Analysts/Institutional Investor Meet/Con. Call Updates

Redefining Business Services November 06, 2026 To: To: BSE Limited (BSE) National Stock Exchange of India Limited Corporate Relationship Department (NSE) Phiroze Jeejeebhoy Towers, Listing Department 25th Floor, Dalal Street, Exchange Plaza, 5th Floor, Plot No. C/1, Mumbai - 400001 G Block, Bandra Kurla Complex, Bandra (East), Mumbai — 400051 BSE Scrip Code: 543996 NSE Code: UDS Dear Sir/Madam, Sub: Transcript of the Earnings Call for the Quarter and Half Year Ended September 30, 2026. This is further to our letter dated November 02, 2026, whereby the company submitted the link to the Audio Recording of the Earnings Call for the Quarter and Half year ended September 30, 2026. Pursuant to Regulation 30 (6) read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015, the transcripts of the said Earnings Call held on November 02, 2026, is enclosed as Annexure. You are requested to kindly take the above on record. Yours faithfully, For Updater Services Limited Sandhya Saravanan Company Secretary and Compliance Officer A66942 Updater Services Limited (earlier Updater Services Pvt Ltd) 1st Floor, No.42, Gandhi Mandapam Road, Kotturpuram, Chennai - 600085 +91 44 2446 3234 I 0333 I sales@uds.in I facility@uds.in I www.uds.in I CIN L74140TN2003PLC051955 Our Values: happy people I clear purpose I better everyday I do good I balance all “Updater Services Limited Q2 and H1 FY27 Earnings Conference Call” November 02, 2026 MANAGEMENT: MR. RAGHUNANDANA TANGIRALA – PROMOTOR, CHAIRMAN AND MANAGING DIRECTOR – UPDATER SERVICES LIMITED MR. AMITABH JAIPURIA – SENIOR EXECUTIVE DIRECTOR – UPDATER SERVICES LIMITED MRS. ELIZABETH JACOB – FOUNDER AND CHIEF EXECUTIVE OFFICER – ATHENA BPO PVT LTD MR. SUNIL MUNSHI – CHIEF EXECUTIVE OFFICER – DENAVE INDIA PVT LTD MS. RAM PRAVEEN R– CHIEF FINANCIAL OFFICER – UPDATER SERVICES LIMITED SGA, INVESTOR RELATIONS ADVISOR – UPDATER SERVICES LIMITED E&OE - This transcript is edited for factual errors. In case of discrepancy, the audio recordings uploaded on the stock exchange on 2nd November 2026 will prevail. Page 1 of 14 Updater Services Limited November 02, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Q2 and H1 FY27 Earnings Conference Call for Updater Services Limited. 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. Before we begin, a brief disclaimer. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on the date of this call. These statements are not the guarantees of future performance and may involve risks and uncertainties that are difficult to predict. Should you need assistance during the 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. Raghunandana Tangirala, Promoter and CMD of Updater Services Limited. Thank you, and over to you, sir. Raghunandana Tangirala: Yes. Thank you. Good afternoon, and warm welcome to Updater Services Limited Q2 and H1 FY27 earnings. Joining me today are Amitabh Jaipuria, our Senior Executive Director; Mr. Ram Praveen, our Chief Financial Officer; Mrs. Elizabeth Jacob, Founder and CEO of Athena; Mr. Sunil Munshi, CEO of Denave; and our Investor Relations Advisor, SGA. I hope you've all had the chance to review our investor presentation and results, which are also available on the exchange and our website. Let me start with the headline numbers for Q2 FY27 Consolidated revenue from operations grew by 11% year-on-year to INR812 crores. EBITDA grew by 37% to INR43 crores, with the margin improving by 100 basis points to 5.3%.. Profit after tax grew 62% to INR32 crores. Before I turn to the industry and the business, I would like to share a few developments from the quarter that reflects how we are strengthening our operations. First, to strengthen execution in our IFM business, we have appointed Rajeev Bhardwaj as the Chief Operating Officer. Rajeev comes with a very strong credentials with decades of industry experience. The appointment allows us to separate day-to-day operations management from new business development so that each gets a dedicated leadership focus. Second, as part of our succession planning, Mrs. Jigyasa Sharma, Executive Director on the UDS Board, has been appointed as CEO-Designate for our subsidiary Matrix from 1 April, 2027. She will take over as CEO from the current CEO, Mr. Ravi, who is due to retire. Ravi will continue to be associated with Matrix in a new capacity. Third, as part of our ongoing efforts to simplify the group structure, Denave has initiated closure of 2 small step-down subsidiaries, Denave Europe and Denave Korea. This is not expected to have any material financial impact and it reduces organization complexity and management overheads. Page 2 of 14 Updater Services Limited November 02, 2026 Fourth, in September, ICRA reaffirmed our long-term rating as AA- with a stable outlook and short-term rating as A1+. This reflects our strength of our balance sheet and our net cash position. Let me now turn to the broader industry environment. India's office market continued to be strong with absorption in the first 9 months of the calendar year 2026, reaching a record 66 million square feet. Global Capability Centers remain a key driver of this demand, accounting for a record about 28 million square feet of leasing in the same period. As enterprises expand their office footprint, the need for reliable housekeeping, engineering maintenance, workplace management and integrated facility management increases. This is encouraging for organized IFM providers such as UDS. At the same time, the market is becoming more selective. Customers are increasingly focused on operational efficiency, measurable service outcomes, compliance and value for money. The labor codes now in their first year of implementation have raised the compliance bar for for every enterprise that engage contract workers. We believe this favors companies that combine execution capabilities, technology, standardized processes and strong governance. And this is how UDS has operated from the beginning. Turning to employment trends. The demand environment remains mixed. White collar hiring growth moderated to about, 2% year-on-year in September after a strong August. Hiring in BPO, IT-enabled services and GCCs grew by about 4%, while traditional IT and software services remain subdued. In BSS, these hiring cycles and enterprise spending patterns influence demand for background verification and certain sales enablement services. In IFM, rising commercial activity and industrial expansion continue to support demand for our outsourced facility services. Industry expansion is something of particular interest for UDS, given our strength in this space. Against this backdrop, our focus remains on building resilience across our portfolio, improving the quality of our revenues and ensuring that growth translates into sustainable profitability. Now, let me take you through our IFM division. We added 7 new significant logos in Q2, taking large logo additions for the first half to 13. This is across manufacturing, commercial real estate and health care. Q2 FY27 IFM revenue from operations grew 11% year-year to INR560 crores compared with INR503 crores in Q2 FY26. For H1 FY'27, IFM revenues stood at about INR1,084 crores, up 11% year-on-year. IFM EBITDA for the quarter was about INR24 crores with a margin of 4.2% compared to 3.8% in Q2 FY26. Growth during the quarter was driven by 3 factors: new client addition across diversified industry, higher volume from large sized contracts that have now moved past their ramp-up phase and deeper wallet share within existing marquee clients. The upfront employee cost we ca [Showing first 8,000 characters — download PDF for full document]