Transcript of the Investors/Analysts call

Docusign Envelope ID: 783C3A27-8D91-8DBD-8038-5B3411D9F742 November 9, 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, November 6, 2026, in connection with the financial results of the Company for the quarter and half year ended September 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-q2-2027.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: 783C3A27-8D91-8DBD-8038-5B3411D9F742 “Mphasis Limited Q2 FY 2027 Earnings Conference Call” November 6, 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: 783C3A27-8D91-8DBD-8038-5B3411D9F742 Mphasis Limited November 6, 2026 Moderator: Good morning, ladies and gentlemen. Thanks for joining the Mphasis Q2FY2027 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 Q2 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 thank you all for joining us today. Q2 delivered what we said it would: our strongest sequential growth in three years, broad- based across verticals and segments. Our pipeline is at a record, and today we are raising our growth guidance for the year. I will take you through the numbers, but first, the thesis behind them. At our Analyst Meet in May, we said the value in enterprise AI is moving from adoption to economic outcomes. AI is not only changing how services are delivered; it is changing what enterprises buy. Agentic AI asks what systems can do. Enterprise Agency asks what the enterprise can now do better. We built Mphasis TriaTM to close what we call the Agency Gap: the distance between having AI and having AI make governed decisions that move revenue, margin and risk. Five months on, we see three things. First, the buyer has changed. Business and operations leaders now fund AI alongside the CIO, and their questions are about revenue leakage, planning latency and slow execution, not just technology cost. That is where Mphasis ModernizeTM and Mphasis OptimizeTM meet them, and where outcome-linked commercial constructs follow. Second, Tria works as a closed loop: understand, decide, act, measure and improve, with humans governing the exceptions rather than signing off routine work. Every governed decision feeds back into the models, so enterprise context compounds. Page 2 of 18 Docusign Envelope ID: 783C3A27-8D91-8DBD-8038-5B3411D9F742 Mphasis Limited November 6, 2026 Third, the moat is not the models. Frontier Models will continue to improve and commoditize. Our enduring differentiation lies in understanding enterprise context, causal decision intelligence, orchestration and governance, and the organizational capability to continuously learn, deploy & scale these capabilities across our client enterprises. Independent research points the same way. ISG's September report, ‘The AI Value Gap’, found that AI is widely used but outcomes lag, that nearly half of AI budgets now sit outside IT, and that model cost is only about a third of total investment. We welcome the corroboration, but we did not need it to set our course; it is the course we have been on since May, and it is visible in our results. What I want to spend time on today is not only what we believe, but how we have organized to deliver it. Last quarter we said Mphasis Tria was off to a stronger start than we anticipated. In Q2, that early traction began to scale. Tria is now a proof point in large-deal evaluations because it demonstrates governed, measurable outcomes, not just capability. And it is taking us into the operating core of the enterprise: the run of the business, not just the technology estate. In BFS, it is opening business-process budgets in lending origination, payment exception processing and client onboarding as examples. Beyond BFS, it is driving conversations on AI-led operations transformation at large insurers, on-demand intelligence for technology clients and so on. These budgets sit with business and operations leaders, and this has significantly increased our TAM. You will want to know how big our pipeline with Tria is. We are not breaking that out today, so let me describe its shape. Tria-led opportunities are a growing part of our pipeline, and they are different in kind: larger and multi-year deals, combining optimization and transformation with ongoing operations, sponsored by business leaders, and increasingly starting with a proof of value on the client's own processes. As each first deployment lands, it leaves reusable assets and foundations for expansion within that client. That brings me to what matters most for execution. We have organized our talent to turn this pipeline into scaled delivery. • Value streams: We have packaged the recurring business problems in Banking, Insurance and Healthcare, for example into defined offers, each with a clear buyer, outcome measures and reusable assets. Opportunities start from a vertically packaged offering. • Forward deployed and engineering solutions teams sit in one team, alongside delivery, embedded within the client, working through four steps: frame the problem, compose the capabilities, prove it with evidence, and scale. • A dedicated product and platform team institutionalizes learnings through a continuous feedback loop, turning every deployment into reusable capabilities that accelerate the next. Page 3 of 18 Docusign Envelope ID: 783C3A27-8D91-8DBD-8038-5B3411D9F742 Mphasis Limited November 6, 2026 We are investing in people to run this: certifying our client-facing technology leaders on the value-stream playbooks and expanding deployment capacity through our FDE team. Together, these give us a repeatable path from first conversation to scaled outcome, and that is why we are confident in the trajectory. Since the launch [Showing first 8,000 characters — download PDF for full document]