Tech Mahindra Limited · NSE:TECHM
Tech Mahindra — Investor Day (April 2026)
42 slides from Tech Mahindra's investor day presentation, Apr 22, 2026
Slide 1: Exchange filing cover letter
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 National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th floor, Dalal Street, Plot No. - C/1, G Block, Mumbai - 400 001 Ba
Slide 2: Analyst Day 2026
Analyst Day 2 0 2 6 Pun e Presenters name Designation April 22, 2026
Slide 3: Agenda
Agenda Strategic Update on Transformation AI-Led Delivery Model Financial Updates TechM Outperformance Code Q&A
Slide 4: New Mindset
2024 Winners Across Industries are Embracing a New Mindset
Slide 5: AI Delivered Right
2025 AI Delivered Right
Slide 6: The Year that was
The Year that was Tariff War Regulatory Agentic changes AI
Slide 7: Volatility vs. Velocity
Volatility vs. Velocity 182 Clients 63 Must have NPS Industry- Top 1% Sustainability WEF MINDS added accounts added highest yearbook 2026 AI award
Slide 8: ing
ing = The Ascend Force — a a
Slide 9: Five Waves of Disruption
Five Waves of Disruption Financial Dot.com Crisis Mobile Cloud AI 20,000 Nasdaq 100 volatility across tech disruption 15,000 Index Level eras (1998-2026) 10,000 5,000 Each wave shows boom-bust cycles with higher peaks 0 2002 1998 2000 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 Year
Slide 10: Y2K to AI: a Full Circle AI Moment
AI-Native Stack Modernization Y2K to AI a Full Circle AI Moment Digital Transformation Enterprise Packages
Slide 11: Return of the Builder
Return of the Builder The Golden Entrepreneurial Geographically Pyramid Agility diversified Rich Modernization IP & Platforms Partnerships Experience
Slide 12: AI Delivered Right
AI Delivered Right Experience layer AI experience layer AI copilots | Conversational Web apps, Mob Apps, UI Traditional interfaces | Autonomus assistants New AI-led stack Application layer Enterprise software | Business logic Agentic app & orchestration AI agents | Workflow automation | stack Decisi
Slide 13: Project Helix
Sales & marketing Project Talent Helix Industry Reinvent the core Build Commercial model use cases the new Partnership ecosystem R&D and platform
Slide 14: Beyond the Billable Hour
Beyond the Billable Hour Vector Squads and Service Tokens Agent Agent Human Internal External Governance: Roles + Boundaries + Controls KPIs: SLAs + Quality criteria © Tech Mahindra Limited. All Rights Reserved 13
Slide 15: © Tech Mahindra Limited. All Rights Reserved
© Tech Mahindra Limited. All Rights Reserved 14
Slide 16: Client testimonial: Enbridge
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
Slide 17: © Tech Mahindra Limited. All Rights Reserved
© Tech Mahindra Limited. All Rights Reserved 16
Slide 18: 3-Year Roadmap
3-Year Roadmap Q4 FY24 FY25 FY26 FY27 The beginning Turnaround phase Stabilization phase Reaping returns Structure and Ground the new org Continue above Improved long term strategy definition normal investments structural mix Investment in accounts, key markets, service lines Full integration of Con
Slide 19: The TechM Flywheel
Balanced industry mix High growth services focus The TechM Focus on prioritized market Turbocharge program Large deal focus Flywheel Vision FY27 Topline growth > Peer avg Industry standard margins High predictability Productivity gains M&M synergy Synergy with portfolio cos Talent management Operati
Slide 20: Growth Strategy
Growth Strategy Balanced industry mix High growth services focus Focus on prioritized market Turbocharge program Large deal focus Manufacturing • Launch of TechM XCD • Verticalized operating model- • $20Mn+ accounts reached • $6Bn+ large deal wins • Process Mfg - Deeper foray • D&A: Among the fastes
Slide 21: Slide 21
Slide 22: Organization Strategy
Organization Strategy M&M synergy Talent management Culture building Branding & marketing ESG leadership • Continue to leverage the • Simplified Rewards, • Building a • Brand Refresh with Visual • Strong Governance scale of the Group Compensation People- First identity and Verbal identity through Bo
Slide 23: Operations Strategy
Operations Strategy Productivity gains Synergy with portfolio Operational parameters High margin services focus Delivery excellence companies • Productivity and margins • Portfolio Cos integrated • Demand management • Rolled out future ready • Delivery consistency was improved through focused within
Slide 24: NPS increase and productivity gains
29% YoY NPS increase &142% Focused SLs are ~95% of Peak and Prime Productivity gains improvement over two years. Achieved Growing 3x faster accounts have AI embedded in via excess FP HC optimization, industry-leading NPS in FY26 than rest of the company the respective engagements AI/Automation usage
Slide 25: Project Fortius - Margin Improvement
Project Fortius - Margin Improvement Earnings before Interest & Taxes (EBIT %) Ambitions ahead – FY27 & beyond 13.8% AI led productivity improvement: 13.1% Scale AI and automation-driven delivery, 12.1% pyramid optimization, and offshoring 11.1% 10.5% Predictability & value focus: Q4 FY25 Q1 FY26 Q2
Slide 26: FY27 - Gearing up for New Challenges and Opportunities
FY27 - Gearing up for New Challenges and Opportunities Changing marketplace Top bets Chatbots to Rise of GCCs Investment led AI (Process and business agentic AI wave in India Turbocharge Breakout consulting, Data, Agentic, (Peak + Prime accounts) Domain and Apps) Cybersecurity Macro-economic risks c
Slide 27: Client testimonial: Manulife Japan
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. San
Slide 28: a
a
Slide 29: Client testimonial: AIA Australia
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 o
Slide 30: Leveraging AI to Reinvent the Core
Leveraging AI to Reinvent the Core 84% Client-facing Talent AI-ready Agentic Development Cloud, Infra, Network, Engineering Services – Business & Modernization Services & Cybersecurity Services Physical AI Process Services 76% Workforce AI Certified Agentic Perception – AI-led Operations AI build/ma
Slide 31: AI Metrics
AI Metrics AI Metric KPI FY26 Exit AI Talent Metrics • AI Trained Talent 80% • AI Certified Talent 76% AI Adoption Metrics • % of Turbocharge clients infused ~95% with GenAI/AI offerings AI-led Productivity Metrics • Improvement in overall Revenue 7% improvement over FY25 per Employee, influenced by
Slide 32: FY26: Stabilization Phase – Key Takeaways
FY26: Stabilization Phase – Key Takeaways Confident of making Margin growth has been Consistent policy Deal win rates have Consulting and Gen transformation sustained, driven by of returning cash significantly AI are the significant progress, even amidst strong operational to shareholders improved o
Slide 33: Made Significant Transformation Progress
Made Significant Transformation Progress, even Amidst Macroeconomic Challenges $3.8 Bn $616 Mn 12.6% (+290 bps) 95% 91% Large deal wins Free cash flow Ten straight quarters Integration of portfolio Dividend as % of FCF (LTM) (115% FCF to PAT%) of margin expansion companies (Front, Middle Highest eve
Slide 34: Deal Win Rates have Significantly Improved
Deal Win Rates have Significantly Improved over the Long Term Large Deals Must-have Accounts/NBDs LTM Deal Wins (USD Mn) Multi tower offering & Strong cohort of playbook for “AI led new-to-TechM logos – 3,794 3,519 Enterprise of the Future” Forbes Global 2000 3,168 2,955 2,680 Wins across verticals
Slide 35: Improved Revenue Growth over the Last Year
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
Slide 36: Sustained Margin Growth from Project Fortius
Sustained Margin Growth, Driven by Strong Operational Execution from Project Fortius Wage hikes 15.0% Cost Saving Investments FX tailwinds 12.6% Pricing & DLG 9.7% Offshoring FPP Productivity N-1 rotation Subcons One time G&A optimization 6.1% (Reported) FY 24 FY 25 FY 26 FY 27
Slide 37: Strong Execution Reflecting in Financials
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) Actuals Stated Goal 13.8% 3,794 3,519 3,168 13.1% 2,955 0.6% 2,680 0.3% Peer Average 26.90% 26.50% 12.1% FY24 FY25 FY26 FY27 26.20% 23.80
Slide 38: Consulting and GenAI Remain Significant Areas of Investment
Consulting and GenAI Remain Significant Areas of Investment Past Investments Current & Future Investments AI-led Investments Investments Sales & Marketing Investments Inorganic Tuck-in Large-Language Acquisitions Models Large-Deal Team Service Line Sales & Marketing AI Platforms Capabilities Investm
Slide 39: Consistent Policy of Returning Cash to Shareholders
Maintained a Consistent Policy of Returning Cash to Our Shareholders Days Sales Outstanding (DSO) FY26 Free Cash Flow Dividend as a percentage of FCF 95 94 115% 85% 91% Free Cash Flow (FCF) 70% generated as a percentage of Profit After Tax 90 89 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 FY24 FY25 FY26
Slide 40: FY 2026 Metrics
FY 2026 Metrics Strategic Actions Metric 2026 Change • Growth in account > $20M 7.7% +540 bps • Contribution from NA, Europe, prioritized pockets in APJ 83.0% +170 bps Growth • Net new deals ($Bn) $3.8 +41.6% • Industry mix (Enterprise) 66.7% -0.2% • Entry level workforce as a % of total 28.6% +80 b
Slide 41: Next 12 Months Journey
Next 12 Months Journey… Revenue EBIT Margin ROCE Capital Return Topline Growthgrowth 15% > 30% > 85% of FCF > Peer average Deepen Client Relationships Scale high-growth service to expand wallet share lines - Engineering, Cloud, and Tuck-in acquisitions Data & AI, Consulting Drive automation and Cons
Slide 42: TechM Outperformance Code
TechM Outperformance Code Outthink Outwork Outpace