Transcript of the Analyst / Institutional Investor Meeting held on October 15, 2026.

AI summary - Q2 FY27 IT services revenue $2.61bn, flat sequentially, +0.6% y-y in constant currency - Operating margin improved 0.5% q-q to 16.5% - Strong deal wins: $2.6bn TCV, 9 large deals including AI-powered transformations - BFSI and Tech sectors expected to lead growth; BFSI resilient with AI and data investments - Q3 revenue guidance: -1.5% to +0.5% sequential growth in constant currency, impacted by furloughs - Healthcare sector impacted by US policy changes; pipeline building with first-time outsourcers - AI investments ongoing across AI native unit, AI data centers, physical AI, and design-to-manufacture - Robust pipeline for Q3 and Q4; delayed deals expected to close soon - Headcount flat y-y; productivity gains from AI projects offsetting cuts - Management aims to improve margins despite investments, no timeline given