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Happiest Minds Technologies Limited happiest minds Regd. Office: #53/1-4, Hosur Main Road, Madivala, Bengaluru-560068, Karnataka, India CIN of the Co. L72900KA2011PLC057931 Al FIRST. AGILE ALWAYS. P: +91 80 6196 0300, F: +91 80 6196 0700 Website: www.happiestminds.com Email: investors@happiestminds.com November 09, 2026 Listing Compliance & Legal Regulatory Listing & Compliance BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Bandra Kurla Complex Dalal Street, Mumbai 400 001 Bandra East, Mumbai 400 051 Stock Code: 543227 Stock Code: HAPPSTMNDS Dear Sir/Madam, Sub: Transcript of Earnings Call held on November 03, 2026 Pursuant to Regulation 30 read with Para A of Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of the Earnings Call held on November 03, 2026, post announcement of financial results of the Company for the quarter and half year ended as on September 30, 2026. The transcript is also uploaded on the Company’s website (https://www.happiestminds.com/investors). This is for your information and records. Thanking you, Yours faithfully, For Happiest Minds Technologies Limited Praveen Kumar Darshankar Company Secretary & Compliance Officer Membership No. F6706 “Happiest Minds Technologies Limited Q2 FY27 Earnings Conference Call” November 03, 2026 Management: Mr. Joseph Anantharaju – Co-Chairman and Chief Executive Officer Mr. Venkatraman Narayanan – Managing Director Mr. Ram Mohan – Chief Executive Officer, Infrastructure Management and Securities Services (IMSS) Mr. Sridhar Mantha – Chief Executive Officer, Generative AI Business Services (GBS) Mr. Praveen Darshankar – Company Secretary and Compliance Officer Mr. Anand Balakrishnan – Chief Financial Officer Mrs. Priyanka Sharma - Head, Investor Relations Moderator: Ms. Aditi Patil – ICICI Securities Page 1 of 27 Happiest Minds Technologies Limited November 03, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Happiest Minds Q2 FY27 Earnings Conference Call. 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 the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Aditi Patil from ICICI Securities. Thank you, and over to you, Ms. Patil. Aditi Patil: Good morning, ladies and gentlemen. Thank you for joining us today on the Q2 FY27 Earnings Call of Happiest Minds Technologies Limited. On behalf of ICICI Securities, I would like to thank the management of Happiest Minds for giving us the opportunity to host this call. Today, we have with us Mr. Joseph Anantharaju, Co-Chairman and CEO; Mr. Venkatraman Narayanan, Managing Director; Mr. Ram Mohan, CEO, Infrastructure Management and Security Services; Mr. Sridhar Mantha, CEO, Generative AI Business Services; Mr. Praveen Darshankar, Company Secretary and Compliance Officer; Mr. Anand Balakrishnan, CFO; Mrs. Priyanka Sharma, Head, Investor Relations. I will now hand it over to Priyanka Sharma for the Safe Harbor statement and to take the proceedings forward. Thank you. Over to you, Priyanka. Priyanka Sharma: Thank you so much, Aditi. Good morning to all the participants on the call, and welcome to the conference call to discuss the financial results for the second quarter and half year ended September 2026. I am Priyanka Sharma, Head of Investor Relations. Page 2 of 27 Happiest Minds Technologies Limited November 03, 2026 We hope you have had an opportunity to review the earnings release issued yesterday. Now, let me quickly walk you through the agenda for today's call. Joseph will begin by sharing his perspectives on the business environment, our strategic priorities and overall business performance. Sridhar will then touch upon AI-led transformation initiatives and progress around AI-led engagements and capabilities. Thereafter, Venkat will take you through the financial and operational performance for the quarter and followed by our outlook for 2027. Following the management commentary, we will open the floor for questions. Before we begin, let me read the Safe Harbor statement. During this call, we may make forward-looking statements. These statements reflect the environment we see as of today and involve risks and uncertainties, actual results to differ materially. We do not undertake any obligation to update these statements periodically. With that, let me now hand it over to Joseph. Joseph, over to you. Joseph Anantharaju: Thanks, Priyanka. Good morning, everyone, and thank you for joining us to discuss Happiest Minds Technologies' financial results for the second quarter and first half of FY27. We delivered another quarter of healthy growth and improved operating performance. Revenue stood at INR645 crores, growing 12.5% year-on-year in rupee terms. Operating profit grew 22.5% year- on-year, with margins improving to 18.5%. This performance reflects the resilience of our business, the strength of our customer relationships and our continued focus on profitable growth in a selective demand environment. Venkat will get into more details on our financial and operation performance. Page 3 of 27 Happiest Minds Technologies Limited November 03, 2026 Q2 also has been an important quarter in our strategic journey, as mentioned earlier, following the announcement of our proposed combination with ITC Infotech on August 31. We believe this combination presents a significant opportunity to create a scaled AI- first global technology services enterprise by bringing together highly complementary capabilities. Happiest Minds' strengths in AI, digital engineering, data, cloud, cybersecurity and product engineering complement ITC Infotech's expertise in enterprise transformation, SAP, PLM, Industry 4.0 and industry-specific solutions. Upon completion, the combined enterprise is expected to be better positioned to pursue larger transformation opportunities, deepen customer relationships and compete more effectively across global markets with an aspiration to achieve US$1 billion in annual revenue by FY28. The proposed combination is progressing through the necessary approval processes. In the meantime, both organizations continue to operate independently with an unwavering focus on customers, delivery and business execution. Let me now turn to the demand environment. Enterprise technology spending remains selective with clients prioritizing investments that deliver clear and measurable business outcomes, especially in the near to medium term. We continue to see more opportunities across AI, modernization, data and cybersecurity with AI increasingly moving from experimentation towards enterprise-scale adoption. For Happiest Minds, this creates a significant opportunity at the intersection of AI and digital engineering. Customers are looking to improve engineering productivity while modernizing legacy technology Page 4 of 27 Happiest Minds Technologies Limited November 03, 2026 estates and addressing technical debts. These shifts are also fundamentally changing the economics of technology delivery and shaping how we think about our own business model. As part of our AI-first, agile always strategy, we have initiated Project Reimagine, an important strategic program focused on transforming how we skill and hire our people, execute on customer projects and capture customer value in an AI-native world. At its core, Project Reimagine is about moving beyond traditional project delivery towards customer value engineering, where AI becomes not just a productivity tool, but a value multiplier. It represents a shift from predominantly effort-based delivery towards more outcome-driven engagements with greater emphasis on the business and technology value [Showing first 8,000 characters — download PDF for full document]