Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 revenue 415 Cr +16% y-y and q-q; EBITDA 71 Cr at 17.2% margin; PAT 50 Cr at 12% margin - Banking/Fintech: AI-native stack ready, strong deal pipeline, multiple proofs of concept in Asia and Europe - Transit: Leading automated fare collection in India, expanding globally; Data centers: growing rapidly with hyperscaler mandates - R&D front-loading peaked in H1 FY27; margin guidance stable at 17%-18% for FY27 and FY28 - Order book > 2,000 Cr; 70%+ executable over next 4-6 quarters; H2 FY27 expected stronger than H1 - Data center growth (~30% of order book) may pressure margins but volume expansion offsets - Cybersecurity practice established; internal AI models to reduce third-party token costs - Working capital elevated in H1 due to large data center contracts; expected to normalize in H2 - No revenue guidance given due to market uncertainties; focus on long-term growth and capital allocation