
Margins continued to improve: EBIT margin reached 14.8%, marking the twelfth consecutive quarter of expansion and bringing the company closer to its 15% target.
-
Deal wins remained strong: Quarterly TCV reached $1,023 million, while last twelve months' deal wins increased 34.8% YoY to $4,270 million.
-
Client relationships strengthened: The number of clients generating more than $10 million annually increased to 118 from 106 a year earlier.
-
Workforce indicators improved: IT attrition declined to 11.7%, while utilisation increased to 88.9%.
-
The balance sheet remained strong: Cash, investments and margin money totalled ₹7,330 crore, against only $6 million in borrowings excluding lease obligations.
-
Shareholder distributions were announced: The company declared a ₹15 interim dividend and recommended a 1:1 bonus issue.
Key risks to monitor
-
Lower free cash flow: FCF declined to $135 million, while FCF-to-PAT fell to 81%.
-
Manufacturing weakness: Revenue in this vertical declined 3.9% QoQ despite its 18.2% revenue share.
-
Modest Americas growth: The region generated 48.5% of revenue but grew only 4.1% YoY.
-
Weakness in smaller verticals: Revenue from Others declined 15.0% QoQ and 14.1% YoY.
-
PAT below some estimates: Profit was lower than the approximately ₹1,708 crore expected by some market participants.
-
AI monetisation uncertainty: The financial contribution of new AI partnerships and initiatives still needs to become visible in reported results.
-
Client concentration: The top twenty clients accounted for 38.0% of revenue, making the performance of major accounts important.
These factors show why the quarter should be assessed through both earnings growth and the quality of that growth. Sustained profitability will depend on revenue conversion, cost management, cash collection, and the ability to maintain a healthy mix of client engagements.
The next few quarters will help determine whether Tech Mahindra can sustain its improvement in financial performance. Investors should focus on measurable operating indicators rather than relying only on the latest earnings growth or shareholder announcements.
| Metric to track |
Why it matters |
| Constant-currency revenue growth |
Indicates whether underlying demand remains strong |
| EBIT margin |
Shows progress towards the 15% margin target |
| Deal wins and revenue conversion |
Measures whether new contracts translate into reported revenue |
| Free cash flow and FCF-to-PAT |
Helps assess cash generation relative to accounting profit |
| DSO and working capital |
Indicates the efficiency of customer collections |
| Manufacturing revenue |
Tracks recovery in a segment contributing 18.2% of revenue |
| Americas growth |
Monitors performance in the company's largest geographic market |
| AI-related revenue and productivity |
Helps establish whether technology investments produce measurable financial benefits |
| Large-client concentration |
Shows the company's dependence on its biggest customers |
Three developments deserve particular attention.
First, Tech Mahindra needs to maintain constant-currency revenue growth while continuing to expand margins. Second, free cash flow should be monitored to determine whether the decline in Q2 FY27 reverses. Third, the company's AI strategy and large deal pipeline need to translate into recurring revenue and profitable execution.
The combination of these indicators will provide a clearer picture of whether the current improvement represents a sustainable operating trend.
To understand how Tech Mahindra's financial performance has evolved between the two quarters, read the Tech Mahindra Q1 FY27 Results analysis, covering revenue growth, margin improvement and deal wins.
Tech Mahindra's Q2 FY27 results showed stronger revenue growth, faster operating profit growth and a twelfth consecutive quarter of EBIT margin expansion. Revenue reached ₹16,180 crore, PAT increased to ₹1,586 crore and EBIT margin improved to 14.8%. Deal wins remained above $1 billion, while the company maintained a strong cash position and announced a ₹15 interim dividend alongside a recommended 1:1 bonus issue.
However, free cash flow weakened, manufacturing revenue declined sequentially and PAT fell below some market expectations. The sustainability of the turnaround will depend on whether the company can move beyond 15% EBIT margins, maintain constant-currency growth, improve cash conversion and convert AI-related opportunities into measurable financial outcomes.
For investors reviewing the Tech Mahindra Q2 FY27 Results Analysis, the central question is whether the company's operating improvement can continue alongside stronger cash generation and consistent revenue growth.
Frequently Asked Questions
1. What were Tech Mahindra's Q2 FY27 results?
Tech Mahindra reported consolidated revenue of ₹16,180 crore in Q2 FY27, up 15.6% YoY. PAT increased 32.7% to ₹1,586 crore, while EBIT margin improved to 14.8%. The company also reported $1,023 million in quarterly deal wins.
2. What was Tech Mahindra's EBIT margin in Q2 FY27?
Tech Mahindra's EBIT margin was 14.8% in Q2 FY27, compared with 14.4% in Q1 FY27 and 12.1% in Q2 FY26. This represented an improvement of approximately 260 basis points YoY and marked the twelfth consecutive quarter of margin expansion.
3. Did Tech Mahindra announce a bonus issue and dividend in Q2 FY27?
Yes. Tech Mahindra's board recommended a 1:1 bonus issue, under which eligible shareholders would receive one additional share for every existing share held, subject to applicable approvals and terms. The board also declared an interim dividend of ₹15 per share. Shareholders should check the company's official announcements for the relevant record dates and implementation details.
4. How much were Tech Mahindra's deal wins in Q2 FY27?
Tech Mahindra recorded new deal wins with a total contract value of $1,023 million in Q2 FY27, up 25.4% YoY. Last twelve months' deal wins reached $4,270 million, an increase of 34.8% YoY. Investors should monitor how quickly these contracts convert into recognised revenue.
5. What are the main risks in Tech Mahindra's Q2 FY27 results?
The main risks include lower free cash flow of $135 million, a decline in manufacturing revenue of 3.9% QoQ, modest Americas growth of 4.1% YoY and continued dependence on large clients. Investors should also monitor AI monetisation, revenue conversion from new deals and the company's progress towards its 15% EBIT margin target.