TECHMNSE14 October 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

14th October, 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 03rd October, 2025

Ref:

Dear Sir/Madam,

In furtherance to the outcome of the Board Meeting filed earlier today, 14th October, 2025 please find enclosed Quarterly Earnings Presentation to be made at the quarterly earnings conference call scheduled today, 14th October, 2025 at 7.30 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 Q2 FY26

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Safe Harbor

Certain

statements

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.

Q2 FY26 – At a Glance

A Promise of

Revenue $ 1,586 Mn

EBIT 12.1%

PAT Margin 8.5%

FCF $ 237 Mn

New Deal Wins $ 816 Mn

Management Commentary

We delivered broad-based growth

this quarter,

reflecting the strength of our strategy and execution.

We launched TechM Orion, our next-generation AI

platform,

and TechM Orion Marketplace to help

enterprise accelerate autonomous

transformation.

Being recognized by industry analysts reinforces our

leadership in advancing next-generation AI.

This quarter marks the eighth consecutive period of

margin expansion, driven by operational efficiency and

disciplined execution. Our deal TCV is up 57% year-on-

year on LTM basis, supported by strong deal conversions.

The Board has approved a dividend of ₹15 per share

reflecting our continued focus on shareholder value.

Mohit Joshi CEO and Managing Director Tech Mahindra

Rohit Anand CFO Tech Mahindra

Strategic Highlights

Business Updates

−

Recognized by the Government of India as a key player in the prestigious Indian AI Mission - to bolster leadership in AI, foster technological self- reliance, and ensure the ethical and responsible use of AI.

−

Received Entrepreneur India Award for Entrepreneur of the Year in Service Business – SaaS & IT.

Awards

− Won 5 Gold medals at the Brandon Hall HCM Excellence Awards 2025 – Talent Management, Human Resources, Learning & Development and Diversity, Equity, Inclusion & Belonging.

Launched TechM Orion, a Next-Gen agentic AI platform, enabling global enterprises to deploy and manage Agentic AI solutions faster, whether in assisted or fully autonomous environments, while maintaining control and transparency throughout the AI lifecycle.

Partnered with client to drive the launch of the Large Telco Model (LTM), a key pillar of the “Operations of the Future” program. This strategic collaboration is transforming operations across Network, IT, and Customer domains—scaling AI, boosting automation, and enabling a service-centric, data-driven ecosystem.

Recognized as a Leader in the 2025 Gartner® Emerging Market Quadrant for Generative AI Consulting and Implementation Services. Recognized as #1 on the Future Potential axis, underscoring the trust in our ability to lead next era in AI.

Legacy Modernization as a Service (LMaaS) platform has been granted a US Patent, reinforcing commitment to delivering cutting-edge solutions that reduce manual effort, accelerate modernization, and enhance maintainability for customers’ critical systems.

Financial Highlights

Q2 FY26

Revenue

• USD Revenue of 1,586 Mn; up 1.4% QoQ and down 0.2% YoY • • •

Revenue (in cc) up 1.6% QoQ and down 0.3% YoY INR Revenue of ₹ 13,995 Cr; up 4.8% QoQ and up 5.1% YoY IT segment up 1.0% QoQ; BPS segment up 3.2% QoQ

Cashflow Metrics

• •

Free Cash Flow at $237 Mn Free Cash Flow to PAT% is 176%

Profitability Metrics

Clients

• • •

EBIT at $ 192 Mn; margin at 12.1%, up 108 bps QoQ PAT at $ 135 Mn; margin at 8.5%, flat QoQ ROCE at 24.4%

People

• •

IT Headcount 78,528; down 1,459 QoQ and down 2,090 YoY IT LTM attrition at 12.8 % v. 12.6% last quarter

• Number of $ 50 mn+ clients at 26; up 1 YoY • Number of $ 20 mn+ clients at 63; up 2 YoY

Financial Trend

Revenue (USD Mn)

1,589

1,586

1,567

1,564

1,549

LTM Deal Wins (USD Mn) 2,955

2,680

2,382

3,168

2,018

Q2 FY25

Q3 FY25

Q4 FY25

Q1 FY26

Q2 FY26

Q2 FY25

Q3 FY25

Q4 FY25

Q1 FY26

Q2 FY26

Earnings Before Interest & Taxes (EBIT %)

Return of Capital Employed (ROCE)

9.6%

10.2%

10.5%

12.1%

11.1%

19.4%

20.2%

23.8%

24.4%

22.6%

Q2 FY25

Q3 FY25

Q4 FY25

Q1 FY26

Q2 FY26

Q2 FY25

Q3 FY25

Q4 FY25

Q1 FY26

Q2 FY26

*excludes exceptional item of land sale proceeds in Q2’25

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

49.8%

25.4%

24.8%

% Mix

32.7%

18.1%

16.8%

13.1%

8.5%

7.3%

3.5%

Q2 FY26

QoQ

2.6%

-1.2%

1.6%

Q2 FY26

QoQ

-2.0%

5.3%

3.8%

-0.4%

9.0%

2.3%

-8.8%

YoY

-2.7%

5.5%

-0.5%

YoY

-2.2%

5.2%

6.2%

-8.8%

7.2%

-1.2%

-13.3%

Client Metrics

Number of Clients

Q2 FY25

Q1 FY26

Q2 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

195

109

Q2 FY25

15.1%

24.9%

38.6%

Q2 FY25

603

529

193

108

Q1 FY26

15.6%

25.2%

39.0%

Q1 FY26

809

520

194

106

Q2 FY26

15.6%

24.3%

37.1%

Q2 FY26

816

People Highlights

Total Headcount

BPS

Sales & Support

IT Headcount mix

Onsite

Offshore

IT Utilization and Attrition

Utilization %

Attrition %

Q2 FY25

80,618

64,940

8,715

Q2 FY25

23.7%

76.3%

Q2 FY25

86.3%

10.6%

Q1 FY26

79,987

60,278

8,252

Q1 FY26

21.4%

78.6%

Q1 FY26

85.0%

12.6%

Q2 FY26

78,528

66,095

8,091

Q2 FY26

21.7%

78.3%

Q2 FY26

84.4%

12.8%

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 *

Q2 FY25

157

106%

Q2 FY25

83.8

Q2 FY25

784

116

Q1 FY26

65%

Q1 FY26

85.8

85.3

Q1 FY26

941

Q2 FY26

237

176%

Q2 FY26

88.8

88.2

Q2 FY26

821

# 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

Transformation delivered

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

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

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

•

TechM Orion Marketplace, an Agentic AI marketplace that offers a robust ecosystem of intelligent, autonomous and action- oriented AI agents, engineered to centralize AI governance, reduce the cognitive load on employees.

300+ AI Agents at Scale: Agents being ported onto TechM Orion, giving customer consistent architecture and code base approach to deploying AI agents through a platform approach.

India AI mission: Partnering to develop an indigenous, sovereign large language model with one trillion parameters - a significant technical milestone that places it among the largest AI models under development globally.

AI Delivered Right narrative driving differentiation and AI momentum.

79K+ employees across the company trained in AI, several of these with advance training and certifications.

AI: Deal Wins

Secured an AI-native operations deal for a major European bank, leveraging our Human + Agent squad model. This engagement establishes the AI-First blueprint for all future operations work at the bank.

Engaged for the CX transformation initiatives at a major European bank, migrating IVR journeys to intelligent voice agents and automating chat journeys.

Building the Agentic AI system for a leading European telco to transform Field Engineer Operations and Partner Management.

innovation

Chosen by a major leading E-Commerce Technology leader to provide MLOps engineering support for integrating AI services with voice assistant-enabled devices. This engagement enables scalable AI deployment and operational efficiency across a flagship voice assistant ecosystem.

lab within a

Deploying an AI training acceleration system to enable faster, optimized training for a major automotive supplier's Computer Vision Models used within Robotics.

Selected to build a GenAI-powered compliance letter generation solution for a major telecommunications provider, automating complex document creation using real-time geographical data, map data, inventory system and multiple enterprise sources.

–

Selected to build a GenAI knowledge assistant bot with enterprise-grade security and access controls to handle sensitive data for a global chemical manufacturer. Integrated with their existing bots, this solution enables secure, intelligent knowledge access for internal teams.

An advanced material manufacturer selected the AI scope encompassing GenAI and MLOps - led transformation across multiple technology stacks, reimagining application support delivery for SAP and D&A platforms through AI-native operations.

for

Selected to augment a major consumer goods company's GenAI Center of Excellence with AI experts to identify and build a GenAI pipeline across multiple business functions.

– Won a program to build GenAI-powered Worker Productivity Tool for a whitegoods equipment manufacturer to the large factories across Americas. The GenAI tool is expected to improve the safety compliance by non-English native workforce.

–

A leading medical technology company selected us to transform their Software Development Lifecycle using the Microsoft AI stack across both greenfield and brownfield applications.

Deal-Win Performance TCV Q2 FY26: $ 816 Mn

− Selected by a leading European telecom operator as a strategic partner to accelerate its enterprise-wide Autonomous Operations journey. Through this engagement, Tech Mahindra will consolidate and transform the customer’s ecosystem, delivering an AI and automation-led landscape that accelerates the realisation of their vision for Autonomous Operations.

− Selected by a leading European fintech and HR solutions provider with operations across multiple countries to establish a new offshore delivery center in India. The engagement focuses on driving the development of next-generation applications with the setup of a GCC under Built-Operate-Transfer (BOT) model - strengthening the client's global delivery capabilities and future ready operations.

− Selected by a global logistics leader as a strategic partner with multi- year framework agreement to drive AI led efficiency and transition to Productized IT organization - transitioning from manual, high-touch operations to an AI-driven, automated, and self-service enabled global desk.

− Selected by a leading semiconductor equipment manufacturer to spearhead the enterprise application transformation across SAP, Data & Analytics, AI and ADMS - advancing automation, resilience, scalability across core business platforms.

− Selected by a leading life and health insurer in Asia-Pacific region for a multi year Application Management Services (AMS) engagement, modernizing core and digital platforms through AI-led automation and cloud first transformation to enhance operational efficiency and scalability.

− Partnered with a leading US based telecom operator to advance its network testing and certification automation and optimization initiatives under its long-term transformation vision. The engagement focuses on accelerating network testing and certification through a homegrown automation platform, leveraging our delivery excellence and agility to drive greater efficiency, scalability, and innovation across operations.

Other Highlights NEW LAUNCHES, PARTNERSHIPS & COLLABORATIONS

enterprise

Tech Mahindra has partnered with NVIDIA to accelerate transformation. Combining NVIDIA’s accelerated computing stack with Tech Mahindra’s integration expertise, the collaboration enables autonomous operations, faster decision-making, measurable business impact, and scalable AI adoption across industries.

financial

institutions modernize

Tech Mahindra and FintechOS have partnered to help legacy systems and deliver AI-driven, personalized joint solutions will digital experiences. The accelerate product launches, reduce costs, and support across banking and insurance sectors globally.

transformation

end-to-end

Tech Mahindra and AMD have entered a multi- year collaboration to accelerate AI adoption and transformation across global hybrid cloud enterprises. By high- performance compute infrastructure with Tech Mahindra’s Cloud BlazeTech, the partnership aims to optimize workloads and deliver scalable, secure, and efficient solutions across industries.

integrating AMD’s

Tech Mahindra has joined J.P. Morgan Payments’ System Integrator Program to help global enterprises infrastructure and enhance modernize payment customer experiences. Leveraging its ERP and SAP expertise, Tech Mahindra will support real-time tracking, AI-powered dashboards, and global deployment of next-gen payment solutions.

Tech Mahindra and Athena have partnered to deliver AI-enabled MES solutions that accelerate Industry 4.0 adoption for global manufacturers. legacy The collaboration aims to modernize systems, enhance shop floor visibility, and drive operational excellence across high-tech and discrete industries.

Tech Mahindra and Abacus Insights have partnered to help U.S. healthcare payers comply with the CMS Interoperability and Prior Authorization Final Rule. combines Tech Mahindra’s The implementation expertise with Abacus Insights’ data usability platform to streamline FHIR deployment, reduce costs, and accelerate compliance.

collaboration

Analyst Recognitions

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Recognized as an Emerging Leader in the 2025 Gartner® Emerging Market Quadrant for Generative AI Consulting and Implementation Services

Leader - Enterprise Service Management -Consulting and Advisory Services- US by ISG

Leader - Application Development Services for AI Applications PEAK Matrix® Assessment 2025 by Everest Group

Leader- Application Transformation Services for AI-enablement PEAK Matrix® Assessment 2025 by Everest Group

Leader - AI-driven ADM Services 2025-Application Development Outsourcing- APAC by ISG

Leader - AI-driven ADM Services 2025-Application Managed Services- APAC and Global Sis Brazil by ISG

Leader - AI-driven ADM Services 2025-Application Quality Assurance- APAC and Brazil by ISG

Leader - AI-driven ADM Services 2025-Continuous Testing Specialists- US by ISG

Leader - Enterprise Service Management -Implementation and Integration Services – US by ISG

Leader - Enterprise Service Management -Managed Services for Converged IT and Business Ops- US by ISG

Leader - 5G Network Engineering Services PEAK Matrix® Assessment 2025 by Everest Group

Leader - 5G Engineering Services PEAK Matrix® Assessment 2025 by Everest Group

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Recognized with the 2025 Asia-Pacific Technology Innovation Leadership Award in Business Process Management by Frost & Sullivan.

Horizon 3 – Market Leaders - Digital Marketing and Sales Services Capabilities, 2025 by HFS

Leader - VMware Ecosystem 2025-Build and Modernize IT Foundations- Global by ISG

Leader - AWS Ecosystem Partners 2025-AWS Professional Services- US and APAC by ISG

Leader - AWS Ecosystem Partners 2025-AWS Managed Services- U.K, US, and APAC by ISG

Leader - AWS Ecosystem Partners 2025-AWS Enterprise Data Modernization and AI Services- U.K and US by ISG

Leader - AWS Ecosystem Partners 2025-AWS SAP Workloads - U.K and US by ISG

Emerging Leader - Talent Readiness for Next-generation Cloud Services PEAK Matrix® Assessment 2025 by Gartner

Leader - Talent Readiness for Next-generation Cloud Services PEAK Matrix®Assessment 2025 by Everest Group

Leader - Contact Center - Customer Experience Services 2025 -Digital Operations Global and Australia by ISG

Leader - Contact Center - Customer Experience Services 2025 -Intelligent Operations- Australia by ISG

Leader - Future of Work Services 2025-Managed End-user Technology Services - Mid Market- US by ISG

Awards

Entrepreneur India Award for Entrepreneur of the Year in Service Business – SaaS & IT

Won 5 Gold medals at the Brandon Hall HCM Excellence Awards 2025 – Talent Management, Human Resources, Learning & Development and Diversity, Equity, Inclusion & Belonging

Awarded the ‘HYSEA Sustainable Development Award 2025 ’ reaffirming innovative and impactful initiatives in the category of Environment

Recognized as one of the ‘Most Trusted Companies’ at VAR India Most Trusted Companies 2025

Recognized as one of the ‘Best Tech Brands’ at ET NOW Best Tech Brands for 2025

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 ₹

Q2 FY26

QoQ

YoY

1.4%

3.1%

11.5%

-0.7%

1.5%

-0.2%

4.1%

25.6%

-8.4%

-9.6%

1,586 1,124 462 217 192 4.6 17.0 (12.4) 187 52 135 8.5% 13.48 13.46

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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