Slide 1: Cover letter to stock exchanges
4th November 2025 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 Bandra (East), Mumbai - 400 001 Mumbai - 400 051 Sub: Earnings Presentation We are en
Slide 2: Firstsource Solutions Earnings Presentation Q2FY26
Firstsource Solutions Earnings Presentation Q2FY26
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: About Us
About Us Established in 2001 Part ofRP-Sanjiv Goenka Group Public listing in 2007 Since 2012 Specialized BPS partner Leader in chosen verticals Hyper-focused, domain-centric teams with cutting-edge tech, Banking & Financial Services, Healthcare, Communications, data, and analytics Media & Technology
Slide 5: 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 6: Our Verticals
Our Verticals BANKING & COMMUNICATION, DIVERSIFIED HEALTHCARE FINANCIAL SERVICES MEDIA & TECHNOLOGY INDUSTRIES US$336m* 33% US$345m* 34% US$219m* 21% US$124m* 12% 14 of Top 20 1 of Top 2 Mortgage lenders & servicers in the US 12 of Top 15 Health plans in the US Media companies in the UK 2 of Top 5 E
Slide 7: Our Leadership Team
Our Leadership Team Ritesh Idnani Dinesh Jain Sohit Brahmawar Shamita Mukherjee Aniket Maindarkar Hasit Trivedi MD & CEO Chief Financial Officer Chief Operating Officer Chief Human Resources Chief Marketing Officer Chief Digital & AI Officer Officer Vivek Sharma Venkatgiri Vandali Rajiv Malhotra Arj
Slide 8: Performance Highlights Q2FY26
Performance Highlights Q2FY26
Slide 9: Performance Summary | Q2FY26
Performance Summary | Q2FY26 REVENUE EBIT ₹ 23,122 Million ₹ 2,665 Million (US$ 265 Million) (Margin 11.5%) YoY growth of 20.1% YoY growth of 28.1% YoY constant currency growth of 13.8% YoY margin expansion of 70bps QoQ constant currency growth of 2.0% QoQ margin expansion of 20bps PROFIT AFTER TAX
Slide 10: Performance Summary | H1FY26
Performance Summary | H1FY26 REVENUE EBIT ₹ 45,299 Million ₹ 5,163 Million (US$ 524 Million) (Margin 11.4%) YoY growth of 21.9% YoY growth of 27.4% YoY constant currency growth of 16.4% YoY margin expansion of 50bps PROFIT AFTER TAX EARNINGS PER SHARE (Diluted) ₹ 3,488 Million ₹ 4.95 (Margin 7.7%) p
Slide 11: Key Deal Wins | Q2FY26
Key Deal Wins | Q2FY26 • Expanded our footprint into collection services at a top retail bank in the UK, one of our long-standing clients. This is our largest deal for collection services in the UK • Selected by one of the Top10 healthcare payer in North America, an existing client, for claims data
Slide 12: Employee Base | Q2FY26
Employee Base | Q2FY26 • Total headcount of 35,997 employees • QoQ net headcount increase of 1,502 INFI IN USE OF TECH • YoY net headcount addition of 3,099 & ANALYTICS IN TA GOLD • TTM employee attrition at 28.0% Firstsource won Gold for ‘Use of Tech & Firstsource recognized among the Top 50 Analyt
Slide 13: Awards & Recognitions | Q2FY26
Awards & Recognitions | Q2FY26 Firstsource recognized at 3rd Prithvi Awards 2025 by ESG Firstsource recognized as Leader Firstsource recognized as ‘Major Firstsource named as Horizon 3 Research Foundation in Mortgage Business Process Contender’ & ‘Star Performer’ in Market Leader in Mortgage Transfo
Slide 14: Our FY26 guidance
Our FY26 guidance 13-15%* Constant currency revenue growth *Does not include the proposed acquisition of Pastdue Credit Solutions 11.25-12.0% EBIT margin Copyright © 2025 Firstsource. All rights reserved. 13
Slide 15: Factsheet
DP firstsource’ Factsheet
Slide 16: Cons. IndAS financials | Profit & Loss Statement
Cons. IndAS financials | Profit & Loss Statement In ₹ million FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 FY25 Q1FY26 Q2FY26 QoQ YoY Income from services 63,325 17,839 19,326 20,879 21,678 79,721 22,209 23,147 4.2% 19.8% Other operating income 37 72 (72) 145 (63) 82 (33) (25) -24.4% -65.7% Revenue from operati
Slide 17: Cons. IndAS financials | Balance Sheet
Cons. IndAS financials | Balance Sheet In ₹ million As on Mar 31, 2025 As on Sep 30, 2025 In ₹ million As on Mar 31, 2025 As on Sep 30, 2025 Assets Equity and liabilities Non-current assets Shareholder's Funds Fixed assets 3,254 3,199 Equity share capital 6,970 6,970 Right-of-use assets 9,126 8,710
Slide 18: Cons. IndAS financials | Cash Flow Statement
Cons. IndAS financials | Cash Flow Statement In ₹ million 6 Months ended Sep 30, 2024 6 Months ended Sep 30, 2025 Cash flow from operating activities Net profit before taxation and non-controlling interest 3,383 4,376 Depreciation and amortization 1,520 2,068 Finance costs (for borrowings & lease li
Slide 19: Operating Metrics | Q2FY26
Operating Metrices | Q2FY26 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Banking & Financial Services 40.8% 38.3% 37.3% 36.4% 34.4% 32.4% 33.4% 32.5% 33.2% Revenue by Healthcare 32.7% 33.5% 32.9% 35.7% 36.3% 34.0% 33.8% 33.4% 33.5% Vertical Communications, Media & Tech 21.2% 22.5%
Slide 20: Annexure
DP firstsource’ Annexure
Slide 21: Financial performance snapshot | H1FY26
Financial performance snapshot | H1FY26 Revenue (in $ million) Revenue (in ₹ million) 18.5% 16.0% -5.7% 2.0% 23.3% 17.8% 23.9% 16.6% 1.7% 5.2% 25.9% 21.9% 17.9% 14.6% -1.1% 1.1% 22.6% 16.4% 79,803 944 63,362 60,223 59,212 795 765 750 50,780 685 45,299 40,986 578 524 FY20 FY21 FY22 FY23 FY24 FY25 H1F
Slide 22: Key performance indicators | H1FY26
Key performance indicators | H1FY26 Return on Equity (%) Return on Capital Employed (%) 18.0% 17.6% 17.6% 17.7% 16.0% 15.6% 15.4% 15.3% 14.5% 13.9% 13.4% 12.9% 12.3% 12.3% FY20 FY21 FY22 FY23 FY24 FY25 H1FY26* FY20 FY21 FY22 FY23 FY24 FY25 H1FY26* Cash Flow (in ₹ million) Debt Position (in ₹ million
Slide 23: 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 1% Market Capitalisation: US$2.8bn 1 Year return 4% Average daily trading volume (TTM): US$11.4mn Share price return
Slide 24: Firstsource company description and website
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