Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 revenue grew 6.5% y-y and 1% q-q in INR; constant currency growth was 0.2% y-y and 0.5% q-q - Off-highway and commercial vehicle segments grew 27% y-y and 17.6% q-q, driving growth - Products revenue grew 25% y-y and 5% q-q; fixed price projects increased to 70% - EBITDA margin improved by 60 bps to 17.8%, aided by higher product contribution - Net cash at INR 6.2 billion; DSO increased from 51 to 53 days - AI platform usage expanded with 9,000 users and 12,000 engineering agents; 9% of revenue from AI-first projects - Management expects H2 FY27 growth to be better than H1; recovery from client declines expected by Q4 - Broad-based growth expected in passenger cars, trucks, off-highway, and new geographies including India and Southeast Asia - European passenger car OEMs cutting costs but opportunity exists via AI-led transformation and vendor consolidation - Capex and R&D investments continue; product and AI-led strategy to drive medium-term growth