Earnings Call Transcript

Docusign Envelope ID: 830B163C-3FDF-8EFF-814B-006E6864998D July 28, 2026 The Manager, Listing The Manager, Listing BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Plot No. C/1, Dalal Street, G-Block, Bandra-Kurla Complex, Mumbai – 400 001 MUMBAI – 400 051 Scrip Code: 526299 Scrip Symbol: MPHASIS Dear Sir/Madam, Sub: Transcript of the Investors/Analysts call Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of the Investors/Analysts Earnings Conference Call held on Friday, July 24, 2026, in connection with the financial results of the Company for the quarter ended June 30, 2026. The transcript is also uploaded on the website of the Company and can be accessed at the weblink: https://www.mphasis.com/content/dam/mphasis-com/global/en/investors/financial-results/2027/transcript- of-earnings-call-q1-2027.pdf The above intimation is also available on the website of the Company at: www.mphasis.com. We request you to kindly take the above intimation on record. Yours faithfully, For Mphasis Limited Mayank Verma Senior Vice President and Company Secretary Membership No.: ACS 18776 Encl: As above Docusign Envelope ID: 830B163C-3FDF-8EFF-814B-006E6864998D “Mphasis Limited Q1 FY 2027 Earnings Conference Call” July 24, 2026 MANAGEMENT: MR. NITIN RAKESH – CHIEF EXECUTIVE OFFICER – MPHASIS LIMITED MR. ARAVIND VISWANATHAN – CHIEF FINANCIAL OFFICER – MPHASIS LIMITED MR. VINAY KALINGARA – HEAD INVESTOR RELATIONS – MPHASIS LIMITED Page 1 of 18 Docusign Envelope ID: 830B163C-3FDF-8EFF-814B-006E6864998D Mphasis Limited July 24, 2026 Moderator: Good morning, ladies and gentlemen. Thanks for joining the Mphasis Q1 FY 2027 Earnings Conference Call. I'm Neerav, your moderator for the day. We have with us today, Mr. Nitin Rakesh, CEO of Mphasis; Mr. Aravind Viswanathan, CFO; and Mr. Vinay Kalingara, Head of Investor Relations. As a reminder, there is a webcast link in the call invite email that the Mphasis management team will be referring to today. The same presentation is also available on the Mphasis website, www.mphasis.com, in the Investors section under Financial and Filings as well as both on BSE and NSE websites. I request you to have the presentation handy. 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 call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. Before we begin, I would like to state that some of the statements made in today's discussion may be forward-looking in nature and may involve certain risks and uncertainties. A detailed statement in this regard is available in the Q1 results release that was sent out to all of you earlier. I now hand over the floor to Mr. Nitin to begin the proceedings of this call. Thank you, and over to you, Nitin. Nitin Rakesh: Thank you, Neerav, and good morning to everyone joining us today. As we open FY 2027, I want to start with what we are seeing directly in client conversations because it is reshaping both the competitive landscape and our own platform trajectory. The AI narrative has matured decisively. Twelve months ago, every enterprise conversation began with model access and experimentation. Today, it begins with accountability. Business leaders are asking harder questions: Where is the measurable return on our AI investment? How do we govern AI decisions in regulated environments? How do we convert AI capability into durable economic outcomes - in revenue, cost, and risk - that hold up under scrutiny from the boards? What we are observing across our client base is what we have come to call the “Agency Gap” - the space between what enterprises can do with AI and what they can actually deploy, govern, and hold accountable at scale. Every large enterprise now has AI tools. Very few have enterprise agency: the ability to make better, faster, governed decisions and convert them into measurable outcomes embedded in the operating model. That gap is the defining AI challenge and is the market problem. The fit between that problem and our platform is visible in three ways. First, there is a validated market gap: enterprises own data, applications, and pilots, but they have no Page 2 of 18 Docusign Envelope ID: 830B163C-3FDF-8EFF-814B-006E6864998D Mphasis Limited July 24, 2026 governed system to turn these assets into accountable decisions at scale. The problem is not a lack of AI capability. It is a lack of governed execution. Second, Mphasis now has a defensible right to win: this problem sits at the intersection of brownfield enterprise complexity, integration depth, domain-specific decision intelligence, and governance - precisely the territory we have built over thirty years. Not many AI-native startups can replicate that context. Not many hyperscalers wants to own that accountability. Third, the platform economics are designed to compound: Think about landing in one decision loop, proving measurable gain, and then expanding as platform reuse multiplies across deployments. The unit of value is no longer a project or a workstream. It becomes the quality, speed, and accountability of enterprise decisions. That is why Mphasis Modernize™ and Mphasis Optimize™ are not separate offerings; they are connected product motions on the same Mphasis TriaTM platform. Modernize builds enterprise memory: extracting structured context from systems, rules, workflows, and process history. Optimize uses that memory to continuously improve the decision loops that drive commercial and operational performance - revenue, pricing, demand, supply chain, and risk. The platform converts a one-time transformation engagement into a repeatable, expanding motion. We start with modernization, create structured enterprise knowledge, and then extend into optimization use cases that improve revenue, customer experience, and operating performance - compounding value with each deployment. I want to spend a moment on what Tria’s early traction is telling us - because it validates something larger than a platform launch. The most important signal is this: within seven weeks of platform launch, multiple opportunities moved from conversation to closure and are now moving to execution. That is not a normal sales cycle. That is demand compression. Clients are recognizing that Tria addresses a problem they have been unable to solve with anything else on the market. Agentic AI, as shipped by every major platform vendor, is not the answer. Clients are now increasingly understanding that agentic AI is a capability. Enterprise Agency is an outcome - governed, explainable, measurable decisioning built into the operating model, not layered on as another tool. What is changing in client conversations is the altitude. Our Opportunity Maximization approach is elevating us from CIO and CTO conversations to the business agenda - to the CFO asking about revenue cycle performance, the Chief Distribution Officer asking about advisor productivity, and the COO asking about operational efficiency. We are addressing these business problems that sit behind the technology, not just the technology problems themselves. Several dynamics from Q1 deserve specific attention from an investment thesis perspective. First, we are seeing ARR and managed services opportunities bundled together in Tria deals. That is the revenue quality signal we committed to at Analyst Day - a shift from point-in-time project revenue toward recurring, platform-attached revenue that leverages and expands on the ‘reuse-ability’ within each client relationship. Second, Page 3 of 18 Docusign Envelope ID: 830B163C-3FDF-8EFF-814B-006E6864998D Mphasis Limited July 24, 2026 large deal activity is being influenced by Tria at the evaluat [Showing first 8,000 characters — download PDF for full document]