Thank you for the opportunity and congratulations on the good execution and also on the Tenneco deal. So, sir, largely, I wanted to understand that you reiterated double-digit organic growth for '27 after delivering a very strong number in Q1. So, does this imply some moderation in H2 or has the visibility actually improved further since the beginning of the quarter?

Thanks for that question, Jyoti. I think, when we began the fiscal year, we referenced double digits, our expectations for double-digit growth. I think in the narrative that we've surrounded the Q1 results, we've referred to strong confidence in double-digit growth. So, I think that as we've gone through the quarter, given deal signings, given momentum, given the engagement that we've got with customers, our confidence has only grown. So, we do not see a tapering of growth in the second half of the year. We actually see growth accelerating as we move through the quarters of this fiscal.

Understood. And second question, are you seeing any OEMs shifting engineering budgets away from EV platform toward hybrid or ICE refresh program over the last 3 months? And how is the demand we are getting from Europe and U.S.

Yes. I think a great question. And certainly, we have, over the last couple of years, start to see the investments in EVs tapering and a much more balanced proposition as far as propulsion options that our customers are building and investing in. And that' s great news for Tata Technologies because as far as propulsion is concerned, we're agnostic. We are, at the moment, delivering work packages and full vehicles in the ICE, in the hybrid, plugged hybrid and full BEV arenas. And again, the key driver to the improvement that we've seen is that over the last kind of 18 months, demand has been somewhat compromised by the tariff announcements and again, that tapering of EV demand in geographies like the United States. We're seeing those periods now start to come to an end, clarity being provided for the customers that we're working with. And based upon that clarity, investments are being made, and we are very pleased that we've been on the right side of that.

Thank you, sir.

Hi, thank you for the opportunity. Congrats on a really good quarter. One of you can as a kind of optimism of infectious. I just wanted to understand, I mean, what's really underpinning this because most of your peers who are the specialists seem to be singing quite a different tune. So, is this about your client portfolio being different, the service portfolio being different or are you being a lot more diversified with clients or is this about involvement in new hybrid platforms? What's actually the reason why your outlook seems very di fferent compared to the peers?

Yes. Great question, Ravi. And I think what's really playing out is essentially the thesis around which we are investing and growing the company. For some time, we have believed that as the clock speed of technology change accelerates, we think that our customers and the market will increasingly shrink their focus on to the things that are core to the DNA of their brand, and they will increasingly look to outsource. And I think the propensity to outsource will be positioned predominantly for those organizations like ourselves that have demonstrated over many, many years, our ability to be able to take on turnkey responsibility for complete work packages and complete products. And that's really where we are seeing the tailwinds that we are currently intersecting with. And I think one of the associated points that I'd make is that when a customer of ours makes a decision to outsource a complete product, that decision is typically made at the top end of that customer hierarchy. So it's typically made within the C-suite. So, it's the Chief Exec, it's the Head of Engineering or it's the CTO. Those relationships that we've cultivated over many, many years give us the opportunity to not only influence product engineering decisions, but also all outsourcing decisions. And so we are seeing a broad-based improvement in demand. It's certainly very much predicated upon the outsourcing of full vehicles. But the halo effect of that and the influence that, that affords us has given us the opportunity to grow in a relatively broad - based way. As Uttam pointed out, we've seen growth not just in terms of engineering, but also in embedded software and also in d igital. And again, I think those represent proof points of the principles that I've just shared.

Great. Thanks so much for a detailed answer. You spoke about how it's turnkey engagements. So, can I think about the AI impact as not being really deflationary for you? Is that something that you're seeing? Because what kind of impact that you're seeing at all on pricing?

Yes. Great question, Ravi. I think one of the things that is underpinning our value proposition on the full product space is our ability to be able to deliver China speed and China cost at the quality standards that the global automotive market expects. Now we're doing that because we've had a footprint in China for more than a decade now. And so, we understand the players. We understand how they do things. But we've been able to capitalize that experience through the investments that we're making in AI. And so, the contribution that AI is making to us is really a force multiplier in terms of productivity and a force multiplier in terms of being able to do things that are increasingly difficult, not just for the competition, but also in part for the industry at large. If you look at many of the Western OEMs, they're still developing vehicles at between 36 and 48 months. We are routinely and have demonstrated this consistently able to develop full vehicles and top hats anywhere between 18 months and 24 months. And again, we've demonstrated that, and we've got vehicles on the road today that are, again, proof points against those claims.

Great, thanks. So, then we can just say that we shouldn't think of the volume of work is constant. Can we just think of that as the product cycles are accelerating, but that's the real net impact of AI and that we shouldn't just think of that as shrinking the pie, right?

I think that's a great way to summarize it.

Thanks so much, Warren . And Uttam, one clarification on the technology product side, the margins are lower. What's the reason for that this quarter?

So basically, that's a mix impact that we are seeing in the Technology Solutions business. The education business grew faster than the product piece in it. And this disproportionate growth mix change within the two led to the declines in the margins.

Thank you. The next question comes from the line of Mayank Babla with Carnelian AMC. Please go ahead.

Hi, thank you for taking my question. Am I audible? Moderator; Yes sir, you’re audible. Please proceed.

So first of all, congratulations to Warren, Uttam and Vijay for a great set of numbers and great execution. You have outdone yourself. So, congratulations at first. My question first to Warren is you announced the Tenneco deal and one full vehicle program in Q1. Now last quarter, you had mentioned that you were positive on closing 2 full vehicle programs in the next 8 to 12 weeks, out of which 1 you have already closed. And I'm sure given the confident tone that you're speaking with, you will be closing the second one soon. But could you give us a sense of how many such full vehicle programs do you have in pipeline now at this point in time that you are confident of closing in?

Well, thank you for the generous comments, first and foremost. I think as you picked up, our confident tone is really informed by the momentum that we continue to build in and around deal signings -- large deal signings and specifically full vehicles. We've pointed in the narrative and the press release that we've accompanied the Q1 numbers or at least the deck that we published. We've pointed to a number of large deals. But that's not an exclusive list. And so, we have closed additional business, and we've taken that momentum into the second quarter. So, I'm not at liberty to give you too many details in terms of customer names or the size of these deals. And hopefully, we'll be able to share more at the end of Q2. But rest assured, the deal momentum continues to build. And it's that, that really gives us renewed confidence in the guidance that we've previously shared.

Sure, sure. My second question is in 2 parts. The first part to Uttam, if you could give us the Aerospace revenue and the Q- o-Q and Y -o-Y performance in this quarter. And then the second part, I'll address to Warren, is that if you could give us some outlo ok? I know you don't give guidance, but qualitatively, if you could give us a direction of how big this vertical can be so that we can get a grip on the size and scale of opportunity, especially given that Airbus has announced a new clean-sheet program last year. So yes, these were the 2 - part questions.

So, let me go with the Aerospace piece first. Our Aerospace revenues grew to approximately $10.2 million. This was up 6.4% Q-o-Q and 38.1% Y -o-Y. And the second question, what you had was...

It relates to what the potential can be for the Aerospace vertical. I think we have consistently messaged in the last couple of years our confidence in scaling this vertical at a faster rate than the automotive sector. And that's driven by a number of diff erent things. It's been driven by the fact that we've been able to secure an involvement in Airbus' strategic supplier outsourcing list. It's been informed by the investments that the Tata Group is making in Aerospace. It's informed by the fact that the demand for air travel is increasingly being centered upon Southeast Asia and specifically here in India, and by association, the fact that there is going to be a significant amount of infrastructure investment in things like MRO capabilities and assembly and build capabilities here. So, the growth that we've seen in the last 4, 5 years, which I think has represented a CAGR of about 40%. I think that is a CAGR that we can continue. And I certainly think in the next couple of 3 years, I think that we can trend very successfully towards the $100 million target for Aerospace. Now how quickly we get there will depend upon a number of factors. But I think that we've cemented not only the relationship with Airbus, but with key components of Airbus’s supply chain. And we've also been able to build very strong relationship with some of the propulsion players in North America. So, the growth now is not just predicated upon a single customer. It's much more broad -based and by association, it's much healthier.

Thank you. Your next question comes from the line of Ankur Pant with IIFL. Please go ahead.

Hi, Warren. Hi, Uttam. Congratulations on a good set of results. So, my first question is picking on Warren statement that you expect growth to accelerate towards the second half of the year. So, when you say accelerate, does it mean that from the...

Really sorry to interrupt. Ankur sir, your voice is slightly muffled.

Is it better now?

Yes. So, I'll repeat my question. My question is that Warren highlighted that he expects an acceleration in growth towards the second half of the year. So just wanted to understand that we've achieved 4.3% growth this quarter. Is that the benchmark that we are using to say that the growth would be accelerated in 2H? That is my first question.

I think we will maintain guidance in terms of double -digit growth. And I think in terms of the quantum of growth that we will drive in Q2, Q3 and Q4, in part will be driven by the ramp - up of the deals that we have closed. And our ability to ramp up is dependent not just upon the teams that we can mobilize, but also the readiness of our customers and the investments that need to be made in infrastructure. I expect growth to be much greater in the second half of the year than in the first half of the year. Bu t how that spreads across the quarters will be predicated upon the factors that I just referred.

And the other question is, given the investments that we are making on the wage hikes that are coming up in 2Q, do we see the same, are we sticking to the same guidance that we said in the past of 18% EBITDA margins by 4Q of the year? Or does that also change given in the light of the investment?

So, as I said, rather than focusing on any specific margin milestone, we would emphasize that we are materially more confident on our growth trajectory that we are seeing. Given the strong demand and the healthy deal momentum, we would seek this opportunit y to accelerate growth without compromising on our ambition of quarter -over-quarter margin expansion. As also mentioned in my initial remarks, the quarter 2 profitability outlook will continue to see quarter -over-quarter growth, which should take care of our -- the point that you just outlined about the salary increases. So, our quarter -over- quarter expansion would continue.

Thank you. All the best.

Thank you. Your next question comes from Dev Gulwani with Care PMS. Please go ahead.

Now that the Es -Tec acquisition in BMW JV has been more than a few quarters, has company started cross -selling additional services to customers like Volkswagen and BMW? And how do you expect this to contribute to revenue going forward?

The short answer is yes. And we've been very pleased with the momentum, both at BMW and at VW. Obviously, the Es -Tec acquisition was only completed in November of last year. And so, the cross-selling is at a less mature stage than we're seeing at BMW. But one of the things that we've been really pleased about is that as part of the building of the partnership with BMW and as part of the due diligence we did at Es -Tec, we took the opportunity to sanity check our strategy with the leadership teams of both of those companies. And so again, that's provided us with access. It's provided us with influence. And because of the increasingly good standing of BMW TechWorks, our JV with BMW, that's affording us doors to be opened and influence to be had directly, which we are fully harvesting. And notwithstanding the challenges and the restructuring that VW is go ing through, we always believed that the platform that we've established with Es -Tec will support not just direct business through Es -Tec, but increasingly the strategy of VW to balance their R&D concentration across different geographies. And again, part of the pipeline that we are building is very much consistent with that.

Okay. And this is for Mr. Uttam, can you provide the revenue contribution of Es-Tec in Q1 FY27? I think I missed this.

We do not provide specific details around the acquisitions. The larger business compositions and details have already been shared. So, we would want to stick to that.

Okay. And you mentioned that software -enabled solutions grew by 8.5% Q-o-Q. Can you provide the absolute numbers for this quarter for the software solutions?

While I would do the same thing as you would do, we can calculate it. We have the total numbers with us.

Okay. Thank you. Moderator Your next question comes from Vaibhav Chechani with TCG AMC. Please go ahead.

Yes. Congratulations on a great set of numbers. So, my question is around Tenneco deal win. So, this is a big deal win market deal win for us. So, is it like a new deal win with the existing clients that we have done? And what sort of work we would be doin g here because it contains business process transformation. So, would that be right to assume that more sort of offshore nature deals it would be? And the ramp-up, so when will the ramp up? And will that be needing any more subcontracting in this? And then the selection criteria?

Thanks, Vaibhav, and a great question. And I was hoping that somebody would ask about Tenneco because it's something I wanted to really celebrate. It is a milestone transaction for us. We've been working with Tenneco in the engineering space for the best p art of 6 years. We established a relationship with them during the pandemic. And we have really cemented a very strong and strategic relationship with the senior leadership team at Tenneco. Tenneco, as you probably might know, was a listed company in the United States, and then Apollo bought them out a couple of, I think, almost 3 years ago now and are accelerating a significant restructuring and transformation that has already delivered significant improvements in the financial results of that company. We are engaging with them, not just in engineering, but in areas such as program management and supply chain development, process optimization and the work that they're doing in and around their digital transformation. The deal was celebrated and won last quarter. We are beginning execution in the second quarter, and we will ramp through this fiscal year. I think that it's an important deal for us, not just because of the revenue that it represents, but because I think it represents a blueprint of what is likely to go on within the manufacturing space going forward. I think the joint venture with BMW is a best practice demonstration of how to stand up a GCC. And I think that will influence other OEMs. And I think what we've done with Tenneco will really position a great example and a blueprint for what will happen within the extended supply chain. And so, for us, these deals are not just, again, important in terms of the contribution that they represent to growth, they're incredibly important in terms of the demonstration of the strategic nature of the relationships that we are building and also the direct ion that we believe that deals like this will provide as a signal to the rest of the industry.

Okay. And when can we expect when the deal will be ramping up? And are we expecting any increased cost for the deal ramp-up?

We will start ramping up in the second quarter, and we will look to scale towards the end of the calendar year and as we finish this fiscal year and move into the next. It's a 5 -year deal, and there is a certain small element of renewal in terms of existing business because we're wrapping that into the deal, but the majority of this deal is new business. And so certainly, there is capacity that we will be discharging from within the company. But as we go through the ramp -up, we will certainly be bringing in additional headcount, which by association will represent additional cost.

Okay. And the last part to it is, what is the count of people we are having with BMW? And are we sharing any profit from the JVs in this quarter? Thank you.

Yes. As we mentioned, the headcount in our BMW TechWorks has crossed the key milestone of 2,000 engineers. So that will continue as the entity grows. In terms of our share of profit, as I already outlined, it stands at INR 9.5 crores for Q1. And if I include the deferred income piece of INR 8.3 crores, the total contribution from the JV for quarter one stands at INR17.8 crores.

Thank you. Sorry, I miss that part. Yeah, thank you.

Your next question comes from the line of Puneet Lineswala with Winvestments.

Hi, Warren. Hi to the entire team. And once again, congratulations for the great numbers and delivered as committed. I had a question regarding to the non-Tata Motors segment of business, which we have like in the Tata Group itself, but excluding Tata Moto rs. So, if you could throw some light on the business from Tata Advanced Systems, that would be great?

We're not going to talk about any specific customers. But what I will say is that the growth outside of our anchor accounts is scaling and expanding faster than the growth with our anchor customers. So that is very much a part of our diversification strategy, and we expect that to continue certainly medium to long-term. There may be so me spikes during different quarters as we secure different program opportunities on both sides of that particular challenge. I mentioned in my opening comments, the pride that I have in what we're seeing in automotive outside of the group. We grew that 6.7% quarter -on-quarter and 56% year -on-year, which I think, again, is a great testament to our teams, to the relationships that we've got, and the fact that we stuck with it during a pause in investments, that some of our customers were making as they were grappling to come to terms with tariffs and the slowing of the EV transition. So, we're very, very pleased with the bounce back that we've seen there and the growing momentum that we're building.

My next question was to get an understanding about the trajectory ahead and the overall business. I just wanted to understand what are your learnings from the previous couple of years, that you would like to optimize moving ahead?

That's a great question, and it's part of what we're grappling with. I think, if I look at learnings for the past, particularly in terms of full vehicles, we did a lot of business with new energy vehicle companies like VinFast and NIO when it was first launched in China. And the great news for us in terms of the experience that we had with those companies is that it exposed us to a great deal of innovation, product innovation, process innovation and speed to market innovation. But I think one of the challenges that it represented for us is that, that space is relatively volatile in terms of demand. They typically invest in product. They then look to test the market. And dependent upon the success of the product in the market, th ey then invest in follow -on products. And whilst, again, those relationships have been important to us and have taught us a great deal. They've been challenging in terms of the consistency and the predictability of revenue. So, one of the things that we've really focused upon in the last 2 years is delivering that same value proposition to the traditional OEMs. And there, we see demand being much more consistent, much more stable, and we see our ability to move from one program to another with the same and increased headcount in a way that's always very difficult to do in the new energy vehicle space. So, I think the quality of revenue is something that we've worked very, very hard to improve. And much of the work that we've done has been informed by the experience that we've had in those different areas. I trust that answers the question.

Thank you so much. I'm really happy you answered those questions really well, and you have my confidence as an investor moving forward.

Thank you, sir.

The next question comes from the line of Karan Uppal from Phillip Capital (India). Please go ahead.

Yes. Thanks for the opportunity. Just wanted to check within automotive, how much is the contribution of anchor and non- anchor at this point of time? I'm not sure if you have shared this number in the call as well?

So, of our overall non -anchor from our Services business stands at about roughly 49%. And if I look at the distribution of my non -anchor business within the total automotive, it is about 36%.

Okay. So, one in terms of the outlook for this year, double-digit growth, how are you factoring in the growth within anchor and non-anchor? How is the growth outlook within these two sub- segments? That is one. And second is in terms of the non - anchor how much is the contribution between US and Europe OEMs?

I think the good news for us is that the growth is relatively broad-based, from both in terms of anchor and non -anchor and also geography. The Tenneco deal, for instance, is a US deal. And so that will certainly make a major contribution to our growth in that geography. So, I think the growth is relatively consistent. We are seeing an uptick despite some of the headwinds associated with the performance challenges that some of the German OEMs have got. We've seen an uptick in Germany. We expect that to continue. We are very m uch -- we're very pleased with the momentum in Scandinavia. I think we've shared with investors in the past the fact that we were successful in securing a position within the consolidated strategic supply chain of Volvo, and that is seeing our revenues wit h that customer scale. The Japanese OEM win that we celebrated last quarter, and we're now scaling up is starting to provide opportunity for us to address that white space geography for Tata Technologies. We've not done a great deal in Japan in the past. So not only is that win a sizable win, it's also a very strategically important win for us. So, a relatively long-winded answer to the question, but I think net -net, it's broad-based and relatively consistent across the different ways in which we measure our revenues.

We don't break it out at a sector level. But the revenue mix of our company today is relatively, again, balanced between the three major regions: Asia, Europe and North America.

Got it. Thanks a lot. And all the best.

Thank you. Ladies and gentlemen, we will take that as our last question for today. I now hand the conference over to Mr. Prateek Rampuria for closing comments.

Thank you, everyone, for joining Tata Technologies Q1 FY27 earnings conference call. We appreciate your continued interest and engagement. We hope the management discussion and Q&A have addressed your key queries. If you have any further questions, please feel free to reach out to the Investor Relations team, and we will be happy to assist. Thank you once again for your participation. Operator, you may now close.

Thank you. Ladies and gentlemen, on behalf of Tata Technologies Limited, that concludes this conference. Thank you, everyone, for joining us, and you may now disconnect your lines. Thank you.