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Firstsource Solutions Investor Presentation OCTOBER 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$8 Bn* Over 1.1 Mn* Shareholders A global intelligence partner leveraging deep domain expertise and agent-first operations to design, implement, and operate intelligent enterprises — underwriting outcomes at every stage. A Global Specialty Chemical company and India’s Largest Carbon Black player 100+ offices worldwide
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Our Impact
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Copyright © 2026 Firstsource. All rights reserved. 5 Expanded sales team Senior leadership hires New roles to drive strategic initiatives Capability expansion AI infusion across services Vertical-specific language models Brand amplification Our impact We accelerated growth and expanded margins, even while investing in the business Key investments areas 10.8% 11.1% 11.2% 11.3% 11.5% 11.9% 12.2% 12.4% 12.5% Q2FY25Q3FY25Q4FY25Q1FY26Q2FY26Q3FY26Q4FY26Q1FY27Q2FY27 192 201 215 230 249 250 259 265 274 283 288 296 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 3.4% 4.2% 6.6% 6.9% 7.6% 2.1% 1.6% 2.0% 4.6% 3.0% 2.2% 2.0% 12 th straight quarter of QoQ revenue growth 8 th straight quarter of margin expansion QoQ Growth % in CC (20) 30 10 10 20 40 30 20 10 QoQ BPS Change Revenue (in US$mn) EBIT Margin
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Copyright © 2026 Firstsource. All rights reserved. 6 5 2 9 4 5 6 3 613 7 17 10 9 11 12 17 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Strategic logos 3 5 4 4 5 4 4 4 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 107 116 141 142 141 150 145 139 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 28 30 38 39 41 42 45 51 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 14 15 17 17 18 17 20 23 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 10 10 11 9 9 9 10 9 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 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. 7 Shareholder Returns Oct-23 Apr-24 Oct-24 Apr-25 Oct-25 Apr-26 Oct-26 510% 56% 97% 50% 10% 8% 7 Year return 5 Year return 3 Year return Share price return Dividend yield Promoter 54% FII 7% DII 27% Public & Others 12% Key institutional shareholders HDFC Mutual Fund Life Insurance Corporation SBI Mutual Fund Vanguard Group Tata Mutual Fund Motilal Oswal Mutual Fund Aditya Birla Sun Life Mutual Fund SBI Life Insurance BlackRock Abu Dhabi Investment Authority Total Shareholder Return^ Shareholding Pattern* ^Till 28th October 2026 *As on 30th September 2026 Stock performance: Last 3 years^ NSE: FSL | BSE: 532809 | Reuters: FISO.BO| Bloomberg: FSOL:IN Market Capitalization: US$2.3bn Average daily trading volume (TTM): US$9mn Nifty50 19% NiftyIT 3% FSL 97%
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Our Core Strengths
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Copyright © 2026 Firstsource. All rights reserved. 9 Our Verticals *US$ revenue and % revenue contribution on TTM basis 14 of Top 20 Mortgage lenders & servicers in the US BANKING & FINANCIAL SERVICES COMMUNICATION, MEDIA & TECHNOLOGY DIVERSE INDUSTRIES 7 of Top 10 Credit card issuers in the US 4 of Top 6 Retail banks in the UK 1 of Top 2 Media & broadcast companies in the UK 3 of Top 5 Telecom & media companies in the US 4 of Top 5 Consumer Tech companies in the US 5 of Top 6 Energy providers in the UK Retailers in the UK 2 of Top 10 33%US$379m* US$235m* US$154m* 13% 21% 4 of Top 5 Telecom companies in the UK HEALTHCARE 11 of Top 15 Health plans in the US 200+ Health systems in the US 33%US$374m*
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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 the Golden Peacock Award for ESG Performance 2025 Near-Term and Net Zero targets have been validated by the SBTi Read our FY26 ESG Report here Read our FY26 ESG Report here
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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 Major Contender Revenue Cycle Management Peak Matrix Assessment 2026 Horizon 3 CX Services HFS Horizons 2026 Global Leader Generative AI Services ISG Provider Lens 2026 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 Global Leader Agentic AI Services ISG Provider Lens 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… Macro and technology shifts are opening up new market opportunities We are disrupting the traditional business model with the Intelligence That Operates playbook Our scale is an advantage: large enough to deliver, agile enough to disrupt …Helped by our unique differentiators… Roster of long-standing relationships with quality clients with large spend Recognized leadership with strong domain expertise AI applied to each client’s context through Kairos to solve business problems Scrappy culture that stands behind 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 Q2FY27; seventh straight quarter of 4 or more deals Q2FY27 exit deal pipeline 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 10.5-13% 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) Deepen presence (Middle-East/Canada) Vertical Expansion (Retail/Utilities in the US) Optimize 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 | H1FY27 Revenue Revenue (in ₹ million) (in $ million) EBIT and Margin (%) PAT and Margin (%) 3,617 5,374 5,137 5,147 5,945 7,543 4,551 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* H1FY27^ PAT PAT Margin (%) 2.0% 1.1% 685 795 750 765 944 1,082 584 FY21 FY22 FY23 FY24 FY25 FY26 H1FY27 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 55,505 FY21 FY22 FY23 FY24 FY25 FY26 H1FY27 5,979 7,105 5,633 6,962 8,806 11,221 6,888 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 H1FY27 EBIT EBIT Margin (%) YoY INR revenue growth 23.3% 22.6% 25.9% 13.6% 14.6% * Adjusted for exceptional items | ^ H1FY27 is excluding exceptional items of INR 563 million, net of tax, announced in Q1FY27 12.3% 11.4% 22.5%
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Copyright © 2026 Firstsource. All rights reserved. 28 *Annualized Key performance indicators | H1FY27 3,903 8,083 6,159 6,001 13,169 16,287 15,324 9,756 7,036 7,950 6,441 7,011 12,140 4,969 8,060 6,307 7,436 5,590 4,775 10,816 3,978 FY21 FY22 FY23 FY24 FY25 FY26 H1FY27 12.9% 17.7% 15.3% 13.9% 14.5% 15.4% 16.4% FY21 FY22 FY23 FY24 FY25 FY26 H1FY27* 17.6% 17.6% 13.4% 15.4% 15.6% 17.7% 20.2% FY21 FY22 FY23 FY24 FY25 FY26 H1FY27* 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 19,414 FY22 FY23 FY24 FY25 FY26FY21 H1FY27
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Copyright © 2026 Firstsource. All rights reserved. 29 Performance Summary | Q2FY27 ₹ 28,256 Million (US$ 296 Million) REVENUE YoY growth of 22.2% YoY constant currency growth of 12.3% QoQ constant currency growth of 2.0% EBIT PROFIT AFTER TAX ₹ 3.31 per share EARNINGS PER SHARE (Diluted) ₹ 3,521 Million (Margin 12.5%) YoY growth of 32.1% YoY margin expansion of 100bps QoQ margin expansion of 10bps ₹ 2,328 Million (Margin 8.2%) YoY growth of 29.7% QoQ growth of 4.8%* Q1FY27 at ₹ 2.36 per share Q2FY26 at ₹ 2.54 per share *Q1FY27 is excluding exceptional items of INR 563 million, net of tax
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Copyright © 2026 Firstsource. All rights reserved. 30 Performance Summary | H1FY27 ₹ 55,505 Million (US$ 584 Million) REVENUE YoY growth of 22.5% YoY constant currency growth of 12.3% EBIT PROFIT AFTER TAX* ₹ 5.66 per share EARNINGS PER SHARE (Diluted) ₹ 6,888 Million (Margin 12.4%) YoY growth of 33.4% YoY margin expansion of 100bps ₹ 4,551 Million (Margin 8.2%) YoY growth of 30.4% H1FY26 at ₹ 4.95 per share FY26 at ₹ 9.56 per share *H1FY27 PAT including exceptional items (announced in Q1FY27) is INR 3,987 million
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Copyright © 2026 Firstsource. All rights reserved. 31 Revenue distribution | Q2FY27 By verticals By delivery locationBy geography BFS 35.5% Healthcare 31.6% CMT 20.6% Diverse 12.3% North America 65.6% EMEA 32.7% RoW 1.7% Onshore 57.7% Offshore & Nearshore 42.3%
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Copyright © 2026 Firstsource. All rights reserved. 32 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 Q2FY27 QoQ YoY Income from services 79,721 22,209 23,147 24,674 26,130 96,161 27,518 28,306 2.9% 22.3% Other operating income 82 (33) (25) (244) (296) (597) (269) (50) - - Revenue from operations 79,803 22,177 23,122 24,431 25,835 95,564 27,249 28,256 3.7% 22.2% Revenue from operations (US$m) $944 $259 $265 $274 $283 $1,082 $288 $296 2.6% 11.7% QoQ growth % - constant currency - 1.6% 2.0% 4.6% 3.0% - 2.2% 2.0% - - YoY growth % - constant currency 22.6% 19.2% 13.8% 10.6% 11.6% 13.6% 12.3% 12.3% - - Manpower expenses 49,958 13,207 13,618 14,312 14,766 55,903 15,316 15,786 3.1% 15.9% Operating expenses 17,769 5,499 5,744 6,093 6,764 24,099 7,420 7,765 4.6% 35.2% EBITDA 12,076 3,471 3,760 4,027 4,304 15,562 4,513 4,705 4.3% 25.1% EBITDA margin 15.1% 15.7% 16.3% 16.5% 16.7% 16.3% 16.6% 16.7% 10bp 40bp Depreciation & amortization 3,270 972 1,096 1,112 1,161 4,341 1,146 1,184 3.3% 8.1% EBIT 8,806 2,498 2,665 2,915 3,143 11,221 3,367 3,521 4.6% 32.1% EBIT margin 11.0% 11.3% 11.5% 11.9% 12.2% 11.7% 12.4% 12.5% 10bp 100bp Finance cost 1,479 434 428 433 520 1,815 518 510 -1.5% 19.3% Other income, net (9) 68 (13) 36 (17) 75 61 (18) - - 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 2,994 36.5% 33.4% Taxes and minority interest 1,462 439 448 313 554 1,754 534 665 24.5% 48.4% Profit after tax 5,945 1,693 1,795 1,203# 2,052 6,744# 1,659 2,328 40.3% 29.7% Net margin 7.4% 7.6% 7.8% 4.9% 7.9% 7.1% 6.1% 8.2% 210bp 40bp Diluted EPS (₹/share) 8.42 2.40 2.54 1.71# 2.91 9.56 # 2.36 3.31 40.3% 30.3%
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Copyright © 2026 Firstsource. All rights reserved. 33 Cons. IndAS financials | Balance Sheet In ₹ million As on Mar 31, 2026 As on Sep 30, 2026 Equity and liabilities Shareholder's Funds Equity share capital 6,970 6,970 Reserve and surplus 36,875 41,805 Non-controlling interest 4 - Total equity 43,849 48,775 Non-current liabilities Financial liabilities Long-term borrowings 1,897 - Lease liabilities 7,315 7,028 Other financial liabilities 2,328 2,059 Provisions 1,140 1,152 Deferred tax liabilities 1,886 1,881 Total non-current liabilities 14,566 12,120 Current liabilities Financial liabilities Short-term and other borrowings 17,478 19,414 Trade payables 5,579 6,816 Lease liabilities 2,529 2,764 Other financial liabilities 6,469 4,632 Other current liabilities 1,405 1,701 Provisions 973 1,040 Provision for tax, net 352 227 Total current liabilities 34,785 36,594 Total liabilities 93,200 97,489 In ₹ million As on Mar 31, 2026 As on Sep 30, 2026 Assets Non-current assets Fixed assets 3,403 3,533 Right-of-use assets 8,558 8,475 Goodwill on consolidation 42,655 43,088 Other intangible assets 1,351 1,088 Intangible assets under development - 233 Financial assets Investments 658 693 Other financial assets 918 1,060 Deferred tax assets 3,910 3,783 Income tax assets, net 896 1,033 Other non-current assets 3,228 1,840 Total non-current assets 65,577 64,826 Current assets Financial assets Current investments 502 572 Trade receivables 20,786 23,471 Cash and cash equivalents 2,586 3,518 Other bank balances 107 73 Other financial assets 235 1,538 Other current assets 3,407 3,491 Total current assets 27,623 32,663 Total assets 93,200 97,489
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Copyright © 2026 Firstsource. All rights reserved. 34 Cons. IndAS financials | Cash Flow Statement In ₹ million Half-year ended Sep 30, 2025 Half-year ended Sep 30, 2026 Cash flow from operating activities Net profit before taxation and non-controlling interest 4,376 5,187 Depreciation and amortization 2,068 2,330 Finance costs (for borrowings & lease liabilities) 862 1,027 Non-cash expense 353 563 Non-operating items (22) (63) Exceptional items, net (19) 717 Working capital changes (1,004) (3,390) Income taxes paid (688) (1,403) Net cash generated from/(used in) operating activities (A) 5,927 4,969 Cash flow from investing activities Capital expenditure, net (503) (991) Interest income received 15 20 (Increase)/decrease in current investments (50) (37) Investment in short-term fixed deposits (4) (39) Purchase of non-current investment (221) (28) Earmarked balances with banks 58 73 Payment of contingent consideration towards acquisition (27) (514) Net cash generated from/(used in) investing activities (B) (731) (1,515) Cash Flow from financing activities Net change in borrowings (2,232) (200) Net interest paid (851) (1,029) Payment of lease liabilities (1,298) (1,319) Movement of treasury shares, net (134) 17 Purchase of non controlling interest in subsidiary - - Net cash generated from/(used in) financing activities (C) (4,516) (2,531) Net increase/(decrease) in cash and cash equivalents (A+B+C) 680 923 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 10 Closing cash and cash equivalents 2,255 3,518 Current investments 694 572 Cash and cash equivalents including investments 2,949 4,090
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Copyright © 2026 Firstsource. All rights reserved. 35 Operating Metrics | Q2FY27 * For employees in continuous employment for more than 180 days Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Revenue by Vertical Banking & Financial Services 34.4% 32.4% 33.4% 32.5% 33.2% 31.7% 32.2% 33.2% 35.5% Healthcare 36.3% 34.0% 33.8% 33.4% 33.5% 32.1% 34.4% 33.0% 31.6% Communication, Media & Tech 21.3% 20.3% 21.0% 22.4% 21.7% 21.2% 19.9% 20.6% 20.6% Diverse Industries 8.0% 13.3% 11.8% 11.7% 11.6% 15.0% 13.5% 13.2% 12.3% Revenue by Geography North America 68.5% 66.3% 67.7% 68.7% 69.4% 67.2% 68.0% 66.4% 65.6% Europe, Middle East, and Africa 31.4% 33.4% 31.5% 30.1% 29.4% 31.7% 30.6% 31.7% 32.7% Rest of World 0.1% 0.3% 0.8% 1.2% 1.2% 1.1% 1.4% 1.9% 1.7% Revenue by Delivery Offshore & Nearshore 35.8% 40.1% 37.8% 41.2% 41.6% 43.4% 43.0% 43.5% 42.3% Onshore 64.2% 59.9% 62.2% 58.8% 58.4% 56.6% 57.0% 56.5% 57.7% Client Addition New logos (added during the quarter) 13 13 7 17 10 9 11 12 17 Strategic logos (added during the quarter) 3 5 2 9 4 5 6 3 6 Client Concentration Top 5 clients (share of total revenues) 32.5% 29.0% 29.3% 29.6% 28.9% 28.1% 28.0% 27.4% 27.0% Top 10 clients (share of total revenues) 48.6% 43.4% 43.7% 42.6% 42.3% 40.7% 39.9% 39.2% 38.9% Client Distribution US$ 1m+ clients (nos.) 105 107 116 141 142 141 150 145 139 US$ 5m+ clients (nos.) 26 28 30 38 39 41 42 45 51 US$ 10m+ clients (nos.) 13 14 15 17 17 18 17 20 23 US$ 20m+ clients (nos.) 11 10 10 11 9 9 9 10 9 US$ 50m+ clients (nos.) 2 2 2 2 2 2 2 2 2 Revenue by Currency USD 68.2% 64.9% 65.7% 67.9% 68.5% 66.1% 67.4% 67.4% 64.5% GBP 30.9% 34.2% 32.7% 30.1% 29.2% 31.9% 30.3% 30.3% 31.7% Others 0.9% 0.9% 1.6% 2.0% 2.3% 2.0% 2.3% 2.3% 3.8% Employee Metrics Total employees (period-end) 32,898 34,144 34,651 34,495 35,997 36,689 36,205 36,875 39,937 Net addition 3,667 1,246 507 (156) 1,502 692 (484) 670 3,062 Attrition* (TTM) 30.6% 31.4% 29.8% 28.9% 28.0% 27.4% 29.7% 33.1% 34.0%
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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.