Analysts/Institutional Investor Meet/Con. Call Updates

October 15, 2026 The General Manager The Manager BSE Limited National Stock Exchange of India Limited Listing Department Listing Department Phiroze Jeejeebhoy Towers Exchange Plaza Dalal Street 5th Floor, Plot No. C-1, Block-G Mumbai- 400 001 Bandra-Kurla Complex, Bandra(E) Mumbai-400 051 BSE Scrip Code: 532281 NSE Scrip Code: HCLTECH Subject: Transcript of the Conference Call held on October 12, 2026 Dear Sir / Madam, In terms of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, enclosed please find a copy of the transcript of the Conference Call held on October 12, 2026, post the announcement of the financial results of the Company for the quarter ended September 30, 2026. The is also available on our Company’s website https://www.hcltech.com/investor-relations. This is for your information and records. Yours faithfully, For HCL Technologies Limited Manish Anand Company Secretary Encl.:a/a HCL Technologies Ltd. Technology Hub, Special Economic Zone Corporate Identity Number: L74140DL1991PLC046369 Plot No. 3A, Sector 126, NOIDA – 201304, UP, India Registered Office: t: +91 120 4306000 806 Siddharth, 96, Nehru Place, New Delhi -110019, India Classification: Internal “HCL Technologies Limited Q2 FY'27 Earnings Conference Call” October 12, 2026 Management: Mr. C. Vijayakumar – Chief Executive Officer & Managing Director Mr. Shiv Walia – Chief Financial Officer Mr. Nitin Mohta – Senior Vice President & Head - Investor Relations HCL Technologies Limited October 12, 2026 Moderator: Ladies and gentlemen, good day, and welcome to HCLTech's Q2 FY27 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 this conference, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Nitin Mohta, Head, Investor Relations. Thank you, and over to you. Nitin Mohta: Thank you, Dorwin. Good morning, and good evening, everyone. A very warm welcome to HCLTech's Quarter 2 FY27 Earnings Conference Call. We have with us Mr. C Vijayakumar, CEO and Managing Director, HCLTech; Mr. Shiv Walia, Chief Financial Officer; along with the broader leadership team to discuss the performance of the company during the quarter, followed by a Q&A. In the course of this call, certain statements that will be made are forward-looking, which involve a number of risks, uncertainties, assumptions, and other factors that could cause actual results to differ materially from those in such forward-looking statements. All forward-looking statements made herein are based upon information presently available to the management, and the company does not undertake to update any forward-looking statement that may be made in the course of this call. In this regard, please do review the safe harbor statements in the formal investor release documents and all the factors that can cause a difference. Over to you, CVK. C Vijayakumar: Thank you, Nitin. Good day, everyone. Thank you for joining us for HCLTech's Q2 FY27 earnings call. We delivered a solid quarter, and I would like to begin with the key headlines of the quarter. First, our Advanced AI services continues to scale rapidly and is becoming a key growth driver for HCLTech. HCL Technologies Limited October 12, 2026 Number two, new bookings were the second highest in our history and the strongest first half of any financial year. Number three, margins expanded significantly through disciplined execution and higher-margin Advanced AI revenue. Before I go through the numbers, please note that all growth rates that I mention are in constant currency, except for bookings and ARR. Our services business, which is more than 90% of our business, delivered a strong performance. Services grew 3% sequentially and 4% YoY, with growth of 2.3% sequentially. IT and Business Services grew 2.7% sequentially and 4.4% YoY, while Engineering and R&D Services grew 4.1% sequentially and 2.1% YoY. Growth was broad-based across verticals and geographies, reflecting how closely our portfolio is aligned with the clients -- with what the clients are prioritizing today, be it AI, cloud, data, cybersecurity, or application modernization. Advanced AI revenue reached $219 million this quarter, up 28.4% sequentially and 78% YoY. And the annualized Advanced AI revenue is now $876 million. This quarter's performance validates our strategy and advances our ambition to become the leading AI solutions company for the global enterprises. You can also see that we are able to offset AI-driven deflation by gaining market share in our core services and through our Advanced AI offerings, which is helping us capture a share of the rapidly expanding AI spend across the technology ecosystem. This is the growth template we aim to consistently replicate going forward. Overall revenue grew 2.3% sequentially and 2.6% YoY. Software revenue declined 5.8% sequentially and 11.2% YoY, and this weighed on our overall growth. HCLSoftware's ARR stood at $1.134 billion, up 7.8% YoY, which is the best measure of the health of this business, and it is growing. HCL Technologies Limited October 12, 2026 A little later, Shiv will share more details on the factors driving the software performance this quarter. Our EBIT margin was 18.2%, an improvement of 131 basis points sequentially and 71 basis points YoY, and it came ahead of our expectations. This expansion was driven by higher margins in Advanced AI and gains from AI across our operations. We achieved this while continuing to invest in AI capabilities, IP, and talent. Let me now turn to bookings. New deal bookings reached $3.3 billion, up 27% YoY and 35% sequentially. This is the second-highest bookings quarter we have ever recorded and gives us our strongest first half bookings. Clients are working with us on more strategic programs and are choosing us to shape their technology agenda. AI was a central theme in every large deal we won. I will discuss them when I go through the pillars of our AI strategy. Our people count stood at 230,339 as of the end of last quarter, a net increase of 6,450 sequentially. Attrition was 12.8% on LTM basis. Revenue per employee improved by 2.4% YoY, a clear sign that our AI strategy is improving productivity across the business. I would also like to touch upon another topic. Over the last many years, we've ramped up our in-country recruiting efforts to build a significant local talent base. This is part of our talent strategy, and we will continue with this. In the last couple of years, the number of PERM applications we have filed is a very small number. Hence, we do not expect the US Department of Labor decision to suspend the PERM program to have any material impact on our talent plans or client engagements. Turning to our AI strategy, we continue to execute against the five pillars of our AI strategy, and this quarter, we saw them contribute as one integrated growth model. Pillar 1 is proactively transforming our services, where we are systematically embedding AI across our HCL Technologies Limited October 12, 2026 delivery model. And as AI adoption expands from targeted deployments to enterprise-wide transformation across engineering, operations, and modernization, we have seen three clear benefits. First, AI is improving productivity, quality and client outcomes. For example, for a leading private bank's complex core banking migration, we built an agentic AI solution that converts functional specifications into validated, review-ready code for the target platform in about 10 minutes per routine, with engineers approving every output. It averaged 87% accuracy for an estimated 9x productivity gain. Second, it is deepening client relationships and driving larger engagements. Guardian Life Insurance selected us to accelerate [Showing first 8,000 characters — download PDF for full document]