Transcript of the earnings conference call on financial results for the quarter ended September 30, 2026

Ref. No.: TTL/COSEC/SE/2026-27/67 October 19, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Bandra (E), Mumbai- 400001, India Mumbai – 400 051, India Scrip Code: 544028 Trading symbol: TATATECH Dear Sir / Madam, Subject: Transcript of the earnings conference call on financial results for the quarter ended September 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 on financial results for the quarter ended September 30, 2026, conducted after the meeting of the Board of Directors held on October 14, 2026. The above information will be made available on the website of the Company: www.tatatechnologies.com. This is for your information and records. For Tata Technologies Limited Raghav Mulay Company Secretary and Compliance Officer Encl: As above Tata Technologies Limited Plot No 25, Rajiv Gandhi Infotech Park | Hinjawadi, Pune 411057 | India Tel: +91 20 6652 9090 | Fax: +91 20 6652 9035 CIN L72200PN1994PLC013313 Email: investor@tatatechnologies.com Website: www.tatatechnologies.com “Tata Technologies Limited Q2 FY'27 Earnings Conference Call” October 14, 2026 MANAGEMENT: MR. WARREN HARRIS – CHIEF EXECUTIVE OFFICER AND MANAGING DIRECTOR – TATA TECHNOLOGIES MR. UTTAM GUJRATI – CHIEF FINANCIAL OFFICER – TATA TECHNOLOGIES MR. VIJAY LOHIA – HEAD – INVESTOR RELATIONS & M&A – TATA TECHNOLOGIES Moderator: Ladies and gentlemen, good day, and welcome to Tata Technologies 2Q 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 followed by zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Vijay Lohia, Head, Investor Relations and M&A at Tata Technologies. Thank you, and over to you. Vijay Lohia: Thank you. Hello, everyone, and a warm welcome to Tata Technologies Q2 of fiscal year '27 earnings conference call. Joining us today from the management team are Mr. Warren Page 1 of 32 Harris, Chief Executive Officer and Managing Director; and Mr. Uttam Gujrati, Chief Financial Officer. We'll begin today's call with opening remarks from the management team covering the company's performance for the quarter and key business highlights, followed by the Q&A session. Before we proceed, I would like to remind everyone that certain statements made during today's call may be forward- looking in nature. These statements should be viewed in conjunction with the risks and uncertainties outlined in Slide 2 of our quarterly factsheet, which is available on our website. Our press release, financial results, and investor presentation have been submitted to the stock exchanges and are also available on the IR section of our website. We trust you've had an opportunity to review them. With that, I now invite Warren to share his opening remarks. Over to you, Warren. Warren Harris: Thank you, Vijay. Good evening, everyone, and thank you for joining us. Three months ago, we said FY27 would represent an important inflection point for Tata Technologies, supported by a strong order book, sustained large-deal momentum, and our differentiated position in full vehicle development and engineering transformation. As we close the first half of the year, our performance continues to reinforce that conviction. For Q2, revenues from operations increased 22.2% year-on- year in constant currency to US$178 million. Services revenue Page 2 of 32 grew 4.3% sequentially and 26.2% year-on-year to US$142 million, contributing approximately 80% of our total revenue. Despite absorbing annual salary increments, representing more than a 100-basis-point headwind, operating EBITDA margins remained resilient at 16.1%, reflecting continued execution discipline and the strength of our operating model. We also continue to invest in future growth. During this quarter, we added approximately 300 associates to support strategic program ramp-ups and strengthen key capabilities across the business. At the same time, attrition reduced by 70 basis points sequentially to 15.6%, reflecting the progress we are making in employee experience, career development, and engagement. As we scale larger and more complex programs, our people remain one of our most important competitive advantages. From an industry perspective, we are seeing structural shift in the approach that our customers are taking to product development, specifically in the automotive industry. We believe that the sector is at an inflection point. Chinese OEMs have established new benchmarks for product innovation, development, speed, and cost-competitiveness and are increasingly expanding globally. In response, Western OEMs are becoming leaner and fundamentally rethinking how products are engineered and brought to market. We believe OEMs will increasingly focus on what defines their brands while outsourcing more engineering and product development activity. The winners will be partners that can own outcomes, particularly full product and full vehicle Page 3 of 32 outcomes, and build strategic relationships with the C-suite of those companies. This is the thesis around which we are building Tata Technologies. By product realization, we mean taking responsibility for the entire product lifecycle from concept through launch. Our ambition is not just to become a large engineering service provider. It is to become a strategic product realization partner capable of owning increasingly complex engineering and product development outcomes for the world's leading OEMs. Our JV with BMW provides a compelling proof point to that theme. BMW has publicly announced plans to reduce headcount in Germany while continuing to invest in and scale our joint venture in India. We believe this reflects a broader industry trend as OEMs increasingly leverage strategic partners like ourselves to improve competitiveness, accelerate innovation, and enhance productivity. The quality of business that we are winning also reflects this positioning. Several large engineering engagements and full vehicle programs secured over recent quarters are now ramping, and we expect a more meaningful contribution from these programs during the second half of the year. Pipeline conversion remains strong, with five large deals secured during Q2. These included a landmark US$138 million full vehicle engineering program with a leading European luxury automotive OEM, spanning two vehicle programs. Page 4 of 32 This win is an important milestone. It validates our ability to assume responsibility for increasingly complex product development outcomes and reflects the confidence our customers are placing in Tata Technologies. We also secured an engagement with a leading North American commercial vehicle manufacturer to lead the end- to-end development of a new vehicle platform and support the associated digital SDV infrastructure. Taken together, these wins reflect a broader shift in our portfolio towards larger, more strategic, and more outcome- oriented engagements. Based on our first-half performance, continued program ramp-ups, and healthy pipeline conversion, we remain confident in maintaining strong double-digit growth for FY27. While automotive remains our primary growth engine, aerospace is emerging as an important second growth engine for our company. Demand across the aerospace sector remains strong while the industry continues to face challenges in engineering capacity, production throughput, and manufacturing efficiency. Our strategy is focused on areas where engineering heritage, manufacturing expertise, and digital capabilities can create differentiated value, including [Showing first 8,000 characters — download PDF for full document]