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firstsource® Firstsource Solutions Earnings Presentation Q1FY27
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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 30th June 2026 Established in 2001 Public listing in 2007 Revenues of INR 95.6 Billion (US$1,082 Million) in FY26 Specialized BPS partner Deep domain intelligence; agent-first operations; compounding competitive advantage Deep partnerships with clients Average tenure of top 5 clients is over 22 years Leader in chosen verticals Banking & Financial Services, Healthcare, Communication, Media & Technology, Retail and Utilities Part of RP-Sanjiv Goenka Group Since 2012 36,875* Firstsourcers Across US, UK, India, Canada, Philippines, South Africa, UAE, Australia, Mexico, Romania, Trinidad & Turkey 250+ 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 FY26 or as on 31st March 2026 Group turnover of ~US$5 Bn* Market Cap. ~US$6 Bn* Asset base of >US$8 Bn* Over 1.1 Mn* Shareholders A global intelligence partner leveraging deep domain expertise and agent-first operations to design, implement, and operate intelligent enterprises — underwriting outcomes at every stage. A Global Specialty Chemical company and India’s Largest Carbon Black player 100+ offices worldwide
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Copyright © 2026 Firstsource. All rights reserved. 5 Our Verticals *US$ revenue and % revenue contribution on TTM basis 14 of Top 20 Mortgage lenders & servicers in the US BANKING & FINANCIAL SERVICES COMMUNICATION, MEDIA & TECHNOLOGY HEALTHCARE DIVERSE 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$149m* 13% 21% 4 of Top 5 Telecom companies in the UK
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Copyright © 2026 Firstsource. All rights reserved. 6 Our core strengths Experienced leadership team Ritesh Idnani MD & CEO Shamita Mukherjee Chief Human Resources Officer Hasit Trivedi Chief Digital & AI Officer Sohit Brahmawar Chief Operating Officer Aniket Maindarkar Chief Marketing Officer Dinesh Jain Chief Financial Officer Kumaran Shanmuhan Chief Strategy Officer Ravishankar Chandran Chief Risk Officer Sundara Sukavanam Head – Enterprise Transformation Office Rajiv Malhotra Head – Europe, Middle East & Africa Arjun Mitra Head – Collections Ashish Chawla Head – CX and Consulting Vivek Sharma Head – CMT, BFS and Emerging Geos Scott Schrader Head – Healthcare Provider Matthew Barlow Head – Health Plan and Healthcare Services
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Performance Highlights Q1FY27
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Copyright © 2026 Firstsource. All rights reserved. 8 Performance Summary | Q1FY27 ₹ 27,249 Million (US$ 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. 9 Key Deal Wins | Q1FY27 • We secured a large transformative deal with a leading UK-based benefits and pensions administration provider for end-to-end back-office transformation and resource optimization. • We won a large deal from a leading academic medical center in the US, for insurance follow-up, denials management, and complex claims resolution. This is a new logo for us. • We expanded our relationship with a leading public health system in the US for patient contact center and self-pay early-out services. • We secured a new deal with a US-based health insurance provider for CX services. • Expanded our relationship with a leading academic health system in the US for Medicaid eligibility services. • A leading on-demand manufacturing marketplace in the US selected us to provide account servicing and customer experience services. • We also expanded our relationship with a UK-based fibre broadband provider, for customer experience services, delivered from South Africa. • A leading international public transport and shared mobility operator selected us for customer service operations across Europe.
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Copyright © 2026 Firstsource. All rights reserved. 10 • Total headcount of 36,875 employees • QoQ net headcount addition of 670 • YoY net headcount addition of 2,380 • TTM employee attrition at 33.1%* • 48.5% of employees are women Total headcount Attrition* *For employees in employment for more than 180 days 34,495 35,997 36,689 36,205 36,875 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 28.9% 28.0% 27.4% 29.7% 33.1% Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Employee Base | Q1FY27
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Copyright © 2026 Firstsource. All rights reserved. 11 Awards & Recognitions | Q1FY27 Recognized as a Major Contender in Everest Group Revenue Cycle Management (RCM) Intelligent Operations PEAK Matrix® Assessment 2026 Read our FY26 Annual Report here Read our FY26 Annual Report here Recognized by Great Place to Work ® as Top 100 Best Companies to Work for in India 2026 Recognized by Inspiring Workforce across North America, the UK & Ireland, and Australasia | 2026 Firstsource was acknowledged for its AI-powered UnBPO framework, driving intelligent automation across coding, denials management, and access workflows to enhance operational efficiency and outcomes. Praised for deep healthcare domain expertise and strategic partnerships with leading platforms, enabling end-to-end RCM transformation and value delivery.
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Copyright © 2026 Firstsource. All rights reserved. 12 Our FY27 guidance 10-13% Constant currency revenue growth 12.25-12.75% EBIT margin
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Factsheet
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Copyright © 2026 Firstsource. All rights reserved. 14 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. 15 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. 16 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 Purchase of non controlling interest in subsidiary 0 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. 17 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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Annexure
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Copyright © 2026 Firstsource. All rights reserved. 19 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. 20 *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. 21 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 FSL 128% Nifty50 27% NiftyIT 5%
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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.