Slides
Page 1
1 Earnings Presentation Q2 FY27
Page 2
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 FY2027 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.
Page 3
3• • • • • • . . . . . • • • • • • • • • • • • . . . . . . . ........ • • • • • • • • . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • • • • • • • • . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • • • • • • • • . . . . . . . . . . . . . . . ....... . -. . . . . .. . . . . . . . . . ........ • • • . . . . . ·:. • • • • • • . . . . . . . . . . . .... ·. • • • • • • • . . . . . . . . . . . . . . . . . . . . . . . . . . • • • • • • • • • • • • • • • • . . . . . . . . . . . . . . . . . . . . • • • • • • • • • • • • • • • . . . . . . . . . . . . . . : . • • • • • • ...... . . . . . . . • • • • • • • • • • • • • • • • • • • • • • . . . . . . . • ••••••• • • • • • • • • . . . . . . . • • • • • • • • . . . . . . . . . . . . . • • • • • • • • ....... • • • • • • • ....... . . . . . . . • • • • • • • • • • . . . . . . . . . . . . . . . ....... . . . . . . . . . . . . . . . . . . . . . . . ..... . . ..... . . . . . . . . . ...... . • ••••••• . ...... . . . . . . . . . . ..... . . . . . . . . . . . . . . . . . ...... . ....... . . . . . . . . . . . . . . . ..... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... . . . . . . . . . • • . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..... . . . . . . . . . . . . ...... . . . . . . . . . . . . • • • • • . . . . . . . . . . . . . . . . . . . .... . . .... . ...... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .... . . ... . . . . . . . . . .
Page 4
4 Q2 FY27 – At a Glance A Promise of Scale at Speed TM Revenue (Mn) EBIT PAT Margin FCF (Mn) New Deal Wins (Mn) $1,693 14.8% 9.8% $1,023 $135
Page 5
5 Management Commentary Deal wins exceeding $1+ billion in each of the last four quarters reflect the strength of our customer relationships and the trust we have built. With 7.2% year-on-year constant currency growth, we continue to sustain business momentum. As we celebrate our 40th anniversary this quarter, we look ahead with confidence, building on our legacy of innovation, entrepreneurship, and long-term value creation for our stakeholders. We delivered another strong quarter of growth, with margins expanding for the twelfth consecutive quarter, reflecting disciplined execution. We continue to invest in AI to improve productivity, drive innovation and build capabilities for future growth. The Board has declared an interim dividend of ₹15 per share reaffirming our commitment to shareholders. Mohit Joshi CEO and MD, Tech Mahindra Rohit Anand CFO, Tech Mahindra
Page 6
6 Strategic Highlights Business Updates − Launched Zero Gravity Telco Architecture enabling telecom operators to reduce enterprise Gravity by addressing the architectural constraints that limit safe AI agent deployment, supporting their transition to AI-native operations − Announced a strategic partnership with SpaceXAI to build a global AI-powered software engineering practice, combining SpaceXAI's AI-native development platform with Tech Mahindra’s engineering and transformation expertise − Partnered with I-HUB Quantum Technology Foundation to advance India’s indigenous quantum computing capabilities, strengthening Tech Mahindra’s presence in emerging technologies and next- generation computing platforms − Launched India's foundational educational LLM Indus Terra, a 30 bn parameter model built with Nvidia and AWS, as part of India AI mission − Launched the Consumer Agentic Experience Studio (CAX Studio), enabling enterprises to explore and scale AI-led transformation across the consumer value chain, while deepening ecosystem collaboration through strategic partnerships with Google, SAP , and Blue Yonder Bonus Share − Board of Directors has recommended 1:1 bonus share issue marking Tech Mahindra's 40-year milestone while reinforcing a continued commitment to shareholder value creation Awards & Recognitions − Recognized at the 2026 Brandon Hall HCM Excellence Awards reflecting Tech Mahindra’s continued focus on talent, learning, inclusion, and workforce excellence − Won Gold at the Stevie® International Business Award for Emerging Thought Leader of the Year Other Highlights − Won first place at the National Quantum Computing Centre (NQCC) UK Quantum Hackathon 2026 − Tech Mahindra Global Chess League Season 4 strengthened Tech Mahindra’s global brand presence through a technology-led sporting platform, bringing together leading chess talent, and a growing ecosystem of partners. With the GCL App & broadcast, the season further showcased Tech Mahindra’s role in bringing AI, digital experiences & technology closer to the game of chess and engaging audiences globally
Page 7
7 Financial Highlights – Q2 FY27 • USD Revenue $1,693 millions, up 2.0% QoQ and 6.8% YoY • Revenue (constant currency), up 2.4% QoQ and 7.2% YoY • INR Revenue ₹16,180 crores, up 3.0% QoQ and 15.6% YoY • IT segment up 1.7% QoQ, BPS segment up 3.3% QoQ Revenue • EBIT $ 250 Mn, up 4.9% QoQ and 30.4% YoY • EBIT margin 14.8%, up ~40 bps QoQ and ~260 bps YoY • PAT $ 166 Mn, up 7.6% QoQ and 23.2% YoY Profitability People - IT • Headcount 76,617, up by 1,928 QoQ • LTM attrition at 11.7% • LTM Deal wins at $ 4,270 Mn, up 34.8% YoY Deal Wins • Free Cash Flow $ 135 Mn • Free Cash Flow to PAT is 81% Cashflow Clients • $ 50 mn+ clients at 33, up 7 YoY • $ 20 mn+ clients at 66, up 3 YoY
Page 8
8 Financial Trends LTM Deal Wins (USD Mn)Revenue (USD Mn) Earnings Before Interest & Taxes (EBIT %) Return on Capital Employed (ROCE) 24.4% 23.1% 26.2% 28.3% 31.2% Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 12.1% 13.1% 13.8% 14.4% 14.8% Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 1,586 1,610 1,625 1,660 1,693 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 3,168 3,518 3,794 4,063 4,270 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27
Page 9
9 Geography-wise and Vertical-wise Performance % Mix QoQ YoY Americas 48.5% 1.9% 4.1% Europe 27.6% 2.5% 16.2% ROW 23.8% 1.6% 2.5% Geographies Q2 FY27 % Mix QoQ YoY Communications 33.5% 6.0% 9.5% Manufacturing 18.2% -3.9% 7.0% BFSI 16.4% 0.4% 4.6% Technology, Media and Entertainment 13.0% 2.8% 6.7% Retail, Logistics and Transport 8.7% 9.6% 9.2% Healthcare and Lifesciences 7.3% 1.4% 6.2% Others 2.8% -15.0% -14.1% Verticals Q2 FY27
Page 10
10 Client Metrics Number of Clients Q2 FY26 Q1 FY27 Q2 FY27 ≥ $1 million clients 520 499 516 ≥ $5 million clients 194 194 199 ≥ $10 million clients 106 115 118 ≥ $20 million clients 63 66 66 ≥ $50 million clients 26 33 33 Client Concentration Q2 FY26 Q1 FY27 Q2 FY27 Top 5 15.6% 14.7% 15.3% Top 10 24.3% 24.0% 24.9% Top 20 37.1% 37.3% 38.0% Deal Wins Q2 FY26 Q1 FY27 Q2 FY27 New Deal Wins (USD Mn) 816 1078 1023
Page 11
11 People Highlights Total Headcount Q2 FY26 Q1 FY27 Q2 FY27 IT 78,528 74,689 76,617 BPS 66,095 64,080 67,520 Sales & Support 8,091 7,991 8,069 IT Headcount mix Q2 FY26 Q1 FY27 Q2 FY27 Onsite 21.7% 22.5% 23.6% Offshore 78.3% 77.5% 76.4% IT Utilization & Attrition Q2 FY26 Q1 FY27 Q2 FY27 Utilization % 84.4% 87.0% 88.9% Attrition % 12.8% 11.8% 11.7%
Page 12
12 Cash Flow Metrics # 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 Cash Conversion Q2 FY26 Q1 FY27 Q2 FY27 Days Sales Outstanding 94 84 88 Free Cash Flow (USD Mn) 237 167 135 Free Cash Flow to PAT % 176% 108% 81% USD/INR Rate Q2 FY26 Q1 FY27 Q2 FY27 Period Closing Rate 88.8 94.5 95.8 Period Average Rate 88.2 94.6 95.5 Cash & Borrowings (USD Mn) Q2 FY26 Q1 FY27 Q2 FY27 Cash and Cash Equivalent # 821 1026 765 Borrowings ** 30 7 6
Page 13
13 Helix R&D and platform Partnership ecosystem Industry use cases Build the new Reinvent the core Commercial model Talent Sales & marketing AI Delivered Right
Page 14
14 Helix is our enterprise-wide response to the AI market reset AI Delivered Right INDUSTRY USE CASES Turning our industry depth into scaled, client-ready AI value across five verticals PARTNERSHIP ECOSYSTEM Deepening alliances with strategic and niche players to accelerate AI revenue R&D AND PLATFORMS Making Orion our default AI sandbox and taking proprietary DSLMs to market SALES & MARKETING Building a client-outcome AI narrative with Analyst++ positioning COMMERCIAL MODEL Re-architecting pricing and delivery to monetize AI-first, agent-led work REINVENT THE CORE Hardwiring AI-first delivery into every existing project and platform BUILD THE NEW Standing up AI-native offerings and full pipeline visibility through a new AI taxonomy TALENT Scaling AI proficiency across the enterprise through a new Job Family Framework and hands -on certifications
Page 15
15 Helix in Action Building the New • Zero Gravity Telco Architecture launched to give service providers governed foundations for autonomous, AI-native operations • Established the Toronto Innovation Hub to integrate client co-creation, AI-innovation, academic engagement, and certification • Launched Indus Terra educational LLM for 10 Indian languages & dialects, built with NVIDIA & AWS on 31Bn parameters Building AI Capability and Market Credibility Recognitions • TM Forum Catalyst Award: Business- Aware Assurance demonstrated over 90% end-to-end automation across network operations scenarios • Recognized by Tier-1 advisory firms across AI-native CX, governed hybrid data, and AI modernization services Scaling AI Through Ecosystem and Enterprise Adoption Partnership Ecosystem • ServiceNow: Expanded partnership around Client Zero, industry solutions, and an AI & Innovation CoE • AWS: Launched an Agentic Process Transformation CoE • Wandelbots: Expanded the Physical AI portfolio with Wandelbot’s robot-agnostic automation with manufacturing, cloud and integration capabilities • Rezolve Ai and Vodafone Business: Expanded the ecosystem across agentic commerce, AI, automation, private 5G, IoT, cloud and data Talent & Commercial Model • Introduced an AI-driven, skills-led workforce model linking career progression to capability, domain proficiency, and AI fluency • Conducted the Build with Gemini Agentic Simulation, giving hands-on experience in developing secure, governed agentic solutions AI Delivered Right
Page 16
16 Key AI Deal Wins – Engaged by a US healthcare technology leader to deploy a multi- agent AI solution across its post-market surveillance complaints lifecycle, accelerating triage while preserving traceability, regulatory governance, and expert oversight – Selected by an American hi-tech company to execute multi-country, real-world data operations that form the training-data foundation for a Vision AI program powering next-generation wearable devices – Selected by an Australian railway operator to extend AI-enabled operational capabilities through deployment of AI-driven monitoring and management solutions, supporting operational excellence across rail and infrastructure operations – Selected by a European professional services firm as its strategic AI transformation partner to embed AI and agentic AI across more than 40 customer-facing products and platforms, while modernizing software engineering through AI-driven delivery – Selected by a European communications and media provider to transform back-office operations through an outcome-led model that pairs RPA with AI agents, matching each work type to the technology that creates the strongest business value – Selected by a leading facility management company for an AI- enabled field service transformation program, enhancing workforce productivity and streamlining field operations through intelligent workflow automation – Selected by a US insurer as its sole strategic partner to implement and scale a Salesforce Financial Services Cloud CoE, applying agentic and generative AI to underwriting transformation and SDLC productivity – Engaged by a European consumer health company to scale GenAI- enabled creative and content operations, enabling faster, more repeatable production across design, artwork, and campaign management – Chosen by a leading utility provider for an AI-enabled data capture engagement, helping improve operational efficiency and accelerate decision-making across critical business processes – Engaged by an APAC communications and media provider to transform customer experience operations, embedding AI agents across voice and digital interactions, agent assistance, quality, and knowledge management
Page 17
17 Deal-Win Performance TCV Q2 FY27: $ 1,023 Mn – Selected by a leading Canadian insurer as a strategic partner for an integrated Application Managed Services engagement spanning core insurance applications, vulnerability management, environment services, release engineering, and run operations. The engagement will accelerate platform modernization, improve operational efficiency, strengthen security, and enhance observability – Selected by a global logistics company to accelerate AI adoption and shape its product maturity strategy. Leveraging Tech Mahindra’s logistics domain expertise, product consulting capabilities, and lean- agile experience, the engagement will define a product maturity roadmap, prioritize high-value AI use cases, and enhance product development and logistics operations – Selected by a leading digital network business to deliver a transformative Mainframe-as-a-Service program supporting critical communications infrastructure. Leveraging Tech Mahindra’s strengths in infrastructure transformation, managed services, automation, and telecom domain expertise, the engagement will help deliver reliable connectivity services across the UK – Selected by a global enterprise software company as its preferred transformation partner to modernize and scale critical customer-facing services. Through AI-powered operations, platform expertise and an outcome-driven delivery framework, Tech Mahindra will help improve scalability, accelerate innovation, enhance customer outcomes, and drive operational efficiencies across a global ecosystem – Selected by a leading Australian telecom operator as their strategic managed services partner for a five-year engagement spanning application development, maintenance, testing, and AI engineering services. This win reflects Tech Mahindra’s deep telecom expertise and proven experience in AI engineering services and managing mission-critical technology environments – Selected by a global leader in industrial process fluids and specialty chemicals as its strategic global workplace transformation partner. Through a unified operating model and AI- enabled workplace capabilities, Tech Mahindra will help modernize its workplace services, strengthen security, simplify integrations, and enhance employee experience globally – Selected by one of ASEAN’s leading financial institutions as a strategic partner for its wealth management platform transformation. Leveraging Tech Mahindra’s deep expertise and AI- led engineering capabilities, the program will modernize the platform, enhance client and advisor experiences, and support future growth across ASEAN wealth markets – Selected by a leading European energy company to transform contact centre operations through a multi-year engagement. Leveraging a unique delivery model and translation technology, Tech Mahindra will deliver a differentiated service model focused on operational excellence and customer experience
Page 18
18 Other Highlights New Launches, Partnerships & Collaborations Announced a global alliance with Rezolve AI to accelerate the deployment of Agentic Commerce across large enterprises worldwide. Together, the companies intend to give enterprises a single path, moving AI beyond pilots and customer- service chatbots into secure experiences that understand intent, recommend products and complete transactions Announced a partnership to co-build and deliver agentic AI solutions for enterprise clients globally. The partnership combines Uniphore's Business AI Cloud (BAIC) platform with Tech Mahindra's deep digital business transformation expertise and global delivery capabilities, establishing an Agentic AI Factory to accelerate AI adoption at scale Announced an expansion of its agentic AI readiness through partnership with Google Cloud and scale hands-on capabilities of Google Cloud Gemini Enterprise across Tech Mahindra’s global workforce to support growing enterprise demand for production-ready AI. A key element of this expansion is ‘Build with Gemini’ , a Google Cloud hands-on workshop rolled out to12,500+ associates worldwide Announced an expanded multi-year partnership designed to accelerate how enterprises move from AI pilots to production-scale deployments and deliver faster time-to-value with playbooks validated via Tech Mahindra’s own ServiceNow deployment and Industry-specific solutions built on the ServiceNow AI Platform Announced a partnership with Cisco to deliver an AI-driven Security Service Edge (SSE) offering for global enterprises. The joint offering will help enterprises reduce security complexity, improve visibility and control, deliver seamless user access, and strengthen resilience as they scale cloud, hybrid work, and AI adoption Announced a partnership with Wandelbots to build the infrastructure for Physical AI to help manufacturers accelerate the adoption of AI-powered automation and build the factories of the future by combining Physical AI software with enterprise-grade implementation capabilities
Page 19
19 Analyst Recognitions – Leader - 'ISG's Provider Lens® evaluation for Manufacturing Industry Services and Solutions, Physical AI and Smart/Digital Factory Services, 2026, Europe – Leader - 'ISG's Provider Lens® evaluation for Manufacturing Industry Services and Solutions, Physical AI and Smart/Digital Factory Services, 2026, North America – Leader - 'ISG's Provider Lens® evaluation for Manufacturing Industry Services and Solutions, Engineering Research & Development (ER&D) Services, 2026, Europe – Leader - 'ISG's Provider Lens® evaluation for Manufacturing Industry Services and Solutions, Engineering Research & Development (ER&D) Services, 2026, North America – Leader - 'ISG's Provider Lens® evaluation for Manufacturing Industry Services and Solutions, Technology, Transformation and Consulting Services, 2026, North America – Leader - 'ISG's Provider Lens® evaluation for Telecom, Media and Entertainment AI-Native Transformation Services, Strategy, Monetization & AI- Native Enablement, 2026, Global – Leader - 'ISG's Provider Lens® evaluation for Telecom, Media and Entertainment AI-Native Transformation Services, AI Led Telco Engineering & Software Services, 2026, Global – Leader - 'ISG's Provider Lens® evaluation for Telecom, Media and Entertainment AI-Native Transformation Services, Satellite & Non-Terrestrial Network (NTN) Services, 2026, Global – Leader - 'ISG's Provider Lens® evaluation for Telecom, Media and Entertainment AI-Native Transformation Services, Autonomous Telecom IT and Business Operations, 2026, Global – Leader - 'ISG's Provider Lens® evaluation for AI-Driven ADM Services, Application Development Outsourcing, 2026 , U.S. – Leader - 'ISG's Provider Lens® evaluation for AI-Driven ADM Services, Application Managed Services, 2026 , APAC – Leader - 'ISG's Provider Lens® evaluation for Automotive and Mobility Services and Solutions, Autonomous Systems and Software Defined Vehicles, 2026, Europe – Leader - 'ISG's Provider Lens® evaluation for Automotive and Mobility Services and Solutions, Electric Vehicles and Mobility Services, 2026, North America – Leader - 'ISG's Provider Lens® evaluation for AI Services in Life Sciences, Life Sciences AI Consulting and Transformation Services, 2026, Global – Leader - ‘ISG’s Provider Lens® evaluation for 'Guidewire Services Ecosystem 2026, Global – Leader - NelsonHall’s Achieving Operations Transformation Leveraging Agentic AI NEAT 2026 (Development & Use of AI Models) – Strong Leader - NelsonHall’s AI Enablement Services NEAT assessment (AI Training) – Leader -Retail Digital Services PEAK Matrix® Assessment 2026 – Leader -Customer Experience Management (CXM) Services PEAK Matrix® Assessment 2026 – APAC – Leader -ARC MarketMap for Engineering Services by GSPs in India 2025 – Leader -HFS Horizons: Customer Experience Services, 2026
Page 20
20 Awards Winner in Service Excellence, Wellness, Diversity & Young Leaders at the 2026 Asia CEO awards Felicitated as Champions in Risk Management and Benefits Administration at PeopleFirst HR Excellence 2026 Received Best Moonshot Catalyst Award for AI-Powered Business- Aware Assurance Solution with Google Cloud Recognized as one of India’s Best Tech Brands by ET Edge Selected as a Digital Masters Award Winner in Avasant’s Digital Masters Process Transformation 2026 RadarView Recognized as a Disability Confident Service Provider By Department for Work and Pensions (DWP) UK Won Silver in two categories at the 2026 Stevie Awards for Great Employers
Page 21
21 Quarterly Financial Statement in USD millions Q2 FY27 QoQ YoY Revenue 1,693 2.0% 6.8% Direct Cost 1,176 Gross Profit 518 2.5% 12.2% SG&A 216 EBIT 250 4.9% 30.4% EBIT % 14.8% ~40 bps ~260 bps Other Income, net (9.5) Miscellaneous + Interest Income, net 7.2 Exchange Gain / (Loss) (16.7) Profit After Tax 166 7.6% 23.2% PAT % 9.8% EPS (Basic) in ₹ 17.88 EPS (Diluted) in ₹ 17.84
Page 22
22 About Tech Mahindra Tech Mahindra (NSE: TECHM, BSE: 532755) offers AI-powered technology consulting and digital solutions to global enterprises across industries, enabling transformative scale at unparalleled speed. With 146,000+ professionals across 90 countries, Tech Mahindra provides a full spectrum of services including consulting, information technology, enterprise applications, business process services, engineering services, network services, customer experience & design, AI & analytics, and cloud & infrastructure services. Tech Mahindra is part of the Mahindra Group, founded in 1945, one of the largest and most admired multinational federation of companies. For more information on how TechM can partner with you to meet your Scale at Speed imperatives, please visit https://www.techmahindra.com Investor Relations Gaurav Sethi, Head – FP&A and Investor Relations Tel No.: +91 020 40109030 investor.relations@techmahindra.com
Page 23
23 Disclaimer The informationis to be treated as Tech Mahindra ConfidentialInformation. TechM provides a wide array of presentationsand reports,with the contributionsof various professionals. These presentationsand reports may be for informationpurposes and private circulationonly and do not constitutean offer to buy or sell any servicesmentioned therein. They do not purport to be a complete descriptionof the market conditionsor developmentsreferred to in the material. While utmost care has been taken in preparingthe above, we claim no responsibilityfor their accuracy. We shallnot be liablefor any director indirectlossesarisingfrom the use thereof and the viewers are requested to use the informationcontainedherein at their own risk. Thesepresentationsand reports shouldnot be reproduced,re-circulated,publishedin any media,website or otherwise,in any form or manner, in part or as a whole, withoutthe expressconsent in writingof TechM or its subsidiaries. Any unauthorizeduse, disclosureor publicdisseminationof informationcontainedherein is prohibited. Individual situationsand localpracticesand standards may vary, so viewers and others utilizinginformationcontainedwithina presentationare free to adopt differingstandardsand approachesas they see fit. You may not repackageor sellthe presentation. Productsand names mentionedin materialsor presentationsare the propertyof their respectiveowners and the mention of them does not constitutean endorsement by TechM. Informationcontainedin a presentationhosted or promoted by TechM is provided “as is” without warranty of any kind,either expressedor implied,includingany warranty of merchantabilityor fitnessfor a particular purpose. TechM assumes no liabilityor responsibilityfor the contentsof a presentationor the opinionsexpressedby the presenters. Allexpressionsof opinionare subjectto changewithoutnotice. Copyright © 2026 Tech Mahindra. All rights reserved. Scale at Speed TM