Mphasis exited FY26 with record $2.1Bn TCV (+68%), pipeline 2.6x since launch, FY27 guided at high-single to low-double-digit growth.

Thank you, Nirav, and thank you all for joining us today. As we close another financial year of delivering meaningful value to our clients while strengthening our AI -first capabilities, I want to take a moment to thank all of you for your continued support and partnership. This marks my tenth year at Mphasis, and as I look ahead to the next phase of this journey, it has been a privilege to lead the organization. I remain deeply committed to building on this momentum together. In my recent conversations with C -suite leaders across industries and geographies, one theme stands out clearly: AI, data, and technology platforms are no longer viewed as standalone initiatives - they are becoming the foundation of enterprise transformation. Clients increasingly recognize that the true value of AI lies not in isolated use cases, but in systematically embedding intelligence at scale - across applications, processes, and decision flows. This shift is enabling enterprises to re -architect themselves around what we describe as Agentic AI: systems that are not only predictive, but capable of driving decisions and actions in a governed, autonomous manner. We are also seeing a decisive move from experimentation to scaled deployment. Enterprises are now focused on operationalizing AI - automating end -to-end workflows, accelerating modernization efforts, and embedding intelligence directly into day -to-day operations. Importantly, this is being done with explainability, governance, security, and accountability built in by design. Another consistent priority is the need to drive structural efficiency in a self -funded way. Enterprises are leveraging technology platforms to automate manual processes, streamline operations, and reduce unit costs - freeing up capacity to reinvest in AI, cloud, and digital innovation while maintaining financial discipline. At the same time, AI is increasingly viewed not just as a productivity lever, but as a growth engine. It is enabling new business models, enhancing customer experiences, deepening client relationships, and unlocking new monetization opportunities - alongside efficiency gains. Clients are also prioritizing modernization and simplification of complex technology estates. This includes consolidating fragmented systems into cohesive, scalable architectures and establishing unified, high -quality data foundations - where consumer, enterprise, and operational data can be contextualized, governed, and activated end -to-end. Overall, what clients are looking for is platform -led execution that simplifies and shrinks the core, accelerates AI adoption at scale , and delivers sustainable productivity and agility. This is what will position them to compete effectively in an environment defined by constant change and volatility. In this context, clients are increasingly seeking platforms that can orchestrate AI -led execution across the enterprise - moving beyond isolated deployments to coordinated, end-to-end transformation. Our NeoIP TM platform plays a critical role in enabling this shift. It accelerates the orchestration of modernization, automation, and AI -driven transformation - helping organizations move decisively from experimentation to production. More importantly, NeoIP TM provides the foundational layer of context, traceability, and intelligence across data, processes, and decisions - ensuring that AI outcomes are explainable, trusted, and actionable at scale. While we continue to build differentiated assets and IP across the IT value stream, our strategy is evolving beyond IT -centric transformation. We are building a stack that enables true business and operational transformation - where AI directly impacts how enterprises create value. Recent research from McKinsey & Company highlights a powerful and somewhat counterintuitive insight: nearly 80% of AI -driven transformation will occur outside the IT function. Historically, enterprise transformation has largely meant technology transformation - cloud migrations, ERP upgrades, cybersecurity modernization, and data platform investments. These were predominantly IT -led initiatives, with business functions acting as internal stakeholders. AI fundamentally changes this paradigm. AI does not primarily create value by upgrading systems - it creates value by upgrading work. It transforms how decisions are made, how customers are served, how revenue is generated, and how costs are managed. We are seeing this play out across domains such as supply chain optimization, revenue growth management, pricing and promotions, as well as demand and inventory planning. Similarly, in areas like underwriting modernization and payments transformation, AI is driving measurable business impact - improving underwriting throughput, reducing fraud, and lowering loss ratios. In many cases, this value is unlocked without replacing core systems, but by layering context -driven orchestration and decisioning on top of existing technology stacks. This does not diminish the importance of IT - on the contrary, it elevates it. IT becomes the critical enabler: providing secure architecture, robust data foundations, integration frameworks, and governance. However, ownership of value creation increasingly shifts to business functions, where AI -driven decisions directly translate into measurable outcomes. The build -out of our AI stack has been significantly accelerated through the acquisition of Theory and Practice , and its Decision Intelligence platform, Continuum AI. By integrating Continuum AI into our architecture, we are extending our capabilities beyond system modernization into enterprise decision transformation. Continuum AI is a modular and scalable decision intelligence platform designed to support real -time, high-stakes enterprise decision -making across domains such as demand forecasting, pricing, marketing, and supply chain. What differentiates Continuum AI, is its ability to move beyond traditional analytics. It spans the full spectrum - from descriptive insights to predictive modeling to prescriptive optimization - enabling enterprises to harmonize intelligence across functions while preserving the complexity of customer behavior and business context. As a decision intelligence layer, Continuum AI leverages causal modeling, optimization, and behavioral economics to translate business objectives into actionable intervention strategies. It accelerates time to value through prebuilt machine learning models and reusable model ontologies across key areas such as revenue optimization, marketing, and promotions. With this acquisition, Mphasis brings together the critical layers required to deliver AI at scale - from enterprise memory and data foundations to decisioning and execution - enabling measurable business outcomes. Importantly, we have also onboarded a set of tier -one enterprise clients in the CPG and Retail sectors who have already validated the platform in production environments. We are equally excited to welcome a highly specialized team of AI practitioners and domain experts, who will accelerate our product roadmap and further strengthen our ability to deliver differentiated client outcomes. Turning to our pipeline, we are seeing strong validation of our AI -first strategy. Sustained investments in AI - including our NeoIP platform - have expanded our pipeline to 2.6 times its initial size since the launch of Mphasis.ai, reaching an all -time high at the end of March 2026. Today, 69% of our pipeline is AI -led, reflecting a structural shift in client demand toward AI-driven transformation. This growth is driven by NeoIP -led solutions embedded across our offerings and supported by our differentiated full -stack AI approach. Importantly, this pipeline strength is translating into tangible outcomes. Over the past year, we achieved our highest -ever annual net new TCV of over $2.1 Bn - representing a 68% increase YoY. Our pipeline growth remains broad -based and well -balanced across multiple dimensions. Overall pipeline increased 38% YoY, with strong momentum across verticals.

The BFS segment led with an 89% increase, complemented by continued expansion across non -BFS sectors. We are also seeing a healthy distribution across deal sizes. Large deals with TCV greater than $20 Mn grew by 40%, while mid -sized and smaller deals below $20 Mn increased by 34%. This underscores that AI -driven demand is pervasive across enterprises of all scales and deals of all sizes . From a solution perspective, Modernization and Everything -as-a-Platform (XaaP) archetypes have driven the strongest pipeline growth, reflecting early -stage AI -led opportunities as clients re -architect their technology and operating models. As mentioned earlier, our net new TCV for the year reached $2.1 Bn - our highest ever. We continued this momentum in the quarter, delivering $407 Mn in net new TCV, including four large deals. Notably, 64% of our wins were AI -led, further reinforcing the central role AI is playing in driving client demand and deal conversion. Moving to our revenue performance by segment . Q4FY26 revenue came in at $463 Mn, reflecting growth of 2.5% quarter -on-quarter and 7.1% YoY in constant currency. For the full year, revenues grew 6.7% in constant currency terms. Our Direct business continues to be the primary driver of growth. Direct revenues for the quarter were $456 Mn, crossing an annualized run rate of $1.8 Bn and contributing 98.6% of total revenue. Direct revenue grew 3.3% sequentially and 9.2% YoY in constant currency during the quarter, and 8.7% for the full year. We expect this momentum to continue, supported by strong deal conversion and increasing traction in savings -led, AI -driven transformation programs. From a geographic perspective, our anchor market, the U.S., delivered strong performance with Direct growth of 3.6% sequentially and 10.7% YoY, driven by ramp -ups in recent large deal wins. EMEA continued to show healthy sequential momentum, growing 6.9% QoQ, while YoY growth was 0.8%. This was impacted by revenue structuring for a large global client in the Logistics vertical. In the Rest of the World, Direct revenues grew 2.6% YoY in constant currency, supported by our expanding presence in GCC markets and increasing participation in globally structured deals. From a service line perspective, Enterprise Applications remains our core growth engine, contributing 76.5% of total revenue. Direct revenue in this segment grew 5.1% sequentially and 14.8% YoY in constant currency terms , driven again by AI -led modernization programs. The ITO service line declined 21.6% YoY, reflecting our strategic decision to scale down our non-core ATM business and reallocate toward higher -value, AI -led opportunities. Moving to our vertical performance . Our BFS and Insurance verticals continue to lead growth, driven by strong execution and increasing adoption of AI -led transformation programs. At the overall company level, BFS grew 5.8% QoQ and 15.0% YoY in Q4 FY26. Growth was partially moderated by the ramp -down of non -strategic ATM business. Within Direct, BFS delivered stronger performance, growing 6.4% sequentially and 17.4% YoY in constant currency. For the full year, Direct BFS grew 18.6%, supported by wallet share expansion in large existing accounts and strong conversion of new wins as well as new logos . In Insurance, momentum remained robust, with 7. 3% sequential growth and 46.5% YoY growth in Direct revenues , in constant currency terms . This reflects increasing traction of AI -driven decisioning use cases across underwriting, claims, and risk operations. The TMT vertical saw some near -term softness due to project completions and delayed decision cycles linked to macro and geopolitical uncertainty. We expect this segment to return to sequential growth in the coming quarters. Others segment grew 5.3% sequentially in constant currency, driven by recent large deal wins in Healthcare. Overall, growth remains broad -based and aligned with expectations, with AI -led transformation increasingly acting as the primary driver across verticals. Our client pyramid continues to strengthen, particularly across the middle tiers - reflecting both deeper relationships and successful scaling of new wins. YoY, we have added ; 1 client in the $100M+ category , 1 client in the $75M+ category , 2 clients in the $50M+ category , 4 clients in the $20M+ category on a net new basis. In addition, we also added a new client in the $150M+ category this quarter. This broad -based expansion is driven by consistent wallet share gains in existing accounts, combined with disciplined ramp -up of large deal wins. On a last twelve -month basis - our Top 10 accounts grew 13.7% YoY and 3.6% sequentially . The next 20 accounts grew 15.2% YoY and 3.3% sequentially . Notably, our top client has outperformed company -average growth for the third consecutive quarter in Q4. We are proactively engaging these clients with AI -led propositions, enabling us not only to expand existing engagements but also to participate in emerging spend areas - such as SDLC transformation, AI infrastructure buildouts, and modernization of foundational technology stacks. Turning to our financial performance . We have continued to execute on our strategy of maintaining margins within our stated band while investing for growth. Q4FY26 EBIT margin expanded by 20 basis points sequentially to 15.4%, while full -year EBIT margin remained stable at 15.3%. Operating profit for the quarter grew 7.2% QoQ and 15.0% YoY to INR 6,525 million. EPS increased 8.6% sequentially and 13.7% YoY to INR 26.7. Operating cash flow for the quarter was $21 Mn. This was temporarily impacted by approximately $17 Mn due to system -related delays in customer remittances. These collections were realized in early April, and adjusting for this, normalized operating cash flow for the quarter was approximately $38 Mn. Q4 reflected a clear acceleration in growth momentum, supported by disciplined execution. We delivered 2.5% sequential and 7.1% YoY growth in constant currency, alongside a strong operating margin of 15.4%. Our Direct business, now comprising 98.6% of total revenue, grew 9.2% YoY in constant currency. We also delivered strong TCV wins of $407 Mn in the quarter, with a majority driven by AI -led propositions. Across FY26, our AI -first strategy drove significant pipeline expansion ; 38% YoY, with 69% of the pipeline now AI -led. Consistent conversion of this pipeline has resulted in a record net new TCV of $2.12 Bn, representing 68% growth over the prior year. This performance reflects the strength of our NeoIP -led differentiation and our ability to deliver IP -led, AI -native solutions at scale. We also strengthened our client pyramid, adding 4 clients in the $20M+ category ; 2 clients in the $50M+ category ; 1 client each in the $75M+ and $100M+ categories . As a result, we exceeded our initial guidance of "better -than -industry" growth, delivering more than 2x industry growth while maintaining margins within our target band of 14.75% to 15.75%. I am also pleased to share that the Board has recommended a dividend of INR 62 per share for FY26. Turning to the outlook . We will continue to strengthen our competitive differentiation through sustained investments in our Neo platform, with the integration of Theory and Practice accelerating the build -out of our AI stack - particularly in decision intelligence. We remain focused on maintaining strong pipeline momentum and deal conversion, building on FY26's record TCV performance as we enter FY27. Despite ongoing macro uncertainty, we expect to deliver high single -digit to low double -digit growth, supported by disciplined execution and increasing demand for AI -led transformation in FY27. From a margin perspective, we remain committed to operating within our target band of 14.75% to 15.75%, while continuing to invest in platforms and capabilities. We also expect to maintain an operating cash flow to net income conversion ratio of approximately 80%.

Q4FY26 EBIT margin expanded by <strong>20 basis points</strong> sequentially to 15.4%, while full -year EBIT margin remained stable at 15.3%. Operating profit for the quarter grew 7.2% QoQ and 15.0% YoY to INR 6,525 million. EPS increased 8.6% sequentially and 13.7% YoY to INR 26.7. Operating cash flow for the quarter was $21 Mn. This was temporarily impacted by approximately $17 Mn due to system -related delays in customer remittances. These collections were realized in early April, and adjusting for this, normalized operating cash flow for the quarter was approximately $38 Mn. Our hedge book still continues for the next four quarters. So, I think, you will see continued impact of hedge losses in at least the first half of FY27 and then it will kind of taper down a bit. So, you would still see this headwind in FY27, right. We will not see the full benefit of the rupee depreciation and typically, you know, what happens right. By the time, the hedge losses come off , somewhere, there are adjustments in the business that kind of consumes this.

But I think you will see some of it reflect into, in terms of lesser hedge losses only in H2 and not in H1. If you look at from a receivable side, DSO improved by a day. You've seen current receivables go up, but you've also seen contract assets come down, which means basically the unbilled on fixed price prior to milestone has actually moved to a situation, where the customers have accepted the milestone. And to us from a DSO standpoint, we anyway include the contract assets. If you look at from a cash flow standpoint there are two, three elements to keep in mind. We had talked about contract acquisition cost and created a liability against it, some of those have got paid to the clients in this quarter and despite that we would have still been at, I would say, closer to 80% even in 76% in this year despite all of those. So, it's not very far from the 80% we have talked about in the future.