Transcript of the Earnings Call inter alia on the Un-Audited Financial Results for the First Quarter (Q1) ended 30 June 2026.

Ref: MPSL/SE/44/2026-27 Date: 29 July 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza, 5th Floor, Plot no. C/1, Department of Corporate Services G Block, Bandra – Kurla Complex, Bandra (East), Phiroze Jeejeebhoy Towers Mumbai - 400 051, India Dalal Street, Mumbai- 400001, India Symbol: MPSLTD Scrip Code: 532440 ISIN: INE943D01017 ISIN: INE943D01017 Dear Sirs, Subject: Transcript of the Earnings Conference Call inter-alia on the Un-Audited Financial Results of the Company for the First Quarter (Q1) ended 30 June 2026. Pursuant to the provisions of Regulation 30 read with Para A of Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the Transcript of the Earnings Conference Call, held on Wednesday, 22 July 2026, at 04:30 P.M. (IST), inter-alia on the Un-Audited Financial Results of the Company for the First Quarter (Q1) ended 30 June 2026. This is for your information and records. Yours Faithfully, For MPS Limited Raman Sapra Company Secretary and Compliance Officer Encl: As above www.mpslimited.com Registered Office: Block-B6, 3rd Floor, Gateway Office Parks, No. 16, G.S.T Road, Perungalathur, Chennai, Tambaram, Kanchipuram, Tamil Nadu-600063, Email: info@mpslimited.com Corporate Identification Number: L22122TN1970PLC005795 “MPS Limited Q1 FY’27 Earnings Conference Call” July 22, 2026 MANAGEMENT: MR. RAHUL ARORA – CHAIRMAN AND CEO MS. PRARTHANA AGARWAL – CHIEF FINANCIAL OFFICER MR. SUKHWANT SINGH – CHIEF DELIVERY OFFICER, RESEARCH CONTENT SOLUTIONS MS. CHRISTINE MIRANDA – SENIOR VICE PRESIDENT, RESEARCH SOLUTIONS MR. SANJEEV TALWAR – SENIOR VICE PRESIDENT AND BUSINESS HEAD, EDUCATION SOLUTIONS MS. SOMA BHADURI – SENIOR VICE PRESIDENT AND BUSINESS HEAD, LIBERATE GLOBAL Page 1 of 18 MPS Limited July 22, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Q1 FY’27 Earnings Conference Call of MPS Limited. As a reminder, all participant lines will be in 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. I now hand the conference over to Mr. Rahul Arora, Chairman and CEO. Thank you, and over to you, sir. Rahul Arora: Thank you so much, Avirat, and good evening, everyone. A very warm welcome to our Q1 FY’27 Earnings Call. Some of you may have already caught me on CNBC earlier this afternoon. Let me now take you inside the quarter properly. Tonight, I have most of the team in one room with me at our Noida office, which says something about how we are now run as one MPS. With me are Prarthana Agarwal, our Chief Financial Officer; Sukhwant Singh, our Chief Delivery Officer for Research Content Solutions; Christine Miranda, Senior Vice President for Research Solutions; and Sanjeev Talwar, Senior Vice President and Business Head for Education Solutions. Soma Bhaduri, SVP and Business Head of Liberate Global, which is our corporate learning business, joins us from Bengaluru. You will notice a fuller cast than usual, and that is deliberate. This quarter, we are splitting the voice-over on research between Sukhwant and Christine so that you can hear about the two halves of the business from the two people who run them. And Sanjeev steps in to take you through the Education business. Hearing about the business directly from the people building it is exactly how I want these calls to feel. Here is how the next few minutes will run. Prarthana will take you through the financial performance and reaffirm our FY’27 outlook that we shared last quarter. Sukhwant and Christine will then cover Research Solutions between them. Sanjeev will then take you through Education, a segment that keeps earning a larger place in our growth story. Soma will walk you through our Corporate Learning segment. Finally, I will come back at the end with a few strategic thoughts, in particular on AI and on a major shift you will hear referenced throughout our entire segment tonight, the move toward outcomes-based revenue, before we open the floor to questions. Let's get going. Over to you, Prarthana. Prarthana Agarwal: Thank you, Rahul, and good evening, everyone. Q1 has opened FY'27 as the strongest first quarter in the Company's history, on every line that matters. Reported revenue for the quarter was INR 224.24 crores, up 20.4 percent over the same quarter last year. EBITDA was INR 76.96 crores, up 53.0 percent, with the EBITDA margin expanding to 34.3 percent from 27.0 percent a year ago. Profit after tax grew 43.0 percent to INR 50.39 crores, and basic EPS came in at INR 29.70, an all-time Q1 high, up from INR 20.78. Page 2 of 18 MPS Limited July 22, 2026 I want to pause on the shape of those numbers, because that is the real headline. Revenue grew 20 percent. EBITDA grew 53 percent. Headcount rose less than 3 percent. That is operating leverage doing exactly what it is meant to do, with growth converting into margin rather than consuming it. Strip out AJE, which is resetting by design and which Christine will speak to, and the underlying business grew faster still: revenue up 28.4 percent to INR 198.47 crores, EBITDA up 50.5 percent, and the margin expanding close to five points to 32.4 percent. A few balance-sheet and housekeeping items. Total cash and cash equivalents stood at INR 138.02 crores as of 30 June, against borrowings of INR 37.63 crores relating to the facility we drew for the Unbound Medicine acquisition. Collections stayed tight, with DSO improving to 45 days from 51 at the end of March. And there were no exceptional items in the quarter, so the results read clean. On the outlook, our position is unchanged and, if anything, firmer. We continue to expect the Company to comfortably cross INR 300 crores in EBITDA in FY'27. I would ask you to read that number the way we read it internally, as a floor rather than a ceiling. It is built bottom-up from each segment's operating plan, at an unchanged planning rate, and it implies a three-year EBITDA CAGR of roughly 21 percent from FY'24 to FY'27. Q1 has landed ahead of a straight- line path to that mark, and our second half has historically outrun our first. So, we enter the rest of the year positioned to clear the line comfortably, not to stretch toward it. With that, let me hand over to Sukhwant to take you through Research Solutions. Sukhwant Singh: Thank you, Prarthana, and good evening, everyone. Research Solutions did what an anchor is supposed to do this quarter. It held the portfolio steady while still growing. Segment revenue was INR 123.23 crores, up 13.2 percent year over year, and it remained the largest part of MPS at 55 percent of total revenue. What I would draw your attention to is the quality of that growth. EBITDA grew 37.9 percent, well ahead of revenue, and the segment margin widened to 45.1 percent. Set AJE aside, and the core of Research grew 26.3 percent. Scale and margin moving together like this is the reset of the last two years turning into how we now simply operate. I want to describe this business the way we now run it, not as a services book but as an AI-first knowledge solutions company serving the research economy, built on a stack of product layers. I will share context on a few layers, and Christine will pick up author solutions and peer review. The first is trust and integrity. DigiCore, our AI-enabled production ecosystem, is now live in client delivery across our top-tier knowledge organizations, and Research Integrity Check sits on top of it, detecting paper mills, identity fraud, and image manipulation. The bottleneck in research today is no longer generating content; it is verifying it. That is precisely the control point we occupy. Page 3 of 18 MPS Limited July 22, 2026 The second is production itself, where AI has moved from pil [Showing first 8,000 characters — download PDF for full document]