• The document is a transcript of an earnings conference call held on July 23, 2026, post the declaration of the company's unaudited financial results for Q1 FY27 (quarter ended June 30, 2026).
  • The event was an earnings call to discuss Q1 FY27 financial and operating performance, with a focus on the company's AI-first strategy, AI-enabled revenues, and recent acquisitions.
  • Management participants included Mr. Vijay Thadani (Vice Chairman and Managing Director), Mr. Sapnesh Lalla (Chief Executive Officer and Executive Director), Mr. Sanjay Mal (Chief Financial Officer), and Mr. Kapil Saurabh (Vice President, M&A and IR).
  • The transcript was submitted to BSE and NSE pursuant to Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and is also available on the company's website www.niitmts.com.

Financial and Operational Performance Discussion

Revenue Performance:

  • Q1 FY27 revenue was INR5,651 million, representing 25% year-on-year growth.
  • Excluding contributions from acquisitions (MST and SweetRush), organic revenue growth was 11% year-on-year.
  • Constant currency revenue growth was 11.4% year-on-year and 2.9% quarter-on-quarter.
  • Normalizing for a concluded North American real estate training contract (RECO) from the previous year, constant currency growth was 18% and organic constant currency growth was 5% year-on-year.

Sector-wise Performance:

  • Industrial Sector (20% of revenue): Grew 35% YoY, partly driven by MST acquisition.
  • BFSI Sector (12% of revenue): Grew 33% YoY.
  • Life Sciences and Healthcare (15% of revenue): Grew 29% YoY.
  • Technology and Telecom (23% of revenue): Grew 8% YoY, affected by budget pullbacks from two large clients.
  • Management Consulting and Professional Services (9% of revenue): Degrew 16% YoY, also affected by the same two clients.

Acquisition Updates:

  • MST Group (acquired July 2025): Contributed INR231 million to Q1 revenue. Specializes in managed learning services in the DACH region (automotive, industrial, energy). Secured a new long-term annuity client (European automotive OEM and their battery gigafactory).
  • SweetRush, Inc. (acquired January 2026): Contributed INR431 million to Q1 revenue. Provider of AI-enabled learning experiences. A major global hospitality group (long-standing SweetRush client) converted to a long-term managed services engagement.

AI Strategy and Performance:

  • AI-enabled services contributed 13% of Q1 FY27 revenue.
  • The company launched an "AI-ready L&D Enterprise portfolio" with four integrated solution areas.
  • Recognized as a market leader in the Fosway AI Market Assessment 2026 for digital learning (highest say-do ratio in peer group).
  • Named to Training Industry's 2026 Top 20 companies in AI coaching and learner support tools for the second consecutive year.
  • Detailed a significant case study with a global system integrator client involving AI-enabled training across go-to-market, consulting, and execution streams, resulting in a doubling of total contract value for the trained team.

Profitability and Margins:

  • Q1 EBITDA was INR1,032 million, up 8.5% YoY and 3% QoQ.
  • EBITDA margin was 18.3%, within guided framework for Q1.
  • Margins were impacted by phased margin build-up of SweetRush, continued AI investment, and sunsetting of the North American real estate contract.
  • Normalized for these, EBITDA margins are in line with long-term expectations of 20%.

Other Financials:

  • Profit After Tax (PAT): INR574 million, up 16.4% YoY.
  • EPS: INR4.17.
  • Trade Receivable Days: 62 days (improved from 65 in previous quarter and 68 a year ago).
  • Cash and Cash Equivalents: INR9,954 million (up from INR9,366 million at FY26 end).
  • Net Cash: INR7,364 million (up from INR6,692 million at FY26 end).
  • Operating Cash Flow: INR758 million (73.4% of EBITDA).
  • Free Cash Flow: INR616 million.
  • Capex: INR144 million.
  • ROCE: 31%; ROE: 18%.
  • Employee Headcount: 2,496 (down 50 QoQ).

Guidance and Outlook:

  • Full Year FY27: Expects revenue growth in high single digits. Expects EBITDA margin in the range of 18% to 20%.
  • Q2 FY27: Expects 9% to 11% year-on-year growth with margins around 18%.
  • Revenue visibility improved to USD462 million, up 19% YoY from USD388 million.
  • Signed three new long-term annuity contracts in Q1, taking the total to 113 (from 95 a year ago). New clients included a leading quantum computing technology company, a global clinical research organization, and a global hospitality company.

Capital Allocation:

  • Actively looking at acquisitions.
  • Significant investment ongoing in AI and AI-related infrastructure build-out.
  • Following a consistent dividend payment policy.

Investor Day Announcement:

  • Tentative plans for an Investor Day in Mumbai on September 10, 2026, to showcase AI-led initiatives.

Additional Notes Section

  • The document is a verbatim transcript of the earnings conference call, including the Q&A session with analysts.
  • The company explicitly stated that some comments may be forward-looking and subject to risks and uncertainties.
  • The transcript was the enclosed attachment to the regulatory filing.