Slide 1: AI-Enabled, Execution Driven
AI-Enabled, Execution Driven Nitin Rakesh Aravind Viswanathan CEO & Managing Director CFO Jan 2026
Slide 2: Safe Harbor
Safe Harbor Certain statements mentioned in this presentation concerning our future growth prospects are forward looking statements (the “Forward Statements”) and are based on reasonable expectations of the management, which involves a number of risks, and uncertainties that could cause actual resul
Slide 3: Forces of Change – Transformation of Tech Services
Forces of Change – Transformation of Tech Services • New Value Pools. “Service as Software” through • Recalibration of classic ‘Managed Services’ constructs agentic operations • Collapsing people-only, ticket-driven delivery into • Adopting a joint Human-Agent operating model autonomous, software-dr
Slide 4: Mphasis NeoIP Agentic Platform – Living the Reality
Mphasis NeoIPTM Agentic Platform – Living the Reality NextOps NeoOrko NeoArche Goal Oriented Agent Orchestration Business & Operations Agents Enterprise Agents Engineering Agents Software Defines Software Reimagines Architecture Software Writes Business Software Product & Ops Configuration Enterpris
Slide 5: Clients are Living this Reality with Us
Clients are Living this Reality with Us There are many Starting Points - from any start, all paths converge and expand Clientele Entry Archetype Archetype Expansion to Leading Multinational NextOps Investment Company Business Operations SDLC Transformation Transformation Large Financial Service Firm
Slide 6: AI Supercharging the Pipeline and Supersizing Deals: Unlocking Opportunities
AI Supercharging the Pipeline and Supersizing Deals: Unlocking Opportunities Supersizing deals: Savings-Led TransformationTM driving wins 2X : LTM TCV Unlocking opportunities: Reimagining ~4X YoY : Modernization pipeline legacy modernization Expanding TAM and driving pipeline ~2X YoY : Large deals p
Slide 7: Doubling Down on AI
Doubling Down on AI Our hypothesis is playing out in real time 68% 69% 69% 65% AI Led Pipeline 55% Pipeline 2.5x TCV Wins (in USD Mn) 35% 30% 25% 760 12% 13% 528 x 428 390 319 351 255 241 177 207 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Launch of Launch of Gen AI Mphasis NeoCruxTM
Slide 8: AI Supercharging Pipeline: 69% AI-led
AI Supercharging Pipeline: 69% AI-led Archetypes Driven Pipeline +4% +66% +66% 9% Data 9% 197% 98% Modernization 16% 26% IT Value Stream Acceleration 21% 11% Top 10 Security 5% 5% BFS 29% Next Ops 9% 11% XaaP 12% 44% 21% Non-Top 10 Experience 8% Non-BFS 7% Agile IT Ops 20% 10% Q3FY25 Q3FY26 Q3FY25 Q
Slide 9: Strong Broad-based TCV Wins: 62% AI-led
Strong Broad-based TCV Wins: 62% AI-led New TCV Wins ($Mn) Revenue/ TCV Correlation 2000 From Q1FY25 Revenue (LTM in $Mn) 1750 760 528 1500 R² = 0.9289 390 428 351 1250 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 500 1000 1500 2000 TCV (LTM in $Mn) • TCV (net new) for the quarter at $428 Mn • LTM TCV at $2.1
Slide 10: Q3FY26 Revenue Performance by Segment
Q3FY26 Revenue Performance by Segment 445 451 445 451 419 419 Direct Direct Direct Direct YoY YoY QoQ QoQ 10.8% 1.4% APPS 300 327 338 12.8% 3.9% Americas 342 372 376 BPO 69 66 67 -3.4% 0.8% EMEA 43 -5.2% 3.9% 41 42 ROW 35 32 33 ITO 50 52 46 9.0% -11.0% 17.4% 5.0% Q3 FY25 Q2 FY26 Q3 FY26 Q3 FY25 Q2 F
Slide 11: Q3FY26 Performance by Vertical
Q3FY26 Performance by Vertical 445 451 419 Direct YoY Direct QoQ 18.2% 2.5% 228 234 Banking & Financial Services 204 36.6% 8.1% Insurance 49 62 68 20.5% -2.3% TMT 71 86 83 Logistics & Transportation 51 -53.3% -0.4% 25 24 Others 44 44 43 -3.6% -1.7% Q3FY25 Q2FY26 Q3FY26 • BFS Direct grew 2.5% QoQ and
Slide 12: Client Pyramid Performance: Direct
Client Pyramid Performance: Direct YoY Additions in multiple client bands Client Additions Top Client Metrics LTM YoY • Top 1 - 10 grew 11.8% Category YoY QoQ 140 • Top 11 - 30 grew 13.5% $200Mn+ - - 136 $150Mn+ (1) - Top Client Metrics QoQ* $100Mn+ 131 1 - • Top 1-10 grew 3.0% $75Mn+ 1 - $50Mn+ 3 1
Slide 13: Financial Metrics: Quarterly Performance
Financial Metrics: Quarterly Performance Revenue Trend Operating Margin Trend 445 451 419 15.3% 15.3% 15.2% Q3FY25 Q2FY26 Q3FY26 Q3FY25 Q2FY26 Q3FY26 Gross Revenue in $Mn at average USD/INR rate for respective periods *EPS Trend Cash Flow Generation 24.7 24.6 22.6 55 54 43 Q3FY25 Q2FY26 Q3FY26 Q3FY2
Slide 14: DSO Movement
DSO Movement DSO in Days 89 91 84 74 82 87 Debtors Contract Assets 10 7 4 Q1’26 Q2’26 Q3’26 • DSO has increased by 2 days as a result of: ̶ Increase in debtors relating to milestone contracts and movement from contract assets of last quarter ̶ Contract assets decreased QoQ due to movement of the sam
Slide 15: Q3FY26 in Summary: Continued Growth Momentum in a Seasonal Quarter
Q3FY26 in Summary: Continued Growth Momentum in a Seasonal Quarter • Revenue grew 1.5% QoQ and 7.4% YoY in cc terms. Direct grew 1.9% QoQ and 9.6% YoY ̶ Growth led by BFS and Insurance verticals ̶ BFS grew 2.5% QoQ and Insurance grew 8% QoQ in cc ̶ BFSI combined grew 3.7% QoQ in cc ̶ Strong sequenti
Slide 16: Outlook: AI-led Momentum Driving Results
Outlook: AI-led Momentum Driving Results • Create, pursue, win and execute at the account level ̶ Invest in scaling our AI-led propositions ̶ Develop and deploy the Mphasis NeoIP platform • Continue steady conversion of pipeline to TCV and TCV to revenue ̶ Strong direct correlation between TCV and r
Slide 17: About Mphasis
Link to financial data for the past three years: https://www.mphasis.com/home/corporate/investors.html About Mphasis At Mphasis, engineering has been in our DNA since inception. Mphasis is an AI-led, platform-driven company with human-in-the-loop intelligence, helping global enterprises modernize, i
Slide 18: © Mphasis 2025 Proprietary and confidential information
© Mphasis 2025 Proprietary and confidential information 22-01-2026 18
Slide 19: Analyst Recognitions: Q3FY26
Analyst Recognitions: Q3FY26 © Mphasis 2025 Proprietary and confidential information 22-01-2026 19