Slides
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Q3FY26 Firstsource Solutions Earnings Presentation
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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 About Us #For clients with trailing 12-months revenue over US$0.25m *As on 31st December 2025 Established in 2001 Public listing in 2007 Revenues of INR 79.8 Billion (US$944 Million) in FY25 Specialized BPS partner Hyper-focused, domain-centric teams with cutting-edge tech, data, and analytics Deep partnerships with clients Average tenure of top 5 clients is over 21 years Leader in chosen verticals Banking & Financial Services, Healthcare, Communications, Media & Technology, Retail and Utilities Part of RP-Sanjiv Goenka Group Since 2012 36,689* Firstsourcers Across US, UK, India, Philippines, South Africa, Australia, Mexico, Romania, Trinidad & Turkey 200+ global clients# including Several Fortune 500, FTSE 100 and ASX200 companies
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Copyright © 2026 Firstsource. All rights reserved. 4 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 FY25 or as on 31st March 2025 Group turnover of ~US$5 Bn* EBITDA of ~US$930 Mn* Asset base of >US$8 Bn* Over 1.2 Mn* Shareholders A global leader in BPS, transforming operations across industries through its UnBPO approach - delivering transformative, AI-powered solutions at speed and scale A Global Specialty Chemical company and India’s Largest Carbon Black player 100+ offices worldwide
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Copyright © 2026 Firstsource. All rights reserved. 5 14 of Top 20 Mortgage lenders & servicers in the US BANKING & FINANCIAL SERVICES COMMUNICATION, MEDIA & TECHNOLOGY HEALTHCARE DIVERSIFIED INDUSTRIES *US$ revenue and % revenue contribution on TTM basis 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 12 of Top 15 Health plans in the US 300+ Health systems in the US 2 of Top 5 Energy providers in the UK Retailers in the UK 2 of Top 10 33%US$343m* 33%US$348m* US$226m* US$132m* 13% 21% Our Verticals
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Copyright © 2026 Firstsource. All rights reserved. 6 Our Leadership Team Ritesh Idnani MD & CEO Dinesh Jain Chief Financial Officer Sohit Brahmawar Chief Operating Officer Rajiv Malhotra Head – Europe, Middle East & Africa Sundara Sukavanam Head – Enterprise Transformation Office Ashish Chawla Head – CX and Consulting Vivek Sharma Head – CMT, BFS and Emerging Geos Shamita Mukherjee Chief Human Resources Officer Hasit Trivedi Chief Digital & AI Officer Matthew Barlow Head - Healthcare Payer Scott Schrader Head - Healthcare Provider Arjun Mitra Head – Collections
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Performance Highlights Q3FY26
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Copyright © 2026 Firstsource. All rights reserved. 8 Performance Summary | Q3FY26 ₹ 24,431 Million (US$ 274 Million) REVENUE YoY growth of 16.2% YoY constant currency growth of 10.6% QoQ constant currency growth of 4.6% EBIT PROFIT AFTER TAX ₹ 2.87 per share EARNINGS PER SHARE (Diluted) ₹ 2,915 Million (Margin 11.9%) YoY growth of 24.9% YoY margin expansion of 80bps QoQ margin expansion of 40bps ₹ 2,022 Million (Margin 8.3%) YoY growth of 26.1% QoQ growth of 12.6% Reported PAT (including exceptional items): ₹ 1,203 million* Q2FY26 at ₹ 2.54 per share Q3FY25 at ₹ 2.27 per share Reported EPS (including exceptional items): ₹ 1.71* *Exceptional items include one-time impact of new Labour Codes
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Copyright © 2026 Firstsource. All rights reserved. 9 Performance Summary | 9MFY26 ₹ 69,729 Million (US$ 798 Million) REVENUE YoY growth of 19.8% YoY constant currency growth of 14.3% EBIT PROFIT AFTER TAX ₹ 7.81 per share EARNINGS PER SHARE (Diluted) ₹ 8,078 Million (Margin 11.6%) YoY growth of 26.5% YoY margin expansion of 60bps ₹ 5,510 Million (Margin 7.9%) YoY growth of 27.0% Reported PAT (including exceptional items): INR 4,692 million* 9MFY25 at ₹ 6.15 per share TTM at ₹ 10.09 per share Reported EPS (including exceptional items): ₹ 6.65* *Exceptional items include one-time impact of new Labour Codes
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Copyright © 2026 Firstsource. All rights reserved. 10 Key Deal Wins | Q3FY26 • A leading on-demand manufacturing marketplace in the US selected us to provide account servicing and customer experience services. • We gained additional business from one of the largest communications and media companies in the UK for customer onboarding and account services processes that are currently managed by in-house teams. • We were selected as a global operations outsourcing partner by a leading UK-based MVNO to support account servicing, billing, and customer enquiry management across multiple markets. This is a new logo for us. • In Australia, we won a large onshore customer experience engagement with a leading health insurer, focused on member services. • We expanded our relationship with a Fortune500 managed health care companies in the US, for member services and enhance claims processing using our proprietary digital intake platform. • A top-tier broking aggregator across Australia and New Zealand engaged us for customer support services. • We were selected by one of the leading global online fashion retailer, a new logo, for customer experience services. • A leading global product design and technology company, an existing client, selected us for account servicing and customer experience services. • We were selected by a leading fintech company in the US, a new logo, for customer experience services.
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Copyright © 2026 Firstsource. All rights reserved. 11 • Total headcount of 36,689 employees • QoQ net headcount increase of 692 • YoY net headcount addition of 2,545 • TTM employee attrition at 27.4%* • 48.1% of employees are women Firstsource recognized among the Top 25 India’s Best Workplaces for IT & IT-BPM 2025 by Great Place to Work® Firstsource is Great Place To Work® CertifiedTM for the second consecutive year in India and the Philippines Total headcount Attrition* *For employees in employment for more than 180 days and excludes Pastdue Credit 34,144 34,651 34,495 35,997 36,689 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 31.4% 29.8% 28.9% 28.0% 27.4% Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Employee Base | Q3FY26
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Copyright © 2026 Firstsource. All rights reserved. 12 Firstsource recognized as a Global Leader in Generative AI Services in ISG Provider Lens ® 2025 NelsonHall named Firstsource as ‘Leader’ in Banking for GenAI and Process Automation Awards & Recognitions | Q3FY26 Firstsource recognized as ‘Leader’ & ‘Star Performer’ in Banking Operations by Everest Group NelsonHall named Firstsource a ‘Leader’ in CX Services Transformation Firstsource named Leader in ISG Provider Lens ® 2025 Contact Center – Customer Experience Services
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Copyright © 2026 Firstsource. All rights reserved. 13 Industry leading score on: • Privacy Protection • Information Security • Human Capital Management • Human Rights • Occupational Health & Safety Scored high on: • Business Ethics • Risk & Crisis Management Awards & Recognitions | Q3FY26 Firstsource Tops Professional Services Sector in S&P Global Sustainable1 FY25 ESG and CSA score of 87
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Copyright © 2026 Firstsource. All rights reserved. 14 Our FY26 guidance 14.5-15.5%* Constant currency revenue growth *Includes 1.5% contribution from acquisitions of Pastdue Credit Solutions and TeleMedik 11.5-12.0% EBIT margin
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Factsheet
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Copyright © 2026 Firstsource. All rights reserved. 16 Cons. IndAS financials | Profit & Loss Statement *include one-time charges #Post exceptional items including one-time impact of new Labour Codes In ₹ million FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 FY25 Q1FY26 Q2FY26 Q3FY26 QoQ YoY Income from services 63,325 17,839 19,326 20,879 21,678 79,721 22,209 23,147 24,674 6.6% 18.2% Other operating income 37 72 (72) 145 (63) 82 (33) (25) (244) - - Revenue from operations 63,362 17,911 19,254 21,024 21,615 79,803 22,177 23,122 24,431 5.7% 16.2% Revenue from operations (US$m) $765 $215 $230 $249 $250 $944 $259 $265 $274 3.6% 10.2% QoQ growth % - constant currency - 6.5% 6.9% 7.6% 2.1% - 1.6% 2.0% 4.6% - - YoY growth % - constant currency 1.1% 14.8% 22.7% 27.7% 25.0% 22.6% 19.2% 13.8% 10.6% - - Manpower expenses 39,093 11,268 12,104 13,070 13,515 49,958 13,207 13,618 14,312 5.1% 9.5% Operating expenses 14,705 3,944 4,277* 4,777 4,771 17,769 5,499 5,744 6,093 6.1% 27.5% EBITDA 9,564 2,699 2,873 3,177 3,328 12,076 3,471 3,760 4,027 7.1% 26.8% EBITDA margin 15.1% 15.1% 14.9% 15.1% 15.4% 15.1% 15.7% 16.3% 16.5% 20bp 140bp Depreciation & amortization 2,602 729 792 844 906 3,270 972 1,096 1,112 1.5% 31.8% EBIT 6,962 1,970 2,081* 2,333 2,422 8,806 2,498 2,665 2,915 9.4% 24.9% EBIT margin 11.0% 11.0% 10.8% 11.1% 11.2% 11.0% 11.3% 11.5% 11.9% 40bp 80bp Finance cost 1,034 316 343 393 426 1,479 434 428 433 1.1% 10.0% Other income, net 368 18 (27) (21) 21 (9) 68 (13) 36 - - Exceptional items, net - - - 88 - 88 - 19 (1,001) - - Profit before taxes 6,297 1,673 1,710 2,007 2,017 7,407 2,132 2,243 1,517# -32.4% -24.4% Taxes and minority interest 1,150 320 328 404 410 1,462 439 448 313 -30.1% -22.3% Profit after tax 5,147 1,353 1,382 1,603 1,607 5,945 1,693 1,795 1,203# -33.0% -24.9% Net margin 8.1% 7.6% 7.2% 7.6% 7.4% 7.4% 7.6% 7.8% 4.9% -290bp -270bp Diluted EPS (₹/share) 7.34 1.92 1.96 2.27 2.28 8.42 2.40 2.54 1.71# -32.7% -24.7%
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Copyright © 2026 Firstsource. All rights reserved. 17 Cons. IndAS financials | Balance Sheet In ₹ million As on Mar 31, 2025 As on Dec 31, 2025 Equity and liabilities Shareholder's Funds Equity share capital 6,970 6,970 Reserve and surplus 34,006 37,988 Non-controlling interest 4 4 Total equity 40,980 44,962 Non-current liabilities Financial liabilities Long-term borrowings 3,419 1,798 Lease liabilities 8,070 7,581 Other financial liabilities 580 1,364 Provisions 241 1,176 Deferred tax liabilities 1,645 1,809 Total non-current liabilities 13,955 13,727 Current liabilities Financial liabilities Short-term and other borrowings 11,908 13,874 Trade payables 3,976 4,679 Lease liabilities 2,296 2,412 Other financial liabilities 4,209 5,780 Other current liabilities 1,106 1,403 Provisions 643 831 Provision for tax, net 149 242 Total current liabilities 24,287 29,222 Total liabilities 79,222 87,911 In ₹ million As on Mar 31, 2025 As on Dec 31, 2025 Assets Non-current assets Fixed assets 3,254 3,271 Right-of-use assets 9,126 8,824 Goodwill on consolidation 36,799 40,530 Other intangible assets 1,248 1,245 Intangible assets under development - 114 Investment in associates 0 0 Financial assets Investments 115 302 Other financial assets 1,026 929 Deferred tax assets 2,735 3,143 Income tax assets, net 714 982 Other non-current assets 1,965 2,177 Total non-current assets 56,982 61,516 Current assets Financial assets Current investments 616 811 Trade receivables 16,860 18,432 Cash and cash equivalents 1,542 3,205 Other bank balances 128 70 Other financial assets 206 294 Other current assets 2,888 3,583 Total current assets 22,240 26,395 Total assets 79,222 87,911
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Copyright © 2026 Firstsource. All rights reserved. 18 Cons. IndAS financials | Cash Flow Statement In ₹ million 9 Months ended Dec 31, 2024 9 Months ended Dec 31, 2025 Cash flow from operating activities Net profit before taxation and non-controlling interest 5,389 5,892 Depreciation and amortization 2,364 3,180 Finance costs (for borrowings & lease liabilities) 1,053 1,294 Non-cash expense 597 712 Non-operating items (15) (46) Exceptional items, net (88) 982 Working capital changes (3,475) (781) Income taxes paid (889) (1,569) Net cash generated from/(used in) operating activities (A) 4,936 9,665 Cash flow from investing activities Capital expenditure, net (1,572) (916) Interest income received 11 25 (Increase)/decrease in current investments (338) (152) Investment in short-term fixed deposits - (4) Acquisition of business (5,018) (2,201) Purchase of non-current investment - (269) Earmarked balances with banks 69 62 Payment of contingent consideration towards acquisition - (518) Net cash generated from/(used in) investing activities (B) (6,849) (3,974) Cash Flow from financing activities Net change in borrowings 4,579 (669) Net interest paid (1,173) (1,294) Payment of lease liabilities (1,175) (1,932) Purchase of treasury shares, net (150) (182) Purchase of non controlling interest in subsidiary (225) - Net cash generated from/(used in) financing activities (C) 1,857 (4,077) Net increase/(decrease) in cash and cash equivalents (A+B+C) (56) 1,614 Cash and cash equivalents at the beginning of the period 1,748 1,542 Foreign exchange (loss)/gain on translating cash and cash equivalents 18 48 Closing cash and cash equivalents 1,710 3,205 Current investments 774 811 Cash and cash equivalents including investments 2,484 4,016
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Copyright © 2026 Firstsource. All rights reserved. 19 Operating Metrices | Q3FY26 * For employees in continuous employment for more than 180 days and excludes Pastdue Credit | #Excludes Pastdue Credit Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Revenue by Vertical Banking & Financial Services 38.3% 37.3% 36.4% 34.4% 32.4% 33.4% 32.5% 33.2% 31.7% Healthcare 33.5% 32.9% 35.7% 36.3% 34.0% 33.8% 33.4% 33.5% 32.1% Communications, Media & Tech 22.5% 23.6% 22.3% 21.3% 20.3% 21.0% 22.4% 21.7% 21.2% Diverse Industries 5.7% 6.2% 5.6% 8.0% 13.3% 11.8% 11.7% 11.6% 15.0% Revenue by Geography North America 65.4% 65.0% 68.2% 68.5% 66.3% 67.7% 68.7% 69.4% 67.2% Europe, Middle East, and Africa 34.5% 34.9% 31.8% 31.4% 33.4% 31.5% 30.1% 29.4% 31.7% Rest of World 0.1% 0.1% 0.0% 0.1% 0.3% 0.8% 1.2% 1.2% 1.1% Revenue by Delivery Offshore & Nearshore 30.3% 31.4% 35.0% 35.8% 40.1% 37.8% 41.2% 41.6% 43.4% Onshore 69.7% 68.6% 65.0% 64.2% 59.9% 62.2% 58.8% 58.4% 56.6% Client Addition# New logos (added during the quarter) 10 9 10 13 13 7 17 10 9 Strategic logos (added during the quarter) 7 3 2 3 5 2 9 4 5 Client Concentration Top 5 clients (share of total revenues) 35.8% 36.7% 34.6% 32.5% 29.0% 29.3% 29.6% 28.9% 28.1% Top 10 clients (share of total revenues) 52.0% 52.6% 51.5% 48.6% 43.4% 43.7% 42.6% 42.3% 40.7% Client Distribution# US$ 1m+ clients (nos.) 104 103 100 105 107 116 141 142 141 US$ 5m+ clients (nos.) 25 25 25 26 28 30 38 39 41 US$ 10m+ clients (nos.) 13 13 13 13 14 15 17 17 18 US$ 20m+ clients (nos.) 8 8 9 11 10 10 11 9 9 US$ 50m+ clients (nos.) 2 2 2 2 2 2 2 2 2 Revenue by Currency USD 64.9% 64.8% 67.9% 68.2% 64.9% 65.7% 67.9% 68.5% 66.1% GBP 34.4% 34.4% 31.4% 30.9% 34.2% 32.7% 30.1% 29.2% 31.9% Others 0.7% 0.8% 0.7% 0.9% 0.9% 1.6% 2.0% 2.3% 2.0% Employee Metrices Total employees (period-end) 25,947 27,940 29,231 32,898 34,144 34,651 34,495 35,997 36,689 Net addition 1,994 1,993 1,291 3,667 1,246 507 (156) 1,502 692 Attrition* (TTM) 37.7% 35.4% 31.8% 30.6% 31.4% 29.8% 28.9% 28.0% 27.4%
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Annexure
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Copyright © 2026 Firstsource. All rights reserved. 21 Financial performance snapshot | 9MFY26 Revenue Revenue (in ₹ million) (in $ million) EBIT and Margin (%) PAT and Margin (%) 3,397 3,617 5,374 5,137 5,147 5,945 5,510 8.3% 7.1% 9.1% 8.5% 8.1% 7.4% 7.9% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 FY20 FY21 FY22 FY23 FY24 FY25 9MFY26* PAT PAT Margin (%) 2.0% 1.1% 578 685 795 750 765 944 798 FY20 FY21 FY22 FY23 FY24 FY25 9MFY26 YoY constant currency revenue growth YoY US$ revenue growth (in ₹ million) (in ₹ million) 17.9% 18.5% 14.6% 16.0% -1.1% -5.7% 19.8%23.9% 16.6% 1.7% 5.2% 40,986 50,780 59,212 60,223 63,362 79,803 69,729 FY20 FY21 FY22 FY23 FY24 FY25 9MFY26 4,437 5,979 7,105 5,633 6,962 8,806 8,078 10.8% 11.8% 12.0% 9.4% 11.0% 11.0% 11.6% 0.0 % 2.0 % 4.0 % 6.0 % 8.0 % 10. 0% 12. 0% - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 FY20 FY21 FY22 FY23 FY24 FY25 9MFY26 EBIT EBIT Margin (%) YoY INR revenue growth 23.3% 22.6% 25.9% 14.3% 15.1% *Before exceptional items including one-time impact of new Labour Codes
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Copyright © 2026 Firstsource. All rights reserved. 22 Key performance indicators | 9MFY26 6,526 3,903 8,083 6,159 6,001 13,169 11,656 4,104 9,756 7,036 7,950 6,441 7,011 9,665 3,158 8,060 6,307 7,436 5,590 4,775 8,749 FY20 FY21 FY22 FY23 FY24 FY25 9MFY26 12.3% 12.9% 17.7% 15.3% 13.9% 14.5% 16.3% FY20 FY21 FY22 FY23 FY24 FY25 9MFY26* 12.3% 17.6% 17.6% 13.4% 15.4% 15.6% 17.8% FY20 FY21 FY22 FY23 FY24 FY25 9MFY26* 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 28 846 2,733 1,394 3,419 1,798 8,406 5,199 7,364 6,876 8,049 11,908 13,874 FY21 FY22 FY23 FY24 FY25FY20 9MFY26 *Annualised; before exceptional items including one-time impact of new Labour Codes
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Copyright © 2026 Firstsource. All rights reserved. 23 Strategy refresh & impact Creating strong shareholder returns Feb-21 Aug-21 Feb-22 Aug-22 Feb-23 Aug-23 Feb-24 Aug-24 Feb-25 Aug-25 Feb-26 FSL;268% 268% 196% -6% 20% 10% 1% 5 Year return 3 Year return 1 Year return Share price return Dividend yield Promoter 54% FII 9% DII 25% Public & Others 12% Key institutional shareholders HDFC Mutual Fund Life Insurance Corporation SBI Mutual Fund Tata Mutual Fund Vanguard Group HSBC Mutual Fund Blackrock White Oak Abu Dhabi Investment Authority Aditya Birla Sun Life Mutual Fund Total Shareholder Return^ Shareholding Pattern* ^Till 30th January 2026 *As on 31st December 2025 NiftyIT;54% Nifty50;86% Stock performance: Last 5 years^ NSE: FSL | BSE: 532809 | Reuters: FISO.BO| Bloomberg: FSOL:IN Market Capitalisation: US$2.4bn Average daily trading volume (TTM): US$7.2mn
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Firstsource is a specialized global leader providing business process services and an RP-Sanjiv Goenka Group company. Spanning the customer lifecycle across Healthcare, Banking and Financial Services, Communications, Media and Technology, Retail, and other diverse industries, we ‘make it happen’ for our clients, solving their biggest challenges with hyper-focused, domain-centered teams and cutting-edge tech, data, and analytics. With a global footprint across US, UK, India, Philippines, Mexico, Romania, Turkey, Trinidad & Tobago, South Africa, and Australia, our inch-wide, mile-deep practitioners work collaboratively, leveraging UnBPOTM - our differentiated approach to reimagining traditional outsourcing - to deliver real-world, future-focused solutions that drive speed, scale, and smarter decision, turning transformation into tangible results for our clients. www.firstsource.com Copyright © 2026 Firstsource. All rights reserved.