Updates

Happiest Minds Technologies Limited Regd. Office: #53/1-4, Hosur Main Road, Madivala, Bengaluru-560068, Karnataka, India CIN of the Co. L72900KA2011PLC057931 P: +91 80 6196 0300, F: +91 80 6196 0700 Website: www.happiestminds.com Email: investors@happiestminds.com July 30, 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 & 975101 Stock Code: HAPPSTMNDS Dear Sir/Madam, Sub: Transcript of Earnings Call held on July 28, 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 July 28, 2026, post announcement of financial results of the Company for the quarter ended as on June 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 Q1 FY27 Earnings Conference Call” July 28, 2026 Management: Mr. Joseph Anantharaju – Co-Chairman and Chief Executive Officer Mr. Ashok Soota – Chairman and Chief Mentor 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. Anand Balakrishnan – Chief Financial Officer Mr. Praveen Darshankar – Company Secretary and Compliance Officer Ms. Priyanka Sharma – Head Investor Relations Moderator: Ms. Aditi Patil – ICICI Securities Limited Page 1 of 28 Happiest Minds Technologies Limited July 28, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Happiest Minds Q1 FY27 Earnings Conference Call hosted by ICICI Securities Limited. As a reminder, all participant lines will remain 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 the operator by pressing star, then zero on your touchtone telephone. Please note that this conference is being recorded. I will now hand the conference over to Ms. Aditi Patil from ICICI Securities Limited for opening remarks. Thank you and over to you. Aditi Patil: Thank you, Ryan. Good morning, ladies and gentlemen. Thank you for joining us today on the Q1 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 proceedings forward. Thank you and over to you, Priyanka. Priyanka Sharma: Thank you so much, Aditi. Good morning to all participants on the call and welcome to the conference call to discuss the financial results for the first quarter ended June 2026. I am Priyanka Sharma, Head of Investor Relations. We hope you have had an opportunity to review the earnings release issued yesterday. Now let me quickly walk you Page 2 of 28 Happiest Minds Technologies Limited July 28, 2026 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 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 followed by our outlook for FY27. Following the management commentary, we will open the floor for Q&A. 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 that could cause actual results to differ materially. We do not undertake any obligation to update these statements periodically. With that, let me hand it over to Joseph. Joseph Anantharaju: Thank you, Priyanka. Good morning, everyone, and thank you for joining us today to discuss Happiest Minds Technologies' financial results for the first quarter of FY27. We have started FY27 on a strong note, reflecting the continued trust of our customers, the resilience of our operating model, and the growing relevance of our capabilities as enterprises accelerate investment in AI-led transformation, digital engineering, cybersecurity, and automation. As more of our peers have reported their quarterly performance, we are encouraged by the relative strength of our own results. We believe this reflects the strength of our AI-first strategy, the breadth of our digital capabilities, and our disciplined execution in an evolving market environment. Our operating revenue for the quarter stood at INR629 crores, representing 14.3% year-on-year growth in rupee terms. In constant Page 3 of 28 Happiest Minds Technologies Limited July 28, 2026 currency, revenue grew 2.6% sequentially and 6.7% year-on-year. We also maintained a healthy EBITDA margin of 21.7% while continuing to invest meaningfully in AI capabilities, enterprise platforms, talent, and go-to-market initiatives that will support our long-term growth. Venkat will talk more about our results. This encouraging start to the year reinforces our confidence in the resilience of our business and provides a solid foundation for the year ahead. Let me now turn to the market conditions. The demand environment remains mixed with discretionary spending continuing to be selective. At the same time, enterprise technology investments are increasingly shifting towards AI-led transformation, data modernization, cloud, cybersecurity, and productivity initiatives. We believe AI is fundamentally reshaping the future of enterprises. As organizations move from experimentation to scale deployment, the conversation has shifted from whether AI should be adopted to how quickly it can be deployed securely and at scale to create measurable business value. This is reflected in the continued strength of our demand environment with our pipeline remaining strong, providing us with confidence in our growth outlook. Our AI portfolio continues to expand with over 100 AI agents, around 60 repeatable use cases, and a growing suite of AI- powered solutions and accelerators enabling faster deployment, greater reuse, and stronger customer outcomes. Sridhar will provide more details on our AI strategy. Beyond our services business, we continue to strengthen our portfolio of proprietary platforms and repeatable solutions. Our enterprise AI platform, together with Arttha, Insurance in a Box, Multi-Omics, and EduWeave platforms, help customers accelerate AI adoption while allowing us to combine proprietary intellectual property with our Page 4 of 28 Happiest Minds Technologies Limited July 28, 2026 engineering capabilities. These platforms create differentiated entry points into customer relationships, lead to non-linear growth, and support larger, long-term transformation engagements. Some notable wins during the quarter included our selection as the strategic data and AI partner for a leading North American energy infrastructure company, an AI-powered test automation engagement for a leadi [Showing first 8,000 characters — download PDF for full document]