Slide 1: Exchange intimation letter: Investor Presentation
Tech Mahindra Ltd Sharda Centre, Off Karve Road, Erandwane, Pune 411 004 Tel: +91 20 66018100 www.techmahindra.com 16th January, 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
Slide 2: Earnings Presentation Q3 FY26
Earnings Presentation Q3 FY26 1
Slide 3: Safe Harbor
Safe Harbor Certain statements in 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
Slide 4: Q3 FY26 – At a Glance
Q3 FY26 – At a Glance Revenue $ 1,610 Mn EBIT 13.1% A Promise of TM Scale at Speed Operational PAT Margin* 9.2% FCF $ 194 Mn New Deal Wins $ 1,096 Mn *excludes exceptional items 3
Slide 5: Management Commentary
Management Commentary Our deal wins on an LTM basis are the highest we have This quarter reflects a well-rounded financial achieved in the past five years, reflecting an improved performance, marked by ninth consecutive quarter of deal-win run-rate over the past several quarters. The margin expansio
Slide 6: Strategic Highlights
Strategic Highlights Business Updates Awards − Strategic engagement with a leading European telecommunications services − Recognised as a Global Sustainability Leader in the S&P Global’s Dow provider — one of the largest deal wins in our company’s history – multi- Jones Sustainability Index (DJSI) y
Slide 7: Financial Highlights
Financial Highlights Q3 FY26 Revenue Cashflow Metrics • USD Revenue $1,610 millions; up 1.5% QoQ and 2.7% YoY • Free Cash Flow $194 Mn • Revenue (constant currency) up 1.7 % QoQ and 1.3% YoY • Free Cash Flow to Operational PAT*% is 131% • INR Revenue ₹14,393 crores, up 2.8% QoQ and 8.3% YoY • IT seg
Slide 8: Financial Trend
Financial Trend Revenue (USD Mn) LTM Deal Wins (USD Mn) 1,610 3,518 3,168 1,586 2,955 2,680 1,567 1,564 2,382 1,549 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Earnings Before Interest & Taxes (EBIT %) Return of Capital Employed (ROCE) 13.1% 26.9%* 12.1% 23.8% 24.
Slide 9: Geography-wise and Vertical-wise Performance
Geography-wise and Vertical-wise Performance Q3 FY26 Geographies % Mix QoQ YoY Americas 50.6% 3.1% 2.1% Europe 25.6% 2.2% 11.2% ROW 23.9% -2.3% -4.0% Q3 FY26 Verticals % Mix QoQ YoY Communications 33.1% 2.8% 4.7% Manufacturing 18.3% 2.2% 11.7% BFSI 15.5% -6.2% -0.8% Technology, Media and Entertainme
Slide 10: Client Metrics
Client Metrics Number of Clients Q3 FY25 Q2 FY26 Q3 FY26 ≥ $1 million clients 540 520 521 ≥ $5 million clients 191 194 196 ≥ $10 million clients 104 106 111 ≥ $20 million clients 61 63 64 ≥ $50 million clients 25 26 28 Client Concentration Q3 FY25 Q2 FY26 Q3 FY26 Top 5 14.8% 15.6% 15.2% Top 10 24.2%
Slide 11: People Highlights
People Highlights Total Headcount Q3 FY25 Q2 FY26 Q3 FY26 IT 80,865 78,528 76,194 BPS 61,053 66,095 65,450 Sales & Support 8,570 8,091 7,972 IT Headcount mix Q3 FY25 Q2 FY26 Q3 FY26 Onsite 22.7% 21.7% 22.1% Offshore 77.3% 78.3% 77.9% IT Utilization and Attrition Q3 FY25 Q2 FY26 Q3 FY26 Utilization %
Slide 12: Cash Flow Metrics
Cash Flow Metrics Cash Conversion Q3 FY25 Q2 FY26 Q3 FY26 Days Sales Outstanding 88 94 90 Free Cash Flow (USD Mn) 199 237 194 Free Cash Flow to PAT % 172% 176% 131%* USD/INR Rate Q3 FY25 Q2 FY26 Q3 FY26 Period Closing Rate 85.6 88.8 89.9 Period Average Rate 84.7 88.2 89.4 Cash & Borrowings (USD Mn)
Slide 13: AI Delivered Right
AI Delivered Right Highlights • Supporting clients move from AI experimentation to execution at Scale - IT Build & Change; IT Ops & Assurance; Process & Operation Transformation; Experience Transformation and Business Transformation. • AI becoming a core growth and execution engine across large ente
Slide 14: AI: Key Deal Wins
AI: Key Deal Wins – Selected as a strategic AI-first transformation partner by a global consumer – Won an enterprise operations transformation with a US healthcare technology lifestyle conglomerate, enabling an AI-led operating model across digital, data, services provider, deploying AI-enabled auto
Slide 15: Deal-Win Performance
Deal-Win Performance Total TCV Q3 FY26: $ 1,096 Mn − Selected by a leading European telecommunications services provider for − Selected by a leading US-based communications provider to lead its modernization of applications across CIO and CTO domains, aimed at transformation and system integration i
Slide 16: Brand Refresh
Brand Refresh Brand Architecture Orbit Model A Bold Evolution Designed Master Brand for Tomorrow Sub Brands • Reinforce positioning as a Endorsed Brands EVP future-ready Independent Brands Limitless Together transformation partner • Inspire a renewed sense of Brand Platform Visual Identity pride and
Slide 17: Other Highlights
Other Highlights New Launches, Partnerships & Collaborations Tech Mahindra has signed MoU with The University of Texas at Tech Mahindra has signed a Memorandum of Understanding Dallas, a leading institution in Computer Science, AI and Cyber (MOU) with Strangeworks, a leading quantum computing securi
Slide 18: Analyst Recognitions
Analyst Recognitions – Horizon 3 - Market Leaders - HFS Horizons: Legacy Application Modernization Services, – Leader - Intelligent Automation Services 2025-Intelligent Enterprise Automation- US by ISG 2025 by HFS – Leader - Intelligent Automation Services 2025 -Next-Gen Automation-US by ISG – Leade
Slide 19: Awards
Awards Recognised as a Global Rated “A” for both CDP (Carbon Received Best Brands 2025 award Sustainability Leader in the S&P Disclosure Project) Climate Change at the ET NOW Best Brands Global’s Dow Jones Sustainability and CDP Water Stewardship 2025 Conclave by ET Edge Index (DJSI) AWS Partner of
Slide 20: Financial Statement
Financial Statement in USD millions Q3 FY26 QoQ YoY Revenue 1,610 1.5% 2.7% Direct Cost 1,122 Gross Profit 488 5.7% 8.0% SG&A 224 EBIT 211 10.0% 32.8% EBIT % 13.1% ~100 bps ~290 bps Other Income, net (12.9) Miscellaneous + Interest Income, net 0.1 Exchange Gain / (Loss) (12.9) Profit Before Exceptio
Slide 21: About Tech Mahindra
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
Slide 22: Disclaimer
Disclaimer The information is to be treated as Tech Mahindra Confidential Information. TechM provides a wide array of presentations and reports, with the contributions of various professionals. These presentations and reports may be for information purposes + + + + + + + + + + + + + + + + + and priv