Slides
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1 Earnings Presentation Q3 FY26
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2 Safe Harbor Certain statements in this presentation may contain ‘forward-looking statements’ identified by the use of forward-looking words or phrases and statements relating to our future performance and prospects for growth in FY2026 and beyond, our ability to achieve our financial, strategic and business goals; and our planned investments. Our actual actions or results may differ from those expected or anticipated in the forward-looking statements due to both known and unknown risks and uncertainties; downturns in global and regional economic conditions impacting one or more of the markets in which we and our customers operate; other economic and public health conditions or regulatory changes in the markets in which we and our customers, suppliers and partners operate; our ability to attract and retain talented and diverse employees; fluctuations in our business due to seasonality; the concentration of our customers, potentially increasing the negative impact to our business of difficulties experienced by any of our customers or changes in their purchasing or selling patterns; our ability to realize the benefits of cost-savings and efficiency and/or revenue efficiency enhancing initiatives including initiatives to integrate portfolio companies and the impact of litigation or arbitration decisions or settlement actions.
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3 Q3 FY26 – At a Glance A Promise of Scale at Speed TM Revenue $ 1,610 Mn EBIT 13.1% Operational PAT Margin* 9.2% FCF $ 194 Mn New Deal Wins $ 1,096 Mn *excludes exceptional items
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4 Management Commentary Our deal wins on an LTM basis are the highest we have achieved in the past five years, reflecting an improved deal-win run-rate over the past several quarters. The momentum is a testament to our sustained investments in sales, solution-oriented go-to-market approach and the growing relevance of our AI-led offerings in addressing client needs. Together, these efforts are laying a strong foundation for long-term value creation. This quarter reflects a well-rounded financial performance, marked by ninth consecutive quarter of margin expansion and continued strength in cash generation. A sustained focus on working capital discipline has led to improved cash flows and a meaningful improvement in DSO, driven by consistent execution. We remain on track in our progress toward our FY27 goals. Mohit Joshi CEO, Tech Mahindra Rohit Anand CFO, Tech Mahindra
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5 Strategic Highlights Business Updates − Strategic engagement with a leading European telecommunications services provider — one of the largest deal wins in our company’s history – multi- year partnership aimed at accelerating innovation, strengthening digital resilience, and achieving AI-led operational efficiencies. − Partnered with Google to accelerate enterprise adoption of Gemini Enterprise leveraging Gemini 2.5 multimodal models. Driving human- centered innovation to scale AI adoption across global enterprises. − Achieved AWS Generative AI (GenAI) Competency, demonstrating expertise in advancing services, tools, and infrastructure critical for implementing generative AI technologies. − Launched i.GreenFinance, an advanced sustainable lending platform designed to transform the origination, evaluation and management of green and sustainability-linked loans for financial institutions worldwide. Global Recognition − “Tech Mahindra, for instance has built out their own multi agent framework that can help deploy sophisticated multi agent systems in the real world” , Satya Nadella, CEO Microsoft, at the Microsoft Leadership Conclave in New Delhi, in December 2025. Awards − Recognised as a Global Sustainability Leader in the S&P Global’s Dow Jones Sustainability Index (DJSI) − Received Best Brands 2025 award at the ET NOW Best Brands Conclave by ET Edge − Winners of POSH & Compliance at HR Association of India Awards 2025 Brand Refresh − Brand Refresh reinforced our positioning as a future-ready, AI-aligned transformation partner, signaling clarity, confidence, and our Scale at Speed promise to customers and talent. − Strengthened brand salience and recall, while creating a unified, modern identity across all portfolio companies to improve coherence and competitiveness.
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6 Financial Highlights • USD Revenue $1,610 millions; up 1.5% QoQ and 2.7% YoY • Revenue (constant currency) up 1.7 % QoQ and 1.3% YoY • INR Revenue ₹14,393 crores, up 2.8% QoQ and 8.3% YoY • IT segment up 1.3% QoQ; BPS segment up by 2.6% QoQ • EBIT $ 211 Mn, up 32.8% YoY • EBIT margin 13.1%, up ~100 bps QoQ and ~290 bps YoY • PAT $ 125 Mn, up 8.3% YoY • Operational PAT* margin 9.2%, up ~70 bps QoQ and ~180 bps YoY • ROCE* % at 26.9% Revenue Profitability Metrics People • IT Headcount 76,194; down by 4,671 YoY • IT LTM attrition 12.3 % v. 11.2% (Q3 FY25) • Free Cash Flow $194 Mn • Free Cash Flow to Operational PAT*% is 131% Cashflow Metrics Q3 FY26 Clients • $ 50 mn+ clients at 28 - up by 2 QoQ and 3 YoY • $ 20 mn+ clients at 64 - up by 1 QoQ and 3 YoY *excludes exceptional items
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7 Financial Trend LTM Deal Wins (USD Mn)Revenue (USD Mn) Earnings Before Interest & Taxes (EBIT %) Return of Capital Employed (ROCE) 20.2% 22.6% 23.8% 24.4% 26.9%* Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 10.2% 10.5% 11.1% 12.1% 13.1% Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 1,567 1,549 1,564 1,586 1,610 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 2,382 2,680 2,955 3,168 3,518 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 *excludes exceptional items
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8 Geography-wise and Vertical-wise Performance Verticals Q3 FY26 % Mix QoQ YoY Communications 33.1% 2.8% 4.7% Manufacturing 18.3% 2.2% 11.7% BFSI 15.5% -6.2% -0.8% Technology, Media and Entertainment 13.2% 3.0% -4.6% Retail, Logistics and Transport 8.7% 4.0% 11.7% Healthcare and Lifesciences 7.4% 3.0% -0.4% Others 3.7% 7.6% -19.4% Geographies Q3 FY26 % Mix QoQ YoY Americas 50.6% 3.1% 2.1% Europe 25.6% 2.2% 11.2% ROW 23.9% -2.3% -4.0%
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9 Client Metrics Number of Clients Q3 FY25 Q2 FY26 Q3 FY26 ≥ $1 million clients 540 520 521 ≥ $5 million clients 191 194 196 ≥ $10 million clients 104 106 111 ≥ $20 million clients 61 63 64 ≥ $50 million clients 25 26 28 Client Concentration Q3 FY25 Q2 FY26 Q3 FY26 Top 5 14.8% 15.6% 15.2% Top 10 24.2% 24.3% 24.3% Top 20 38.0% 37.1% 37.7% Deal Wins Q3 FY25 Q2 FY26 Q3 FY26 New Deal Wins (USD Mn) 745 816 1,096
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10 People Highlights IT Headcount mix Q3 FY25 Q2 FY26 Q3 FY26 Onsite 22.7% 21.7% 22.1% Offshore 77.3% 78.3% 77.9% Total Headcount Q3 FY25 Q2 FY26 Q3 FY26 IT 80,865 78,528 76,194 BPS 61,053 66,095 65,450 Sales & Support 8,570 8,091 7,972 IT Utilization and Attrition Q3 FY25 Q2 FY26 Q3 FY26 Utilization % 85.6% 84.4% 86.6% Attrition % 11.2% 12.8% 12.3%
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11 Cash Flow Metrics Cash Conversion Q3 FY25 Q2 FY26 Q3 FY26 Days Sales Outstanding 88 94 90 Free Cash Flow (USD Mn) 199 237 194 Free Cash Flow to PAT % 172% 176% 131%* USD/INR Rate Q3 FY25 Q2 FY26 Q3 FY26 Period Closing Rate 85.6 88.8 89.9 Period Average Rate 84.7 88.2 89.4 Cash & Borrowings (USD Mn) Q3 FY25 Q2 FY26 Q3 FY26 Cash and Cash Equivalent # 799 821 853 Borrowings ** 109 30 14 # Cash & Cash Equivalent includes Investments & Margin Money ** Borrowings exclude lease obligation on right-of-use (ROU) assets, created as per Ind AS 116 new accounting standard on leases * excludes exceptional items
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12 AI Delivered Right Highlights • Supporting clients move from AI experimentation to execution at Scale - IT Build & Change; IT Ops & Assurance; Process & Operation Transformation; Experience Transformation and Business Transformation. • AI becoming a core growth and execution engine across large enterprise engagements. • Shift from pilots to scaled, multi-year programs embedded into client operating models. Indian AI Mission: • Develop Large Language Model (LLM) for Education - The focus is on enabling inclusive AI for India, with capabilities optimized for educational use cases. • Localize TechM Orion in Hindi - By making Orion available in Hindi, we empower India to leverage Orion as multiple players build LLMs. This ensures wider adoption and accessibility across the nation. • 80K+ employee across the company trained in AI and Gen AI, several of these with advance training and certifications. • 80%+ Sales & support workforce enabled with AI.
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13 AI: Key Deal Wins – Selected as a strategic AI-first transformation partner by a global consumer lifestyle conglomerate, enabling an AI-led operating model across digital, data, SAP , and infrastructure services to improve release velocity, reduce MTTR, and lower total cost of ownership at scale. – Chosen by a leading Middle Eastern telecommunications group to build a sovereign AI infrastructure supporting regulated workloads, combining AI platforms, cloud, and security controls to enable compliant B2B AI use cases. – Engaged by a UK-based connectivity infrastructure provider to deliver AI- enabled process and experience transformation using automation, AI workflows, and ML to accelerate time-to-market. – Selected by a large US healthcare services provider to deploy AI-powered IT and clinical support, enabling proactive incident management, self-healing infrastructure, and predictive insights through intelligent service desk and AIOps. – Won a customer experience transformation program with a leading UK telecom operator, reimagining the end-to-end customer and partner lifecycle using AI, automation, and process re-engineering to reduce cost-to-serve. – Selected by a US national passenger rail operator to modernize incident management and rail operations using AI-driven automation, predictive analytics, and self-healing workflows. – Won an enterprise operations transformation with a US healthcare technology services provider, deploying AI-enabled automation and unified data platforms for autonomous incident resolution. – Partnered with a global food and agribusiness major to implement AI-led infrastructure operations with predictive support, closed-loop remediation, and self-healing IT across cloud, network, and security. – Selected by a global healthcare technology leader to embed AI across the software development lifecycle, accelerating build, test, and release through copilots, automated data engineering, and synthetic data generation. – Partnered with a US grocery retail giant to automate data engineering and accelerate analytics delivery, improving data quality, governance, and self- service insights at scale. – Won a multi-year public cloud transformation with a global reinsurance leader, spanning Azure and Alibaba Cloud, powered by AI-native, agent-first capabilities. – Partnered with a leading enterprise SaaS platform provider to build AI search connectors and multilingual prompt fluency capabilities. – Expanded GenAI COE engagement with a global networking and technology leader, providing assurance services across commercial business units.
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14 Deal-Win Performance Total TCV Q3 FY26: $ 1,096 Mn − Selected by a leading European telecommunications services provider for modernization of applications across CIO and CTO domains, aimed at accelerating innovation, strengthening digital resilience, and delivering AI-led operational efficiencies. Leveraging Tech Mahindra’s deep domain expertise and proven transformation capabilities, this engagement reinforces our leadership in the telecommunications vertical and underscores our commitment to driving long-term, predictable growth through strategic transformations. − Selected by a global HCM (human capital management) SaaS company to provide implementation and customer support services across its product portfolio. This engagement leverages Tech Mahindra’s HCM and CX Centers of Excellence, along with capabilities in AI, automation, solution configuration, and data integration, to drive greater efficiency, scalability, and innovation—resulting in enhanced customer experience and optimized cost. − Selected by a leading European aerospace manufacturer as a strategic partner to provide support engineering across all aircraft programs. The service includes an end-to-end capability for aircraft operators and MRO. Leveraging Tech Mahindra’s deep expertise in aeronautics and strong delivery capabilities, this collaboration will ensure comprehensive support engineering across all aircraft programs. − Selected by a leading US-based communications provider to lead its transformation and system integration initiatives. This strategic engagement focuses on consolidating operations under a single trusted partner, modernizing legacy systems, and reducing technical debt through automation and best practices. Leveraging Tech Mahindra’s proven delivery excellence and deep expertise, this collaboration will drive cost optimization, accelerate growth, and enable scalable talent deployment through a core-flex model. − Selected by US based healthcare provider as a strategic partner to lead its enterprise digital transformation. This engagement includes optimization, simplification, cloud migration and transformation to unified tech stack to deliver better experience, cost savings and business transformation in a managed services environment. − Selected by a leading US based banking institution as a strategic partner to modernize its enterprise-wide payment platform incorporating real-time rail capabilities across markets, cash management and wealth management, leveraging Tech Mahindra’s Center of Excellence to deliver complex, large-scale transformation with continuity and validates our focus on deep-domain, high- value, mission-critical banking platforms.
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Brand Refresh A Bold Evolution Designed for Tomorrow • Reinforce positioning as a future-ready transformation partner • Inspire a renewed sense of pride and belonging among associates worldwide • Create a unified, modern identity across portfolio companies and markets Visual Identity Symbol Color palette Typography Art direction Patterns Illustrations Iconography Gradients Brand Architecture Orbit Model Master Brand Sub Brands Endorsed Brands Independent Brands Brand Platform Purpose Promise – Scale at SpeedTM Mission Values Verbal Identity The Ascending Force Bold Human Straightforward EVP Limitless Together
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16 Other Highlights New Launches, Partnerships & Collaborations Tech Mahindra and Deutsches Forschungszentrum für Künstliche Intelligenz GmbH (DFKI), German Research Center for Artificial Intelligence, announced a collaboration to co- innovate and co-create next-generation smart factory solutions. The collaboration will also focus on skill-based manufacturing and distributed, networked ecosystems, laying the foundation for the factories of the future. Tech Mahindra has signed a Memorandum of Understanding (MOU) with Strangeworks, a leading quantum computing software company, to deliver quantum and quantum-inspired optimization solutions across key sectors, including finance, pharmaceuticals, supply chain management, logistics, insurance, and energy. The focus is on solving complex quantum optimization challenges, including scalability that requires significant computing power and a multitude of variables. Tech Mahindra and Arviem, a global leader in real-time cargo monitoring and supply chain visibility solutions, announced a partnership to develop and deploy intelligent IoT architectures and analytics-driven supply chain visibility solutions designed to increase operational transparency, and drive measurable business value for global enterprises. Tech Mahindra has signed MoU with The University of Texas at Dallas, a leading institution in Computer Science, AI and Cyber security for AI-led innovation, skill development, and research. Tech Mahindra will also launch its first Makers Lab in the US at Dallas, focusing on pushing the boundaries of Artificial Intelligence (AI), Data Science, Generative AI (GenAI), Agentic AI, Quantum Computing, Cybersecurity, and Cognitive Network Innovation.
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17 – Horizon 3 - Market Leaders - HFS Horizons: Legacy Application Modernization Services, 2025 by HFS – Leader - Telecom, Media and Entertainment Industry Services and Solutions 2025-Strategy and Enablement Services- North America, EMEA by ISG – Leader - Telecom, Media and Entertainment Industry Services and Solutions 2025-Telecom - Managed and Next-gen IT Services- North America, EMEA by ISG – Leader - Telecom, Media and Entertainment Industry Services and Solutions 2025-Media and Entertainment - Managed and Next-gen IT Services- North America by ISG – Leader (Star Performer) - Banking IT Services, PEAK Matrix® Assessment 2025 by Everest Group – Leader-(Star Performer) - Payments IT Services PEAK Matrix® Assessment 2025 by Everest Group – Leader(Star Performer) - Banking Operations - Services PEAK Matrix® Assessment 2025 by Everest Group – Leader - Insurance Services - Strategic Capabilities 2025-Insurance GCC CaaS Setup-Run- Optimize-Transform-Transfer- Global by ISG – Leader - Insurance Services - Strategic Capabilities 2025-Insurance Digital Engineering Services- Global by ISG – Leader - Intelligent Automation Services 2025 -Artificial Intelligence for IT Operations (AIOps) - US, Europe by ISG – Leader - Intelligent Automation Services 2025-Intelligent Enterprise Automation- US by ISG – Leader - Intelligent Automation Services 2025 -Next-Gen Automation-US by ISG – Leader - Advanced Analytics and AI Services 2025-Data Science & AI Services(Large)- US by ISG – Leader - Advanced Analytics and AI Services 2025-Data & Analytics Modernization Services(Large)- US by ISG – Leader - Multi Public Cloud Services 2025 -Consulting and Transformation Services - Midmarket- Nordics, UK by ISG – Leader - Multi Public Cloud Services 2025-Managed Services - Midmarket- Nordics, UK by ISG – Leader (Star Performer) - Data and Analytics (D&A) Services PEAK Matrix® Assessment 2025 by Everest Group – Leader - Oracle Cloud & Technology Ecosystem -2025-Professional Services- APAC, Europe by ISG – Leader - Oracle Cloud & Technology Ecosystem -2025-Managed Services- APAC, Europe by ISG – Leader - Oracle Cloud & Technology Ecosystem -2025-OCI Solutions and Capabilities- APAC by ISG – Leader - Healthcare Digital Services 2025-Provider Digital Transformation – US by ISG Analyst Recognitions
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18 Won an ISG Paragon Award for Innovation in the inaugural 2025 ISG Paragon Awards Asia Winners of POSH & Compliance at HR Association of India Awards 2025 Won Gold in Excellence in Brand Identity and Silver in Excellence in Thought Leadership at the Financial Express Brandwagon - Ace Awards 2025. Received Best Brands 2025 award at the ET NOW Best Brands Conclave by ET Edge AWS Partner of the Year Award - Telecom, Media & Entertainment, 2025 Recognised as a Global Sustainability Leader in the S&P Global’s Dow Jones Sustainability Index (DJSI) Awards Rated “A” for both CDP (Carbon Disclosure Project) Climate Change and CDP Water Stewardship 2025 Oracle Global Service Partner Tech/Cloud OCI Breakthrough Award
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19 Financial Statement in USD millions Q3 FY26 QoQ YoY Revenue 1,610 1.5% 2.7% Direct Cost 1,122 Gross Profit 488 5.7% 8.0% SG&A 224 EBIT 211 10.0% 32.8% EBIT % 13.1% ~100 bps ~290 bps Other Income, net (12.9) Miscellaneous + Interest Income, net 0.1 Exchange Gain / (Loss) (12.9) Profit Before Exceptional items and Tax 198 5.8% 29.9% Exceptional Items (Labour Codes) 30 Provision for tax 43 Profit After Tax 125 -7.2% 8.3% PAT %/ Operational PAT* % 7.8% / 9.2%* EPS (Basic) in ₹ 12.66 EPS (Diluted) in ₹ 12.64 * excludes exceptional items
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20 About Tech Mahindra Tech Mahindra is a global consulting service and systems integrator that operates in over 90+ countries, delivering solutions with a unique blend of digital innovation and robust, industry-strong processes. With our promise to help our customers Scale at Speed , we design future state solutions for industry leaders and offer innovative digital experiences that enable them to transform and scale at speed. Our aim is to enable enterprises, associates, and society to Rise for a more equal world, future readiness, and value creation. Investor Relations Gaurav Sethi, IR Head Tel No.: +91 120 6176000 investor.relations@techmahindra.com
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21 +++++++++++++++++++ +++++++++++++>>>+++ +++++++++++++++++++ Disclaimer The information is to be treated as Tech Mahindra Confidential Information. TechM provides a wide array of presentations and reports, with the contributions of various professionals. These presentations and reports may be for information purposes and private circulation only and do not constitute an offer to buy or sell any services mentioned therein. They do not purport to be a complete description of the market conditions or developments referred to in the material. While utmost care has been taken in preparing the above, we claim no responsibility for their accuracy. We shall not be liable for any direct or indirect losses arising from the use thereof and the viewers are requested to use the information contained herein at their own risk. These presentations and reports should not be reproduced, re-circulated, published in any media, website or otherwise, in any form or manner, in part or as a whole, without the express consent in writing of TechM or its subsidiaries. Any unauthorized use, disclosure or public dissemination of information contained herein is prohibited. Individual situations and local practices and standards may vary, so viewers and others utilizing information contained within a presentation are free to adopt differing standards and approaches as they see fit. You may not repackage or sell the presentation. Products and names mentioned in materials or presentations are the property of their respective owners and the mention of them does not constitute an endorsement by TechM. Information contained in a presentation hosted or promoted by TechM is provided “as is” without warranty of any kind, either expressed or implied, including any warranty of merchantability or fitness for a particular purpose. TechM assumes no liability or responsibility for the contents of a presentation or the opinions expressed by the presenters. All expressions of opinion are subject to change without notice.