Transcript of the quarterly earnings conference call for quarter ended 30 June 2026.

Tech Mahindra Ltd Sharda Centre, Off Karve Road, Erandwane, Pune 411 004 Tel: +91 20 66018100 www.techmahindra.com 22 July 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th floor, Dalal Street, Plot No. - C/1, G Block, Mumbai - 400 001 Bandra-Kurla Complex, Bandra (East), Scrip Code : 532755 Mumbai - 400 051 NSE Symbol : TECHM Subject: Transcript of the quarterly earnings conference call for the quarter ended 30 June 2026– Regulations 30 and 46 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) Ref: Intimation of quarterly earnings conference call vide letter dated 30 June, 2026 and audio recording of quarterly earnings conference call vide letter dated 16 July 2026. Dear Sir/Madam, In terms of Regulations 30 and 46 read with clause 15 of para A of Part A of Schedule III of the SEBI Listing Regulations and in furtherance to the outcome and audio recording of the quarterly earnings conference call filed on 16 July 2026, please find enclosed the transcript of the said quarterly earnings conference call of the Company for the quarter ended 30 June 2026, held on Thursday, 16 July 2026 after the meeting of the Board of Directors for your information and records. The text transcript is also uploaded on the website of the Company and can be accessed at the weblink: https://insights.techmahindra.com/investors/tml-q1-fy-27-earnings-transcript.pdf Please note that the Company has referred to publicly available documents for discussions and no unpublished price sensitive information has been shared during the aforesaid meeting. This intimation is also available on the website of the Company at the weblink: https://www.techmahindra.com/investors/ Kindly take the above on record. Thanking you, For Tech Mahindra Limited Ruchie Khanna Company Secretary Encl.: as above Regd. Office: Gateway Building, Apollo Bunder, Mumbai 400 001 India | CIN: L64200MH1986PLCO41370 1 “Tech Mahindra Limited Q1 FY27 Earnings Conference Call” July 16, 2026 MANAGEMENT: MR. MOHIT JOSHI – CHIEF EXECUTIVE OFFICER AND MANAGING DIRECTOR – TECH MAHINDRA LIMITED MR. ROHIT ANAND – CHIEF FINANCIAL OFFICER – TECH MAHINDRA LIMITED MR. ATUL SONEJA – CHIEF OPERATING OFFICER – TECH MAHINDRA LIMITED Page 1 of 20 Tech Mahindra Limited July 16, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Tech Mahindra Limited Q1 FY27 Earnings Conference Call. We have with us today Mr. Mohit Joshi, Chief Executive Officer and Managing Director; Mr. Rohit Anand, Chief Financial Officer; and Mr. Atul Soneja, Chief Operating Officer. 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 this conference, 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 Mr. Mohit Joshi, MD and CEO for Tech Mahindra. Thank you and over to you, sir. Mohit Joshi: Thank you and thank you all for joining us. Welcome to our Q1 FY27 earnings call. Now, in April 2024, we had presented a three-year turnaround plan with clear goalposts and measurable markers for success. The first year of our plan was focused on laying the foundations which would lead to margin expansion, and in the final year of the plan, we would see growth outpacing our peers. We also promised to build a future-facing organization with differentiated capabilities and talent, a performance-oriented culture, and a proven execution engine. Now, in the final year of our transformation journey, we are increasingly seeing the benefits of the investments and the actions taken over the past two years. We have delivered margin expansion consistently over the past two years. More recently, our revenue growth has begun to move ahead of the peer average. We had said that in the third year of our transformation, we would pivot strongly to growth, and as the numbers today show, we have done just that. For the quarter, we reported revenues of US$1.66 billion, representing a 6.1% year-on-year growth on a reported basis and 6.6% growth in constant currency. This performance reflects continued momentum across the business, broad-based growth across our key verticals, progress in our AI-led strategy, and strong client engagement across markets. Operating margins stood at 14.4%, reflecting sustained execution discipline, operational rigor, and a continuous focus on profitable growth. This profitable growth is being enabled by our posture of using our experienced talent and domain expertise. This enables us to work more closely with clients, design tailored solutions, and deliver measurable business outcomes. Let me now turn to our performance across the key verticals. In our communications business, we grew by 1.3% year-on-year. The vertical continued to benefit from stability in key accounts, sustained client engagement, and the ramp-up of the large deals secured over the last few quarters. Our communications experience center in Pune, which many of you had the opportunity to visit in April, is strengthening the way we engage with clients. The center brings together immersive demonstrations, integrated solutions, and industry- specific use cases in one environment. In the first two months since its launch, we have hosted more than 10 executive sessions with global clients, highlighting the breadth and depth of our capabilities. The center is also enabling deeper collaboration with strategic partners, including hyperscalers, and strengthening our Page 2 of 20 Tech Mahindra Limited July 16, 2026 engagement at industry forums such as Digital Transformation World, DTW. Together, these efforts are creating opportunities for richer client relationships and long-term growth. Our BFSI business grew 8.1% year-on-year. We continue to see healthy demand in areas such as payment modernization, wealth platforms, regulatory compliance, identity and access management, and AI-led transformation. During the quarter, we also announced the acquisition of Avant Techno Solutions, a Canada-based firm specializing in payments modernization and wealth platforms. This acquisition is aligned with our stated strategy of deepening our presence in payments and the wealth segments, which we have consistently identified as important growth areas for TechM. It also strengthens our position in a structurally high-growth segment. Payments modernization, particularly real-time payment rails and cloud-native transformation, is expected to grow faster than traditional IT services. Avant Techno Solutions adds capabilities and client relevance in areas where we see sustained long-term demand. Manufacturing grew 17.2% year-on-year. Our focus remains on scaling sustainable growth across aerospace, industrial, and process manufacturing. We continue to see strong client interest in intelligent, data-driven operations that bring together AI, data platforms, engineering, and enterprise systems at scale. In this context, I am pleased to share that Tech Mahindra was recognized as the 2026 Google Cloud Partner of the Year in services and industry solutions in manufacturing. This recognition highlights our ability to help manufacturing clients modernize operations, improve agility, and build more resilient digital foundations. Retail, travel, and logistics grew 8.6% year-on-year, supported by momentum across e- commerce expansion, logistics modernization, automation, warehousing, and last-mile delivery optimization. We are bringing together our digital, data engineering, and experience capabilities to help clients improve efficiency and customer engagement across the value chain. While the macroeconomic environment for this vertical remains mixed, our tailored offerings and focused client engagement approach are gaining traction [Showing first 8,000 characters — download PDF for full document]