Transcript of Analyst / Institutional Investor Meeting held on July 16, 2026.

AI summary - Q1 FY27 IT services revenue $2.61bn +0.9% y-y, -1.2% q-q; margin 16%, down 120 bps y-y - Americas soft; BFSI and consumer sectors gaining momentum; Europe and APMEA show growth - Order bookings $3.4bn with $1.6bn in 13 large deals - AI-driven strategy: consulting-led, AI-powered with new AI-native unit and WINGS platform - Q2 guidance: sequential growth -1.5% to +0.5% constant currency - Margin impacted by salary hikes, ramp-up of deals, AI investments; target 17-17.5% band - BFSI growth mixed; AI reinvestment driving new transformation projects - Healthcare and Energy verticals soft; AI and regulatory mandates seen as growth drivers - Competitive large deal environment; AI reshapes spend, creating new opportunities - New AI services expected to be margin accretive; traditional deals face margin pressure