Tech Mahindra Limited has informed the Exchange about Investor Presentation
Tech Mahindra Ltd Sharda Centre, Off Karve Road, Erandwane, Pune 411 004 Tel: +91 20 66018100 www.techmahindra.com
22nd April 2026
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”)
Ref:
Intimation of Quarterly Earnings Meet vide letter dated 3rd April 2026
Dear Sir/Madam,
In furtherance to the Quarterly Earnings Presentation submitted as part of the detailed outcome of the Board Meeting intimated by the Company on 22 April 2026, please find enclosed the Investor Presentation on Update on Strategic Roadmap being made at the Quarterly Earnings Meeting (Analyst Day 2026) scheduled to be held today viz. Wednesday, 22 April 2026 at 5:15 p.m. (IST).
Intimation
is This https://www.techmahindra.com/investors/
also
available on
the website of
the Company
at
the weblink:
Kindly take the above on record.
Thanking you,
For Tech Mahindra Limited
Ruchie Khanna Company Secretary
Encl.: as above
Regd. Office: Gateway Building, Apollo Bunder, Mumbai 400 001 India | CIN: L64200MH1986PLCO41370
1
Analyst Day
2 0 2 6
Pun e
Presenters name Designation
April 22, 2026
Agenda
Strategic Update on Transformation
AI-Led Delivery Model
Financial Updates
TechM Outperformance Code
Q&A
2024
Winners Across Industries are Embracing a
New Mindset
2025
AI Delivered Right
The Year that was
Tariff
War
Regulatory changes
Agentic AI
Volatility
vs.
Velocity
182
Clients added
63
Must have accounts added
NPS
Industry- highest
Top 1%
Sustainability yearbook 2026
WEF
MINDS AI award
Five Waves of Disruption
Nasdaq 100 volatility across tech disruption eras (1998-2026)
Each wave shows boom-bust cycles with higher peaks
l
e v e L x e d n
I
20,000
15,000
10,000
5,000
0
Dot.com
Financial Crisis
Mobile
Cloud
AI
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2 0 0 2
4 0 0 2
6 0 0 2
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0 1 0 2
2 1 0 2
Year
4 1 0 2
6 1 0 2
8 1 0 2
0 2 0 2
2 2 0 2
4 2 0 2
6 2 0 2
Y2K to AI a Full Circle Moment
AI
AI-Native Stack
Modernization
Digital Transformation
Enterprise Packages
Return of the Builder
The Golden Pyramid
Entrepreneurial Agility
Geographically diversified
Rich Modernization Experience
IP & Platforms
Partnerships
AI Delivered Right
Traditional stack
Experience layer Web apps, Mob Apps, UI
Application layer Enterprise software | Business logic
Platform layer Middleware | APIs | Integration
Data layer Databases | Data warehouses
Infrastructure Cloud | Servers | Networking
AI experience layer AI copilots | Conversational interfaces | Autonomus assistants
Agentic app & orchestration AI agents | Workflow automation | Decision system
New AI-led stack
Intelligence layer
Foundation models | Reasoning engines | AI orchestration
Data & knowledge layer Enterprise data | Vector databases | Knowledge graphs
Infrastructure GPUs | AI clouds | High performance compute
Built right
Orchestrated right
Deployed right
Proven right
Project
Helix
Industry use cases
Partnership ecosystem
R&D and platform
Sales & marketing
Talent
Commercial model
Reinvent the core
Build the new
Beyond the Billable Hour Vector Squads and Service Tokens
Agent Internal
Agent External
Human
Governance: Roles + Boundaries + Controls
KPIs: SLAs + Quality criteria
© Tech Mahindra Limited. All Rights Reserved © Tech Mahindra Limited. All Rights Reserved
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© Tech Mahindra Limited. All Rights Reserved © Tech Mahindra Limited. All Rights Reserved
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We began this journey in November 2024 with a goal to shift from reactive service delivery (traditional service desk and end-user computing) toward a proactive, AI-driven model that enhances the user experience. Tech Mahindra partnered with us to take over service desk and end-user compute from the incumbent and drive that transformation.
Together we introduced tools such as the AI-driven NextGen Service Desk chatbot and the Nexthink predictive endpoint visibility solution. Within a year we transformed how users experience the service desk, raising our customer satisfaction score from 95% to 98% and gaining comprehensive visibility into our device fleet. I’m proud of how the Tech Mahindra and Enbridge teams came together in a way that is responsive, collaborative, and focused on outcomes. Many thanks to the Tech Mahindra team for their work; I look forward to many more years of partnership and continued transformation.
Saurabh Goel, Director, Modern Workplace Services, Enbridge Inc.
© Tech Mahindra Limited. All Rights Reserved
16
3-Year Roadmap
Q4 FY24 Q4 FY24
FY25 FY25
FY26 FY26
FY27 FY27
The beginning The beginning
Structure and Structure and strategy definition strategy definition
Turnaround phase Turnaround phase
Stabilization phase Stabilization phase
Reaping returns Reaping returns
Ground the new org Ground the new org
Investment in accounts, Investment in accounts, key markets, service lines key markets, service lines
Front-end integration of Front-end integration of portfolio companies portfolio companies
Turbocharge program for key Turbocharge program for key account growth account growth
Project Fortius for cost Project Fortius for cost
Continue above Continue above normal investments normal investments
Full integration of Full integration of portfolio companies portfolio companies
Project Fortius – further Project Fortius – further progress on cost savings progress on cost savings
Improved long term Improved long term structural mix structural mix
Continuous improvement Continuous improvement in pyramid in pyramid
Accelerate Revenue Growth Margin Expansion
The TechM Flywheel
Balanced industry mix High growth services focus Focus on prioritized market Turbocharge program Large deal focus
Vision FY27
Topline growth > Peer avg Industry standard margins High predictability
M&M synergy Talent management Culture building Branding & marketing ESG leadership
Productivity gains
Synergy with portfolio cos Operational parameters High margin services focus Delivery excellence
Growth Strategy
Balanced industry mix
High growth services focus
Focus on prioritized market
Turbocharge program
Large deal focus
• Launch of TechM XCD • D&A: Among the fastest
Growing “Run” & “Change” partner
• Strategic Pivot "Data for
Reporting" to "Data for AI“ • Leader in Gartner EMQ for
GenAI Consulting & Implementation Services • Deep AI first offerings in DEA,
Network Services, and Engineering Service among others
Manufacturing • Process Mfg - Deeper foray • A&D - Enhanced value prop • Physical AI • 2026 Google Cloud Partner of
the Year
BFSI • 11 Forbes 2000 logos acquired • Finastra, Temenos and
Guidewire led expansion
• Senior industry talent on board
Communications • Launch of CXC in Pune • Mega deals • Narrative – Unlock Spectrum
of Possibilities
• $20Mn+ accounts reached
• $6Bn+ large deal wins
• Verticalized operating model- Focus on key verticals & markets
• Shift to solution-led, large-deal
motion
quarterly run rate of $1 Billion and growth higher than the company average
• Proactive transformational
• Unlocked 40+ New Logos
propositions
each in EU & APJ (including 10 Forbes 2000)
• Differentiated approach focusing on - Hygiene, Performance, Governance, and Reporting
• Operating Model - stakeholder
engagement forums, leadership connects
over 7 quarters
• Mega Deals (>$500 Mn) • Solutioning
and Operating Playbook • Strengthened capability with industry talent Industry-focused multi-tower offerings
•
• AI-led transition framework in
place
Organization Strategy
M&M synergy
Talent management
Culture building
Branding & marketing
ESG leadership
• Continue to leverage the
scale of the Group
• Helping group with
technology in areas like Smart Factory Services in Auto; and new forays like Insurance
• Co-Creation - Leveraging Group's Manufacturing DNA to develop industry specific solutions
• Simplified Rewards, Compensation philosophy & Long term incentives refresh
• Building a
People- First Culture & bringing leadership alignment
• Strengthened Talent
Pipeline – succession plan, leadership development, IJP’s, Tech hiring
• Culture Study conducted across Service lines. Alignment and Empowerment come out as strengths
• Established
Organizational structure & Job Family Framework
• Predictive analytics
deployed in some areas
• Brand Refresh with Visual identity and Verbal identity
• Strong Governance
through Board-led ESG oversight
• Expansion of strategic marketing programs – GCL, WEF, Formula E
• Tightly integrated with NBD and Turbocharge Sales Programs
• Modernized Marketing Ops to run digital campaigns
• Market-ready ESG platforms developed and launched
• Strong Ecosystem Collaboration to scale ESG impact
• Sustainable value chain established by assessing 85% of top suppliers
Operations Strategy
Productivity gains
• Productivity and margins improved through focused use of automation and AI, better workforce alignment, and stronger execution discipline
• Earnings stability improved by turning around hypercure accounts and tightening controls across pricing, costs, and delivery execution
• RAPID – AI-powered talent management tool launched
Synergy with portfolio companies
• Portfolio Cos integrated within SLs to increase synergy, collaboration and cross-selling
• Well established
process for migrations to TechM systems at scale
• Front and middle office
100% integration achieved
Operational parameters
High margin services focus
Delivery excellence
• Demand management
• Rolled out future ready
• Delivery consistency was
and fulfilment moved to a metrics-first, data-driven operating model, backed by an AI-based platform
•
Incremental monetization through Zero cost CRs and Right Rate for Right Role
• Operation Excellence Index framework operationalized – aligned with SL leaders’ BSC
solutions - Future of Mobility, Device Engineering, and Platform Engineering
• Embedded AI skills within
each Service Line to ensure domain-driven AI solutioning
• Launched managed cloud services, supported by orchestration frameworks
• Consulting, Data and Analytics and Design Services (BORN) brought together under a single leadership
further strengthened through standardized processes, clearer risk management, and better knowledge across programs
• Capability building was advanced by investing in modern learning spaces, a centralized learning platform
• Continued focus on moving from execution readiness to execution predictability
29% YoY NPS increase &
142% improvement over two years. Achieved industry-leading NPS in FY26
Focused SLs are Growing 3x faster
than rest of the company
~95% accounts have AI embedded in the respective engagements
of Peak and Prime
Productivity gains via excess FP HC optimization, AI/Automation usage and portfolio co integrations
Project Fortius moved TechM to a structured productivity and margin discipline, anchored in utilization rigor, delivery governance, and pricing control.
Project Fortius - Margin Improvement
Earnings before Interest & Taxes (EBIT %)
Ambitions ahead – FY27 & beyond
13.1%
12.1%
13.8%
AI led productivity improvement: Scale AI and automation-driven delivery, pyramid optimization, and offshoring
10.5%
11.1%
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
Key operational metrics converging to industry benchmarks, removing structural cost overhangs
Capturing synergies via Portfolio companies integrations
BPS driven by operational rigor, technology-led- transformation and profitability reset across underperforming business lines
COMVIVA driven by price uplifts, eliminating loss-making projects drag and disciplined G&A optimization
Predictability & value focus: Sharpen pricing discipline and execution governance
Structural margin expansion: Continue with productivity, utilization, and operational efficiency levers as steady-state capabilities
Tighten & redirect subcon spends
FY27 - Gearing up for New Challenges and Opportunities
Changing marketplace
Chatbots to agentic AI wave
Rise of GCCs in India
Cybersecurity risks
Macro-economic challenges
Regulatory changes (e.g. H-1B)
Top bets
Investment led Turbocharge Breakout (Peak + Prime accounts)
AI (Process and business consulting, Data, Agentic, Domain and Apps)
Focus on new offerings (AI, renewed focus on Insurance and Banking Products)
Continuous focus on mega deals
Nearshore and GCC focus
Within 10 months of partnering with TechM, we grew from under 30 to 350-plus. It wasn’t easy, but their team’s responsiveness, collaboration, and willingness to course-correct made all the difference. Today, we have a strong, focused team delivering real value for our customers and stakeholders.
Sandeep Chakraborty, CIO & CTO, Manulife Japan
AIA Australia and Tech Mahindra have successfully transitioned Application Managed Support for 70 applications, achieving strong commercial outcomes and consistently stable services. This success reflects the close collaboration, shared commitment, and attention to detail from both teams. Building on this momentum, we are now extending our partnership to include Service Desk operations. The transition is underway, and we look forward to continuing this strong collaboration and enhanced service delivery.
Susann Huebner, CTO, AIA Australia
Leveraging AI to Reinvent the Core
84% Client-facing Talent AI-ready
76% Workforce AI Certified
3 Hyper-scaler Marketplaces
3 Orion GA + Live on Leadership Position In Gartner AI Ranking
Agentic Development & Modernization Services
Cloud, Infra, Network, & Cybersecurity Services
Engineering Services – Physical AI
Business Process Services
Agentic Software Engineering
AI-led Operations
Perception – Sense the World
AI build/manage operations
Modernizing platforms for autonomy
AI-led Data Centres
Cognition – Understand and Decide
Industry solutions for Telco, BFSI, Healthcare
India AI Mission Only SI to be Part of India AI Mission
Autonomous Operations
NetOps.ai
Action – Execute Physically
Orion Marketplace Pre-built Library of agents
Innovative Commercial Models Token-based, Vector-squad
Autonomous Quality Engineering
AI-based SOC
Learning Loop – Continuous Improvement
Autonomous operations
AI Metrics
AI Metric
KPI
AI Talent Metrics
AI Adoption Metrics
AI-led Productivity Metrics
AI Recognitions%
AI Solutions & LLMs
• AI Trained Talent • AI Certified Talent
• % of Turbocharge clients infused
with GenAI/AI offerings
• Improvement in overall Revenue per Employee, influenced by AI
• Top 2 AI related Analyst Leadership Positions
• Number of LLMs • Service-specific agents created
FY26 Exit
80% 76%
~95%
7% improvement over FY25
90%
2 350+
FY26: Stabilization Phase – Key Takeaways
Confident of making transformation progress, even amidst macroeconomic challenges
Margin growth has been sustained, driven by strong operational execution from Project Fortius – even amid flattish overall growth
Consistent policy of returning cash to shareholders
Deal win rates have significantly improved over the last four quarters
Consulting and Gen AI are the significant areas of investment for TechM
Made Significant Transformation Progress, even Amidst Macroeconomic Challenges
$3.8 Bn
$616 Mn
12.6% (+290 bps)
95%
91%
Large deal wins (LTM)
Free cash flow (115% FCF to PAT%)
Ten straight quarters of margin expansion
Integration of portfolio companies (Front, Middle and Back offices)
Dividend as % of FCF Highest ever dividend declared in the year
Deal Win Rates have Significantly Improved over the Long Term LTM Deal Wins (USD Mn)
2,955
3,168
2,680
3,519
3,794
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
Large Deals
Must-have Accounts/NBDs
Multi tower offering & playbook for “AI led Enterprise of the Future”
Strong cohort of new-to-TechM logos – Forbes Global 2000
Wins across verticals – Telecom, BFSI, Manufacturing, Retail/Logistics
Improved Revenue Growth over the Last Year
YoY Revenue CC Growth
2.4%
1.3%
-0.3%
-1.0%
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
Sustained Margin Growth, Driven by Strong Operational Execution from Project Fortius
Cost Saving
Wage hikes
Investments
15.0%
FX tailwinds
9.7%
Pricing & DLG Offshoring FPP Productivity N-1 rotation Subcons G&A optimization
12.6%
One time
6.1% (Reported)
FY 24
FY 25
FY 26
FY 27
Strong Execution Reflecting in Financials
LTM Deal Wins (USD Mn)
Revenue y-o-y (in CC)
Earnings before Interest & Taxes (EBIT %)
Return of Capital Employed (ROCE)
3,794
3,519
3,168
2,955
2,680
Actuals
Stated Goal
13.8%
0.6%
0.3%
Peer Average
FY24
FY25
FY26
FY27
13.1%
12.1%
-4.7%
11.1%
10.5%
26.90% 26.50%
26.20%
23.80%
22.60%
24.40%
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
Consulting and GenAI Remain Significant Areas of Investment
Past Investments
Current & Future Investments
Sales & Marketing Investments
Large-Deal Team
People supply chain
Service Line Capabilities
L&D
Internal tools & Platforms
Leadership Hiring
Investments
AI-led Investments
Inorganic Tuck-in Acquisitions
Large-Language Models
Sales & Marketing Investments
Leadership Hiring
AI Platforms
AI Ecosystems
Service Line Capabilities
AI-First Workforce
Maintained a Consistent Policy of Returning Cash to Our Shareholders Days Sales Outstanding (DSO)
FY26 Free Cash Flow
95
94
90
89
115% Free Cash Flow (FCF) generated as a percentage of Profit After Tax
Dividend as a percentage of FCF
91%
85%
70%
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
FY24
FY25
FY26
FY 2026 Metrics
Strategic Actions
Metric
Growth
• Growth in account > $20M
• Contribution from NA, Europe, prioritized pockets in APJ
• Net new deals ($Bn)
• Industry mix (Enterprise)
Margin Excellence
• C&B as a % of Revenue
• Entry level workforce as a % of total
• % of Revenue from Key service lines*
Organization & Talent
• Gender diversity
• % of employees upskilled/ futuristic technologies
• % of Turbocharge clients infused with GenAI/AI offerings
2026
7.7%
83.0%
$3.8
66.7%
28.6%
64.4%
31.9%
80.0%
34.6%
~95%
Change
+540 bps
+170 bps
+41.6%
-0.2%
+80 bps
-250 bps
+110 bps
+15%
+20 bps
*Key Service lines include – DEA, CIS, ES and TMC. CIS has been added since NGS has been split into CIS and TMC.
Next 12 Months Journey…
Revenue Topline growth Growth > Peer average
EBIT Margin 15%
ROCE > 30%
Capital Return > 85% of FCF
Deepen Client Relationships to expand wallet share and Tuck-in acquisitions
Scale high-growth service lines - Engineering, Cloud, Data & AI, Consulting
Drive automation and Delivery excellence for continued margin expansion
Consulting and GenAI are the significant areas of investment
Large-Deal Wins ramp up
TechM Outperformance Code
Outthink
Outwork
Outpace