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firstsource® Firstsource Solutions Investor Presentation AUGUST 2026
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Copyright © 2026 Firstsource. All rights reserved. 2 Disclaimer Certain statements in this presentation concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in BPS market including those factors which may affect our cost advantage, wage increases, our ability to attract and retain highly skilled professionals, time and cost overruns on client contracts, client concentration, our ability to manage ramp-ups and growth, our ability to manage our international operations, reduced demand in our key focus verticals, disruptions in telecom infrastructure and technology, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, performance of our subsidiaries, withdrawal of government fiscal incentives, political instability, legal restrictions on raising capital and acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our industry. Firstsource may, from time to time, make additional written and oral forward-looking statements, including our reports to shareholders. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company.
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Copyright © 2026 Firstsource. All rights reserved. 3 We are a part of RP-Sanjiv Goenka Group India’s first fully integrated utility company, serving 4.7 Mn consumers across 7 locations An entertainment Company with IP at its core having diverse portfolio of 170k+ songs, 70+ films, 10k+ hrs TV serials, 45+ web series, artist management & live events. India’s finest gourmet and multi-format organized retailer with varied assortments Too Yumm, a flavorful & better-for-you snacking Innovating in the personal care category through new-age brands Naturali and Within Beauty LSG is a premier IPL franchisee focused on nurturing the future of Indian cricket Eastern India’s definitive destination for luxury, style, and curated lifestyle experiences India’s largest producer of rubber & South India’s second largest cultivator of tea Delivering sharp journalism, bold storytelling, and immersive experiences across print, digital, and video—shaping conversations in business, culture, lifestyle and current affairs One of India’s new-age and fastest growing Conglomerates Presence in 60+ countries Strong workforce of 55,000+ employees, belonging to different nationalities *All figures are for FY26 or as on 31st March 2026 Group turnover of ~US$5 Bn* Market Cap. ~US$6 Bn* Asset base of >US$8 Bn* Over 1.1 Mn* Shareholders A global intelligence partner leveraging deep domain expertise and agent-first operations to design, implement, and operate intelligent enterprises — underwriting outcomes at every stage. A Global Specialty Chemical company and India’s Largest Carbon Black player 100+ offices worldwide
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Our Impact
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Copyright © 2026 Firstsource. All rights reserved. 5 3 5 2 9 4 5 6 3 13 13 7 17 10 9 11 12 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Strategic logos 3 3 5 4 4 5 4 4 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 105 107 116 141 142 141 150 145 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 26 28 30 38 39 41 42 45 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 13 14 15 17 17 18 17 20 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 11 10 10 11 9 9 9 10 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Our impact We have strengthened our client relationships US$1m+ clients (nos.) US$5m+ clients (nos.) US$10m+ clients (nos.) US$20m+ clients (nos.) We are adding new logos at a healthy pace … …And winning more large deals Number of clients across revenue buckets on a TTM basis Strategic logo defined as one with potential of US$5m+ relationship Large deal defined as one with annual contract value of US$5m+
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Copyright © 2026 Firstsource. All rights reserved. 6 Expanded sales team Senior leadership hires New roles to drive strategic initiatives Capability expansion AI infusion across services Vertical-specific language models Brand amplification Our impact We accelerated growth and expanded margins, even while investing in the business Key investments areas 10.8% 11.1% 11.2% 11.3% 11.5% 11.9% 12.2% 12.4% Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 192 201 215 230 249 250 259 265 274 283 288 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 3.4% 4.2% 6.6% 6.9% 7.6% 2.1% 1.6% 2.0% 4.6% 3.0% 2.2% 11 th straight quarter of QoQ revenue growth 7 th straight quarter of margin expansion QoQ Growth % in CC (20) 30 10 10 20 40 30 20 QoQ BPS Change Revenue (in US$mn) EBIT Margin
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Copyright © 2026 Firstsource. All rights reserved. 7 Shareholder Returns Aug-23 Feb-24 Aug-24 Feb-25 Aug-25 Feb-26 Aug-26 609% 72% 128% 53% 10% 9% 7 Year return 5 Year return 3 Year return Share price return Dividend yield Promoter 54% FII 8% DII 25% Public & Others 13% Key institutional shareholders HDFC Mutual Fund Life Insurance Corporation SBI Mutual Fund Vanguard Group Tata Mutual Fund Aditya Birla Sun Life Mutual Fund Blackrock White Oak Abu Dhabi Investment Authority SBI Life Insurance Total Shareholder Return^ Shareholding Pattern* ^Till 5th August 2026 *As on 30th June 2026 Stock performance: Last 3 years^ NSE: FSL | BSE: 532809 | Reuters: FISO.BO| Bloomberg: FSOL:IN Market Capitalisation: US$2.4bn Average daily trading volume (TTM): US$8mn Nifty50 27% NiftyIT 5% FSL 128%
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Our Core Strengths
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Copyright © 2026 Firstsource. All rights reserved. 9 Our core strengths Our deep domain expertise is a key differentiator *US$ revenue and % revenue contribution on TTM basis 14 of Top 20 Mortgage lenders & servicers in the US BANKING & FINANCIAL SERVICES COMMUNICATION, MEDIA & TECHNOLOGY HEALTHCARE DIVERSIFIED INDUSTRIES 7 of Top 10 Credit card issuers in the US 3 of Top 6 Retail banks in the UK 1 of Top 2 Media companies in the UK 3 of Top 5 Telecom & media companies in the US 4 of Top 5 Consumer Tech companies in the US 10 of Top 15 Health plans in the US 200+ Health systems in the US 5 of Top 6 Energy providers in the UK Retailers in the UK 2 of Top 10 33%US$370m* 33%US$363m* US$232m* US$149m* 13% 21% 4 of Top 5 Telecom companies in the UK
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Copyright © 2026 Firstsource. All rights reserved. 10 Our core strengths Our services are AI-enabled 35%+ improvement in customer feedback Top 5 retail bank in the UK 85%+ resolution by autonomous agents Leading financial services firm in the US 60%+ reduction in mean-time-to-repair Top 5 telecom & media company in the US 20%+ reduction in cost-to-serve One of the largest media player in the UK CUSTOMER EXPERIENCE Domain led solutions tailored for industry- specific pain points Tech-embedded global delivery operations AI-powered solutions for AI-first CX operations 20%+ improvement in collections Leading auto lender in the US 24%+ increase in 6-month liquidation rate ‘Emerging50’ fintech player in the US 21%+ reduction in cost-to-collect Top 3 credit card issuer in the US 20%+ savings in 1st party servicing Top3 consumer bank in the US COLLECTIONS 30%+ improvement in content extraction HealthTech Digital Intake Platform 500mn+ claim documents processed HealthTech Digital Intake Platform 40%+ reduction in cycle-time Mortgage Workflow Platform 10%+ improvement in collections CX Tech Platform AI embedded into existing platforms for smarter workflows Leverage models (hyper-personalization, SLM) for scalable and reliable outcomes Applied agentic workflows/co-pilots to aid decisions and automate L1 support E2E collection capabilities, covering first- party, third-party and legal collections AI/ML infusion for hyper-personalized engagement AI-driven, privacy-first compliance and monitoring systems DOMAIN-LED PLATFORMS & SOLUTIONS
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Copyright © 2026 Firstsource. All rights reserved. 11 Brilliant People. Bold Tech. Uncommon Careers. This is not who we want to be. It's who we already are. Brilliant People At Firstsource, we build bold technology with brilliant people who turn ideas into impact. Curiosity fuels us, failure teaches us, and growth comes from pushing what’s possible. Bold Tech Technology amplifies human potential. We harness innovation to deliver uncommon outcomes — not just automate processes, but reimagine them entirely. Uncommon Careers Careers built the UnBPO way — where brilliance meets purpose, and every individual can shape their unique path forward. Our core strengths Our Employee Value Proposition
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Copyright © 2026 Firstsource. All rights reserved. 12 Courage | Innovation | Entrepreneurial Mindset EXECUTION EXCELLENCE Achievement, not activity | Clarity | Getting Things Done! AGILITY Growth Mindset | Progress over perfection | Learnability CUSTOMER FIRST Simplicity | Curiosity | Authenticity Vulnerability | Humility | Professionalism RISK TAKING Our core strengths Rooted in shared values CREDIBILITY Honesty | Selflessness | Trust HUMANENESS
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Copyright © 2026 Firstsource. All rights reserved. 13 Our core strengths Focused on driving sustainable impact ‘B’ RATING Climate and Water Security 2025 Firstsource Tops Professional Services Sector in S&P Global Sustainable1 FY25 ESG and CSA score of 87 Supplier Engagement Assessment 2025 ‘A’ RATING Bronze RATING Overall score of 70/100 & ranking in the 81st percentile globally Firstsource was awarded with Golden Peacock Award for ESG Performance 2025 Near-Term and Net Zero targets have been validated by the SBTi
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Copyright © 2026 Firstsource. All rights reserved. 14 Our core strengths Recognized strength in our key capabilities Market Leader Star Performer Banking Operations Peak Matrix Assessment 2025 Leader GenAI and Process Automation in Banking NelsonHall NEAT 2025 Leader CX Services Transformation NelsonHall NEAT 2025 Leader Mortgage Business Process Transformation RadarView 2025 Major Contender Revenue Cycle Management Peak Matrix Assessment 2026 Horizon 3 Mortgage Reinvention HFS Horizons 2025 Global Leader Generative AI Services ISG Provider Lens 2025 Global Leader Contact Center – CX Services ISG Provider Lens 2025 Leader Healthcare Payer Intelligent Operations Peak Matrix Assessment 2026 Leader Healthcare Payer Agility & Innovation NelsonHall NEAT 2026
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Copyright © 2026 Firstsource. All rights reserved. 15 Our core strengths Experienced leadership team Ritesh Idnani MD & CEO Shamita Mukherjee Chief Human Resources Officer Hasit Trivedi Chief Digital & AI Officer Sohit Brahmawar Chief Operating Officer Aniket Maindarkar Chief Marketing Officer Dinesh Jain Chief Financial Officer Kumaran Shanmuhan Chief Strategy Officer Ravishankar Chandran Chief Risk Officer Sundara Sukavanam Head – Enterprise Transformation Office Rajiv Malhotra Head – Europe, Middle East & Africa Arjun Mitra Head – Collections Ashish Chawla Head – CX and Consulting Vivek Sharma Head – CMT, BFS and Emerging Geos Scott Schrader Head – Healthcare Provider Matthew Barlow Head – Health Plan and Healthcare Services
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Our Strategy in Action From UnBPO to Intelligence That Operates
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Copyright © 2026 Firstsource. All rights reserved. 17 Enterprise Software & Tech Spend Enterprise Services Spend Global Services-as-Software Market Opportunity US$1.5tn* ITServicesProviders SoftwareVendors Native SaaSPlayers US$220bn^ Global BPO services market Growing at 4-5% CAGR Our strategy in action A ~7x larger addressable market — services-as-software GlobalSoftwareandServices market ^Source: Gartner Research *By 2035; Source: HfS Research BPOServicesProviders
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Copyright © 2026 Firstsource. All rights reserved. 18 AI capability scales exponentially. Human comprehension follows a far slower, linear curve. Strategy work doesn't close that gap. Demos don't close that gap. Only operations that learn, adapt, and compound do. The companies that win close the gap operationally — running real workloads, with intelligence that compounds with every decision. AI CAPABILITY vs COMPREHENSION ↑ C A P A B I L I T Y T I M E AI Capability Comprehension T H E G A P Illustrative. The shape, not the numbers, is the point. Our strategy in action Enterprises are Challenged with Capturing the Value of AI
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Copyright © 2026 Firstsource. All rights reserved. 19 Closing the gap takes a partner who can do all three. Most can't. 01 Some offer strategy. They produce decks, frameworks, and recommendations. Then they hand it off. → But they don't implement. C O N S U L T I N G F I R M S 02 Some implement. They build the systems, integrate the models, ship to production. Then they walk away. → But they don't run operations. S Y S T E M I N T E G R A T O R S 03 Some run operations. They keep the lights on, hit SLAs, manage the workforce. With yesterday's playbook. → But they don't transform. L E G A C Y B P S Strategy without operations is theatre. Operations without transformation is decay. The gap closes only when the same partnerdoes all three. Our strategy in action The Problem with Most AI Partners
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Copyright © 2026 Firstsource. All rights reserved. 20 A partner that redesigns your operating model, builds the AI- native systems, and operates them in production — with intelligence that compounds with every decision. Underwrites the outcome. Skin in the game on commercials, not just inputs. Owns the full motion. Strategy, build, run — one contract. Compounds intelligence. The system learns every time it operates. Governs autonomy. Trust earned per skill — never assumed. How our Clients See Us Today: The Full-Stack Intelligence Operator. Born from UnBPOTM. Built for the Intelligence Era. T R A N S F O R M I M P L E M E N T O P E R A T E Full Stack Intelligence Operator O N E P A R T N E R · O N E C O N T R A C T · O N E C O N T I N U O U S M O T I O N Not a strategist. Not an integrator. Not an outsourcer. A new kind of partner — one that does all three, as one continuous motion. DEFINITION D i s c o v e r · E n v i s i o n · D e s i g n · B u i l d · T e s t · D e p l o y · R u n · O p t i m i z e · S c a l e
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Copyright © 2026 Firstsource. All rights reserved. 21 Kairos — the operating system for AI-native operations The operating system that helps our advisors and AI agents take the right action during moments that matter καιρός kai·ros · Ancient Greek · noun The decisive moment. 01 Engagement Model Transform · Implement · Operate — a structured path from ambition to agentic operations at scale. 02 Architecture A five-layer intelligence stack — from raw data to AI-native operations — purpose-built for business process services. 03 Deep-Domain Tech Assets Accelerators, platforms, and reusable domain harnesses that encode 25 years of operational expertise. 04 Outcomes We Underwrite Every engagement is outcomes-linked. We don't just advise — we put skin in the game. Built inside an operations business, not a lab. Powered by 25 years of domain expertise. Compounding with every engagement. When AI Capability becomes Enterprise Value.
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Copyright © 2026 Firstsource. All rights reserved. 22 Healthcare | Digital Intake AI Healthcare Provider | RCM AI Healthcare Provider | Medical Coding AI Banking | Loan Evaluation AI Banking | Mortgage Post Closing AI Debt Collections AI Crowdsourcing Platform Agentic AI Studio Kairos AI Ecosystem — Governed & Responsible AI AI ASSISTANTS CUSTOM AI APPS AGENTIC AI PLATFORMS SPECIALIST PARTNERS Kairos Deep-Domain Tech Platforms The Evidence
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Copyright © 2026 Firstsource. All rights reserved. 23 In summary… We see potential to grow at an accelerated pace over the medium term… Discontinuities caused by macro and technology shifts are creating market opportunities We are disrupting the traditional business model with the Intelligence That Operates playbook Our ‘right’ scale gives us an advantage …Helped by our unique differentiators… Roster of long-standing relationships with quality clients with large spend Recognized leadership with strong domain expertise Bring technology and AI contextualized to solve clients’ business problems Scrappy culture focused on driving impact and underwrite business outcomes …And continue with the playbook… Focus on account mining and expanding capabilities Steady upward movement in client numbers across revenue buckets Speed-to-market, clear accountability and improved market visibility are key imperatives …Even as we remain focused on execution in the near term Four large deal wins in Q1FY27; sixth straight quarter of 4 or more deals Q1FY27 exit deal pipeline at remains healthy FY27 revenue growth guidance at the top decile of the peer group
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Copyright © 2026 Firstsource. All rights reserved. 24 Our FY27 guidance 10-13% Constant currency revenue growth 12.25-12.75% EBIT margin
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Copyright © 2026 Firstsource. All rights reserved. 25 Our medium-term aspirations Cross-sell/upsell (in existing clients) New Logos (incl. strategic logos) Services Expansion (for existing verticals) Geo Expansion (Middle-East/Canada) Vertical Expansion (Retail/Utilities in the US) Optimise Execution (Delayer/internal seeding) Low-margin Accounts (cure or cease) Rightshore Delivery Corporate Initiatives (G&A cost control) Automation/AI tools (in output/outcome commercial contracts) 50 - 75bps expansion EBIT margin Double – digit Constant currency YoY revenue growth
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Factsheet
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Copyright © 2026 Firstsource. All rights reserved. 27 Financial performance snapshot | Q1FY27 Revenue Revenue (in ₹ million) (in $ million) EBIT and Margin (%) PAT and Margin (%) 3,617 5,374 5,137 5,147 5,945 7,543 2,222 7.1% 9.1% 8.5% 8.1% 7.4% 7.9% 8.2% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 FY21 FY22 FY23 FY24 FY25 FY26* Q1FY27^ PAT PAT Margin (%) 2.0% 1.1% 685 795 750 765 944 1,082 288 FY21 FY22 FY23 FY24 FY25 FY26 Q1FY27 YoY constant currency revenue growth YoY US$ revenue growth (in ₹ million) (in ₹ million) 14.6% 16.0% -1.1% -5.7% 19.7%16.6% 1.7% 5.2% 50,780 59,212 60,223 63,362 79,803 95,564 27,249 FY21 FY22 FY23 FY24 FY25 FY26 Q1FY27 5,979 7,105 5,633 6,962 8,806 11,221 3,367 11.8% 12.0% 9.4% 11.0% 11.0% 11.7% 12.4% 0.0 % 2.0 % 4.0 % 6.0 % 8.0 % 10. 0% 12. 0% - 2,000 4,000 6,000 8,000 10,000 12,000 FY21 FY22 FY23 FY24 FY25 FY26 Q1FY27 EBIT EBIT Margin (%) YoY INR revenue growth 23.3% 22.6% 25.9% 13.6% 14.6% * Adjusted for exceptional items | ^Q1FY27 is excluding exceptional items of INR 563 million, net of tax 12.3% 11.2% 22.9%
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Copyright © 2026 Firstsource. All rights reserved. 28 *Annualized Key performance indicators | Q1FY27 3,903 8,083 6,159 6,001 13,169 16,287 17,147 9,756 7,036 7,950 6,441 7,011 12,140 983 8,060 6,307 7,436 5,590 4,775 10,816 503 FY21 FY22 FY23 FY24 FY25 FY26 Q1FY27 12.9% 17.7% 15.3% 13.9% 14.5% 15.4% 14.4% FY21 FY22 FY23 FY24 FY25 FY26 Q1FY27* 17.6% 17.6% 13.4% 15.4% 15.6% 17.7% 20.3% FY21 FY22 FY23 FY24 FY25 FY26 Q1FY27* Long term Debt Short term Debt Net DebtOperating Cash Flow Free Cash Flow (in ₹ million) (in ₹ million) Return on Equity (%) Return on Capital Employed (%) Cash Flow Debt Position 846 2,733 1,394 3,419 1,897 - 5,199 7,364 6,876 8,049 11,908 17,478 20,163 FY22 FY23 FY24 FY25 FY26FY21 Q1FY27
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Copyright © 2026 Firstsource. All rights reserved. 29 Performance Summary | Q1FY27 ₹ 27,249 Million (US$ 288 Million) REVENUE YoY growth of 22.9% YoY constant currency growth of 12.3% QoQ constant currency growth of 2.2% EBIT PROFIT AFTER TAX* ₹ 2.36 per share EARNINGS PER SHARE (Diluted) ₹ 3,367 Million (Margin 12.4%) YoY growth of 34.8% YoY margin expansion of 110bps QoQ margin expansion of 20bps ₹ 2,222 Million (Margin 8.2%) YoY growth of 31.2% QoQ growth of 8.3% Q4FY26 at ₹ 2.91 per share Q1FY26 at ₹ 2.40 per share *Q1FY27 PAT including exceptional items is INR 1,659 mn
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Copyright © 2026 Firstsource. All rights reserved. 30 Revenue distribution | Q1FY27 By verticals By delivery locationBy geography BFS 33.2% Healthcare 33.0% CMT 20.6% Diverse 13.2% North America 66.4% EMEA 31.7% RoW 1.9% Onshore 56.5% Offshore & Nearshore 43.5%
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Copyright © 2026 Firstsource. All rights reserved. 31 Cons. IndAS financials | Profit & Loss Statement #Post exceptional items including one-time impact of new Labour Codes In ₹ million FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 FY26 Q1FY27 QoQ YoY Income from services 79,721 22,209 23,147 24,674 26,130 96,161 27,518 5.3% 23.9% Other operating income 82 (33) (25) (244) (296) (597) (269) - - Revenue from operations 79,803 22,177 23,122 24,431 25,835 95,564 27,249 5.5% 22.9% Revenue from operations (US$m) $944 $259 $265 $274 $283 $1,082 $288 1.7% 11.2% QoQ growth % - constant currency - 1.6% 2.0% 4.6% 3.0% - 2.2% - - YoY growth % - constant currency 22.6% 19.2% 13.8% 10.6% 11.6% 13.6% 12.3% - - Manpower expenses 49,958 13,207 13,618 14,312 14,766 55,903 15,316 3.7% 16.0% Operating expenses 17,769 5,499 5,744 6,093 6,764 24,099 7,420 9.7% 34.9% EBITDA 12,076 3,471 3,760 4,027 4,304 15,562 4,513 4.9% 30.0% EBITDA margin 15.1% 15.7% 16.3% 16.5% 16.7% 16.3% 16.6% -10bp 90bp Depreciation & amortization 3,270 972 1,096 1,112 1,161 4,341 1,146 -1.2% 17.9% EBIT 8,806 2,498 2,665 2,915 3,143 11,221 3,367 7.1% 34.8% EBIT margin 11.0% 11.3% 11.5% 11.9% 12.2% 11.7% 12.4% 20bp 110bp Finance cost 1,479 434 428 433 520 1,815 518 -0.5% 19.1% Other income, net (9) 68 (13) 36 (17) 75 61 - - Exceptional items, net 88 - 19 (1,001) - (982) (717) - - Profit before taxes 7,407 2,132 2,243 1,517# 2,606 8,498# 2,193 -15.8% 2.9% Taxes and minority interest 1,462 439 448 313 554 1,754 534 -3.5% 21.7% Profit after tax 5,945 1,693 1,795 1,203# 2,052 6,744# 1,659 -19.2% -2.0% Net margin 7.4% 7.6% 7.8% 4.9% 7.9% 7.1% 6.1% -180bp -150bp Diluted EPS (₹/share) 8.42 2.40 2.54 1.71# 2.91 9.56 # 2.36 -18.9% -1.7%
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Copyright © 2026 Firstsource. All rights reserved. 32 Cons. IndAS financials | Balance Sheet In ₹ million As on Mar 31, 2026 As on Jun 30, 2026 Equity and liabilities Shareholder's Funds Equity share capital 6,970 6,970 Reserve and surplus 36,875 39,175 Non-controlling interest 4 4 Total equity 43,849 46,149 Non-current liabilities Financial liabilities Long-term borrowings 1,897 - Lease liabilities 7,315 7,069 Other financial liabilities 2,328 1,967 Provisions 1,140 1,171 Deferred tax liabilities 1,886 1,870 Total non-current liabilities 14,566 12,076 Current liabilities Financial liabilities Short-term and other borrowings 17,478 20,163 Trade payables 5,579 5,964 Lease liabilities 2,528 2,553 Other financial liabilities 6,469 4,712 Other current liabilities 1,405 1,841 Provisions 973 959 Provision for tax, net 352 260 Total current liabilities 34,785 36,451 Total liabilities 93,200 94,677 In ₹ million As on Mar 31, 2026 As on Jun 30, 2026 Assets Non-current assets Fixed assets 3,403 3,644 Right-of-use assets 8,558 8,320 Goodwill on consolidation 42,655 42,584 Other intangible assets 1,351 1,214 Investment in associates - - Financial assets Investments 658 657 Other financial assets 918 870 Deferred tax assets 3,910 3,746 Income tax assets, net 896 651 Other non-current assets 3,228 1,957 Total non-current assets 65,577 63,641 Current assets Financial assets Current investments 502 845 Trade receivables 20,786 23,215 Cash and cash equivalents 2,586 2,170 Other bank balances 107 144 Other financial assets 235 1,307 Other current assets 3,407 3,353 Total current assets 27,623 31,036 Total assets 93,200 94,677
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Copyright © 2026 Firstsource. All rights reserved. 33 Cons. IndAS financials | Cash Flow Statement In ₹ million Quarter ended Jun 30, 2025 Quarter ended Jun 30, 2026 Cash flow from operating activities Net profit before taxation and non-controlling interest 2,132 2,193 Depreciation and amortization 972 1,146 Finance costs (for borrowings & lease liabilities) 434 518 Non-cash expense 141 270 Non-operating items (20) (27) Exceptional items, net - 717 Working capital changes 59 (3,478) Income taxes paid (163) (356) Net cash generated from/(used in) operating activities (A) 3,556 983 Cash flow from investing activities Capital expenditure, net (239) (480) Interest income received 8 11 (Increase)/decrease in current investments (527) (326) Investment in short-term fixed deposits (4) (39) Purchase of non-current investment - 1 Earmarked balances with banks 3 2 Payment of contingent consideration towards acquisition (27) (233) Net cash generated from/(used in) investing activities (B) (785) (1,065) Cash Flow from financing activities Net change in borrowings (1,334) 823 Net interest paid (425) (519) Payment of lease liabilities (651) (647) Purchase of treasury shares, net 19 9 Net cash generated from/(used in) financing activities (C) (2,390) (333) Net increase/(decrease) in cash and cash equivalents (A+B+C) 381 (415) Cash and cash equivalents at the beginning of the period 1,542 2,586 Foreign exchange (loss)/gain on translating cash and cash equivalents 33 (1) Closing cash and cash equivalents 1,955 2,170 Current investments 1,158 845 Cash and cash equivalents including investments 3,113 3,016
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Copyright © 2026 Firstsource. All rights reserved. 34 Operating Metrices | Q1FY27 * For employees in continuous employment for more than 180 days Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Revenue by Vertical Banking & Financial Services 36.4% 34.4% 32.4% 33.4% 32.5% 33.2% 31.7% 32.2% 33.2% Healthcare 35.7% 36.3% 34.0% 33.8% 33.4% 33.5% 32.1% 34.4% 33.0% Communications, Media & Tech 22.3% 21.3% 20.3% 21.0% 22.4% 21.7% 21.2% 19.9% 20.6% Diverse Industries 5.6% 8.0% 13.3% 11.8% 11.7% 11.6% 15.0% 13.5% 13.2% Revenue by Geography North America 68.2% 68.5% 66.3% 67.7% 68.7% 69.4% 67.2% 68.0% 66.4% Europe, Middle East, and Africa 31.8% 31.4% 33.4% 31.5% 30.1% 29.4% 31.7% 30.6% 31.7% Rest of World 0.0% 0.1% 0.3% 0.8% 1.2% 1.2% 1.1% 1.4% 1.9% Revenue by Delivery Offshore & Nearshore 35.0% 35.8% 40.1% 37.8% 41.2% 41.6% 43.4% 43.0% 43.5% Onshore 65.0% 64.2% 59.9% 62.2% 58.8% 58.4% 56.6% 57.0% 56.5% Client Addition New logos (added during the quarter) 10 13 13 7 17 10 9 11 12 Strategic logos (added during the quarter) 2 3 5 2 9 4 5 6 3 Client Concentration Top 5 clients (share of total revenues) 34.6% 32.5% 29.0% 29.3% 29.6% 28.9% 28.1% 28.0% 27.4% Top 10 clients (share of total revenues) 51.5% 48.6% 43.4% 43.7% 42.6% 42.3% 40.7% 39.9% 39.2% Client Distribution US$ 1m+ clients (nos.) 100 105 107 116 141 142 141 150 145 US$ 5m+ clients (nos.) 25 26 28 30 38 39 41 42 45 US$ 10m+ clients (nos.) 13 13 14 15 17 17 18 17 20 US$ 20m+ clients (nos.) 9 11 10 10 11 9 9 9 10 US$ 50m+ clients (nos.) 2 2 2 2 2 2 2 2 2 Revenue by Currency USD 67.9% 68.2% 64.9% 65.7% 67.9% 68.5% 66.1% 67.4% 67.4% GBP 31.4% 30.9% 34.2% 32.7% 30.1% 29.2% 31.9% 30.3% 30.3% Others 0.7% 0.9% 0.9% 1.6% 2.0% 2.3% 2.0% 2.3% 2.3% Employee Metrices Total employees (period-end) 29,231 32,898 34,144 34,651 34,495 35,997 36,689 36,205 36,875 Net addition 1,291 3,667 1,246 507 (156) 1,502 692 (484) 670 Attrition* (TTM) 31.8% 30.6% 31.4% 29.8% 28.9% 28.0% 27.4% 29.7% 33.1%
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Firstsource Solutions Limited, an RP-Sanjiv Goenka Group company (NSE: FSL, BSE: 532809), is a global intelligence partner to enterprises across healthcare, banking and financial services, communications, media, technology, retail, and utilities. Its inch-wide, mile-deep practitioners work collaboratively to reimagine business process management. With operations across the US, UK, India, Philippines, Mexico, Romania, Trinidad & Tobago, South Africa, and Australia, Firstsource combines over twenty-five years of domain expertise with an agent-first delivery model to design, build, and operate intelligent enterprise operations. Through its Intelligence That Operates promise—powered by Kairos, the operating system that makes it real—the company unifies consulting, implementation, and operations into a single full-stack engagement and underwrites outcomes, not effort, turning deep domain intelligence into a compounding operational advantage for the world’s most regulated industries. www.firstsource.com Copyright © 2026 Firstsource. All rights reserved.