Slides
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1 Nov 3, 2026 Performance Update Q2 FY27
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2 Safe Harbor Statement Certain statements in this presentation concerning our future growth prospects are forward-looking statements. These statements are subject to substantial known and unknown risks, uncertainties and other factors, which may cause actual results or outcomes to differ materially from those implied by the forward-looking statements. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements include, but are not limited to, risks and uncertainties relating to the execution of our business strategy, our revenues highly dependent on clients located in the United States, our ability to attract and retain highly skilled professionals, increase in wages, investments to reskill our employees, economic uncertainties and geopolitical situations, technological disruption and innovations, complex and evolving regulatory landscape, including immigration regulation changes, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry The Company may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Stock Exchanges and our reports to shareholders. All forward- looking statements included in this presentation are based on information and estimates available to us on the date hereof, and we do not undertake any obligation to update these forward-looking statements unless required to do so by law.
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3 We are 6% AI R&D spend (% of revenue) 1 80 Patents granted & applications2 46% Gross Margin 6,173 Total Employees2 36,098 Revenue (INR m) Fractal at a glance (TTM) 58 Clients with $1m+ annual revenue +8% YoY+19% YoY 10% Net Income Margin We are an enterprise AI company with a vision to power every human decision in the enterprise. We build AI models, platforms and products, and engineer them into the critical decisions of Fortune500 ® organizations. 1For Q2’27 | 2As of September 30, 2026 | All numbers are shown for TTM September-26 unless indicated otherwise
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4 Drive business growth Drive operational effectiveness Drive sustainability Drive day-to-day tactical decisions Drive product innovation CLIENT PRIORITIES SOLUTION TOWERS AI PRODUCTS CLASSICAL AI AGENTIC AI GENERATIVE AI cogentiq Platform & Products Enterprise AI lab powering decisions and agentic actions AIT AI Decisions & Workflows AIF AI Context & Knowledge layer AIW Work redesign DOMAIN CAPABILITIES Consumer Packaged Goods Technology, Media & Telecom Banking, Financial Services and Insurance Healthcare & Life Sciences Retail
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5 Financial Performance Q2 FY27 Revenue ▲20% YoY Net Income ▲139% YoY
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6 INR 9,565m▲20% YoY, 10% CC YoY1 Revenue from operations 115% Net Revenue Retention (NRR)2 76 Net Promoter Score INR 7.5m▲2% YoY Revenue per Billable FTE3 44%▼225 bps YoY Gross Margin 16%▲123 bps YoY Adjusted EBITDA margin INR 792m▲139% YoY Net Income Net Income excl. associate INR 1,024m 6.3% AI R&D investments4 INR 793m Cash flow from operations INR 17,277m Cash and Cash Equivalents5 INR 4.71▲119% YoY Basic EPS6 Basic EPS excl. associate INR 6.06 Q2’27 Fractal Group: First-ever $100m+ revenue quarter Other highlightsProfitabilityGrowth 1All revenue growth is organic| 2NRR is for Fractal.ai and calculated in INR | 3Revenue per Billable FTE is calculated based on trailing twelve months data 4R&D opex 4.1% | 5Includes MFs and FDs | 6Diluted EPS is INR 4.48 with 132% YoY; Diluted EPS excluding associates is INR 5.76
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7 Q2’27 Fractal Group: We delivered robust growth across most industries and geographies Revenue by industry (Q2’27) – Fractal Group Revenue by geography (Q2’27) – Fractal Group YoY CPGR ▲11% HLS ▲79% TMT ▼ 18% BFSI ▲30% Others ▲47% Total ▲20% Americas ▲22% Europe ▲20% APAC & Others ▲ 7% Total ▲20% CPGR (Consumer packaged goods and retail) | BFSI (Banking, financial services and insurance) | HLS (Healthcare and life sciences) | TMT (Technology, Media & Telecom) | Others comprises largely energy, travel and industrials verticals; Revenue by geography is based on client billing location CPGR 34.7% HLS 25.1% TMT 17.9% BFSI 13.6% Othe rs 8.7% YoY Am e r i c a s 67.3% E urope 21.5% AP AC & Othe rs 11.2%
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8 Q2’27 Fractal.ai: Our existing clients continue to expand their relationships with us Net Revenue Retention (NRR) in our Fractal.ai segment measures how effectively we retain and expand revenue from our existing clients over a defined period and is calculated by comparing the current period’s revenue from the clients who existed at the start of the period, with their revenue in the previous period - including the effects of upsells, cross-sells and contractions Net Revenue Retention (NRR) 115% Q2’27 (INR) 15% 5% 0% 21% Exis ting clients New clients Churn Growth%
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9 Q2’27: Clients continue to rate us highly; NPS at 76 76 Q2’27 Industry-leading Net Promoter Score (NPS) 1 for Fractal.ai 1 Net Promoter Score (NPS) is used in Fractal.ai segment to gauge client satisfaction and advocacy. Clients rate us on a 10-point scale on their willingness to recommend Fractal. Promoters are clients who score us at 9 or above. Detractors are clients who score us 6 or below. NPS = Promoters% - Detractors% . NPS is presented as a score (Scores above 50 are considered great for consumer brands and above 40 for B2B brands) 73 81 74 80 80 77 78 75 73 78 77 81 77 76 0 20 40 60 80 100 120 140 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27
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10 Fractal.ai: We have scaled client relationships with significant headroom for growth Clients by TTM Revenue Contribution TTM Sep-25 4 7 17 52>$1m of which, >$5m of which, >$10m of which, >$20m TTM Sep-26 6 8 20 58
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11 Fractal Group: Adjusted EBITDA expanded by 123 bps driven by operating leverage; short-term impact in GM driven by investment in AI engineering talent *Operating EBIT is without Other income, Share of loss of associates and Exceptional items Q2’27 Adjusted EBITDA (INR Mn) Q2’27 Operating EBIT* (INR Mn) Q2’27 Net Income (INR Mn) 1,195 1,549 15.0% 16.2% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 0 200 400 600 800 1,000 1,200 1,400 1,600 Q2'26 Q2'27 634 1,029 7.9% 10.8% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 0 200 400 600 800 1,000 1,200 Q2'26 Q2'27 332 792 4.2% 8.3% -5.0% 0.0 % 5.0 % 10. 0% 15. 0% 20. 0% 25. 0% 30. 0% 0 100 200 300 400 500 600 700 800 900 Q2'26 Q2'27 Q2’27 Gross Margin (INR Mn) 3,690 4,205 46.2% 44.0% 25.0% 35.0% 45.0% 55.0% 65.0% 75.0% 2,500 2,700 2,900 3,100 3,300 3,500 3,700 3,900 4,100 4,300 Q2'26 Q2'27 -225 bps ▼ +14% YoY +123 bps ▲ +30% YoY +413 bps ▲ +139% YoY +281 bps ▲ +62% YoY
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12 Q2’27 Fractal Alpha: Robust growth; margin reflects Analytics Vidhya’s shift to enterprise clients and Asper momentum building into H2 All values in INR m, except % Revenue & Gross Margin Adjusted segment results To strengthen the AI for work and workforce pillar, we have integrated Iqigai and edtech related teams from fractal.ai into Fractal Alpha and segment numbers have been restated for FY26 to reflect this change 243 340 62% 54% -50% 0% 50% 100% 150% 200% - 50 100 150 200 250 300 350 400 Q2'26 Q2'27 Re ve nu e Gr o s s Ma r gin (84) (104) Q2'26 Q2'27+40% (INR YoY) +32% (CC YoY)
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13 Fractal Group: Balance sheet and Cashflow metrics Cash flow from operations Days of sales outstanding (DSO) Cash (including MFs and FDs) as of Sep-26 end is INR 17,277m including IPO proceeds of INR 6,078m (net of offer expenses) Cash and cash equivalents 52 58 19 18 Q2'26 Q2'27 Billed Unbille d 71 76 7,947 11,199 6,078 Q2'26 Q2'27 Cash and Cash equivalents IPO proceeds 1,074 793 3,678 4,067 LY CY Qtr TTM 17,277
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14 Business Highlights
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15 INR 383m▲39% YoY Revenue from operations 8 Clients added in Q2’27 4% Share of Fractal Group revenue Fractal Products: Annual run-rate of INR 150+ Crores, up 39% YoY Cogentiq Platform & Products An agentic AI platform for revenue growth management (RGM) that helps consumer-goods companies grow revenue and profit through smarter pricing, promotion and demand decisions An enterprise AI and data-science training platform that helps companies build workforce capabilities through tailored learning programs and hands-on training An agentic AI platform that helps enterprises build and deploy AI agents to automate workflows, improve decision-making and drive business outcomes Q2’27 highlights Remaining performance obligation (RPO): INR 200+ Crores Remaining performance obligation is the total amount of future revenue that we have contracted, but has not yet recognized as revenue because the goods or services have not yet been delivered
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16 Joint engagements TTM (Sep ’26) Certifications Across 7 partner programs as of Sep 30, 26 Partnerships: Gaining momentum in driving enterprise AI adoption Anthropic Preferred Services Partner Claude Partner Network OpenAI Advanced Partner AWS Premier Tier Services Partner Google Cloud Premier Partner Microsoft Solutions Partner 44 ~2000 Top collaborative deal wins in Q2 FY27 Client Solution Partner Category Major US retailer AI led test and experimentation capability Hyperscaler Major US healthcare provider AI powered FHIR claims modernization Data & AI Global Insurer Production EDP for policy and premium data Data & AI Major Australian natural gas producer Agentic business transformation Hyperscaler Global consumer goods major Maximizing cloud value through FinOps Hyperscaler F100 US healthcare services and distribution major Contract concierge analytics Data & AI Partner list mentioned above is indicative, and not exhaustive 1 2 4 5 3 6
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17 AI insight-to-concept platform for a global MedTech company €6M in projected savings, and product concepts in 30 minutes CASE STUDY refine iterate New product concept Sourced consumer insights research · social · reviews, cited Benefits, concept + claims select · edit · regenerate at each step Persona optimization role-based synthetic personas · AI-moderated Team Review refine / approve? Handoff to R&D ~30 min · 170+ concepts · 400+ users Reimagined with AIThe Challenge Turning consumer research into a product concept worth testing took two to six months. Results ~30 min from research to concept 170+ concepts created
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18 AI policy review for a global insurance broker 60 days to 20 minutes, at a fourth of the cost CASE STUDY override every renewal Review renewed policy Ingest renewed + prior policy text extraction + page-level image analysis Agentic decomposition infer policy count · split · validate Policy-by-policy comparison changes in coverage, clauses, terms Reviewer Check accept / override? Change report + audit trail ~20 min · ~$3 per report · vendor replaced Reimagined with AIThe Challenge Checking every renewed policy against last year’s took 60 days by an outside vendor. Results ~20 min per review, from 60 days ~$3 per review, from $20–30
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19 AI promotion planning for a global coffee company $4m in projected gross profit from the same promotion budget CASE STUDY re-run adjust Promotion plan Model returns by promotion elasticity · cannibalization · channel Rebuild calendar fewer, targeted events · tailored by channel Shift spend to higher returns budget flat · volume, retailer profit held Retailer Review agree changes? Optimised plan (modelled) higher gross profit · volume held or up Reimagined with AIThe Challenge The promotion budget was spread across weekly discounts that returned little profit. Results Higher gross profit, as modelled No loss in volume, as modelled
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20 Financial Performance H1 FY27 Revenue ▲20% YoY Net Income ▲114% YoY
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21 INR18,690m▲20% YoY, 10% CC YoY1 Revenue from operations 117% Net Revenue Retention (NRR)2 77 Net Promoter Score INR 7.5m▲2% YoY Revenue per Billable FTE3 6.5% AI R&D investments4 (INR 237m) Cash flow from operations INR 17,277m Cash and Cash Equivalents5 INR 9.03▲98% YoY Basic EPS6 Basic EPS excl. associate INR 11.73 45%▼101 bps YoY Gross Margin 17%▲155 bps YoY Adjusted EBITDA margin INR 1,515m▲114% YoY Net Income Net Income excl. associate INR 1,981m H1’27 Fractal Group: Revenue of INR 1,869 Crs with 114% increase in Net Income from Revenue growth and operating leverage Other highlightsProfitabilityGrowth 1All revenue growth is organic| 2NRR is for Fractal.ai and calculated in INR | 3Revenue per Billable FTE is calculated based on trailing twelve months data 4R&D opex 4.3% | 5Includes MFs and FDs | 6Diluted EPS is INR 8.57 with 110% YoY; Diluted EPS excluding associates is INR 11.14
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22 H1’27 Fractal Group: We delivered robust growth across most industries and geographies Revenue by industry (H1’27) – Fractal Group Revenue by geography (H1’27) – Fractal Group YoY CPGR ▲14% HLS ▲75% TMT ▼ 20% BFSI ▲32% Others ▲52% Total ▲20% Americas ▲23% Europe ▲22% APAC & Others ▲ 2% Total ▲20% CPGR (Consumer packaged goods and retail) | BFSI (Banking, financial services and Insurance) | HLS (Healthcare and life sciences) | TMT (Technology, Media & Telecom) | Others comprises largely energy, travel and industrials verticals; Revenue by geography is based on client billing location YoY CPGR 36.5% HLS 24.1% TMT 17.8% BFSI 13.2% Othe rs 8.4% Am e r i c a s 67.3% Europe 21.4% AP AC & Othe rs 11.3%
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23 H1’27 Fractal.ai: Our existing clients continue to expand their relationships with us Net Revenue Retention (NRR) in our Fractal.ai segment measures how effectively we retain and expand revenue from our existing clients over a defined period and is calculated by comparing the current period’s revenue from the clients who existed at the start of the period, with their revenue in the previous period - including the effects of upsells, cross-sells and contractions Net Revenue Retention (NRR) 117% H1’27 (INR) 17% 4% 0% 21% Exis ting clients New clients Churn Growth%
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24 H1’27 Adjusted EBITDA (INR Mn) H1’27 Operating EBIT* (INR Mn) H1’27 Net Income (INR Mn) *Operating EBIT is without Other income, Share of loss of associates and Exceptional items 2,332 3,086 15.0% 16.5% 5.0% 7.0% 9.0% 11.0% 13.0% 15.0% 17.0% 19.0% 21.0% 23.0% 25.0% 0 500 1,000 1,500 2,000 2,500 3,000 3,500 H1'26 H1'27 1,361 2,060 8.7% 11.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% 0 500 1,000 1,500 2,000 2,500 H1'26 H1'27 709 1,515 4.5% 8.1% 0.0 % 2.0 % 4.0 % 6.0 % 8.0 % 10. 0% 12. 0% 14. 0% 0 200 400 600 800 1,000 1,200 1,400 1,600 H1'26 H1'27 H1’27 Gross Margin (INR Mn) 7,144 8,375 45.8% 44.8% 40.0% 42.0% 44.0% 46.0% 48.0% 50.0% 52.0% 54.0% 5,000 5,500 6,000 6,500 7,000 7,500 8,000 8,500 H1'26 H1'27 Fractal Group: Adjusted EBITDA expanded by 155 bps driven by operating leverage; short-term impact in GM driven by investment in AI engineering talent +17% YoY -101 bps ▼ +32% YoY +155 bps ▲ +51% YoY +229 bps ▲ +114% YoY +356 bps ▲
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25 H1’27 Fractal Alpha: Robust growth; margin reflects Analytics Vidhya’s shift to enterprise clients and Asper momentum building into H2 All values in INR m, except % Revenue & Gross Margin Adjusted segment results To strengthen the AI for work and workforce pillar, we have integrated Iqigai and edtech related teams from fractal.ai into Fractal Alpha and segment numbers have been restated for FY26 to reflect this change 444 580 67% 59% -100% -50% 0% 50% 100% 150% 200% 250% 300% - 100 200 300 400 500 600 700 H1'26 H1'27 R evenue Gross M argin (126) (244) H1'26 H1'27+31% (INR YoY) +22% (CC YoY)
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26 Fractal Strategy
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27 Our strategy: How to win Accelerate our success through M&A Partner with winning AI platform companies Accelerate this journey with Cogentiq and other reusable assets Continue to build an AI-native “great place to work” Help Must Win Clients (MWCs1) transform their business with AI 1MWCs are defined as clients with over US$10B in revenue, or over US$20B in market cap, or serving 30M+ end consumers
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28 Help MWCs1 transform their business with AI Focus on serving MWCs1 in target geographies US, UK, Europe, Australia & Middle East US & Canada UK Europe Australia Middle East 1MWCs are defined as clients with over US$10B in revenue, or over US$20B in market cap, or serving 30M+ end consumers 1 2 3 4 5 Help CIOs and CAIOs build enterprise context and knowledge layer on their data Help CXOs reimagine every workflow and business process with AI Build AI foundations and agentic systems as the default solution architecture Anchor engagements at the CXO level and deliver through platform-led, outcome-driven execution Help CLOs and CHROs redesign work and upskill workforce with AI
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29 Accelerate client success with Cogentiq and reusable assets 1 2 3 4 5 Demonstrate frontier AI results PiEvolve, Vaidya & IndiaAI Mission Reimagine every delivery with PiEvolve and Cogentiq Commercialize functional and vertical AI products on Cogentiq
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30 Partners Partner with leading technology companies Hyperscalers Cloud and Data Platforms Frontier AI Labs Enterprise Software Providers Build relationships with partner teams in our mutual clients/customers and leverage partner resources to enhance client acquisition, expansion and lead generation Incorporate existing partner offerings in our services and products and upskill our teams on partner offerings. Perform joint planning with our partners to identify funding and growth opportunities to drive deal velocity Understand the clients’ technology roadmap with a keen eye on their Hyperscaler/data & AI platforms strategy 1 2 3 4 5 A B C D
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31 Continue to build a Great Place to Work Hiring Principles Fractal First All hires are for Fractal first, and then for the specific team/role Raise the Bar Strive to hire talented employees thereby continually raising our overall work quality and standards Build the Fractal Brand Demonstrate the brand values in every hiring interaction Hire for Potential Focusing on attitude, learning agility and aptitude for learning Champion Diversity Welcome diverse points of view and promote inclusivity Hire talent through robust & scalable channels • Iqigai.ai: Our AI powered hiring assessment platform • Imagineer Program: Our campus recruitment program • Crossover Program: Our career change program • Lateral hiring program and return from career break program Enhance operational efficiencies AI powered talent allocation software, various coding productivity tools, own AI coding agents into our workflows Fostering a culture of trust, transparency & freedom Guided by our values and people principles Continuous learning and specialization for our employees by leveraging our internal training academy (FAA) and Analytics Vidhya and various leadership programs across employee levels 1 2 3 4 1 2 3 4 5
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32 ORIGINATION Expansion of our AI and engineering expertise, vertical depth & capabilities + new technologies + potential growth synergies INTEGRATION Collaborate with founders, retain key talent and structure the organization & processes to realize synergies OPTIMIZE PROCESSES De-risk the capital allocation process and derive the benefits and synergies expected from transactions CLIENT CENTRICITY Strengthen our client focus and our commitment to client centricity by enhancing our existing technical and functional capabilities and our domain expertise across the industries we operate in Complement our growth & expand capabilities inorganically Our acquisition principles Our key acquisitions 1 2 3 4 5
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33 Capital structure: Strong balance sheet to fund future growth Creates significant headroom to fund larger strategic acquisitions Positions us to move faster, fund early-stage bets, and accelerate deal timelines Strong cash conversion ensures self-funded growth, and sustains reinvestment capacity 1Cash (including MFs and FDs) as of Sep-26 end is INR 17,277m including IPO proceeds of INR 6,078m (net of offer expenses) 2Calculated basis TTM Sep-26 | 3IPO proceeds utilized to retire long term debt completely in April, 2026 INR 17,277m Cash and cash equivalents1 Zero Long term debt3 62% CFO as % of Adj. EBITDA2
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34 • Aiming for net zero emissions by or before 2040 • GHG Emissions, in the operational boundary, assured by independent 3 rd party auditor every year since FY 20 • Mumbai and Bengaluru offices built to global green-building standards • Major offices run on clean energy; continued switching of company cars to electric • Strong climate rating from CDP for 3 years in a row, Fractal scored a ‘B’ • Certified a Great Place to Work for 10 years in India (and multiple years in UK, USA, UAE) • 2026 recognition: India’s Best Companies to Work For, Top 50 Best Workplaces for Women • 12+ years of community work: helping kids learn, supporting women, improving healthcare, building safer homes, and protecting nature • Strong IT systems that follow global security standards • Hold top global certifications for security and data handling • Follow major privacy laws worldwide (GDPR, CCPA, DPDPA) • Clear rules against bribery, fraud, and unethical behavior • Legal team named "Legal Team of the Year" in India, 2025 Fractal’s ESG focus and milestones Environmental Sustainability Social Impact, Equity and Inclusion Key Governance Frameworks
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35 Awards and Recognition
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36 Industry Recognition IndustryRecognition KeyVendor Market Overview for Analytics and Decision- Making Platforms for Supply Chain 2026 – Gartner Market Overview for Retail Assortment Management Applications: Short Life Cycle Products 2026 – Gartner Emerging Tech Impact Radar: India – Gartner Market Overview for Retail Assortment Management Applications: Short Life Cycle Products – Gartner IDC Market Glance: Enterprise Data and AI Services, 3Q26 – IDC Advanced Analytics & AI Services 2026 ISG: Three years in a row Specialty Analytics & AI Services (Lifesciences) ISG: Two years in a row Agentic AI Services Leader 2026 ISG Leader Key Vendor Representative Vendor
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37 Industry Recognition Industry Recognition Global Industry Excellence Awards 2026 Top 50 Best Workplaces for Women Leading Mid-Corporates of India 2026 Staffing solution built on Iqigai.ai GPTW Dun and Bradstreet (D&B)
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38 Annexure
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39 Fractal Group: Key financials Particulars Q2 FY27 Q2 FY26 Growth H1 FY27 H1 FY26 Growth Revenue 9,565 7,985 20% 18,690 15,590 20% Cost of Solutions 5,360 4,295 25% 10,315 8,446 22% Gross Profit 4,205 3,690 14% 8,375 7,144 17% Gross Profit Margin 44.0% 46.2% -225bps 44.8% 45.8% -101bps SG&A 2,260 2,153 5% 4,480 4,147 8% R&D 397 343 16% 810 664 22% Adjusted EBITDA 1,549 1,195 30% 3,086 2,332 32% Adjusted EBITDA margin 16.2% 15.0% 123bps 16.5% 15.0% 155bps ESOP and retention bonus 48 226 -79% 155 336 -54% Exceptional items (gain) / loss 0 48 -1 -69 48 -244% Other Income -288 -209 38% -484 -353 37% Share of loss of an associate 232 222 5% 466 445 5% EBITDA 1,557 908 71% 3,017 1,856 63% EBITDA Margin 16.3% 11.4% 490bps 16.1% 11.9% 423bps Depreciation & Amortization 472 335 41% 870 635 37% Finance Cost 53 115 -54% 141 233 -40% Tax 240 126 90% 491 279 76% Net Income 792 332 139% 1,515 709 114% Net Income Margin 8.3% 4.2% 413bps 8.1% 4.5% 356bps Earnings per Share (INR) 4.71 2.15 119% 9.03 4.55 98% All values in INR m, except %
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40 Fractal.ai: Fractal has scaled client relationships with significant headroom for growth Clients by Annual Revenue Contribution (Fractal.ai) FY2024FY2023 FY2025 FY2026 1 2 5 6 5 5 6 9 10 11 15 19 45 48 53 59>$1m of which, >$5m of which, >$10m of which, >$20m
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41 3,454 3,690 4,031 4,274 4,170 4,205 45% 46% 47% 48% 46% 44% 20% 30% 40% 50% 60% 70% 80% (200) 300 800 1,300 1,800 2,300 2,800 3,300 3,800 4,300 4,800 Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 Fractal Group (INR): Quarterly phasing Q2’27 Gross Margin (INR Mn) +14% YoY, -225 bps ▼ Q2’27 Adjusted EBITDA (INR Mn) +30% YoY, +123 bps ▲ Q2’27 Operating EBIT* (INR Mn) +62% YoY, +281 bps ▲ Q2’27 Net Income (INR Mn) +139% YoY, +413 bps ▲ *Operating EBIT is without Other income, Share of loss of associates and Exceptional items 1,137 1,195 1,521 1,959 1,537 1,549 15% 15% 18% 22% 17% 16% 5% 10% 15% 20% 25% 30% 35% 40% - 500 1,000 1,500 2,000 Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 377 332 1,001 1,158 723 792 5% 4% 12% 13% 8% 8% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% - 200 400 600 800 1,000 1,200 Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 726 634 929 1,436 1,031 1,029 10% 8% 11% 16% 11% 11% 0% 5% 10% 15% 20% 25% - 200 400 600 800 1,000 1,200 1,400 1,600 Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27
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42 Q2’27 Fractal Alpha (INR): Quarterly phasing All values in INR m, except % Revenue & Gross Margin Adjusted segment results To strengthen the AI for work and workforce pillar, we have integrated Iqigai and edtech related teams from fractal.ai into Fractal Alpha and segment numbers have been restated for FY26 to reflect this change 201 243 216 241 240 340 72% 62% 75% 75% 65% 54% 0% 20% 40% 60% 80% 100% 120% 140% 160% - 50 100 150 200 250 300 350 400 450 Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 Revenue G ross M argin (42) (84) (85) (111) (140) (104) Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27
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43 Fractal Group: Q2’27 Net Income at INR 792m, 8.3% of revenue All values in INR m, except % INR 792m Excluding Share of loss of associates, Net Income is INR 1,024m, 10.7% in Q2’27 4.2% -2.3% 3.5% 2.3% 0.1% -0.9% 0.6% 7.5% 0.4% 0.4% 8.3% Q2'26 Net Inc o m e G ross Ma rgin S G&A, R&D ESOP & One time retention cost Depreci ati on & Fi nance cost Ta x E xcepti onal ite ms Operati onal PA T Other income Share of loss of associ ates Q2'27 Net Inc o m e Net income before other income and share of associate INR 332m +139%, +413 bps
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44 Fractal Group: H1’27 Net Income at INR 1,515m, 8.1% of revenue All values in INR m, except % INR 1,515m Excluding Share of loss of associates, Net Income is INR 1,981m, 10.6% in H1’27 4.5% -1.0% 2.6% 1.3% 0.2% -0.8% 0.7% 7.4% 0.3% 0.4% 8.1% H1'26 Net Inc o m e Gross Margin S G&A, R&D ESOP & One time retention cost Depreci ati on & Fi nance cost Ta x E xcepti onal ite ms Operati onal PA TOther income Share of loss of associ ates H1'27 Net Inc o m e Net income before other income and share of associate +114%, +356 bps INR 709m
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45 Shareholding Category Count Weighted avg. strike price Cash inflow on exercise (INR Mn) Outstanding shares 173,619,366 ESOP 2007 & 2019 11,751,128 481 5,653 MIP Time based 2,528,400 207 522 MIP Performance based 9,611,517 198 1,900 Fully diluted shares* 197,510,411 8,075 *Excludes reserved, not granted count of 1,909,543, including the same fully diluted shares are 199,419,954
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46 Thank you Investor Relations Contact Phone: +91 22 6850 5800 Email: investorrelations@fractal.ai For more details on our performance, prefer refer to the Shareholders’ letter and results at https://fractal.ai/investor - relations