Interim report
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Tech Mahindra Ltd Sharda Centre, Off Karve Road, Erandwane, Pune 411 004 Tel: +91 20 66018100 www.techmahindra.com Regd. Office: Gateway Building, Apollo Bunder, Mumbai 400 001 India | CIN: L64200MH1986PLCO41370 1 15 October 2026 To, BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001 Scrip Code: 532755 National Stock Exchange of India Limited Exchange Plaza, 5th floor, Plot No. - C/1, G Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051 NSE Symbol: TECHM Sub. : Outcome of Board Meeting of the Company - Disclosure under Regulations 30, 33, 42 and 47 of the S ecurities Exchange and Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) and Integrated Filing (Financials) for the second quarter and half year ended 30 September 2026 Ref.: Intimation of Board meeting dated 30 September 2026 Dear Sir/Madam, In compliance with Regulations 30, 33, 42 and 47 read with para-A of Part A of Schedule III and other applicable provisions of the SEBI Listing Regulations, we wish to inform you that the Board of Directors of the Tech Mahindra Limited (“Company”) have at their Meeting held today viz. Thursday, 15 October 2026 inter-alia, considered and approved the following: 1. Audited Financial Results: Audited Consolidated and Standalone Financial Results of the Company for the second quarter and half year ended 30 September 2026 together with the Unmodified Audit Reports thereon. 2. Declaration of Interim Dividend and Record Date: Declared Interim Dividend of Rs. 15/- per equity share of the face value of Rs. 5/- each (300%) for the Financial Year 2026-27. The Record Date for entitlement of Interim Dividend is Friday, 23 October 2026. The Interim Dividend shall be paid b y 13 November 2026 through electronic mode to those Members or their mandates: i. whose names appear as Beneficial Owners as at the end of the business hours on Friday, 23 October 2026, being the Record Date for Interim Dividend, in the list of Beneficial Owners to be furnish ed by National Securities Depository Limited and Central Depository Services (India) Limited, in case of shares held in dematerialised mode; and 111111111111111 TECH 1111"" mal,indra
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Page 2 of 5 ii. who se names appear as Members in the Register of Members of the Company as at the end of the business hours on Friday, 23 October 2026, after giving effect to valid request(s) received for transmission/transposition of equity shares and lodged with the Company/its Registrar to an issue & Share Transfer Agent on or before Friday, 23 October 2026, in case of shares held in physical mode. In this regard, please find enclosed the following documents prepared in compliance with Regulations 33 and 47 of the SEBI Listing Regulations: a. Audited Consolidated and Standalone Financial Results and notes thereon (“Audited Financial Results”) together with Unmodified Audit Reports on the Financial Results for the second quarter and half year ended 30 September 2026, issued by the Company’s Statutory Auditor; b. Press Release on the Audited Financial Results; c. Quarterly Earnings Presentation. 3. Issue of Bonus Equity Shares, increase in Authorised Share Capital and consequential amendment to Memorandum of Association of the Company: The Board has recommended the following for approval of the Shareholders, through postal ballot: a. Issue of Bonus Equity Shares in the ratio of 1:1, i.e. one (1) new fully paid -up Bonus Equity Share of Rs. 5/- each for every one (1) existing fully paid-up equity share of Rs. 5/- each, held by the E ligible Members of the Company as on the Record date set for this purpose, by capitalisation of amounts standing to the credit of the Securities Premium Account and/or General Reserves and/or Retained Earnings and/or any other permitted Reserves, as per the Audited Financial Statements of the Company for the financial year ended 31 March 2026. b. Increase in the Authorised Share Capital of the Company from R s. 924.3 crore to Rs. 1,000 crore, and consequent amendment to the existing Clause V(a) of the Memorandum of Association of the Company. The Record Date for the purpose of issue and entitlement of Bonus Equity Shares will be intimated separately. The details of the aforesaid issue of Bonus Equity Shares in terms of Regulation 30(6) read with para-A(4)(e) of Part A of Schedule III of the SEBI Listing Regulations and the SEBI Master circular no. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated 30 January 2026 are enclosed herewith as Annexure A. The Board meeting convened today viz. Thursday, 15 October 2026 for the aforesaid matters, commenced at 2:30 p.m. (IST) and concluded at 4.45 p.m. (IST). The Board meeting was thereafter adjourned to be convened tomorrow, Friday, 16 October 2026.
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Page 3 of 5 This intimation and the aforesaid information are also being uploaded on the Company’s website at https://www.techmahindra.com/investors/ Kindly take the above on record. Thanking you For Tech Mahindra Limited Ruchie Khanna Company Secretary Enclosures: As above
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Page 4 of 5 Annexure A Details under Regulation 30(6) read with Para A(4)(e) of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) and the SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated 30 January 2026 Sr. No. Details of Event Information 1. Type of securities proposed to be issued (viz. equity shares, convertibles etc.) Equity Shares of face value of Rs. 5/- each, fully paid-up. 2. Type of issuance (further public offering, rights issue, depository receipts (ADR/GDR), qualified institutions placement, preferential allotment etc.) Bonus Issue. 3. Total number of securities proposed to be issued or the total amount for which the securities will be issued (approximately) 98,02,05,040 Equity Shares of Rs. 5 /- each, fully paid -up amounting to Rs. 4,90,10,25,200/-. The actual number of Bonus Equity Shares to be issued will be determined based on the fully paid -up equity shares in the share capital of the Company as on the Record Date. 4. Whether bonus is out of free reserves created out of profits or share premium account; Yes. The issue of Bonus Equity Shares will be by capitalisation of amounts standing to the credit of the Securities Premium Account and/or General Reserves and/or Retained Earnings and/or any other permitted Reserves, as per the Audited Financial Statements of the Company for the financial year ended 31 March 2026. 5. Bonus ratio 1:1, i.e. one (1) new fully paid-up Bonus Equity Share of Rs. 5/- each for every one (1) existing fully paid-up equity share of Rs. 5 /- each, held by the Eligible Members of the Company as on the Record Date set for this purpose. 6. Details of share capital - pre and post bonus issue Pre-Bonus Share capital: Authorised Share Capital Issued, subscribed and paid-up share capital Rs. 9,24,30,00,000/- comprising of 1,84,86,00,000 equity shares of Rs. 5/- each, fully paid-up. Rs. 4,90,10,25,200/- comprising of 98,02,05,040 Equity Shares of Rs. 5/- each, fully paid-up.
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Page 5 of 5 Sr. No. Details of Event Information Post-Bonus Share Capital: Authorised Share Capital Issued, subscribed and paid-up share capital Rs. 10,00,00,00,000/- comprising of 2,00,00,00,000 equity shares of Rs. 5/- each, fully paid-up. Rs. 9,80,20,50,400/- comprising of 1,96,04,10,080 Equity Shares of Rs. 5/- each, fully paid-up. The actual Post-Bonus Share Capital will be determined based on the fully paid-up equity shares in the share capital of the Company as on the Record Date. 7. Free reserves and/or share premium required for implementing the bonus issue Rs. 490.10 crore (based on estimated number of bonus shares as per Point (3) above). The actual amount will be determined based on the paid-up share capital of the Company as on the Record Date. 8. Free reserves and/or share premium available for capitalization and the date as on which such balance is available As on 31 March 202 6 (as per latest audited standalone balance sheet): a. Securities Premium Account – Rs. 2,831.1 crore; b. Capital Redemption Reserve – Rs. 10.3 crore; c. Retained Earnings – Rs. 18,372.6 crore 9. Whether the aforesaid figures are audited Yes, the figures at Point (8) above are audited. 10. Estimated date by which such bonus shares would be credited/dispatched Within 2 months from the date of Board approval i.e. by 15 December 2026 *****
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8 SR & Co. LLP Chartered Accountants 8th Floor, Unit 802, Godrej Koregaon Park North Main Road, Mundhwa Pune, Maharashtra, 411001 Telephone: +91 (20) 4061 2200 lndeoendent Auditor 1S Reoort To the Board of Directors of Tech Mahindra Limited Report on the audit of the Consolidated Financial Results Opinion We have audited the accompanying Statement of Consolidated Financial Results of Tech Mahindra Limited ("Holding Company") and its subsidiaries (Holding Company and its subsidiaries together referred to as "the Group"), its associates and its joint ventures for the quarter ended 30 September 2026 and for the period from 1 April 2026 to 30 September 2026, ("the Statement"}, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of other auditors on separate/ consolidated interim audited financial statements /financial information of the subsidiaries, the Statement: a. includes the results of the entities mentioned in Annexure 1; b. is presented in accordance with the requirements of Regulation 33 of the Listing Regulations as amended; and c. gives a true and fair view in conformity with the applicable accounting standards, and other accounting principles generally accepted in India, of consolidated total comprehensive income (comprising of net profit and other comprehensive income) and other financial information of the Group for the quarter ended 30 September 2026 and for the period from 1 April 2026 to 30 September 2026. Basis for Opinion We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Results section of our report. We are independent of the Group, its associates and its joint ventures in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us, along with the consideration of audit reports of the other auditors referred to in the "Other Matter" paragraph below, is sufficient and appropriate to provide a basis for our opinion on the consolidated financial results. Emphasis of Matter We draw attention to Note 4 of the consolidated financial results, which describes in detail certain matters relating to erstwhile Satyam Computer Services Limited ("erstwhile Satyam"), amalgamated with the Holding Company with effect from 1 April 2011. In accordance with the Scheme approved by the Honorable High Court of Hyderabad, Andhra Pradesh, the Holding Company has presented separately under "Suspense Account (net)" claims made by 37 companies in the City Civil Court, for alleged advances amounting to Rs. 12,304 million, to erstwhile Satyam. The Holding Company's management, on the basis of current legal status, lack of documentation to support the validity of the claims and external legal opinion believes that these claims will not be payable on final adjudication. B S R & Co. (a partnership finnwith Registralion No. BA61 223) converted into BS R & Co. LLP (a Limited Liability PartneJShip with LLP Registration No. AAB~8181) wI1h effect from October 14, 2013 Registered Office: 14lh Floor. central 8 Wing and North C Wing, Nesco IT Park 4, Nesco Center. Western Express Highway, Goregaon (East). Mumbai - 400063 Page 1 of 10
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BS R & Co. LLP Independent Auditor's Report (Continued) Tech Mahindra Limited Our opinion is not modified in respect of this matter. Management's and Board of Directors'/Board of Trustees' Responsibilities for the Consolidated Financial Results These quarterly consolidated financial results as well as the year to date consolidated financial results have been prepared on the basis of the consolidated interim financial statements. The Holding Company's Management and the Board of Directors are responsible for the preparation and presentation of these consolidated financial results that give a true and fair view of the consolidated net profit/ loss and other comprehensive income and other financial information of the Group including its associates and joint ventures in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, 'Interim Financial Reporting' prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Management and Board of Directors of the companies/Board of Trustees of the trusts included in the Group and the respective Management and Board of Directors of its associates and joint ventures are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of each company/trust and for preventing and detecting frauds and other irregularit ies; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial results by the Management and the Board of Directors of the Holding Company, as aforesaid. In preparing the consolidated financial results, the respective Management and the Board of Directors of the companies/Board of Trustees of the trusts included in the Group and the respective Management and Board of Directors of its associates and joint ventures are responsible for assessing the ability of each company/trust to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors/Board of Trustees either intends to liquidate the company/trust or to cease operations , or has no realistic alternative but to do SO. The respective Board of Directors of the companies/Board of Trustees of the trusts included in the Group and the respective Management and Board of Directors of its associates and joint ventures is responsible for overseeing the financial reporting process of each company/trust. Auditor's Responsibilities for the Audit of the Consolidated Financial Results Our objectives are to obtain reasonable assurance about whether the consolidated financial results as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate , they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial results. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the consolidated financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control. Page 2 of 10
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BS R & Co. LLP Independent Auditor's Report (Continued) Tech Mahindra Limited Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the consolidated financial results made by the Management and Board of Directors. Conclude on the appropriateness of the Management's and Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. lf we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and its associates and joint ventures to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the consolidated financial results, including the disclosures, and whether the consolidated financial results represent the underlying transactions and events in a manner that achieves fair presentation. Obtain sufficient appropriate audit evidence regarding the interim financial statements/financial information of the entities within the Group and its associates and joint ventures to express an opinion on the consolidated financial results. We are responsible for the direction, supervision and performance of the audit of interim financial statements/financial information of such entities included in the consolidated financial results of which we are the independent auditors. For the other entities included in the consolidated financial results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion. Our responsibilities in this regard are further described in the "Other Matter" paragraph in this audit report. We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated financial results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. We also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable. Other Matter The consolidated financial results include the audited financial results of 62 subsidiaries whose interim financial statements/.financial information reflects total assets (before consolidation adjustments) of Rs. 177,609 million as at 30 September 2026, total revenue (before consolidation adjustments) of Rs. 54,207 million and Rs. 108,488 million, total net profit after tax (before consolidation adjustments) of Rs. 2,598 million and Rs. 5,278 million for the quarter ended 30 September 2026 and for the period from 1 April 2026 to 30 September 2026 respectively, and net cash inflows (before consolidation adjustments) of Rs 131 million for the period from 1 April 2026 to 30 September 2026 as considered in the consolidated financial results, which have been audited by their respective independent auditors. The independent auditor's reports on interim financial information/financial statements of these entities have been furnished to us. Our opinion on the consolidated financial results, in so far as it relates to the amounts and disclosures included in respect of these entities, is based solely on the reports of such auditors and the procedures performed by us are as stated in paragraph above. Our opinion on the consolidated financial results is not modified in respect of the above matter with Page 3 of 10
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BS R & Co. LLP Independent Auditor's Report (Continued) Tech Mahindra Limited respect to our reliance on the work done and the reports of the other auditors. New Delhi 15 October 2026 For B S R & Co. LLP Chartered Accountants Firm's Registration No.:101248W/W-100022 Rahim Merchant Partner Membership No.: 132907 UDIN:26132907LKVSZY8331 Page 4 of 10
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BS R & Co. LLP Annexure I Independent Auditor 's Report (Continued) Tech Mahindra Limited The consolidated financial results include financial results of the Holding Company and the following entities: Sr. No Name of the Entity Relationship 1. Tech Mahindra (Americas) Inc. Subsidiary 2. Tech Mahindra Consulting Group Inc. Subsidiary 3. Alluri Technologies Inc Subsidiary 4. Zen3 lnfosolutions Private Limited Subsidiary 5. Digital onus , Inc. Subsidiary 6. Tech Mahindra Mexico Cloud Services, S.DE R.L. DE Subsidiary C.V 7. CJS Solutions Group (India) Private Limited Subsidiary 8. Activus Connect LLC Subsidiary 9. Activus Connect PR LLC Subsidiary 10. Allyis, Inc. Subsidiary 11 . Allyis Technologies S.R.L Subsidiary 12. Allyis Technology Solutions Sociedad de Subsidiary Responsabilidad Limitada 13. Tech Mahindra Allyis S.R.L. Subsidiary 14. Allyis India Private Limited Subsidiary 15. Saffronic Inc. Subsidiary 16. Tech Mahindra Limited SPC Subsidiary 17. Tech Mahindra LLC Subsidiary 18. Tech Mahindra Egypt Technologies Subsidiary 19. Tech Mahindra Cerium Systems SDN. BHD. Subsidiary 20. Begig Private Limited Subsidiary 21. Tech Mahindra GmbH Subsidiary 22. TechM IT-Services GmbH Subsidiary 23. Tech Mahindra Norway AS Subsidiary 24. Tech Mahindra Luxembourg S.a r.l. Subsidiary 25. Tech Mahindra (Singapore) Pte Limited Subsidiary Page 5 of 10
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BS R & Co. LLP Sr. No 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51 . 52. 53. 54 . Independent Auditor's Report (Continued) Tech Mahindra Limited Name of the Entity Relationship Born Group Pte Limited Subsidiary Born Digital Sdn Bhd Subsidiary Born London Limited Subsidiary Tenzing Limited Subsidiary Tenzing Australia Limited Subsidiary GEOMATIC.AI PTY LTD Subsidiary Tech Mahindra (Thailand) Limited Subsidiary PT Tech Mahindra Indonesia Subsidiary Tech Mahindra !CT Services (Malaysia) SON. BHD Subsidiary Tech Mahindra (Beijing) IT Services Limited Subsidiary Tech Mahindra (Nigeria) Limited Subsidiary Tech Mahindra Bahrain Ltd W.L.L Subsidiary Tech Mahindra (Shanghai) Co. Ltd Subsidiary Tech Mahindra (Nanjing) Co. Ltd Subsidiary Tech Mahindra Technologies Inc. Subsidiary Tech Mahindra Vietnam Company Limited Subsidiary Tech Mahindra IT Services NL B.V. Subsidiary Tech Mahindra Sweden AB Subsidiary Tech Mahindra Spain S.L. Subsidiary Tech Mahindra France Subsidiary Tech Mahindra Enterprise Services Limited Subsidiary Tech Mahindra South Africa (Pty) Limited Subsidiary Citisoft, Inc. Subsidiary Tech Mahindra Services De Informatica S.A Subsidiary Tech Mahindra Servicos Ltda Subsidiary Alyis Servicos Tecnicos L TOA Subsidiary Tech Mahindra De Mexico S.DE R.L.DE C.V Subsidiary Satyam Venture Engineering Services Private Limited Subsidiary Satyam Venture Engineering Services (Shanghai) Co Subsidiary Page 6 of 10
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BS R & Co. LLP Sr. No 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81 . 82. Independent Auditor 's Report (Continued) Tech Mahindra Limited Name of the Entity Relationship Limited Satven GmbH Subsidiary Satyam Venture Japan KK Subsidiary vCustomer Philippines, Inc. Subsidiary Orchid Cybertech Services Inc Subsidiary Tech Mahindra London Limited Subsidiary Tech Mahindra CZ a.s Subsidiary Tech Mahindra Communications Japan Co., Ltd Subsidiary Perigord Asset Holdings Limited Subsidiary Perigord Premedia Limited Subsidiary Perigord Data Solutions Limited Subsidiary Perigord Premedia USA Inc. Subsidiary August Faller Artwork Solutions Gmbh Subsidiary COM TEC CO IT LTD Subsidiary CTCo SIA Subsidiary CTC IT ES, SL Subsid iary Tech Mahindra Arabia Limited Subsid iary Comviva Technologies Limited Subsidiary Comviva Technologies Nigeria Limited Subsidiary Comviva Technologies FZ-LLC Subsidiary Comviva Technologies Americas Inc. Subsidiary YABX Technologies (Netherlands) B.V. Subsidiary Yabx Technolog ies Ghana Limited Subsidiary Yabx India Private Limited Subsidiary Comviva Technolog ies B.V. Subsidiary Comviva Technologies (Australia) Pty Ltd Subsidiary Comviva Technologies (Argentina) S.A. Subsidiary Comviva Technologies Colombia S.A.S Subsidiary Comviva Technologies Myanmar Limited Subsidiary Page 7 of 10 (l -
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BS R & Co. LLP Sr. No 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99. 100. 101. 102. 103. 104. 105. 106 . 107. 108. 109. 110. Independent Auditor's Report (Continued) Tech Mahindra Limited Name of the Entity Relationship Comviva Technologies Cote D'ivoire Subsidiary Yabx Technologies Zambia Limited Subsidiary Yabx Technolog ies Rwanda Limited Subsidiary Yabx Technologies Tanzania Limited Subsidiary Yabx Technologies Uganda Limited Subsidiary Sofgen Holdings Limited Subsidiary Sofgen Africa Limited Subsidiary Tech Mahindra (Switzerland) SA Subsidiary Tech Mahindra Global Chess League AG Subsidiary Chessworks Private Limited Subsidiary LCC Middle East FZ-LLC Subsidi_ary LCC Muscat SPC Subsidiary Tech Mahindra Network Services International Inc. Subsidiary LCC Central America de Mexico, SA de CV Subsidiary LCC Europe B.V Subsidiary LCC France SARL Subsidiary LCC Deployment Services UK Limited Subsidiary LCC Networks Poland Sp.z.o.o Subsidiary LCC Wireless Communications Espana, SA Subsidiary LCC Wireless Communica tions Services Marox, Subsidiary SARLAU LCC United Kingdom Limited Subsidiary LCC Design and Deployment Services Ltd Subsidiary LCC Engineering & Deployment Services Misr, Ltd Subsidiary LCC Saudi Arabian Telecom Services Co Ltd Subsidiary Leadcom Integrated Solutions International B.V. Subsidiary Leadcom Integrated Solutions (L.I.S.) Ltd Subsidiary Leadcom Ghana Limited Subsidiary Leadcom Gabon S.A. Subsid iary Page 8 of 10
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BS R & Co. LLP Sr. No 111. 112. 113. 114. 115. 116. 117. 118. 119. 120. 121. 122. 123. 124. 125. 126. 127. 128. 129. 130. 131 . 132. 133. 134. 135. 136. 137. 138. 139. Independent Auditor's Report (Continued) Tech Mahindra Limited Name of the Entity Relationship Leadcom Uganda Limited Subsidiary Leadcom DRC SPRL Subsidiary Leadcom Integrated Solutions Tanzania Ltd Subsidiary Leadcom Integrated Solutions Rwanda Ltd Subsidiary ConiberSA Subsidiary Tech-Mahindra de Peru SAC. Subsidiary Tech-Mahindra Guatemala S.A Subsidiary Tech-Mahindra Ecuador S.A Subsidiary Tech-Mahindra Panama, SA Subsidiary Tech Mahindra Colombia SAS Subsidiary Tech-Mahindra S.A Subsidiary Leadcom Integrated Solutions Kenya Limited Subsidiary Leadcom Integrated Solutions (SPV) SAS Subsidiary STA Dakar Subsidiary Societe deTelecommunications Africaine (STA) Abidjan Subsidiary Leadcom Network Services PLC Subsidiary PF Holdings B.V. Subsidiary Pininfarina S.p.A. Subsidiary Pininfarina of America Corp. Subsidiary Pininfarina Deutschland Gmbh Subsidiary Pininfarina Shanghai Co., Ltd Subsidiary Pininfarina Engineering S.R.L Subsidiary Tech Mahindra Fintech Holdings Limited Subsidiary Target Group Limited Subsidiary Target Servicing Limited Subsidiary Elderbridge Limited Subsidiary The CJS Solutions Group, LLC Subsidiary Healthcare Clinical Informatics Ltd Subsidiary TML Benefit Trust Subsidiary Page 9 of 10
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BS R & Co. LLP Sr. No 140. 141. 142. 143. 144. 145. 146. 147. 148. 149. 150. 151. 152. 153. Independent Auditor 's Report (Cont inued) Tech Mahindra Limited Name of the Entity Relationship Comviva ESOP Trust Subsidiary Signature S.r.l. Subsidiary Tech Mahindra Regional Headquarters Company Subsidiary Tech Mahindra ESOP Trust Subsidiary SCTM Engineering Corporation Joint Venture Tech Mahindra Foundatio n Joint Venture Goodmind S.r.1. Associate lnfotek Software and Systems Private Limited Associate Vitaran Electronics Private Limited Associate Huoban Energy 6 Private Limited Associate SWFT Technologies Limited Associate TSN Digital Limited Subsidiary of Associate Swifterio Limited Subsidiary of Associate Swifterio, Inc. Subsidiary of Associate Page 10 of 10
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Year ended 1 Revenue from Operations 161,802 157,119 139,949 318,921 273,461 568,154 2 Other Income* (74) (1,064) 400 (1,138) 2,583 319 3 Total Income (1 + 2) 161,728 156,055 140,349 317,783 276,044 568,473 4 Expenses Employee Benefits Expense 82,321 78,766 76,291 161,087 151,280 304,788 Subcontracting Expense 18,477 17,909 14,436 36,386 27,544 60,997 Finance Costs 836 1,113 772 1,949 1,550 3,374 Depreciation and Amortisation Expense 4,914 4,786 4,687 9,700 9,268 18,816 Other Expenses 32,219 33,019 27,542 65,238 53,605 112,028 Total Expenses 138,767 135,593 123,728 274,360 243,247 500,003 5 Profit before share in profit/(loss) of associates/ joint ventures, exceptional items and tax (3-4) 22,961 20,462 16,621 43,423 32,797 68,470 6 Share in Profit / (Loss) of Associates / Joint Ventures - (43) (28) (43) (23) (15) 7 Profit before Exceptional Item and Tax (5 + 6) 22,961 20,419 16,593 43,380 32,774 68,455 8 Exceptional Item (Refer Note 7) - - - - - 2,724 9 Profit before Tax (7 - 8) 22,961 20,419 16,593 43,380 32,774 65,731 10 Tax Expense Current Tax 5,723 4,256 5,356 9,979 10,672 20,023 Deferred Tax 1,141 1,300 (780) 2,441 (1,203) (2,347) Total Tax Expense 6,864 5,556 4,576 12,420 9,469 17,676 11 Profit after tax (9 - 10) 16,097 14,863 12,017 30,960 23,305 48,055 Profit/ (Loss) for the period attributable to: Owners of the Company 15,856 14,651 11,945 30,507 23,351 48,109 Non Controlling Interests 241 212 72 453 (46) (54) 12 Other Comprehensive Income A. I. Items that will not be reclassified to Profit or Loss -Remeasurements of the Defined Benefit Liabilities - Gain/(Loss) 62 91 110 153 (44) 342 II. Income Tax relating to items that will not be reclassified to Profit or Loss (16) (22) (28) (38) 10 (82) B. I. Items that will be reclassified to Profit or Loss 1,934 (235) 1,576 1,699 7,224 16,402 483 2,096 (2,317) 2,579 (3,355) (3,643) II. Income Tax relating to items that will be reclassified to Profit or Loss (121) (528) 583 (649) 844 917 Total Other Comprehensive Income/ (Loss) (A+B) 2,342 1,402 (76) 3,744 4,679 13,936 13 Total Comprehensive Income (11 + 12) 18,439 16,265 11,941 34,704 27,984 61,991 Total Comprehensive Income for the period attributable to: Owners of the Company 18,178 16,039 11,815 34,217 27,861 61,768 Non Controlling Interests 261 226 126 487 123 223 14 Paid-up Equity Share Capital (Face Value of Share Rs. 5) 4,430 4,429 4,427 4,430 4,427 4,428 15 Total Reserves 291,726 16 Earnings Per Equity Share Rs. (EPS for the interim periods are not annualised) - Basic 17.88 16.53 13.48 34.41 26.35 54.28 - Diluted 17.84 16.50 13.46 34.34 26.32 54.19 * Other income includes foreign exchange gain/ (loss) Standalone Information Year ended Revenue from Operations 137,424 132,186 120,676 269,610 236,622 489,270 Profit Before Exceptional Item and Tax 22,043 15,097 15,334 37,140 30,746 54,087 Profit before Tax 22,043 15,097 15,334 37,140 30,746 51,635 Profit after Tax 16,138 11,379 11,757 27,517 23,542 38,592 (a) Exchange differences in translating the Financial Statements of Foreign Operations - Gain / (Loss) (net) (b) Effective portion of Gain / (Loss) on Designated Portion of Hedging Instruments in a Cash Flow Hedge (net) Six months period ended Particulars Quarter ended September 30, 2026 September 30, 2025 September 30, 2025 September 30, 2026 March 31, 2026June 30, 2026 Tech Mahindra Limited Registered Office : Gateway Building, Apollo Bunder, Mumbai 400 001. Website : www.techmahindra.com Email : investor.relations@techmahindra.com. CIN : L64200MH1986PLC041370 Audited Consolidated Interim Financial Results for the quarter and six months period ended September 30, 2026 Particulars Quarter ended September 30, 2026 September 30, 2025 June 30, 2026 Six months period ended September 30, 2026 September 30, 2025 March 31, 2026 (Rs. in Million except earnings per share)
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Tech Mahindra Limited Registered Office : Gateway Building, Apollo Bunder, Mumbai 400 001. Website : www.techmahindra.com Email : investor.relations@techmahindra.com. CIN : L64200MH1986PLC041370 Audited Consolidated Interim Financial Results for the quarter and six months period ended September 30, 2026 Year ended Segment Revenue a) IT 136,118 132,450 117,669 268,568 230,306 477,670 b) BPS 25,684 24,669 22,280 50,353 43,155 90,484 Total 161,802 157,119 139,949 318,921 273,461 568,154 Segment Results a) IT 30,114 29,030 23,293 59,144 44,049 95,168 b) BPS 4,521 4,376 3,679 8,897 7,036 14,990 Total 34,635 33,406 26,972 68,041 51,085 110,158 Less: (i) Finance costs 836 1,113 772 1,949 1,550 3,374 (ii) Other un-allocable expenditure* 10,764 10,767 9,979 21,531 19,321 38,633 (iii) Exceptional Item (Refer Note 7) - - - - - 2,724 Add: (i) Other income (74) (1,064) 400 (1,138) 2,583 319 (ii) Share in Profit / (Loss) of Associates / Joint Ventures - (43) (28) (43) (23) (15) Profit before tax 22,961 20,419 16,593 43,380 32,774 65,731 Statement of Segment Assets and Liabilities September 30, 2026 June 30, 2026 September 30, 2025 March 31, 2026 Segment Assets Trade and Other Receivables IT 133,940 125,570 121,917 125,842 BPS 20,657 18,866 20,875 22,685 Total Trade and Other Receivables 154,597 144,436 142,792 148,527 Goodwill IT 70,573 69,721 64,828 68,357 BPS 16,335 16,089 15,491 16,203 Total Goodwill 86,908 85,810 80,319 84,560 Unallocable Assets 246,525 273,663 235,171 260,607 TOTAL ASSETS 488,030 503,909 458,282 493,694 Segment Liabilities Unearned Revenue IT 15,117 14,908 13,978 16,065 BPS 1,074 1,172 974 1,025 Total Unearned Revenue 16,191 16,080 14,952 17,090 Unallocable Liabilities and Suspense account 170,616 170,964 163,803 175,834 TOTAL LIABILITIES AND SUSPENSE ACCOUNT 186,807 187,044 178,755 192,924 September 30, 2026 September 30, 2025 June 30, 2026 September 30, 2026 Particulars Quarter ended September 30, 2025 Segment wise Revenue, Results, Assets and Liabilities Segregation of assets and liabilities into primary segments has been done to the extent applicable. Segregation of remaining assets and liabilities into various primary segments has not been done as these are used interchangeably between segments. Accordingly no disclosure relating to such has been made. Six months period ended *Expenses which are not attributable or allocable to segments have been disclosed as other un-allocable expenditure. March 31, 2026 Primary Segments The Group [Tech Mahindra Limited (defined as Holding Company/Company), together with its subsidiaries], its associates and joint ventures identifies its Primary Business Segments based on the type of services offered, i.e. Information Technology (IT) Services & Business Process Services (BPS).
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Audited Consolidated Interim Balance Sheet as at September 30, 2026 ASSETS Non-Current Assets (a) Property, Plant and Equipment 24,542 24,256 (b) Capital Work-in-Progress 1,308 268 (c) Right-of-Use Asset 19,749 19,802 (d) Investment Property 314 323 (e) Goodwill 86,908 84,560 (f) Other Intangible Assets 18,738 19,699 (g) Intangible Assets under development 30 - (h) Investment accounted for using the Equity method 508 550 (i) Financial Assets (i) Investments 326 352 (ii) Trade Receivables -Billed - - (iii) Loans 61 69 (iv) Other Financial Assets 3,645 3,563 (j) Deferred Tax Assets (Net) 19,017 21,864 (k) Other Tax Assets (Net) 29,489 30,422 (l) Other Non-Current Assets 10,696 12,219 Total Non - Current Assets 215,331 217,947 Current Assets (a) Inventories 947 1,042 (b) Financial Assets (i) Investments 25,245 33,355 (ii) Trade Receivables (1) Billed 69,863 75,369 (2) Unbilled 71,139 58,208 (iii) Cash and Cash Equivalents 47,198 50,461 (iv) Bank Balances other than (iii) above 766 593 (v) Other Financial Assets 5,428 4,476 (c) Other Current Assets 52,113 52,243 Total - Current Assets 272,699 275,747 Total Assets 488,030 493,694 EQUITY AND LIABILITIES Equity (a) Equity Share Capital 4,430 4,428 (b) Other Equity 292,299 291,726 Equity Attributable to Owners of the Company 296,729 296,154 Non controlling Interest 4,494 4,616 Total Equity 301,223 300,770 Liabilities Non-current liabilities (a) Financial Liabilities (i) Lease liabilities 15,461 15,888 (ii) Other Financial Liabilities 902 548 (b) Provisions 17,211 17,159 (c) Deferred tax Liabilities (Net) 2,151 2,017 (d) Other Non-Current Liabilities 1 33 Total Non - Current Liabilities 35,726 35,645 Current liabilities (a) Financial Liabilities (i) Borrowings 590 696 (ii) Lease liabilities 5,784 5,278 (iii) Trade Payables 51,315 50,400 (iv) Other Financial Liabilities 25,870 29,929 (b) Other Current Liabilities 23,954 25,119 (c) Provisions 12,821 12,086 (d) Current Tax Liabilities (Net) 18,443 21,467 Total Current Liabilities 138,777 144,975 Suspense Account (Net) 12,304 12,304 Total Equity and Liabilities and Suspense Account 488,030 493,694 Particulars Tech Mahindra Limited Registered Office : Gateway Building, Apollo Bunder, Mumbai 400 001. Website : www.techmahindra.com Email : investor.relations@techmahindra.com. CIN : L64200MH1986PLC041370 Audited Consolidated Interim Financial Results for the quarter and six months period ended September 30, 2026 Rs. in Million As at September 30, 2026 As at March 31, 2026
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Tech Mahindra Limited Registered Office : Gateway Building, Apollo Bunder, Mumbai 400 001. Website : www.techmahindra.com Email : investor.relations@techmahindra.com. CIN : L64200MH1986PLC041370 Audited Consolidated Interim Financial Results for the quarter and six months period ended September 30, 2026 Audited Consolidated Interim Statement of Cash Flow Rs. in Million September 30, 2026 September 30, 2025 A) Cash Flow from Operating Activities Profit Before Tax 43,380 32,774 Adjustments for : Depreciation and Amortisation Expense 9,700 9,268 Bad debts and advance written off, allowance/(reversal) of doubtful receivables / unbilled revenue and advances (net) (441) 1,490 Share of Loss of Associates/ Joint Ventures 43 23 Net Gain on disposal of Property, Plant and Equipment (130) (40) Finance Costs 1,949 1,550 Unrealised Exchange (Gain)/ Loss (net) (837) 3,384 Share Based Payments to Employees 920 335 Interest Income (414) (578) Rental Income (83) (96) Dividend Income on Investments carried at fair value through profit and loss - (3) Gain on Investments carried at fair value through profit and loss (net) (965) (869) Change in fair valuation of Contractual Obligation (2) (303) 53,120 46,935 Changes in working capital Trade Receivables and Contract assets (7,088) (11,783) Other financial assets and other assets 239 (1,870) Trade Payables 1,710 (706) Unearned revenue (796) 2,617 Other financial liabilities, other liabilities and provisions (418) 1,722 (6,353) (10,020) Cash generated from operating activities before taxes 46,767 36,915 Income taxes paid, net (12,070) (5,221) Net cash generated from operating activities (A) 34,697 31,694 B) Cash Flow from Investing Activities Purchase of Property, Plant and Equipment and Intangible Assets (5,960) (3,415) Proceeds from Sale of Property, Plant and Equipment 135 111 Purchase of Mutual Funds and Other Investments (118,748) (143,602) Proceeds from sale / redemption of Mutual Funds and Other Investments 127,745 145,598 Payment towards acquisition of Business and contractual obligation under acquisition agreements, net of cash acquired (1,807) (909) Rental Income 98 173 Fixed Deposit/ Margin Money Placed (315) (331) Fixed Deposit/ Margin Money Realized 239 1,278 Interest Income Received 499 429 Net cash generated from/ (used in) investing activities (B) 1,886 (668) C) Cash Flow from Financing Activities Proceeds from issuance of equity shares from exercise of stock options 8 6 Dividend paid (net of consolidation adjustments) (32,229) (26,833) Acquisition of Non-Controlling Interest (Including advances for proposed acquisition) (3,115) - Net change in Short-Term Borrowings (102) (2,225) Repayment of lease liabilities (3,563) (2,884) Finance Costs paid (1,311) (1,035) Net cash used in financing activities (C) (40,312) (32,971) Net Decrease in cash and cash equivalents during the period (D=A+B+C) (3,729) (1,945) Effect of exchange rate changes on cash and cash equivalents (E) 466 491 Cash and Cash Equivalents at the beginning of the period (F) 50,461 43,185 Cash and Cash Equivalents at the end of the period (G=D+E+F) 47,198 41,731 Six months period ended
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Notes : 1 2 3 4 5 6 7 In accordance with the Scheme approved by the Honourable High Court of Hyderabad, Andhra Pradesh, the Holding Company has presented separately under “Suspense account (net)” claims made by 37 companies in the City Civil Court, for alleged advances amounting to Rs. 12,304 Million, to erstwhile Satyam. The Holding Company’s management on the basis of current legal status, lack of documentation to support the validity of the claim and external legal opinion, believes that claims will not be payable on final adjudication. Effective November 21, 2025, the Government of India notified the four Labour Codes- the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020- consolidating 29 existing labour laws, collectively referred to as the 'New Labour Codes'. The Group, considering the materiality and regulatory driven, non- recurring nature, presented the incremental impact of Rs. 2,724 Million related to Employee Benefit Obligations under “Exceptional item”. Emphasis of Matter The Directorate of Enforcement (ED) while investigating the matter under the Prevention of Money Laundering Act, 2002 (PMLA) had directed the erstwhile Satyam not to return the alleged advances until further instructions. With relation to Note 4 in respect of certain matters relating to erstwhile Satyam Computer Services Limited (erstwhile Satyam), amalgamated with the Holding Company with effect from April 1, 2011, is discussed below: Appeals were filed before the Division Bench of the Hon’ble High Court of Andhra Pradesh against the Order of the single judge of the Hon'ble High Court of Andhra Pradesh sanctioning the Scheme of merger of erstwhile Satyam with the Company w.e.f. April 1, 2011, which are yet to be heard. Further, petition was filed by the 37 companies for winding-up of the erstwhile Satyam with the Hon'ble High Court of Andhra Pradesh which was subsequently rejected. One of the aforesaid companies also filed an appeal against the said order with the Division Bench of the Hon’ble High Court of Andhra Pradesh. These matters have been combined for hearing. In view of the aforesaid and based on an independent legal opinion, current legal status and lack of documentation to support the validity of the claim, the Management believes that the claim by the 37 companies for repayment of the alleged advances, including interest thereon will not be payable on final adjudication. As required by the Hon’ble High Court in the scheme of merger, the said amount of Rs. 12,304 Million has been disclosed as “Amounts pending investigation suspense account (net)” (“Suspense Account (net)”), which override the relevant requirement of Conceptual Framework for Financial Reporting under Indian Accounting Standards (Ind AS). Accordingly, the amounts of these alleged advances are disclosed separately from equity and liabilities of the Company in the books of account. During the six months period ended September 30, 2026, 317,833 shares of Rs 5/- each fully paid, were allotted upon exercise of the vested stock options pursuant to the Company's Employee Stock Option Schemes resulting in an increase in the paid-up share capital by Rs. 2 Million. The Emphasis of Matter in the Auditor's Report: Management response to Emphasis of Matter: With regard to the Emphasis of Matter stated above, there are no additional developments which require adjustments to the audited consolidated interim financial results. Erstwhile Satyam had, in the past, received letters from 37 companies seeking confirmation by way of acknowledgement of receipt of certain alleged amounts by the erstwhile Satyam (referred to as 'alleged advances'). These letters were followed with legal notices claiming repayment of the alleged advances aggregating to Rs. 12,304 Million together with damages/compensation @ 18% per annum till the date of repayment. The erstwhile Satyam had not acknowledged any liability and replied to the legal notices stating that the claims are not legally tenable. Subsequently, the 37 companies filed petitions for recovery against the erstwhile Satyam before the City Civil Court, Secunderabad (Court), of which one petition has been converted into suit and balance 36 petitions are at various stages of pauperism/suit admission. The Hon’ble High Court of Andhra Pradesh in its Order approving the merger of the erstwhile Satyam with the Company, held that in the absence of Board resolutions and documents evidencing acceptance of unsecured loans, i.e. alleged advances, by the former Management of the erstwhile Satyam, the new Management of the erstwhile Satyam is justified in not crediting the amounts received in the names of the said 37 companies and not disclosing them as creditors and in disclosing such amounts as ‘Amounts pending investigation suspense account (net)’ in the financial statements. The Hon’ble High Court held, inter-alia, that the contention that Satyam is retaining the money, i.e. the alleged advances, of the ‘creditors’ and not paying them does not appear to be valid and further held that any right of the objecting creditors can be considered only if the genuineness of the debt is proved. The matter is pending final adjudication. Certain matters relating to erstwhile Satyam Computer Services Limited (erstwhile Satyam): Proceedings in relation to ‘Alleged Advances’: Tech Mahindra Limited Registered Office : Gateway Building, Apollo Bunder, Mumbai 400 001. Website : www.techmahindra.com Email : investor.relations@techmahindra.com. CIN : L64200MH1986PLC041370 Audited Consolidated Interim Financial Results for the quarter and six months period ended September 30, 2026 These results have been prepared on the basis of the audited condensed consolidated interim financial statements which are prepared in accordance with the Indian Accounting Standard (referred to as "Ind AS") 34 - Interim Financial Reporting prescribed under Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules 2015 and relevant amended rules thereafter. The quarterly and six months period ended financial results have been reviewed by the Audit Committee and have been approved and taken on record by the Board of Directors in its meeting held on October 15, 2026. The Board of Directors at its meeting held on October 15, 2026, has declared a interim dividend of Rs. 15 per equity share on face value of Rs. 5 each (300%). The Board of Directors, at its meeting held on October 15, 2026, approved the issue of bonus equity shares in the ratio of 1:1, i.e., one bonus equity share of Rs. 5 each for every one fully paid-up equity share held by the Members of the Company as on the record date, subject to approval of the shareholders and other applicable regulatory/ statutory requirements.
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Tech Mahindra Limited Registered Office : Gateway Building, Apollo Bunder, Mumbai 400 001. Website : www.techmahindra.com Email : investor.relations@techmahindra.com. CIN : L64200MH1986PLC041370 Audited Consolidated Interim Financial Results for the quarter and six months period ended September 30, 2026 8 9 10 11 Date : October 15, 2026 Mohit Joshi Place : New Delhi Managing Director & CEO The Company has consolidated the financial results of its subsidiaries, associates and joint ventures as per applicable Indian Accounting Standards. On July 1, 2026, Tech Mahindra Servicos De Informatica S.A, a wholly-owned subsidiary of the Company, acquired 100% equity interest in Alyis Serviços Técnicos LTDA for a consideration of BRL 1.2 million (Rs. 22 million). On July 27, 2026, Tech Mahindra London Limited ("TMLL"), a wholly-owned subsidiary of the Company, acquired the remaining 20% equity interest in Tech Mahindra Arabia Limited for a consideration of SAR 83.7 million (Rs. 2,148 million). Following the acquisition, the Company, together with TMLL, holds 100% shareholding in Tech Mahindra Arabia Limited. The audited consolidated interim financial results have been made available on the BSE Limited website (www.bseindia.com) and the National Stock Exchange of India Limited website (www.nseindia.com) where the Company's securities are listed and are posted on the Company's website at the web-link: https://www.techmahindra.com/en-in/investors/.
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8 SR & Co. LLP Chartered Accountants 8th Floor, Unit 802, Godrej Koregaon Park North Main Road. Mundhwa Pune, Maharashtra, 411001 Telephone: +91 (20) 4061 2200 Independent Auditor '3 Report To the Board of Directors of Tech Mahindra Limited Report on the audit of the Standalone Financial Results Opinion We have audited the accompanying standalone quarterly financial results of Tech Mahindra Limited ("the Company") for the quarter ended 30 September 2026 and the year-to-date results for the period from 1 April 2026 to 30 September 2026, (in which are included interim financial information of an Employee Stock Option Plan (ESOP) trust) attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). In our opinion and to the best of our information and according to the explanations given to us, these standalone financial results: a. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and b. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards, and other accounting principles generally accepted in India, of the net profit and other comprehensive income and other financial information for the quarter ended 30 September 2026 as well as for the year to date results for the period from 1 April 2026 to 30 September 2026. Basis for Opinion We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section 143(10) of the Companies Act, 2013 ("the Act'). Our responsibilities under those SAs are further described in the Auditors Responsibilities for the Audit of the Standalone Financial Results section of our report. We are independent of the Company, in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act, and the Rules thereunder , and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained, is sufficient and appropriate to provide a basis for our opinion. Emphasis of Matter We draw attention to Note 4 of the standalone financial results, which describes in detail certain matters relating to erstwhile Satyam Computer Services Limited ("erstwhile Satyam"), amalgamated with the Company with effect from 1 April 2011. In accordance with the Scheme approved by the Honorable High Court of Hyderabad, Andhra Pradesh, the Company has presented separately under "Suspense Account (net)" claims made by 37 companies in the City Civil Court, for alleged advances amounting to Rs.12,304 million, to erstwhile Satyam. The Company's management, on the basis of current legal status, lack of documentation to support the validity of the claims and external legal opinion believes that these claims will not be payable on final adjudication. Our opinion is not modified in respect of this matter. BS R & Co. (a partnership finn with Registration No BA61223) converted into B s R & Co. LLP (a Limiled Liability Partoersnipw1th LLP Registration No. AAB-8181) with effect from Odober 14. 2013 Registered OfflCC; 14th Floor, Cenlral B Wing ano North C \Mng, Nesco IT Park•· Nesc.o Center. VVestem Express Highway, Goregaon (Easl), Mumbai - 400063 Page 1 of 3 (2.-
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BS R & Co. LLP Independent Auditor's Report (Continued) Tech Mahindra Limited Management's and Board of Directors'/Board of Trustees' Responsibilities for the Standalone Financial Results These quarterly financial results as well as the year to date standalone financial results have been prepared on the basis of the interim financial statements. The Company's Management and the Board of Directors are responsible for the preparation of these standalone financial results that give a true and fair view of the net profit/ loss and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, 'Interim Financial Reporting' prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Management and Board of Directors of the Company/Board of Trustees of the ESOP trust are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of each Company/ESOP trust and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error. In preparing the standalone financial results, the respective Management and the Board of Directors/Board of Trustees are responsible for assessing each Company/ESOP trust's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors/Board of Trustees either intends to liquidate the Company/ESOP trust or to cease operations, or has no realistic alternative but to do so. The respective Board of Directors/Board of Trustees are also responsible for overseeing the financial reporting process of each Company/ESOP trust. Auditor's Responsibilities for the Audit of the Standalone Financial Results Our objectives are to obtain reasonable assurance about whether the standalone financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial results. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the standalone financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks. and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the standalone financial results made by the Management and Board of Directors. Conclude on the appropriateness of the Management's and Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the standalone financial Page 2 of 3
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BS R & Co. LLP Independent Auditor's Report (Continued) Tech Mahindra Limited results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the standalone financial results, including the disclosures , and whether the standalone financial results represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings , including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence , and where applicable, related safeguards. New Delhi 15 October 2026 For B S R & Co. LLP Chartered Accountants Firm's Registration No.:101248W/W-100022 Rahim Merchant Partner Membership No.: 132907 UDIN:26132907OLMUHV4244 Page 3 of 3
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(Rs. in Million except earnings per share) Year ended September 30, 2026 (Audited) June 30, 2026 September 30, 2025 (Audited) September 30, 2026 September 30, 2025 (Audited) March 31, 2026 1 Revenue from Operations 137,424 132,186 120,676 269,610 236,622 489,270 2 Other Income* 5,376 (1,373) 2,464 4,003 6,408 5,806 3 Total Income (1 + 2) 142,800 130,813 123,140 273,613 243,030 495,076 4 Expenses Employee Benefit Expense 48,303 45,430 43,756 93,733 87,146 176,630 Subcontracting Expense 51,639 49,766 44,833 101,405 87,417 180,944 Finance Costs 678 763 566 1,441 1,154 2,615 Depreciation and Amortisation Expense 2,404 2,354 2,131 4,758 4,242 8,732 Other Expenses 17,733 17,403 16,520 35,136 32,325 66,318 Impairment of non-current investments (Refer Note 6) - - - - - 5,750 Total Expenses 120,757 115,716 107,806 236,473 212,284 440,989 5 Profit Before Exceptional Item and Tax (3-4) 22,043 15,097 15,334 37,140 30,746 54,087 6 Exceptional item (Note 7) - - - - - 2,452 7 Profit before Tax (5-6) 22,043 15,097 15,334 37,140 30,746 51,635 8 Tax Expense Current Tax 5,797 3,409 3,926 9,206 7,743 14,079 Deferred Tax 108 309 (349) 417 (539) (1,036) Total Tax Expense 5,905 3,718 3,577 9,623 7,204 13,043 9 Profit after tax (7 - 8) 16,138 11,379 11,757 27,517 23,542 38,592 10 Other Comprehensive Income A. I. Items that will not be reclassified to Profit or Loss -Remeasurements of the Defined Benefit Liabilities - Gain / (Loss) 27 125 82 152 (93) 261 II. Income Tax relating to items that will not be reclassified to Profit or Loss (6) (32) (21) (38) 23 (66) B. I. Items that will be subsequently reclassified to Profit or Loss -Effective portion of Gain / (Loss) on Designated Portion of Hedging Instruments in a Cash Flow Hedge (net) 475 2,031 (2,281) 2,506 (3,294) (3,556) II. Income Tax relating to items that will be reclassified to Profit or Loss (121) (510) 575 (631) 830 895 Total Other Comprehensive Income / (Loss) (A+B) 375 1,614 (1,645) 1,989 (2,534) (2,466) 11 Total Comprehensive Income (9 + 10) 16,513 12,993 10,112 29,506 21,008 36,126 12 Paid-up Equity Share Capital (Face Value of Share Rs. 5) 4,901 4,900 4,898 4,901 4,898 4,899 13 Total Reserves 212,324 14 Earnings Per Equity Share Rs. (EPS for the interim periods are not annualised) - Basic 16.45 11.60 11.99 28.05 24.01 39.35 - Diluted 16.42 11.59 11.98 28.01 23.98 39.30 * Other income includes foreign exchange gain/ (loss) Tech Mahindra Limited Registered Office : Gateway Building, Apollo Bunder, Mumbai 400 001. Website : www.techmahindra.com Email : investor.relations@techmahindra.com. CIN : L64200MH1986PLC041370 Audited Standalone Interim Financial Results for the quarter and six months period ended September 30, 2026 Particulars Quarter ended Six months period ended
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Audited Standalone Interim Balance Sheet as at September 30, 2026 Rs. in Million ASSETS Non-Current Assets (a) Property, Plant and Equipment 18,573 18,362 (b) Capital Work-in-Progress 1,293 217 (c) Right-of-Use Asset 14,584 14,344 (d) Investment Property 314 323 (e) Goodwill 5,905 5,905 (f) Other Intangible Assets 3,914 2,700 (g) Financial Assets (i) Investments 93,601 93,469 (ii) Trade Receivables - Billed - - (iii) Other Financial Assets 3,509 3,022 (h) Deferred Tax Assets (Net) 9,330 10,416 (i) Other Tax Assets (Net) 23,192 24,399 (j) Other Non-Current Assets 6,591 8,127 Total Non - Current Assets 180,806 181,284 Current Assets (a) Financial Assets (i) Investments 19,210 26,858 (ii) Trade Receivables (1) Billed 61,696 66,476 (2) Unbilled 61,401 50,825 (iii) Cash and Cash Equivalents 11,212 18,240 (iv) Bank Balances other than (iii) above 399 366 (v) Other Financial Assets 4,417 4,051 (b) Other Current Assets 34,038 34,891 Total Current Assets 192,373 201,707 Total Assets 373,179 382,991 EQUITY AND LIABILITIES Equity (a) Equity Share Capital 4,901 4,899 (b) Other Equity 207,462 212,324 Total Equity 212,363 217,223 Liabilities Non-current liabilities (a) Financial Liabilities (i) Lease liabilities 12,115 11,953 (ii) Other Financial Liabilities 292 526 (b) Provisions 13,746 13,778 (c) Other Non-Current Liabilities - 23 Total Non - Current Liabilities 26,153 26,280 Current liabilities (a) Financial Liabilities (i) Lease liabilities 3,575 3,099 (ii) Trade Payables (1) Total outstanding dues of micro and small enterprises 411 217 (2) Total outstanding dues of creditors other than micro and small enterprises 65,530 64,749 (iii) Other Financial Liabilities 14,945 19,408 (b) Other Current Liabilities 15,804 16,462 (c) Provisions 9,614 8,760 (d) Current Tax Liabilities (Net) 12,480 14,489 Total Current Liabilities 122,359 127,184 Suspense Account (Net) 12,304 12,304 Total Equity and Liabilities and Suspense Account 373,179 382,991 Tech Mahindra Limited Registered Office : Gateway Building, Apollo Bunder, Mumbai 400 001. Website : www.techmahindra.com Email : investor.relations@techmahindra.com. CIN : L64200MH1986PLC041370 Audited Standalone Interim Financial Results for the quarter and six months period ended September 30, 2026 Particulars As at September 30, 2026 As at March 31, 2026
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Tech Mahindra Limited Registered Office : Gateway Building, Apollo Bunder, Mumbai 400 001. Website : www.techmahindra.com Email : investor.relations@techmahindra.com. CIN : L64200MH1986PLC041370 Audited Standalone Interim Financial Results for the quarter and six months period ended September 30, 2026 Audited Standalone Interim Statement of Cash Flows Rs. in Million September 30, 2026 September 30, 2025 A) Cash Flow from Operating Activities Profit before Tax 37,140 30,746 Adjustments for : Depreciation and Amortization Expense 4,758 4,242 (55) 1,279 Net Gain on disposal of Property, Plant and Equipment (124) (61) Finance Costs 1,441 1,154 Unrealized Exchange (Gain)/Loss (net) (1,024) 722 Share Based Payments to Employees 712 292 Interest Income (269) (346) (83) (78) (5,383) (5,123) Gain on investments carried at fair value through profit and loss (net) (751) (644) Change in fair valuation of contractual obligation - 145 36,362 32,328 Changes in working capital Trade Receivable and contract assets (6,506) (12,310) Other financial assets and other assets 1,184 3,544 Trade Payables 1,931 (51) Unearned Revenue 16 1,663 Other financial liabilities, other liabilities and provisions (1,073) (1,745) (4,448) (8,899) Cash generated from operating activities before taxes 31,914 23,429 Income taxes paid, net (10,008) (1,576) Net cash generated from Operating activities (A) 21,906 21,853 B) Cash Flow from Investing Activities Purchase of Property, Plant and Equipment (4,654) (2,345) 128 70 Purchase of Mutual Funds and Other Investments (116,414) (139,097) Proceeds from sale/ redemption of Mutual Funds and Other Investments 124,749 140,745 5,383 5,123 (460) (968) Rental Income 98 68 Fixed Deposit / Margin Money Placed (41) (71) Fixed Deposit / Margin Money Realized 41 556 Interest income received 243 339 Net cash generated from Investing activities (B) 9,073 4,420 C) Cash Flow from Financing Activities Proceeds from issuance of equity shares from exercise of stock options 8 6 Dividend paid (35,282) (29,377) Repayment of lease liabilities (1,902) (1,416) Finance costs paid (905) (825) Net cash used in Financing activities (C) (38,081) (31,612) Net decrease in cash and cash equivalents during the period (D) = (A+B+C) (7,102) (5,339) Effect of exchange rate changes on cash and cash equivalents (E) 74 492 Cash and Cash Equivalents at the beginning of the period (F) 18,240 16,023 Cash and Cash Equivalents at the end of the period (G) = (D+E+F) 11,212 11,176 Dividend Income on Investments / Distributions from Subsidiaries Investment in Subsidiaries (including payment towards acquisition of business and contractual obligation under acquisition agreements ) Particulars Six months period ended Bad debts and advance written off, allowance/(reversal) of doubtful receivables/unbilled revenue and advances (net) Rental Income Dividend Income on Investments / Distributions from Subsidiaries Proceeds from Sale of Property, Plant and Equipment
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Notes : 1 2 3 4 5 6 Emphasis of Matter The Emphasis of Matter in the Auditor's Report: With relation to Note 4, which describes in detail certain matters relating to erstwhile Satyam Computer Services Limited (“erstwhile Satyam”), amalgamated with the Company with effect from April 1, 2011, is discussed below: In accordance with the Scheme approved by the Honourable High Court of Hyderabad, Andhra Pradesh, the Company has presented separately under “Suspense Account (net)” claims made by 37 companies in the City Civil Court, for alleged advances amounting to Rs.12,304 Million, to erstwhile Satyam. The Company’s management, on the basis of current legal status, lack of documentation to support the validity of the claims and external legal opinion believes that these claims will not be payable on final adjudication. Management response to Emphasis of Matter: With regard to the Emphasis of Matter stated above, there are no additional developments which require adjustments to the audited standalone interim financial results. During the six months period ended September 30, 2026, 317,833 shares of Rs 5/- each fully paid, were allotted upon exercise of the vested stock options pursuant to the Company's Employee Stock Option Schemes resulting in an increase in the paid-up share capital by Rs. 2 Million. In view of the aforesaid and based on an independent legal opinion, current legal status and lack of documentation to support the validity of the claim, the Management believes that the claim by the 37 companies for repayment of the alleged advances, including interest thereon will not be payable on final adjudication. As required by the Hon’ble High Court in the scheme of merger, the said amount of Rs. 12,304 Million has been disclosed as “Amounts pending investigation suspense account (net)” (“Suspense Account (net)”), which override the relevant requirement of Conceptual Framework for Financial Reporting under Indian Accounting Standards (Ind AS). Accordingly, the amounts of these alleged advances are disclosed separately from equity and liabilities of the Company in the books of account. Certain matters relating to erstwhile Satyam Computer Services Limited (erstwhile Satyam): Proceedings in relation to ‘Alleged Advances’: Erstwhile Satyam had, in the past, received letters from 37 companies seeking confirmation by way of acknowledgement of receipt of certain alleged amounts by the erstwhile Satyam (referred to as 'alleged advances'). These letters were followed with legal notices claiming repayment of the alleged advances aggregating to Rs. 12,304 Million together with damages/compensation @ 18% per annum till the date of repayment. The erstwhile Satyam had not acknowledged any liability and replied to the legal notices stating that the claims are not legally tenable. Subsequently, the 37 companies filed petitions for recovery against the erstwhile Satyam before the City Civil Court, Secunderabad (Court), of which one petition has been converted into suit and balance 36 petitions are at various stages of pauperism/suit admission. The Hon’ble High Court of Andhra Pradesh in its Order approving the merger of the erstwhile Satyam with the Company, held that in the absence of Board resolutions and documents evidencing acceptance of unsecured loans, i.e. alleged advances, by the former Management of the erstwhile Satyam, the new Management of the erstwhile Satyam is justified in not crediting the amounts received in the names of the said 37 companies and not disclosing them as creditors and in disclosing such amounts as ‘Amounts pending investigation suspense account (net)’ in the financial statements. The Hon’ble High Court held, inter-alia, that the contention that Satyam is retaining the money, i.e. the alleged advances, of the ‘creditors’ and not paying them does not appear to be valid and further held that any right of the objecting creditors can be considered only if the genuineness of the debt is proved. The matter is pending final adjudication. Appeals were filed before the Division Bench of the Hon’ble High Court of Andhra Pradesh against the Order of the single judge of the Hon'ble High Court of Andhra Pradesh sanctioning the Scheme of merger of erstwhile Satyam with the Company w.e.f. April 1, 2011, which are yet to be heard. Further, petition was filed by the 37 companies for winding-up of the erstwhile Satyam with the Hon'ble High Court of Andhra Pradesh which was subsequently rejected. One of the aforesaid companies also filed an appeal against the said order with the Division Bench of the Hon’ble High Court of Andhra Pradesh. These matters have been combined for hearing. The Directorate of Enforcement (ED) while investigating the matter under the Prevention of Money Laundering Act, 2002 (PMLA) had directed the erstwhile Satyam not to return the alleged advances until further instructions. Tech Mahindra Limited Registered Office : Gateway Building, Apollo Bunder, Mumbai 400 001. Website : www.techmahindra.com Email : investor.relations@techmahindra.com. CIN : L64200MH1986PLC041370 Audited Standalone Interim Financial Results for the quarter and six months period ended September 30, 2026 These results have been prepared on the basis of the audited standalone condensed interim financial statements which are prepared in accordance with the Indian Accounting Standard (referred to as "Ind AS") 34 - Interim Financial Reporting prescribed under Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules 2015 and relevant amended rules thereafter. The quarterly and six months period ended September 30, 2026 financial results have been reviewed by the Audit Committee and have been approved and taken on record by the Board of Directors in its meeting held on October 15, 2026. The Board of Directors at its meeting held on October 15, 2026, has declared a interim dividend of Rs. 15 per equity share on face value of Rs. 5 each (300%). The Board of Directors, at its meeting held on October 15, 2026, approved the issue of bonus equity shares in the ratio of 1:1, i.e., one bonus equity share of Rs. 5 each for every one fully paid-up equity share held by the Members of the Company as on the record date, subject to approval of the shareholders and other applicable regulatory/ statutory requirements.
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Tech Mahindra Limited Registered Office : Gateway Building, Apollo Bunder, Mumbai 400 001. Website : www.techmahindra.com Email : investor.relations@techmahindra.com. CIN : L64200MH1986PLC041370 Audited Standalone Interim Financial Results for the quarter and six months period ended September 30, 2026 7 8 9 Date: October 15, 2026 Place : New Delhi Managing Director & CEO Effective November 21, 2025, the Government of India notified the four Labour Codes- the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020- consolidating 29 existing labour laws, collectively referred to as the 'New Labour Codes'. The Company, considering the materiality and regulatory driven, non- recurring nature, presented the incremental impact of Rs. 2,452 Million related to Employee Benefit Obligations under “Exceptional item”. As per Ind AS 108 'Operating Segments', the Company has disclosed the segment information only as part of the audited consolidated interim financial results. The audited standalone interim financial results have been made available on the BSE Limited website (www.bseindia.com) and the National Stock Exchange of India Limited website (www.nseindia.com) where the Company's securities are listed and are posted on the Company's website at the web-link: https://www.techmahindra.com/en-in/investors/. Mohit Joshi
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1 Copyright © 2026 Tech Mahindra. All rights reserved. Tech Mahindra Q2 FY27 EBIT rises to ₹2,387 crores, up 40.5% YoY; Board recommends Bonus Share Issue in the ratio of 1:1; New deal-wins at USD 1,023 Mn, up 25.4% YoY Mumbai – October 15th, 2026: Tech Mahindra (NSE: TECHM, BSE: 532755), a leading global provider of AI- powered technology consulting and digital solutions to global enterprises across industries announced the audited consolidated financial results for the quarter ended September 30, 2026. Financial highlights for the quarter (USD) • Revenue $1,693 mn o up 2.0% QoQ, up 6.8% YoY in reported terms o up 2.4% QoQ, up 7.2% YoY in constant currency terms • EBIT $250 mn, up 4.9% QoQ, up 30.4% YoY • EBIT Margin 14.8%, up ~40 bps QoQ, up ~260 bps YoY • Profit After Tax (PAT) $166 mn, up 23.2% YoY • Profit After Tax (PAT) Margin 9.8%, up 130 bps YoY • New deal wins TCV $1,023 mn, up 25.4% YoY Financial highlights for the quarter (₹) • Interim dividend declared at ₹ 15 per share • Revenue ₹ 16,180 crores; up 3.0% QoQ, up 15.6% YoY • EBIT ₹ 2,387 crores; up 5.4% QoQ, up 40.5% YoY • Profit After Tax (PAT) ₹ 1,586 crores, up 32.7% YoY • Diluted Earnings per share (EPS) at ₹ 17.84 Other Highlights • Total headcount at 152,206 • LTM IT attrition at 11.7% • Free cash flow $135 mn; Days of Sales Outstanding 88 days • Cash and Cash Equivalent at the end of the quarter ₹ 7,330 crores
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2 Copyright © 2026 Tech Mahindra. All rights reserved. Mohit Joshi, CEO and Managing Director, Tech Mahindra, said, “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.” Rohit Anand, Chief Financial Officer, Tech Mahindra, said, “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 recommended an interim dividend of ₹15 per share reaffirming our commitment to shareholders.” • 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 engag ement 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 Key Deal Wins
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3 Copyright © 2026 Tech Mahindra. All rights reserved. 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 workpl ace 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, enha nce 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 operat ional excellence and customer experience Business Highlights • 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 • 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
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4 Copyright © 2026 Tech Mahindra. All rights reserved. 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 • Announced a global alliance with Rezolve A i 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 deliv ery capabilities, establishing an Agentic AI Factory to accelerate AI adoption at scale Awards and Recognitions • Won first place at the National Quantum Computing Centre (NQCC) UK Quantum Hackathon 2026 • Won Gold at the Stevie® International Business Award for Emerging Thought Leader of the Year • Received Best Moonshot Catalyst Award, for AI-Powered Business-Aware Assurance Solution with Google Cloud • Selected as a Digital Masters Award Winner in Avasant’s Digital Masters Process Transformation 2026 RadarView • Recognized at the 2026 Brandon Hall HCM Excellence Awards reflecting Tech Mahindra’s continued focus on talent, learning, inclusion, and workforce excellence • Won Silver in two categories at the 2026 Stevie Awards for Great Employers • Recognized as a Disability Confident Service Provider By Department for Work and Pensions (DWP) UK • Felicitated as Champions in Risk Management and Benefits Administration at PeopleFirst HR Excellence 2026 • Winner in Service Excellence, Wellness, Diversity & Young Leaders at the 2026 Asia CEO awards • Recognized as one of India’s Best Tech Brands by ET Edge
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5 Copyright © 2026 Tech Mahindra. All rights reserved. Analyst Ratings & 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)
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6 Copyright © 2026 Tech Mahindra. All rights reserved. • 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
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7 Copyright © 2026 Tech Mahindra. All rights reserved. Consolidated Financial Statement for the quarter ended September 30th 2026, drawn under Ind AS
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8 Copyright © 2026 Tech Mahindra. All rights reserved. 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, A I & 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 Tech Mahindra can partner with you to meet your Scale at Speed ™ imperatives, please visit https://www.techmahindra.com Our Social Media Channels For further queries: Gaurav Sethi Head – FP&A and Investor Relations Phone: +91 020 40109030 Email: gaurav.sethi@techmahindra.com Sarah Gideon Head – Global Corporate Communications & Public Affairs Email: sarah.gideon@TechMahindra.com.com investor.relations@techmahindra.com media.relations@techmahindra.com Disclaimer Certain statements in this release concerning the future prospects of Tech Mahindra Limited (“the Company” or “TechM”) are fo rward-looking statements. These statements by their nature involve risks and uncertainties that could cause Company’s actual result s differ materially from such forward -looking statements. The Company, from time to time, makes written and oral forward-looking statements based on information available with the management of the Company and the Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company .
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1 Earnings Presentation Q2 FY27
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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 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.
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3• • • • • • . . . . . • • • • • • • • • • • • . . . . . . . ........ • • • • • • • • . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • • • • • • • • . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • • • • • • • • . . . . . . . . . . . . . . . ....... . -. . . . . .. . . . . . . . . . ........ • • • . . . . . ·:. • • • • • • . . . . . . . . . . . .... ·. • • • • • • • . . . . . . . . . . . . . . . . . . . . . . . . . . • • • • • • • • • • • • • • • • . . . . . . . . . . . . . . . . . . . . • • • • • • • • • • • • • • • . . . . . . . . . . . . . . : . • • • • • • ...... . . . . . . . • • • • • • • • • • • • • • • • • • • • • • . . . . . . . • ••••••• • • • • • • • • . . . . . . . • • • • • • • • . . . . . . . . . . . . . • • • • • • • • ....... • • • • • • • ....... . . . . . . . • • • • • • • • • • . . . . . . . . . . . . . . . ....... . . . . . . . . . . . . . . . . . . . . . . . ..... . . ..... . . . . . . . . . ...... . • ••••••• . ...... . . . . . . . . . . ..... . . . . . . . . . . . . . . . . . ...... . ....... . . . . . . . . . . . . . . . ..... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... . . . . . . . . . • • . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..... . . . . . . . . . . . . ...... . . . . . . . . . . . . • • • • • . . . . . . . . . . . . . . . . . . . .... . . .... . ...... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .... . . ... . . . . . . . . . .
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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
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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
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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
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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
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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
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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
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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
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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%
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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Rs. in Million except Earnings per share Quarter ended September 30, 2026 Six months period ended September 30, 2026 Quarter ended September 30, 2025 1 Total Revenue from Operations 161,802 318,921 139,949 2 Net Profit before Tax and exceptional item 22,961 43,380 16,593 3 Net Profit after Tax (Share of the Owners of the Company) 15,856 30,507 11,945 4 18,439 34,704 11,941 5 Equity Share Capital 4,430 4,430 4,427 6 Earnings Per Equity Share Rs. (EPS for the interim periods are not annualised) - Basic 17.88 34.41 13.48 - Diluted 17.84 34.34 13.46 Rs. in Million Quarter ended September 30, 2026 Six months period ended September 30, 2026 Quarter ended September 30, 2025 Revenue from Operations 137,424 269,610 120,676 Profit before Tax 22,043 37,140 15,334 Profit after Tax 16,138 27,517 11,757 Notes : 1 2 3 4 5 Date : October 15, 2026 Place : New Delhi Mohit Joshi Managing Director & CEO Additional information on audited standalone interim financial results is as follows: Particulars The Board of Directors at its meeting held on October 15, 2026, has declared a interim dividend of Rs. 15 per equity share on face value of Rs. 5 each (300%). The Auditors have issued an unmodified opinion on the audited standalone and consolidated interim financial results and have invited attention to a matter (Emphasis of Matter). The Emphasis of Matter is on account of the financial irregularities committed by the promoters of erstwhile Satyam Computer Services Limited (SCSL) before it was acquired by the Company. SCSL was amalgamated with the Company in June 2013. The Emphasis of Matter and the Management Response on the same is available as part of the detailed Regulation 33 formats posted on the Stock Exchange websites (www.nseindia.com/www.bseindia.com) and the Company's website (www.techmahindra.com). The above is an extract of the detailed format of the audited standalone and consolidated interim financial results for the quarter and six months period ended September 30, 2026, filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of the audited standalone and consolidated interim financial results for the quarter and six months period ended September 30, 2026 are available on the BSE Limited website (www.bseindia.com ), the National Stock Exchange of India Limited website (www.nseindia.com ) where the Company's securities are listed and the Company's website (https://www.techmahindra.com/en-in/investors). The same can be accessed by scanning the QR code provided below. These results have been prepared on the basis of the audited condensed standalone and consolidated interim financial statements which are prepared in accordance with the Indian Accounting Standard (referred to as "Ind AS") 34 - Interim Financial Reporting prescribed under Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules 2015 and relevant amended rules thereafter. The quarterly and six months period ended financial results have been reviewed by the Audit Committee and have been approved and taken on record by the Board of Directors in its meeting held on October 15, 2026. The Board of Directors, at its meeting held on October 15, 2026, approved the issue of bonus equity shares in the ratio of 1:1, i.e., one bonus equity share of Rs. 5 each for every one fully paid-up equity share held by the Members of the Company as on the record date, subject to approval of the shareholders and other applicable regulatory/ statutory requirements. Total Comprehensive Income Tech Mahindra Limited Registered Office : Gateway Building, Apollo Bunder, Mumbai 400 001. Website : www.techmahindra.com Email : investor.relations@techmahindra.com CIN : L64200MH1986PLC041370 Extract of Audited Consolidated Interim Financial Results for the quarter and six months ended September 30, 2026 Particulars