Analysts/Institutional Investor Meet/Con. Call Updates

TCS/SE/60/2026-27 July 15, 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, Block G, P. J. Towers, Bandra Kurla Complex, Bandra (East) Dalal Street, Mumbai - 400051 Mumbai - 400001 Symbol - TCS Scrip Code No. 532540 Dear Sirs, Sub: Transcript of the earnings conference call for the quarter ended June 30, 2026 Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of the earnings conference call for the quarter ended June 30, 2026, conducted after the meeting of Board of Directors held on July 9, 2026, for your information and records. The above information is also available on the website of the Company: www.tcs.com. Thanking you, Yours faithfully, For Tata Consultancy Services Limited Yashaswin Sheth Company Secretary ACS 15388 Encl: As above 9th Floor Nirmal Building Nariman Point Mumbai 400 021 Tel 91 22 6778 9595 Fax 91 22 6630 3672 e-mail corporate.office@tcs.com website www.tcs.com Registered Office 9th Floor Nirmal Building Nariman Point Mumbai 400 021 Corporate Identity No. (CIN): L22210MH1995PLC084781 Tata Consultancy Services Limited Transcript for Earnings Conference Call Held on July 09, 2026,19:00 hrs IST (08:30 hrs US ET) For discussing Financial Results for Q1 FY2027 ended on June 30, 2026 Moderator: Ladies and gentlemen, good day and welcome to the TCS Earnings Conference Call. As a reminder, all participant lines will be in the listen- only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Nehal Shah, Head - Investor Relations at TCS. Thank you and over to you. Nehal Shah: Thank you, Yashashri. Good evening and welcome everyone. Thank you for joining us today to discuss TCS's financial results for the first quarter of FY2027 that ended on June 30, 2026. This call is being webcast through our website and an archive including the transcript will be available on the site for the duration of this quarter. The financial statements, quarterly fact sheet, and press releases are also available on our website. Our leadership team is present today on this call to discuss our results. We have with us today Mr. K Krithivasan, Chief Executive O(cid:431)icer and Managing Director. K Krithivasan: Hi, good evening, everyone. Nehal Shah: Ms. Aarthi Subramanian, Executive Director, President, and Chief Operating O(cid:431)icer. Aarthi Subramanian: Good evening, everyone. Nehal Shah: Mr. Samir Seksaria, Chief Financial O(cid:431)icer. Samir Seksaria: Hello everyone. Nehal Shah: And Mr. Sudeep Kunnumal, Chief HR O(cid:431)icer. Sudeep Kunnumal: Hello everyone. Page 1 of 24 Nehal Shah: Our management team will give a brief overview of the company's performance followed by a Q&A session. As you are aware, we don't provide any specific revenue or earnings guidance, and anything said on this call, which reflects our outlook for the future or which could be construed as a forward-looking statement, must be reviewed in conjunction with the risk that the company faces. We have outlined these risks in the second slide of the quarterly fact sheet available on our website and emailed out to those who have subscribed to our mailing list. With that, I would like to turn the call over to Krithi. K Krithivasan: Thank you, Nehal. Good day everyone and thank you for joining us. I would like to begin by calling out the key takeaways from our Q1 FY27 performance. First, Q1 FY27 reflects continued growth momentum and the strength of our strategic positioning despite the geopolitical and macroeconomic headwinds. Our Q1 revenue stood at ₹72,275 crore, growing 2.2% sequentially and 13.9% year-on-year. This is the fourth consecutive quarter of growth. Growth was led by BFSI, Technology, software and services, regional markets, and products and platforms. Second, strong order book closure and large deal momentum continued. We delivered a TCV of $9.5 billion, including net new AI-led business transformation deals such as,  US$ 800 million mega deal with SKF; 6th mega deal win in the last 5 quarters  Multi-million $ strategic partnership agreement with ServiceNow  Multi-million $ deal with Europe-based Fortune Global 50 firm The third key takeaway is our AI services revenue continues to accelerate. At the end of Q1 FY27, it stands at $2.6 billion in annualized revenue, which is up 13.6% QoQ. Page 2 of 24 Fourth, client priorities are increasingly aligned with our focus areas of AI- led transformation, modernization, cybersecurity, sovereign cloud, platform rationalization, and vendor consolidation. We maintained healthy client additions across $10 million+, $5 million+, and $1 million+ revenue bands on a sequential basis. Fifth, our operating margins stood at 24%, down 130 bps sequentially, primarily due to wage hikes. Finally, we continue to advance our Infrastructure to Intelligence strategy through unique partnerships with frontier AI companies and new launches: - We announced a global premier partnership with Anthropic, which gives us early access to Claude family of models, 50,000 licenses, a joint GTM campaign, co-creation of industry solutions, and TCS iON as a training and certification partner. - TCS also became the first GSI partner for Mistral AI. Together, we will build sovereign and custom AI models for enterprises and establish a dedicated COE for developing industry solutions across BFSI, healthcare, manufacturing, and public sector. - We also launched TCS SovereignSecure CloudTM for Europe, directly addressing rising demand from governments and regulated enterprises for compliance, sovereign, and AI-ready cloud infrastructure. This strengthens TCS's leadership presence in Europe as clients prioritize data residency, operational control, and geopolitical risk mitigation. - We launched a dedicated Global Value and Innovation Center business unit to help enterprises build, operate, transform, or divest global capability centers. - HyperVault is strengthening TCS's market positioning and deepening 360-degree partnership with clients and ecosystem partners. In Q1 FY27, these partnerships enabled two very large IT services deals which were net new for us. Page 3 of 24 I will now invite Samir, Aarthi, and Sudeep to go over di(cid:431)erent aspects of our performance during the quarter. I'll step in later to provide more color on the demand trends that we are seeing. Over to you, Samir. Samir Seksaria: Thank you, Krithi. Good day everyone. Our quarterly revenue was ₹72,275 crores, a growth of 2.2% QoQ and 13.9% YoY in rupee terms. In dollar terms, revenue was $7,624 million, which was flat growth sequentially and 2.7% YoY. In constant currency terms, our growth was 40 bps sequentially and 3.2% YoY. This quarter, we have undertaken a refinement of cost categories to address the previously elevated ‘other expenses’ to provide a clearer view of the underlying cost drivers. This change has no impact on overall expenses or operating margins, and prior periods have been aligned for comparability. Prior four-quarter comparative details are available on our quarterly fact sheet. Operating margin for the quarter was 24%, declining 130 bps sequentially. In Q1, we rolled out annual increments for our global workforce, which impacted margins by 170 bps. We strengthened our partnership ecosystem and made targeted investments, which we were able to partly o(cid:431)set with 40 bps of currency benefit and operational e(cid:431)iciencies. Our strong profitability allows us the ability to make significant investments which are aligned with our aspirations. We are investing in AI capabilities, talent transformation, partner ecosystems, platforms, domain solutions, and go-to-market capacity. These in [Showing first 8,000 characters — download PDF for full document]