Tech Mahindra Limited · NSE:TECHM
Tech Mahindra — Q2 FY26 Earnings Presentation
21 slides from Tech Mahindra's earnings presentation, Oct 14, 2025
Slide 1: Exchange filing cover letter for investor presentation
Tech Mahindra Limited Sharda Centre, Off Karve Road, Pune - 411004, Maharashtra, India Tel. +91 20 6601 8100 techmahindra.com connect@techmahindra.com CIN L64200MH1986PLCO41370 14th October, 2025 To, BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th
Slide 2: Earnings Presentation Q2 FY26
+ > + > Earnings + + + + + + + + + + + + + + + + + + + + + + + + + + + > + > + > + + + + + + + + Presentation + + + + + + + + + + + + + + + + + + + Q2 FY26 Copyright © 2025 Tech Mahindra. All rights reserved. 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: Q2 FY26 – At a Glance
Q2 FY26 – At a Glance Revenue $ 1,586 Mn EBIT 12.1% A Promise of PAT Margin 8.5% FCF $ 237 Mn New Deal Wins $ 816 Mn Copyright © 2025 Tech Mahindra. All rights reserved. 3
Slide 5: Management Commentary
Management Commentary We delivered broad-based growth this quarter, This quarter marks the eighth consecutive period of reflecting the strength of our strategy and execution. margin expansion, driven by operational efficiency and We launched TechM Orion, our next-generation AI disciplined execution.
Slide 6: Strategic Highlights
Strategic Highlights Business Updates Awards − Recognized by the Government of India as a key player in the prestigious Indian AI Mission - to bolster leadership in AI, foster technological self- − Received Entrepreneur India Award for Entrepreneur of the Year in reliance, and ensure the ethical and
Slide 7: Financial Highlights
Financial Highlights Q2 FY26 Revenue Cashflow Metrics • USD Revenue of 1,586 Mn; up 1.4% QoQ and down 0.2% YoY • Free Cash Flow at $237 Mn • Revenue (in cc) up 1.6% QoQ and down 0.3% YoY • Free Cash Flow to PAT% is 176% • INR Revenue of ₹ 13,995 Cr; up 4.8% QoQ and up 5.1% YoY • IT segment up 1.0% Q
Slide 8: Financial Trend
Financial Trend Revenue (USD Mn) LTM Deal Wins (USD Mn) 3,168 2,955 1,589 1,586 2,680 1,567 1,564 2,382 1,549 2,018 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Earnings Before Interest & Taxes (EBIT %) Return of Capital Employed (ROCE) 23.8% 24.4% 12.1% 22.6% 11.1
Slide 9: Geography-wise and Vertical-wise Performance
Geography-wise and Vertical-wise Performance Q2 FY26 Geographies % Mix QoQ YoY Americas 49.8% 2.6% -2.7% Europe 25.4% -1.2% 5.5% ROW 24.8% 1.6% -0.5% Q2 FY26 Verticals % Mix QoQ YoY Communications 32.7% -2.0% -2.2% Manufacturing 18.1% 5.3% 5.2% BFSI 16.8% 3.8% 6.2% Technology, Media and Entertainmen
Slide 10: Client Metrics
Client Metrics Number of Clients Q2 FY25 Q1 FY26 Q2 FY26 ≥ $1 million clients 545 529 520 ≥ $5 million clients 195 193 194 ≥ $10 million clients 109 108 106 ≥ $20 million clients 61 60 63 ≥ $50 million clients 25 26 26 Client Concentration Q2 FY25 Q1 FY26 Q2 FY26 Top 5 15.1% 15.6% 15.6% Top 10 24.9%
Slide 11: People Highlights
People Highlights Total Headcount Q2 FY25 Q1 FY26 Q2 FY26 IT 80,618 79,987 78,528 BPS 64,940 60,278 66,095 Sales & Support 8,715 8,252 8,091 IT Headcount mix Q2 FY25 Q1 FY26 Q2 FY26 Onsite 23.7% 21.4% 21.7% Offshore 76.3% 78.6% 78.3% IT Utilization and Attrition Q2 FY25 Q1 FY26 Q2 FY26 Utilization %
Slide 12: Cash Flow Metrics
Cash Flow Metrics Cash Conversion Q2 FY25 Q1 FY26 Q2 FY26 Days Sales Outstanding 94 95 94 Free Cash Flow (USD Mn) 157 86 237 Free Cash Flow to PAT % 106% 65% 176% USD/INR Rate Q2 FY25 Q1 FY26 Q2 FY26 Period Closing Rate 83.8 85.8 88.8 Period Average Rate 83.8 85.3 88.2 Cash & Borrowings (USD Mn) Q2
Slide 13: AI Delivered Right
AI Delivered Right Highlights Productivity Transformation • TechM Orion Marketplace, an Agentic AI marketplace that offers delivered delivered a robust ecosystem of intelligent, autonomous and action- oriented AI agents, engineered to centralize AI governance, Accelerating efficiency and Embedding A
Slide 14: AI: Deal Wins
AI: Deal Wins – Secured an AI-native operations deal for a major European bank, leveraging – Selected to build a GenAI knowledge assistant bot with enterprise-grade our Human + Agent squad model. This engagement establishes the AI-First security and access controls to handle sensitive data for a glo
Slide 15: Deal-Win Performance
Deal-Win Performance TCV Q2 FY26: $ 816 Mn − Selected by a leading European telecom operator as a strategic − Selected by a leading European fintech and HR solutions provider partner to accelerate its enterprise-wide Autonomous Operations with operations across multiple countries to establish a new
Slide 16: Other Highlights
Other Highlights NEW LAUNCHES, PARTNERSHIPS & COLLABORATIONS Tech Mahindra has partnered with NVIDIA to Tech Mahindra and AMD have entered a multi- Tech Mahindra has joined J.P. Morgan Payments’ accelerate enterprise AI transformation. year collaboration to accelerate AI adoption and System Integrat
Slide 17: Analyst Recognitions
Analyst Recognitions – Recognized as an Emerging Leader in the 2025 Gartner® Emerging Market Quadrant for – Recognized with the 2025 Asia-Pacific Technology Innovation Leadership Award in Business Generative AI Consulting and Implementation Services Process Management by Frost & Sullivan. – Leader -
Slide 18: Awards
Awards Won 5 Gold medals at the Brandon Awarded the ‘HYSEA Sustainable Entrepreneur India Award for Hall HCM Excellence Awards 2025 Development Award 2025 ’ Entrepreneur of the Year in – Talent Management, Human reaffirming innovative and Service Business – SaaS & IT Resources, Learning & Developmen
Slide 19: Financial Statement
Financial Statement in USD millions Q2 FY26 QoQ YoY Revenue 1,586 1.4% -0.2% Direct Cost 1,124 Gross Profit 462 3.1% 4.1% SG&A 217 EBIT 192 11.5% 25.6% Other Income 4.6 Miscellaneous + Interest Income 17.0 Exchange Gain / (Loss) (12.4) Profit Before Tax 187 -0.7% -8.4% Provision for tax 52 Profit Af
Slide 20: 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 21: Company Confidential | Copyright © 2023 Tech Mahindra. All rights reserved.
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