Slide 1: Cover letter to stock exchanges
3rd February 2026 To: National Stock Exchange of India BSE Limited (Scrip Code: Limited (Scrip Code: FSL) 532809) Exchange Plaza, Phiroze Jeejeebhoy Towers, Plot no. C/1, G Block, Dalal Street, Bandra-Kurla Complex Mumbai - 400 001 Bandra (East), Mumbai - 400 051 Dear Madam/ Sir, Sub: Intimation of
Slide 2: Firstsource Solutions Investor Presentation February 2026
Firstsource Solutions Investor Presentation FEBRUARY 2026
Slide 3: Disclaimer
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
Slide 4: We are a part of RP-Sanjiv Goenka Group
We are a part of RP-Sanjiv Goenka Group Too Yumm, a flavorful & better-for-you snacking India’s first fully integrated utility company, Group turnover of serving 4.7 Mn consumers across 7 locations Innovating in the personal care category through ~US$5 Bn* new-age brands Naturali and Within Beauty A
Slide 5: Journey so far… Strategy refresh & impact
Journey so far… Strategy refresh & impact
Slide 6: OneFirstsource has been our strategy playbook over the past two years
Strategy refresh & impact OneFirstsource has been our strategy playbook over the past two years Cross-sell/up-sell into existing clients Simplify Expand the organization capabilities Improve Amplify margins the ‘Firstsource’ brand Elevate TOP-QUARTILE REVENUE GROWTH Tech employee experience in every
Slide 7: We have strengthened our client relationships
Strategy refresh & impact We have strengthened our client relationships We are adding new logos at a healthy pace… 17 141 41 13 13 9 10 3 10 9 5 9 2 7 4 2 5 US$1m+ clients (nos.) US$5m+ clients (nos.) Strategic logos 105 103 100 142 141 107 116 38 25 25 26 28 30 39 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25
Slide 8: Driven consistent industry leading revenue growth
Strategy refresh & impact Driven consistent industry leading revenue growth 27.7% 17.2% ~1.5x 25.0% 22.7% 12.3% 19.2% 14.8% 9.0% 13.8% 10.6% 4.5% 2.3% Firstsource IT large-cap Select IT Select BPO mid-cap peers Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Reported YoY US$ revenue growth o
Slide 9: We improved our margins even while investing in the business
Strategy refresh & impact We improved our margins even while investing in the business Expanded sales team 11.9% Senior leadership hires 11.5% 11.2% 11.3% 11.1% New roles to drive strategic initiatives 11.0% 11.0% 10.8% Capability expansion Key investments areas AI infusion across services Vertical-
Slide 10: Creating strong shareholder returns
Strategy refresh & impact Creating strong shareholder returns Stock performance: Last 5 years^ Total Shareholder Return^ NSE: FSL | BSE: 532809 | Reuters: FISO.BO| Bloomberg: FSOL:IN -6% Share price return Market Capitalisation: US$2.4bn 1 Year return 1% Dividend yield Average daily trading volume (
Slide 11: Looking beyond… Leading in the UnBPO world
Looking beyond… Leading in the UnBPO world
Slide 12: Macro trends reshaping the global business environment
Leading in the UnBPO world Macro trends reshaping the global business environment • Rise of nationalistic policies, tariffs and trade barriers Geopolitical • Growing client demand for closer cultural & time zone alignment • Accelerated pace of technology innovation Technological • Diminishing barrie
Slide 13: Traditional business model is at risk
Leading in the UnBPO world Traditional business model is at risk Traditional BPO Approach The UnBPO Mindset Front, middle and back-office tasks with defined boundaries ‘Service-as-a-software’; boundaries between process and IT blurring Labor arbitrage/global delivery are the key assets ‘Technology a
Slide 14: UnBPO unlocks a ~7x larger addressable market
Leading in the UnBPO world UnBPO unlocks a ~7x larger addressable market Nativ dors eS en aa V sP are Enterprise lay Softw Software & Tech Spend ers Services mark nd et a Global bal Software Services-as-Software Market Opportunity US$1.5tn* o oviders Gl IT Service Enterprise s Pr Services Spend s e
Slide 15: Our deep domain expertise is a key differentiator
Leading in the UnBPO world Our deep domain expertise is a key differentiator BANKING & COMMUNICATION, DIVERSIFIED HEALTHCARE FINANCIAL SERVICES MEDIA & TECHNOLOGY INDUSTRIES US$343m* 33% US$348m* 33% US$226m* 21% US$132m* 13% 14 of Top 20 1 of Top 2 Mortgage lenders & servicers in the US 12 of Top 1
Slide 16: We have infused AI to make our core services UnBPO ready
Leading in the UnBPO world We have infused AI to make our core services UnBPO ready CUSTOMER DOMAIN-LED COLLECTIONS EXPERIENCE PLATFORMS & SOLUTIONS Domain led solutions tailored for industry- E2E collection capabilities, covering first- AI embedded into existing platforms for specific pain points p
Slide 17: We are leveraging our core strengths to expand into AI-native services
Leading in the UnBPO world We are leveraging our core strengths to expand into AI-native services AI CONSULTING SERVICES Domain Capabilities AI Maturity Assessment 10+ AI Strategy & Roadmap Industry verticals expertise AI Labs setup 1000+ Processes transformation experience AI Platform Selec
Slide 18: AI is at the core of our UnBPO strategy
Leading in the UnBPO world relAI is at the core of our UnBPO strategy Q1FY25 AI-first Platforms Data & AI Services Q3FY25 Mortgage LM 01 02 The Future of AI-Powered Mortgage Processing GenAI Creator Q4FY25 06 03 Agentic AI Economy Q4FY25 05 04 Firstsource Agentic AI Studio AI labs & GenAI Solutions
Slide 19: UnBPO in action: Case study #1
Leading in the UnBPO world UnBPO in action: Case study #1 The challenge Achieve cost optimization targets while maintaining service excellence Enhance accuracy and efficiency of the process through AI-driven interventions Client : Scale AI adoption in operations, overcoming integration and scalabili
Slide 20: UnBPO in action: Case study #2
Leading in the UnBPO world UnBPO in action: Case study #2 The challenge Optimize TCO, modernize operations, and build a future-ready service model Transformation spanned 16 core processes, 99 sub-processes, and 72 tools Client : Address complexity from fragmented systems and manual workloads One of
Slide 21: Rooted in shared values
Our core strengths Rooted in shared values RISK TAKING 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
Slide 22: Focused on driving sustainable impact
Our core strengths Focused on driving sustainable impact Firstsource Tops Professional Services Sector in S&P Global Sustainable1 FY25 ESG and CSA score of 87 Climate 2025 ‘B’ RATING Silver RATING Leader in Carbon Management ESG REPORT 2024-25 Water Security 2025 ‘B’ RATING Read our FY25 EGS report
Slide 23: Recognized strength in our key capabilities
Our core strengths Recognized strength in our key capabilities Market Leader Major Contender Leader Leader Star Performer Star Performer GenAI and Process Automation in CX Services Transformation Banking Operations Financial Crime and Compliance Banking NelsonHall NEAT Peak Matrix Assessment Peak Ma
Slide 24: Experienced leadership team
Our core strengths Experienced leadership team Ritesh Idnani Dinesh Jain Vivek Sharma Rajiv Malhotra Matthew Barlow Scott Schrader MD & CEO Chief Financial Officer Head – CMT, BFS Head – Europe, Middle East Head - Healthcare Payer Head - Healthcare Provider and Emerging Geos & Africa Sohit Brahmawar
Slide 25: In summary…
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 UnBPO playbook Our ‘right’ scale gives us an advantage …Helped by our un
Slide 26: Our FY26 guidance
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 Copyright © 2026 Firstsource. All rights reserved. 25
Slide 27: Our medium-term aspirations
Our medium-term aspirations Services Expansion Cross-sell/upsell Optimise Execution Rightshore Delivery (for existing verticals) (in existing clients) (Delayer/internal seeding) Vertical Expansion Automation/AI tools (Retail/Utilities (in output/outcome in the US) Double–digit 50-75bps expansion com
Slide 28: Factsheet
DP firstsource’ Factsheet
Slide 29: Financial performance snapshot | 9MFY26
Financial performance snapshot | 9MFY26 Revenue (in $ million) Revenue (in ₹ million) 18.5% 16.0% -5.7% 2.0% 23.3% 15.1% 23.9% 16.6% 1.7% 5.2% 25.9% 19.8% 17.9% 14.6% -1.1% 1.1% 22.6% 14.3% 79,803 944 69,729 63,362 60,223 59,212 798 795 765 750 50,780 685 40,986 578 FY20 FY21 FY22 FY23 FY24 FY25 9MF
Slide 30: Key performance indicators | 9MFY26
Key performance indicators | 9MFY26 Return on Equity (%) Return on Capital Employed (%) 17.8% 17.6% 17.6% 17.7% 16.3% 15.6% 15.4% 15.3% 14.5% 13.9% 13.4% 12.9% 12.3% 12.3% FY20 FY21 FY22 FY23 FY24 FY25 9MFY26* FY20 FY21 FY22 FY23 FY24 FY25 9MFY26* Cash Flow (in ₹ million) Debt Position (in ₹ million
Slide 31: Performance Summary | Q3FY26
Performance Summary | Q3FY26 REVENUE EBIT ₹ 24,431 Million ₹ 2,915 Million (US$ 274 Million) (Margin 11.9%) YoY growth of 16.2% YoY growth of 24.9% YoY constant currency growth of 10.6% YoY margin expansion of 80bps QoQ constant currency growth of 4.6% QoQ margin expansion of 40bps PROFIT AFTER TAX
Slide 32: Performance Summary | 9MFY26
Performance Summary | 9MFY26 REVENUE EBIT ₹ 69,729 Million ₹ 8,078 Million (US$ 798 Million) (Margin 11.6%) YoY growth of 19.8% YoY growth of 26.5% YoY constant currency growth of 14.3% YoY margin expansion of 60bps PROFIT AFTER TAX EARNINGS PER SHARE (Diluted) ₹ 5,510 Million ₹ 7.81 (Margin 7.9%) p
Slide 33: Revenue distribution | Q3FY26
Revenue distribution | Q3FY26 By verticals By geography By delivery location RoW Diverse 1.1% 15.0% Offshore & Nearshore EMEA 43.4% BFS 31.7% 31.7% CMT 21.2% Onshore North America 56.6% Healthcare 67.2% 32.1% Copyright © 2026 Firstsource. All rights reserved. 32
Slide 34: Cons. IndAS financials | Profit & Loss Statement
Cons. IndAS financials | Profit & Loss Statement 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 fr
Slide 35: Cons. IndAS financials | Balance Sheet
Cons. IndAS financials | Balance Sheet In ₹ million As on Mar 31, 2025 As on Dec 31, 2025 In ₹ million As on Mar 31, 2025 As on Dec 31, 2025 Assets Equity and liabilities Non-current assets Shareholder's Funds Fixed assets 3,254 3,271 Equity share capital 6,970 6,970 Right-of-use assets 9,126 8,824
Slide 36: Cons. IndAS financials | Cash Flow Statement
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 li
Slide 37: Operating Metrices | Q3FY26
Operating Metrices | Q3FY26 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Banking & Financial Services 38.3% 37.3% 36.4% 34.4% 32.4% 33.4% 32.5% 33.2% 31.7% Revenue by Healthcare 33.5% 32.9% 35.7% 36.3% 34.0% 33.8% 33.4% 33.5% 32.1% Vertical Communications, Media & Tech 22.5% 23.6%
Slide 38: About Firstsource
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