Transcript of the Post Earnings Conference call for the quarter ended September 30, 2026, conducted on October 28, 2026.

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 vehicles segment grew 27% y-y and 17.6% q-q, driving growth - Passenger car segment declined 8% y-y and 4% q-q, impacted by two major clients accounting for 13% revenue - 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%, driven by higher product contribution - AI platform usage expanded with 9,000 users and 9% of revenues from AI-first projects - Net cash at INR 6.2 billion after dividend and acquisition payments; DSO increased from 51 to 53 days - Growth outlook: H2 FY27 expected to be better than H1; broad-based growth across verticals including passenger cars, trucks, and off-highway - European passenger car OEMs face margin pressure and cost cuts, but KPIT aims to increase footprint via AI-led solutions and vendor consolidation - New adjacencies in Energytech and Deep tech initiated with early successes expected in 2-3 quarters - QORIX program delays push revenue recognition to 2029-30; exploring partnerships and adjacencies to mitigate impact