Slide 1: Exchange filing cover letter for investor presentation
Ref./No./FRACTAL/SE/2025-26/15 Date: March 5, 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza, Plot No. C/1, G Block, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Dalal Street, Fort, Bandra (East), Mumbai 400051 Mumbai 400 001 Maharashtra, India Maharashtra, India Scrip
Slide 2: Quarterly Update Q3 FY2026
Quarterly Update Q3 FY2026 March 5, 2026 1
Slide 3: Safe Harbor Statement
Safe Harbor Statement Certain statements in this presentation concerning our future growth prospects are forward-looking statements. These statements are subject to substantial known and unknown risks, uncertainties and other factors, which may cause actual results or outcomes to differ materially f
Slide 4: Financial Performance
Financial Market leading organic growth and Performance profitability 3
Slide 5: Q3'26 Fractal Group: We delivered a great quarter, improving on nearly every metric
Q3’26 Fractal Group: We delivered a great quarter, improving on nearly every metric Growth Profitability Other highlights INR 8,544m▲21% YoY 47%▲17 bps YoY 6.8%▲186 bps YoY Revenue from operations Gross Margin R&D investments 114% 77 18%▲43 bps YoY INR 1,294m▲16% YoY Net Revenue Net Promoter Adjuste
Slide 6: Q3'26 Fractal.ai: Our existing clients continue to expand their relationships with us
Q3’26 Fractal.ai: Our existing clients continue to expand their relationships with us All values in INR m, except % Net Revenue Retention (NRR) 8% 21% -0.5% 14% 114% Q3’26 Existing clients New clients Churn Growth% 6% 20% 115% 15% -0.9% 9M FY26 Existing clients New clients Churn Growth% Net Revenue
Slide 7: Fractal continues to be one of the most respected brands in AI
Fractal continues to be one of the most respected brands in AI Net Promoter Score (NPS) 1 for Fractal.ai 77 Q3’26 73 81 74 80 80 77 78 75 73 78 77 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 1 Net Promoter Score (NPS) is used in Fractal.ai segment to gauge client satisfaction a
Slide 8: Q3'26 Fractal.ai: Diversified revenue base across industries & geographies
Q3’26 Fractal.ai: We have a diversified revenue base with growth across industries & geographies Revenue by industry mix (Q3’26) – Fractal.ai Revenue by geography mix (Q3’26) – Fractal.ai Others YoY 7% APAC & BFSI CPGR ▲14% Others YoY 12% 12% TMT ▼ 2% Americas ▲26% CPGR 36% HLS ▲78% Europe Europe ▲2
Slide 9: Fractal.ai: 58 clients with $1m+ annual revenue
Fractal.ai: 58 clients with $1m+ annual revenue Clients by Annual Revenue Contribution (Fractal.ai) FY2023 FY2024 FY2025 TTM Dec FY26 >$1m 53 58 Fractal has scaled 48 45 client relationships of which, 10 11 15 18 >$5m with significant headroom for growth of which, >$10m 5 5 6 8 of which, >$20m 1 2 5
Slide 10: Q3'26 Fractal Group: Expanded margins with increased operating leverage
Q3’26 Fractal Group: We have expanded our margins with increased operating leverage All values in INR m, except % Improved profitability Operating leverage 8,544 7,072 644 bps 47.0% 47.2% 33% 28% 26% 24% 17.4% 17.8% Q3'25 Q3'26 FY23 FY24 FY25 9M FY26 Revenue Gross Margin Adjusted EBITDA Margin SG&A
Slide 11: Fractal Group: Our quarterly PAT crossed INR 1 Bn in Q3'26
Fractal Group: Our quarterly PAT crossed INR 1 Bn in Q3’26 All values in INR m, except % 5.5% INR 1,380m 16.7% INR 922m 2.1% -3.8% INR 1,001m 13.0% 0.4% -0.7% -3.2% 11.7% -1.8% Q3'25 PAT Adj EBITDA ESOP & One Depreciation & Tax Exceptional items PAT before other Operational PAT Other income Share of
Slide 12: Fractal Group: Cash flow conversion continues to accelerate
Fractal Group: Cash flow conversion continues to accelerate with working capital management efficiency All values in INR m, except % Cash flow from operations Days of sales outstanding (DSO) Days of sales outstanding (DSO) 1,294 92 +16% 1,116 -14 days 78 Q3'25 Q3'26 9M FY25 9M FY26 Cash and cash equ
Slide 13: Fractal is well positioned to win the $593 bn Enterprise AI market
Fractal is well positioned to win the $593 bn Enterprise AI market Client People Innovation Financial First Focus Engine Profile TTM Dec FY26 INR 31,709m, 76 5,919 6+ 21% Net Promoter Score1,2 Employees5 AI Products TTM Dec FY26 Revenue, YoY Growth 127 0.8% 66 46.6% MWC Clients1,3 Selection Rate6 Pa
Slide 14: We have consistently delivered industry leading revenue growth
We have consistently delivered industry leading revenue growth All values in INR m, except % 10-year CAGR 31,709 30% 27,654 5-year CAGR 29.4% 21,963 19,854 12,953 8,731 7,346 6,045 3,985 2,309 2,750 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 TTM Q3 FY26 13
Slide 15: Fractal wins Microsoft Partner of the Year 2025
Fractal is seen as one of the most credible AI players in the Retail & Consumer Goods industry Fractal wins Microsoft Partner of the Year 2025 14
Slide 16: Preferred Supplier status with two Mag 7 clients
In addition, we secured “Preferred Supplier” status with two Mag 7 clients Preferred supplier status with two Magnificent 7 clients and signed multi-year contracts to drive enterprise AI in their commercial organization “Magnificent seven” companies are defined as Microsoft, Apple, Nvidia, Alphabet,
Slide 17: Integrated, end-to-end AI capabilities
Integrated, end-to-end AI capabilities FUNCTIONAL CAPABILITIES AI PRODUCTS AGENTIC AI Supply chain Financial analytics cogentiq Platform & Products Digital Intelligence and Experience DOMAIN CAPABILITIES PiEvolve Banking, Financial Services and Retail Insurance ESG Analytics GENERATIVE AI Consumer P
Slide 18: Cogentiq & Research
Cogentiq & Fractal is building leading Enterprise Research AI products 17
Slide 19: We are building breakthrough products powered by deep AI research
We are building breakthrough products powered by deep AI research Research and Development Our AI R&D is a key differentiator Fathom-R1-14B LRM Open-sourced AI for revenue growth management 6.8% Multi-modal reasoning PiEvolve evolutionary agentic medical model framework for machine learning of reven
Slide 20: Fractal's Vaidya 2.0 is beating global model benchmarks
Fractal’s Vaidya 2.0 is beating global model benchmarks 1 Vaidya 2.0: First AI model to achieve a 50+ score on OpenAI’s HealthBench (Hard)1, outperforming ChatGPT-5, GPT-5.2 and Gemini Pro 3 on the toughest healthcare benchmarks As of 19th Feb 2026 1 HealthBench (Hard) is OpenAI’s most challenging s
Slide 21: Fractal's PiEvolve is ranked #2 on OpenAI's MLE-Bench
Fractal’s PiEvolve is ranked #2 on OpenAI’s MLE-Bench1 PiEvolve, an evolutionary2, agentic engine designed for autonomous machine learning and scientific discovery, ranks among the top- performing agents on OpenAI’s MLE- Bench outperformed agents from leading AI research labs, including Google, Micr
Slide 22: Fractal AI & Alpha
Fractal Fractal is delivering breakthrough client AI & Alpha results with AI 21
Slide 23: Large enterprises are beginning to reimagine manufacturing in the age of AI
Case Study 1 Large enterprises are beginning to reimagine manufacturing in the age of AI Transforming packaging & production with real-time AI decisioning in LATAM Across global production lines, AI optimizes 300+ packaging parameters in real time - reducing variability, improving consistency, and t
Slide 24: AI powered route-to-market expansion drives revenue growth
Case Study 2 AI powered route-to-market expansion drives revenue growth Global CPG major unlocks high-value whitespace to drive smarter coverage expansion An AI-powered solution estimates store-level sales potential and market penetration - maps covered and uncovered outlets across regions - and rec
Slide 25: AI is powering freight fulfilment decisions to improve efficiency
Case Study 3 AI is powering freight fulfilment decisions to improve efficiency Manufacturing giant reduces reliance on high-cost air freight through proactive planning An AI-powered solution identifies finished goods shipments - from plants and distribution centers to customer locations - at risk of
Slide 26: Financial Performance 9M FY26
Financial 9M FY26 performance Performance 25
Slide 27: 9M FY26 Fractal.ai: Diversified revenue base across industries & geographies
9M FY26 Fractal.ai: We have a diversified revenue base with growth across industries & geographies Revenue by industry mix (9M’26) – Fractal.ai Revenue by geography mix (9M’26) – Fractal.ai YoY Others APAC & 6% CPGR ▲13% YoY Others BFSI TMT ▲ 6% 13% Americas ▲22% 12% HLS Europe Europe ▲37% CPGR ▲60%
Slide 28: 9M FY26 Fractal Alpha: Revenue grew by 51% with gross margin expansion
9M FY26 Fractal Alpha: Revenue grew by 51% with 276 bps gross margin expansion and 52% reduction in negative adj. segment results All values in INR m, except % 800 80% 664 78% 700 76% 9M FY25 9M FY26 600 +51% 74% -20 441 500 72% -70 400 70% 70% 68% -102 300 -120 67% 66% 200 -52% 64% -170 100 62% 0 6
Slide 29: Fractal Group: 9M FY26 PAT is INR 1,710m
Fractal Group: 9M FY26 PAT is INR 1,710m All values in INR m, except % 3.0% 0.2% INR 2,185m INR 1,651m -0.3% 9.2% 8.2% -1.4% INR 1,710m -0.7% -0.4% 7.1% -1.4% 9M FY25 PAT Adj EBITDA ESOP & One Depreciation & Tax Exceptional items PAT before other Operational PAT Other income Share of loss of 9M FY26
Slide 30: Fractal Group: Revenue per billable FTE has improved by 6% YoY
Fractal Group: Revenue per billable FTE has improved by 6% YoY 9M FY25 9M FY26 Var Revenue INR 26,112m INR 31,709m ▲21% Average Billable FTE 3,729 4,260 ▲14% Revenue per USD 83.7k USD 84.5k ▲2% (USD) billable FTE INR 7.0m INR 7.4m ▲6% (INR) 29
Slide 31: Awards and Recognition
Awards and Recognition 30
Slide 32: Fractal has a stellar reputation for its innovative, inclusive workplace culture
Fractal has a stellar reputation for its innovative, inclusive workplace culture Top 50 Top 25 India’s Best Workplaces in Diversity, India’s Best Workplaces for Women Equity, Inclusion and Belonging 31
Slide 33: Fractal's AI work recognized across national publications
Fractal’s AI work recognized across national publications “Best Indian LLM Innovation” ”AI for Social Good” for Fathom for Vaidya.ai The Economic Times Making AI Work Awards Financial Express FuTech Awards 2025 32
Slide 34: Fractal Group CEO recognized as 'AI Business Leader of the Year' by ET
Fractal Group CEO recognized as ‘AI Business Leader of the Year’ by ET Economic Times AI Awards & Conclave 2025 33
Slide 35: The Opportunity
AI is accelerating at an The unprecedented pace, Opportunity creating incredible tailwinds 34
Slide 36: Enterprise AI presents a massive high growth opportunity
Enterprise AI presents a massive high growth opportunity Global DAAI Services Market, FY2030P ~$310 Bn (Fractal’s TAM) Fractal’s SAM (FY2030P) ~$171Bn CAGR 16.7% Global DAAI Services ~$143 Bn Market, FY2025 (Fractal’s TAM) Fractal’s SAM (FY2025) ~$85Bn CAGR 15.1% 35 Source: Everest Report
Slide 37: Thank you
Thank you For more details on our performance, prefer refer to the Shareholders’ letter and results at https://fractal.ai/investor-relations Investor Relations Contact Phone: +91 22 6850 5800 Email: investorrelations@fractal.ai 36