TECHMNSE16 July 2025

Tech Mahindra Limited has informed the Exchange about Investor Presentation

Tech Mahindra Limited

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Tech Mahindra Limited

Sharda Centre, Off Karve Road, Pune - 411004, Maharashtra, India

Tel. +91 20 6601 8100

techmahindra.com connect@techmahindra.com

CIN L64200MH1986PLCO41370

16th July, 2025

To, BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001 Scrip Code : 532755

National Stock Exchange of India Limited Exchange Plaza, 5th floor, Plot No. - C/1, G Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051 NSE Symbol : TECHM

Subject: Investor Presentation under Regulations 30 and 46 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) Intimation of Quarterly Earnings Meeting vide letter dated 4th July, 2025

Ref:

Dear Sir/Madam,

In furtherance to the outcome of the Board Meeting filed earlier today, 16th July, 2025 please find enclosed Quarterly Earnings Presentation to be made at the quarterly earnings conference call scheduled today, 16th July, 2025 at 5.45 p.m. (IST).

This Intimation is also available on the website of the Company at the weblink: https://www.techmahindra.com/investors/

Kindly take the above on record.

Thanking you,

For Tech Mahindra Limited

Ruchie Khanna Company Secretary

Encl.: as above

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Earnings Presentation Q1 FY26

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Safe Harbor

Certain statements

in this presentation may

contain ‘forward-looking

statements’

identified by

the use of

forward-looking words or phrases and statements relating to our future performance and prospects for growth in FY2026 and

beyond, our ability to achieve our financial, strategic and business goals; and our planned investments.

Our actual actions or results may differ from those expected or anticipated in the forward-looking statements due to both known

and unknown risks and uncertainties; downturns in global and regional economic conditions impacting one or more of the markets

in which we and our customers operate; other economic and public health conditions or regulatory changes in the markets in

which we and our customers, suppliers and partners operate; our ability to attract and retain talented and diverse

employees; fluctuations in our business due to seasonality; the concentration of our customers, potentially increasing the negative

impact to our business of difficulties experienced by any of our customers or changes in their purchasing or selling patterns; our

ability to realize the benefits of cost-savings and efficiency and/or revenue efficiency enhancing initiatives including initiatives to

integrate portfolio companies and the impact of litigation or arbitration decisions or settlement actions.

Q1 FY26 – At a Glance

A Promise of

Revenue $ 1,564 Mn

EBIT 11.1%

PAT Margin 8.5%

FCF $ 86 Mn

New Deal Wins $ 809 Mn

Management Commentary

Our performance is steadily strengthening, reflecting

disciplined execution and a focused strategy. Deal wins

have increased by 44% on a last twelve months (LTM)

basis, supported by broad-based momentum across

verticals and geographies.

We have delivered seven consecutive quarters of margin

expansion - a clear reflection of the discipline and focus

across

our

organization.

Even

uncertain

environment, our Project Fortius program continues to

generate meaningful

results and drive operational

improvements.

Mohit Joshi CEO, Tech Mahindra

Rohit Anand CFO, Tech Mahindra

Strategic Highlights

Business Updates

Leadership Hiring/Changes

−

TechM’s AI Consulting Practice enables clients to validate RoI & prioritize use cases in a systematic and efficient manner as they evaluate their AI roadmap.

−

Amol Phadke – Chief Transformation Officer - 25-plus years experience in global telecom industry, having held leadership roles at Google, Telenor and BT.

Tech M’s VerifAI - Patent filed ensures data is validated and observed as it enters agentic pipeline.

Portfolio of 200+ enterprise-grade AI agents across industry segments, several of these in use at scale with our clients.

InnoVerse 2025 – Internal Platform to showcase Tech Mahindra’s innovation culture, uniting teams to solve real-world challenges with speed, scale, and creativity.

KOGO AI and Tech Mahindra Forge Global Alliance to Lead the Enterprise AI Revolution by delivering scalable AI solutions using Agentic AI infrastructure, enabling enterprise-grade autonomy, compliance, and transformation across industries.

Tech Mahindra and mimik launched the Agentic AI Production Center — a physical, production-first hub to build, scale, and certify agentic-native AI workflows on real-world infrastructure.

− Manish Mangal – Head of Americas communication - A distinguished telecom veteran with 27 years of leadership and industry-first innovations steps in to drive transformative impact.

−

Sahil Dhawan – Head of IMEA - Over 22 years of rich experience in the technology industry; Known for crafting and executing go-to-market strategies and delivering transformational outcomes.

Awards

− Only Indian IT company to receive the highest "A" rating across all three

CDP categories: Climate Change, Water Security, and Supplier Engagement.

−

Recognised as one of the ‘World’s Most Sustainable Companies’ 2025 by TIME.

Recognised as one of the ‘Best Organisations to Work’ for 2025 at ET NOW Best Organisations to Work 2025.

Financial Highlights

Q1 FY26

Revenue

• USD Revenue of 1,564 Mn up 1.0% QoQ and up 0.4% YoY • Revenue (in cc) down 1.4 % QoQ and down 1.0% YoY • INR Revenue of ₹ 13,351 Cr, down 0.2% QoQ and up 2.7% YoY • IT segment up 0.7% QoQ; BPS segment up by 2.9% QoQ

Cashflow Metrics

• •

Free Cash Flow at $86 Mn Free Cash Flow to PAT% is 111% (on LTM basis)

Profitability Metrics

Clients

• • •

EBIT at $ 172 Mn, margin at 11.1%, up 50 bps QoQ PAT at $ 133 Mn, margin at 8.5%, down 20 bps QoQ ROCE % at 23.8%

People

• •

IT Headcount 79,987; down by 622 QoQ and down by 430 YoY IT LTM attrition at 12.6 % v. 11.8% last quarter

• Number of $ 50 mn+ clients at 26; up by 2 YoY

Financial Trend

Revenue (USD Mn)

LTM Deal Wins (USD Mn)

1,589

1,559

1,567

1,564

1,549

2,055

2,018

2,382

2,955

2,680

Q1 FY25

Q2 FY25

Q3 FY25

Q4 FY25

Q1 FY26

Q1 FY25

Q2 FY25

Q3 FY25

Q4 FY25

Q1 FY26

Earnings Before Interest & Taxes (EBIT %)

Return of Capital Employed (ROCE)

10.2%

10.5%

11.1%

9.6%

8.5%

22.6%

23.8%

19.4%

20.2%

17.6%

Q1 FY25

Q2 FY25

Q3 FY25

Q4 FY25

Q1 FY26

Q1 FY25

Q2 FY25

Q3 FY25

Q4 FY25

Q1 FY26

Geography-wise and Vertical-wise Performance

Geographies

Americas

Europe

ROW

Verticals

Communications

Manufacturing

BFSI

Technology, Media and Entertainment

Retail, Logistics and Transport

Healthcare and Lifesciences

Others

% Mix

49.2%

26.0%

24.8%

% Mix

33.8%

17.5%

16.4%

13.3%

7.9%

7.3%

3.9%

Q1 FY26

QoQ

2.6%

3.6%

-4.5%

Q1 FY26

QoQ

2.8%

4.0%

-0.6%

1.3%

-1.0%

0.1%

-13.5%

YoY

-5.9%

11.7%

2.9%

YoY

2.5%

-4.0%

4.7%

-3.3%

3.8%

-5.2%

2.5%

Client Metrics

Number of Clients

Q1 FY25

Q4 FY25

Q1 FY26

≥ $1 million clients

≥ $5 million clients

≥ $10 million clients

≥ $20 million clients

≥ $50 million clients

Client Concentration

Top 5

Top 10

Top 20

Deal Wins

New Deal Wins (USD Mn)

545

191

113

Q1 FY25

15.5%

25.1%

38.4%

Q1 FY25

534

540

195

106

Q4 FY25

15.5%

24.5%

38.2%

Q4 FY25

798

529

193

108

Q1 FY26

15.6%

25.2%

39.0%

Q1 FY26

809

People Highlights

Total Headcount

BPS

Sales & Support

IT Headcount mix

Onsite

Offshore

IT Utilization and Attrition

Utilization %

Attrition %

Q1 FY25

80,417

58,177

9,026

Q1 FY25

24.6%

75.4%

Q1 FY25

86.1%

10.1%

Q4 FY25

80,609

59,636

8,486

Q4 FY25

22.1%

77.9%

Q4 FY25

86.3%

11.8%

Q1 FY26

79,987

60,278

8,252

Q1 FY26

21.4%

78.6%

Q1 FY26

85.0%

12.6%

Cash Flow Metrics

Cash Conversion

Days Sales Outstanding

Free Cash Flow (USD Mn)

Free Cash Flow to PAT %

USD/INR Rate

Period Closing Rate

Period Average Rate

Cash & Borrowings (USD Mn)

Cash and Cash Equivalent #

Borrowings *

Q1 FY25

106

104%

Q1 FY25

83.4

Q1 FY25

966

127

Q4 FY25

150

111%

Q4 FY25

85.5

86.5

Q4 FY25

896

Q1 FY26

65%

Q1 FY26

85.8

85.3

Q1 FY26

941

# Cash & Cash Equivalent includes Investments & Margin Money ** Borrowings exclude lease obligation on right-of-use (ROU) assets, created as per Ind AS 116 new accounting standard on leases

AI delivered right

Productivity delivered

Embedding AI into the core of enterprise processes to unlock new business models and experiences.

Transformation delivered

Accelerating efficiency and performance across operations through intelligent automation and decisioning.

Innovation delivered

Assurance delivered

Enabling new products, services, and customer journeys powered by advanced AI capabilities.

Embedding trust, governance, and responsible AI practices into every deployment.

Highlights

• AI Delivered Right has gained strong customer traction since launch last quarter, driving multiple deal wins and recognition across its core pillars.

•

TechM’s Advanced AI Consulting Practice and partner ecosystem are accelerating agentic AI adoption—enabling clients to validate ROI and prioritize use cases efficiently.

200+ AI Agents at Scale: TechM’s agentic AI portfolio powers hybrid workforces across industries.

Tech Mahindra’s seminal effort on AI assurance , Verifai is now filed as patent. Verifai ensures data is validated and observed as it enters agentic pipeline.

77K + employee across the company trained in AI and Gen AI , several of these with advance training and certifications.

AI: Deal Wins

–

Selected as a Prime partner with a leading UK based Telco for a multi-service line deal including AI Ops monitoring network performance and automation.

– Won strategic position for scaling AI use cases in a global pharmaceutical company. Gen AI would be used to do analytics on metadata related to enterprise policies, documents and financial commentary on R&D expense.

–

AI-driven transformation across IT and Network operations, European Telco player .

for a top

Gen AI based transformation across use cases in HR, data and analytics for enterprise search for a top tier vaccine alliance company.

Gen AI based transformation for a top tier US telecom for a dynamic defense application.

A tier 1 Energy technology company has chosen Tech Mahindra to infuse Gen AI and Agentic AI capabilities into their own proprietary platform to optimize asset performance.

A Japan based global automative manufacturer engaged us to accelerate the creation of diverse 3D virtual farm environments to support autonomous robot training.

Partnered with chief data office of a US tier Telco provider to provide a conversational Gen AI based search for internal data/metadata. This work is done with one of the top hyper-scaler

–

SLM (Small Language Model) developed on the Edge for a Middle Eastern oil and gas major.

Selected by a leading global Financial Services Company to transform customer and employee experiences through an enterprise-wide Agentic AI ecosystem.

TechM has won transformation work to scale Gen AI for a Swiss multinational life sciences company.

Leading US Mobile Computing Company has awarded an Agentic AI-led Document Intelligence program to automate invoice and tax document processing without templates, reducing considerable manual effort.

A global Telecommunications Company has selected us to engineer a multi- agent Agentic AI solution integrating Microsoft Copilot with TechM NetOps.ai that autonomously manages Service Request workflows.

Large North American Energy Infrastructure Company has selected us for implementing Microsoft Copilot with Agentic AI capabilities across critical business functions like Finance, Procurement and Manufacturing Operations.

A leading European Telecommunications Provider, selected us to build a next- gen Network Operations Center (NOC) using Agentic AI on Google Vertex AI and ServiceNOW for predictive monitoring.

Deal-Win Performance Total TCV Q1 FY26: $ 809 Mn

− Selected as a key ‘growth partner’ by one of US-based leading consumer

− Selected by a leading global fashion apparel brand for a multi-year strategic

wireless operators for its Customer Operations transformation. The designation as a ‘growth partner’ unlocks the door to all future opportunities as per the client’s new sourcing strategy.

engagement to provide digital and data transformation and support services. The scope includes SAP, Cloud, Data & AI, and Digital Commerce platforms, with a dedicated Global Capability Hub to drive innovation, cost efficiency, and business agility.

− Selected by a Railroad company in the Americas region for the support and

development of a portfolio of applications across multiple corporate functions and technologies including SAP, Salesforce and Data and Analytics, amongst others.

− Selected by a leading US bases Hi-Tech company to enable them deliver to

their end customers a truly immersive and enriched user experience on one of their flagship consumers focused product which is powered by their AI and LLM platform. TechM will ensure that the consumer product with 2.0 billion+ active users have enriched user experience including keeping the platform safe.

− Chosen as strategic partner by UK-based Manufacturer to drive digital

− Selected by a leading global insurance and asset management company’s

Japanese subsidiary to consolidate, modernise, and digitise its IT systems and operations, enabling the client to adopt cloud-native applications, revamp their enterprise architecture, accelerate AI adoption, and bring innovative products to market more quickly.

− Selected as a Prime partner with a leading UK based Telco for a multi-service

line deal to deliver and manage applications across its fixed and mobile networks. The scope includes delivering services across ADMS, Network Services, Next-Gen Services, Engineering Services and Digital Enterprise Applications.

transformation by establishing a Shared Services Center. TechM will deliver end-to-end IT, digital solutions, and BPS services focused on transforming the customer’s enterprise back office - enhancing experience, efficiency, agility, and resilience and delivering superior business outcomes.

− Selected by a leading international telecom company in the MEA region for a

transformation and managed services deal to manage, centralise, and transform its various IT functions. Customer will benefit by reducing its TCO due to transformed ways of working, increased automation and AI.

Other Highlights NEW LAUNCHES, PARTNERSHIPS & COLLABORATIONS

Tech Mahindra announced the launch of a new managed services offering for Cisco Multicloud Defense, a component of Cisco’s Hybrid Mesh Firewall. The new offering provides enterprises a robust cloud security solution that enables secure, scalable, and seamless operations across multi-cloud environments.

Tech Mahindra was named a Red Hat Premier Partner globally, enabling access to technical resources, joint go-to-market opportunities, and extended collaboration with Red Hat. TechM has jointly engineered over 15 solutions across automation, edge intelligence, and AI-driven cloud-native capabilities.

Tech Mahindra announced a partnership with ServiceNow to deliver next-gen broadband solutions tailored for CSPs, offering a comprehensive vertical solutions stack that includes planning and building networks, managing operations, enhancing customer experience, and monetising services.

Tech Mahindra and CrateDB, a data management company, announced a strategic partnership to revolutionise the automotive, MFG, and smart factory sectors by delivering advanced agentic AI solutions that leverage real-time data analytics, enabling innovation and efficiency at scale.

Tech Mahindra announced a partnership with Nuix, a global leader in AI-powered investigative analytics and intelligence software to provide innovative, scalable solutions for cyber and fraud detection by TechM’s extensive expertise in AI, Digital Engineering, and Cyber advanced Risk Management with Nuix’s investigative and data analytics solutions.

leveraging

Tech Mahindra and KOGO AI, a category-defining provider of Agentic AI infrastructure, announced a strategic collaboration to jointly build intelligent AI for host of cross enterprise use-cases, agents designing Private AI architectures that run on-prem, hybrid, or secure cloud environments and integrating with legacy systems to drive transformation without overhauling existing infrastructure.

Analyst Recognitions

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Recognised with the ISG Star of Excellence™ – 2024 award for the APAC region highlighting TechM’s exceptional CX performance in APAC

Leader - Aerospace and Defense Services and Solutions 2025-Engineering, Design, and Innovation - Overall Ecosystem – Europe and US by ISG

Leader - Aerospace and Defense Services and Solutions 2025-Maintenance, Repairs and Overhaul (MRO) and Aftermarket - Overall Ecosystem - Europe and US by ISG

Leader - Google Cloud Partner Ecosystem 2025 - GenAI and AI Services – US by ISG

Leader - Google Cloud Partner Ecosystem 2025 - Professional Services - (Consulting and Migration) - US and APAC by ISG

Leader - Google Cloud Partner Ecosystem 2025 - Managed Services- US and APAC by ISG

Leader - Google Cloud Partner Ecosystem 2025 - Enterprise Data Infrastructure Services - US by ISG

Leader - Private/Hybrid Cloud - Data Center Services 2025 - Managed Services — Midmarket- Nordics by ISG

Leader - Cybersecurity Services and Solutions 2025 - Next-Gen SOC/MDR Services (Midmarket) – UK by ISG

Leader - Automotive and Mobility Services and Solutions 2025 - Automotive Engineering and Manufacturing Services – North America, Europe, and APAC by ISG

Mobility Services - North America, Europe, and APAC by ISG

Leader - Automotive and Mobility Services and Solutions 2025 - Autonomous Systems and Software-defined Vehicles - North America, Europe, and APAC by ISG

Leader - Automotive and Mobility Services-and Solutions 2025 - Automotive Retail and Aftermarket Services – North America, Europe and APAC by ISG

Leader - Automotive and Mobility Services and Solutions 2025 - Technology Transformation and Consulting - North America and APAC by ISG

Leader - Network - Software-Defined Solutions and Services 2025 SD-Networks Transformation Services (Consulting and Implementation) – US and Germany by ISG

Leader - Network - Software-Defined Solutions and Services 2025 - Edge Technologies and Services (Including Private 5G) – Germany by ISG

Leader - Life Sciences Digital Services 2025 - Clinical Development (Service Providers) - Global by ISG

Leader - Life Sciences Digital Services 2025 - Commercial Operations - Digital Evolution (Service Providers) - Global by ISG

Leader - Supply Chain Transformation Services for Retail and CPG PEAK Matrix® Assessment 2025 by Everest Group

Leader - Retail Services PEAK Matrix® Assessment 2025 by Everest Group

Leader - SPARK Matrix™: Procurement Services, 2025 by Quadrant Knowledge Solutions

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Awards

Awarded the ‘TM Forum Upskilling Award’ at DTW Ignite 2025 reaffirming TechM’s continued leadership in building a future-ready workforce that empowers CSPs to navigate and lead in an increasingly autonomous and platform-driven telecom landscape

Recognized as a constituent of the FTSE4Good Index Series for the 9th consecutive year reflecting our continued excellence in ESG across Corporate Governance, Health & Safety, and Climate Change.

Included in Sustainalytics 2025 ESG Top-Rated Companies list and recognised as both 'Region Top Rated' and 'Industry Top Rated’ for outstanding performance in sustainability practices

The only Indian IT company to receive the highest "A" rating across all three CDP categories: Climate Change, Water Security, and Supplier Engagement.

Recognised amongst the ‘Champions of Green Business Practices’ by ET Edge at Times Now Global Sustainability Alliance - Sustainable Organisations 2025

Recognised as one of the ‘Most Sustainable Organisations’ of 2025 at ET Edge 4th edition of Sustainable Organisations 2025

Recognised as one of the ‘Most Innovative Organisations’ of 2025 at ET NOW Most Innovative Organisations 2025

Recognised as one of the ‘Best Organisations to Work’ for 2025 at ET NOW Best Organisations to Work 2025

Recognised as one of the ‘World’s Most Sustainable Companies’ 2025 by TIME

Financial Statement

in USD millions

Revenue Direct Cost Gross Profit SG&A EBIT Other Income

Miscellaneous + Interest Income Exchange Gain / (Loss)

Profit Before Tax

Provision for tax

Profit After Tax PAT % EPS (Basic) in ₹ EPS (Diluted) in ₹

Q1 FY26

QoQ

YoY

1.0% 1.8% -1.0% -5.7% 5.4% 28.4%

10.9%

-2.0%

0.4% -2.5% 8.2% -1.9% 30.2% 47.4%

33.5%

30.2%

1,564 1,117 448 222 172 26 22 3 189 57 133 8.5% 12.89 12.87

About Tech Mahindra

Tech Mahindra is a global consulting service and systems integrator that operates in over 90+ countries, delivering solutions with a unique

blend of digital innovation and robust, industry-strong processes. With our promise to help our customers Scale at Speed™, we design future

state solutions for industry leaders and offer innovative digital experiences that enable them to transform and scale at speed. Our aim is to

enable enterprises, associates, and society to Rise for a more equal world, future readiness, and value creation.

Investor Relations

Gaurav Sethi, IR Head Tel No.: +91 120 6176000 investor.relations@techmahindra.com

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