Analysts/Institutional Investor Meet/Con. Call Updates

Ref./No./FRACTAL/SE/2026-27/073 Date: November 6, 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza, Plot No. C/1, G Block, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Dalal Street, Fort, Bandra (East), Mumbai 400051 Mumbai 400 001 Maharashtra, India Maharashtra, India Scrip Symbol: FRACTAL Scrip Code: 544700 Sub: Transcript of Earnings Conference Call pertaining to the Unaudited Consolidated and Standalone Financial Results for the quarter and six months ended September 30, 2026 Dear Ma’am / Sir, Pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the transcript of the Earnings Conference call held on Wednesday, November 04, 2026, for the Unaudited Consolidated and Standalone Financial Results for the quarter and six months ended September 30, 2026. The said transcript is also available on the website of the Company at: https://fractal.ai/docs/Investor- Relations/Financial-Statements-and-Annual-Reports/2027/Q2/Fractal-Transcript-Q2-FY2027.pdf This disclosure will also be hosted on the Company’s website at: https://fractal.ai/investor-relations Kindly take the same on records and arrange to bring this to the notice of all concerned. Thanking you. Yours sincerely, For Fractal Analytics Limited Somya Agarwal Company Secretary and Compliance Officer Membership No: A17336 Encl: a/a Fractal Analytics Limited (formerly known as Fractal Analytics Private Limited) CIN: L72400MH2000PLC125369 Registered address: Level 7, Commerz II, International Business Park, Oberoi Garden City, Off W. E. Highway Goregaon (E), Mumbai - 400063, Maharashtra, India. W: www.fractal.ai | P: +91 22 6850 5800 | E: investorrelations@fractal.ai Fractal Q2 FY2027 Earnings Conference Call November 4, 2026 Management: Mr. Srikanth Velamakanni – Co-Founder & Group Mr. Pranay Agrawal – Co-Founder & CEO Ms. Shilpa Kedia – Chief Financial Officer Mr. Satish Raman – Chief Strategy Officer Ms. Svetlana Joshi – Investor Relations Ms. Anjali Garg – Investor Relations Page 1 of 19 Fractal Analytics November 4, 2026 Moderator: Ladies and gentlemen, a very good morning. My name is Inba. I will be moderating today's session. Welcome to Fractal's Q2 FY2027 Earnings Conference Call. All participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the management's remarks. Please note the call is being recorded. I will now hand over the call to Ms. Svetlana Joshi from Fractal's Investor Relations team. Thank you, and over to you, Svetlana. Svetlana Joshi: Thank you, Inba. Good morning, everyone, and thank you for joining us today. We will be discussing Fractal's performance for Q2 of FY2027, which ended on September 30, 2026. Our results, investor presentation, and fact sheet have been filed with the exchanges and are also available on our investor relations website. Joining me on the call today are Srikanth Velamakanni, Co-Founder and Group CEO, Pranay Agrawal, Co-Founder and CEO, Shilpa Kedia, Chief Financial Officer, and Satish Raman, Chief Strategy Officer. Before we begin, please note that certain statements made during this call may be forward looking in nature. These statements are based on our current expectations and are subject to risks and uncertainties that could cause actual results to differ materially. Such statements or comments are not guarantees of future performance, and Fractal undertakes no obligation to update them. Please refer to the cautionary statements in our investor presentation and regulatory filings. We will first hear from Srikanth on the business update and then from Shilpa on the detailed financial performance, post which we will take questions. With that, let me hand over the call to Srikanth. Srikanth Velamakanni: Good morning, everyone. It has been 100 days since our last earnings call, and in the world of AI, that is a really long time. AI is now contributing to significant scientific breakthroughs, but the world of enterprises is still catching up. The enterprise AI floodgates have not opened yet. We stand ready to capitalize on that when it happens. Meanwhile, we had a great quarter. For the first time, our revenue crossed the $100 million threshold. Revenues grew 20%, adjusted EBITDA grew 30%, and net income grew 139%. Let me walk you through the details. Revenue for quarter 2 was INR 957 crore, up 20% year- over-year and 5% quarter-over-quarter. In constant currency terms, revenue growth was 10% year-over-year and 4% quarter-over-quarter. Here is how this breaks down by industry. Consumer packaged goods and retail (CPGR), our largest vertical, grew by 11% year-over- year, reflective of some of the challenges of inflation and consolidation in this sector. Our healthcare and life sciences (HLS) business continued to be the growth leader, growing at an exceptional 79% year-over-year. As I said in the last quarter, technology, media & telecom (TMT) has bottomed out. It grew sequentially by 6%, though it remains a sector going through a lot of change. Banking, financial services and insurance (BFSI) grew 30% year- Page 2 of 19 Fractal Analytics November 4, 2026 over-year. Our energy, travel, and industrial clients, which we report as “others”, grew 47% year-over-year. Now, let me walk you through in terms of geography. Americas led the revenue growth with 22%, while Europe was close behind with 20% growth. APAC grew by 7% year-over-year. That’s the top line. Here are three numbers underneath that are very, very interesting. • One, our Net Promoter Score was 76, which tells us that our clients are very satisfied with our work and want to work with us more. • Second, they are also spending more with us. Our Net Revenue Retention was 115% in Q2, up from 112% last year, and new clients added another five points of growth. • Third, we now have 58 clients with more than $1 million in annual revenue, and 20 of them are above $5 million. At the same time, our top 10 and top 20 clients make up a smaller share of revenue. That means we’re growing without becoming more concentrated. On profitability, Shilpa Kedia will go deeper, but here are some headlines. Gross margin was at 44%, down 225 basis points year-over-year, mainly because we invested in developing precious AI research and AI engineering talent ahead of growth. Adjusted EBITDA grew 30%, and adjusted EBITDA margin reached 16%, up 123 basis points. Net income grew 139% to INR 79 crore, and net income margin rose from 4% to 8%. Excluding our share of Qure.ai losses, net income was at INR 102 crore. Overall, I’m very happy with how our profitability is shaping up. So, those are the numbers for this quarter. Now, let me make a few qualitative comments. I’m excited about a few things. Number one, products. Our products revenue is at INR 38 crore for the quarter, which is 4% of our overall revenue. Our products portfolio is now at a run rate of more than INR 150 crore a year, up 39% year-over-year. In addition, our remaining performance obligations, RPO, which is defined as contracted revenue yet to be delivered and recognized for products, stands at over INR 200 crore. So, product business is starting to become significant. Cogentiq, our agentic AI platform, is gaining traction globally and especially in India. Clients are using this platform directly and the products are built on it, such as Cogentiq Invoice to Cash and Cogentiq CX. Fractal Alpha, which holds Asper.ai and Analytics Vidhya (AV), grew 40% year-over-year to INR 34 crore. The Pricing One transaction that we closed yesterday gives Asper.ai a base in Europe, and AV is shifting now towards enterprise clients. So, this is the first point. Page 3 of 19 Fractal Analytics November 4, 2026 Second, growth levers. Our largest relationships are growing. Now, six clients bring in more than $20 million each, up from four a year ago. Our new client additions continue to be healthy a [Showing first 8,000 characters — download PDF for full document]