Analysts/Institutional Investor Meet/Con. Call Updates

Tech Mahindra Ltd Sharda Centre, Off Karve Road, Erandwane, Pune 411 004 Tel: +91 20 66018100 www.techmahindra.com 21 October 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 September 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 2 October 2026 and audio recording of quarterly earnings conference call vide letter dated 15 October 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 15 October 2026, please find enclosed the transcript of the said quarterly earnings conference call of the Company for the quarter ended 30 September 2026, held on Thursday, 15 October 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-q2-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Please note that the Company has referred to publicly available documents for discussions and no unpublished price sensitive information has been shared during the aforesaid meeting.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 Q2 FY27 Earnings Conference Call” October 15, 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 October 15, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Tech Mahindra Limited Q2 FY27 Earnings Conference Call. We have with us today Mr. Mohit Joshi, Managing Director and Chief Executive Officer; 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 the conference call, 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. Mohit Joshi for his opening remarks. Thank you, and over to you, sir. Mohit Joshi: Thank you, and thank you all for joining us, and welcome to our Q2 FY27 earnings call. I just wanted to begin by highlighting a significant milestone in Tech Mahindra's journey as we celebrate our 40th anniversary this quarter, a very proud moment for associates, customers, shareholders, and partners. Over four decades, we have built deep client relationships, developed expertise across industries, and adapted through successive waves of technology change. From our roots in telecommunications, we have grown into a global technology company offering AI-powered technology consulting and digital solutions to global enterprises across industries. Through all this change, the entrepreneurial spirit that shaped Tech Mahindra has endured. It drives us to pursue new opportunities, build for the long term, and keep learning at our heart. We believe that technology must create meaningful value for our clients and communities. Today, that spirit finds its clearest expression in our promise to help clients scale at speed. As we mark this milestone, I'm also pleased to announce that our Board of Directors has recommended a bonus share issue in a ratio of 1:1 for our shareholders. Turning to our quarterly performance, we delivered a very strong quarter with broad-based growth across the business. Revenues were US$1.693 billion, representing 6.8% year-on-year growth on a reported basis and 7.2% growth in constant currency. Positive momentum across our verticals and the ramp-up of large deals supported this performance, and we are now winning share based on our talent investment and their focus. We have above-industry-tenured staff focused on delivering business outcome-oriented solutions to our clients. Operating margins for the quarter stood at 14.8%. From a vertical perspective, in Communications, revenues grew 9.5% year-on-year, supported by the ramp-up of the Orange large deal and new strategic engagements. We continue to see opportunities across AI-led operational transformation, fiber and network modernization, and B2B platform modernization. We also believe the next wave of cost transformation will be driven more by technology-led transformation beyond merely AI benefits and labor arbitrage, which plays to Tech Mahindra's strengths and deep telecom expertise. In this quarter, we launched Zero-Gravity Telco Architecture, our North Star framework, enabling telecom operators to reduce enterprise gravity by addressing the architectural Page 2 of 20 Tech Mahindra Limited October 15, 2026 constraints that limit safe AI agent deployment, supporting their transition to AI-native operations. This is a timely and differentiated capability, especially in light of widespread and heightened concerns about security and reliability of AI agents. The BFSI business grew 4.6% year-on-year. We remain focused on deepening our presence in payments and wealth management, modernizing client platforms, and strengthening our insurance capabilities. During the quarter, we were recognized as a global leader in the ISG Guidewire Services Ecosystem 2026 study for the first time, reflecting the progress we have made in insurance. Manufacturing grew 7% year-on-year. Aerospace saw good traction, supported by engineering demand and industrial opportunities centered on AI-led efficiency, supply chain visibility, and system consolidation. Hi-Tech grew 6.7% year-on-year, supported by new deal wins. AI-led product engineering and platform modernization are driving demand. At the same time, cost optimization and consolidation initiatives continue to support a healthy pipeline. Retail, Travel and Logistics grew 9.2% year-on-year, supported by new client wins and the ramp-up of consolidation and transformation engagements in the Americas. We continue to see opportunities to expand our share within existing accounts and help clients strengthen the infrastructure, data, and platforms needed for AI adoption. Healthcare grew 6.2% year-on-year. Our focus remains on expanding our presence across providers and life sciences, with vendor consolidation and AI-led transformation as key areas of opportunity. We are building on our AI solutions portfolio and ecosystem partnerships to support clients in areas such as post-market surveillance and regulatory compliance. Coming to the progress we made under TechM Helix, our AI initiative, this quarter, we strengthened the platforms, partnerships, and industry capabilities that underpin all of our AI offerings. Our Helix investments are translating into strategic engagements across industries and geographies, with many moving beyond pilots towards larger-scale implementation within core business processes. During the quarter, we secured AI engagements across professional services, healthcare, insurance, communications, consumer health, and technology. [Showing first 8,000 characters — download PDF for full document]