Transcript of the Earnings call held on Financial performance for the quarter and half year ended September 30, 2026.

SEC/076/2026-27 October 28, 2026 Listing Department Listing Department BSE Limited The National Stock Exchange of India Limited 25th Floor, Phiroze Jeejeebhoy Towers Exchange Plaza, C-1, Block G, Dalal Street, Fort, Bandra Kurla Complex, Mumbai-400 001 Bandra (E), Mumbai – 400 051 SCRIP CODE: 523704 SYMBOL: MASTEK ISIN: INE759A01021 Dear Sir(s) / Ma'am(s), Sub: Transcript of the Earnings Conference Call held on the financial performance for the quarter & half year 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 held on the financial performance for the quarter & half year ended September 30, 2026, conducted on October 26, 2026, for your information and records. The Transcript of the conference call can also be accessed from the website of the Company at https://www.mastek.com/investor-financial-information/ Thanking you. Yours faithfully, For Mastek Limited Reena Raje Company Secretary & Compliance Officer Membership No.: A21440 Encl: A/A Mastek Limited 804/805, President House, Opp. C. N. Vidyalaya, Near Ambawadi Circle, Ahmedabad – 380 006 Tel: +91-79-2656-4337 | Email: info@mastek.com | Web: www.mastek.com | CIN: L74140GJ1982PLC005215 Mastek Limited Q2FY27 Earnings Conference Call October 26, 2026 Moderator Ladies and gentlemen. Good day. Welcome to Mastek Q2FY27 Earnings call. We will begin today's session with a presentation from Mastek's management team, followed by a Q&A segment. I'll now hand the conference over to Mr. Niraj Khemka. Over to you, Mr. Niraj. Niraj Khemka Thank you, Melissa. Hello, everyone. Welcome to Mastek Limited's Q2FY27 earnings call. In the call today, we have with us Mr. Umang Nahata, CEO, and Mr. Deepak Kedia, CFO. In the course of this call, we'll make certain statements which are forward-looking and may involve a number of risks and uncertainties. All forward-looking statements made herein are based on 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, there is full disclosure included in the investor presentation and the press release. We consider that as read. With this, I'll hand over the call to Umang. Over to you, Umang. Umang Nahata Good morning, everyone. Thank you, Niraj. First of all, very good morning, everyone, and I appreciate you all joining the call early in the morning today. Looking forward to a healthy interaction with all of you over the next one hour. Our Q2 performance has been pretty healthy and very close to expectations in terms of most of the parameters. From a revenue standpoint, we had a very healthy growth of 2.4% QoQ in constant currency terms. The revenue numbers landed at $107.3 million for Q2. The EBITDA performance landed at 14.4%, which was around 100 basis points below Q1, largely on account of salary hike, and we will discuss the details later in the call. Our order backlog, 12-month order backlog grew by 2.3% YoY. There was some softness in the order book, and we'll talk about that also as we go forward in the call. Overall, from a performance standpoint, I'll initially describe the performance from a geo standpoint. We'll then really spend time talking about how are we transforming Mastek into an AI native organization and some of the really interesting stuff that is going on there. And we'll later pass the call to Deepak to explain more on the financial performance in detail. As far as our geographical performance is concerned, from a UK standpoint, Q2 was a very robust quarter. We actually delivered a 4.1% revenue growth in the quarter. Financial Services continues to be a very strong subsector within the UK business. Our Financial Services grew by more than 16% in the quarter. And we continue to see good, healthy momentum in that sector. Public sector, which is our biggest sector in the UK-Europe geography, continues to be stable. We saw a decent growth in public sector, both supported by some growth momentum as well as higher working days in last quarter. Healthcare & Life Sciences, which was a key driver and continues to be a key growth driver for us, still is lagging behind in the quarter performance, primarily due to some right-shifting in project starts, as well as some order book. Although, having said that, I would be happy to report that some of these orders that were right shifted have been concluded post the close of the quarter. And we expect the numbers to start improving as we go forward in H2. The other important development from a UK-Europe point of view is opening up of a new front, which is around energy and utilities. Happy to report that we've landed three new frameworks in energy and utilities and also started landing new contracts within these frameworks. This is primarily aligned to our strategy of going after sectors which buy like public sector but operate like private sector or privately held organizations. And that has allowed us to open a new front in energy and utility as well. We continue to focus with our same strategy of going after arm's length bodies who buy like public sector kind of organizations. As we go forward in the year, we'll report progress on how is the Energy & Utility sector really building up as we go forward. Last and not the least, the UK also saw a change in prime minister last quarter. As the new ministers take over, we are expecting and watching the change of policy or any direction, if any, from them. It currently seems that while healthcare will continue to be a focus, social care might be another area of important focus for the government, and we are trying to make sure that we align back to the policies. The budgets for the new government are going to be announced anytime this week, and we are closely observing the developments there. Till some of these activities happened, few of the contracts that were to be decided have been put on hold or canceled, these are the orders in pipeline, and would be hopefully launched back after the budgets have been finalized, which resulted in a softer quarter from an order book standpoint for our UK business in Q2. Moving forward to North America, our North America business continues to see a very strong deal momentum. And we, again, this quarter had a very positive order book. In fact, our total order backlog for the geography, if you do a year-on-year comparison, has grown by more than 50%. These order bookings are both in terms of focus on key verticals, which is around Healthcare & Life sciences, retail and manufacturing. But a lot of AI native transformation deals are also happening in the geography. And we'll talk about some of them in the following slides as I go forward. On APAC and Middle East point of view specifically, as you all know, the uncertainty in the market continues. In fact, it is getting more stringer as we go forward. While in Q2, we had some of the old standing contracts being signed and therefore a decent bounce back in revenue there. However, the overall outlook for Middle East continues to be uncertain. And we are closely observing the situation, especially the situation that is unfolding in Saudi Arabia and making the right and judicious calls as we go forward. As I move forward and explain our business from the most important forward-looking lens, which is the lens of how is Mastek transforming itself to become an AI-native organization. Like I mentioned, our vision is to focus on transformative business and make Mastek a leader in AI transformation in our select-focused verticals that we operate in. In account of that focus, we have taken two really important new steps, new offerings that we have been working on for the last few months and which have launched in this quarter. First is around Healthcare & Life Sciences, where we have signed a very strategic partnership wit [Showing first 8,000 characters — download PDF for full document]