Slide 1: Intimation of Analyst/Institutional Investor Call
6th May 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 Analy
Slide 2: Firstsource Solutions Investor Presentation May 2026
Firstsource Solutions Investor Presentation MAY 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 E
Slide 5: Our Impact
DP firstsource’ Our Impact a SR
Slide 6: Our impact: client relationships and large deals
Our impact We have strengthened our client relationships We are adding new logos at a healthy pace… 17 150 42 13 13 9 11 10 3 10 5 9 2 7 4 6 2 5 US$1m+ clients (nos.) US$5m+ clients (nos.) Strategic logos 100 105 142 107 116 141 141 25 26 28 30 38 39 41 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY
Slide 7: Industry leading revenue growth
Our impact Driven consistent industry leading revenue growth 23.3% 14.6% ~1.2x 13.6% 12.1% 14.6% 3.2% 2.0% FY24 FY25 FY26 Firstsource IT large-cap Select IT Select BPO mid-cap peers Reported YoY US$ revenue growth on TTM-basis as of 31st March 2026 IT large-cap include TCS, Infosys, HCL Tech, Wipro,
Slide 8: Improved margins while investing in the business
Our impact We improved our margins even while investing in the business 12.2% Expanded sales team 11.9% Senior leadership hires 11.5% 11.2% 11.3% 11.1% New roles to drive strategic initiatives 11.0% 10.8% Capability expansion Key investments areas AI infusion across services Vertical-specific langua
Slide 9: Creating strong shareholder returns
Our impact Creating strong shareholder returns Stock performance: Last 5 years^ Total Shareholder Return^ NSE: FSL | BSE: 532809 | Reuters: FISO.BO| Bloomberg: FSOL:IN Share price return Market Capitalisation: US$1.8bn 3 Year return 84% 11% Dividend yield Average daily trading volume (TTM): US$6mn 5
Slide 10: Our Core Strengths
DP firstsource’ Our Core Strengths
Slide 11: Our deep domain expertise is a key differentiator
Our core strengths Our deep domain expertise is a key differentiator BANKING & COMMUNICATION, DIVERSIFIED HEALTHCARE FINANCIAL SERVICES MEDIA & TECHNOLOGY INDUSTRIES US$361m* 33% US$350m* 33% US$230m* 21% US$140m* 13% 1 of Top 2 14 of Top 20 Media companies in the UK 10 of Top 15 Health plans in the
Slide 12: Our services are AI-enabled
Our core strengths Our services are AI-enabled 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 party, third-party and legal collectio
Slide 13: Our Employee Value Proposition
Our core strengths Our Employee Value Proposition Brilliant People At Firstsource, we build bold technology with brilliant people who turn Brilliant People. ideas into impact. Curiosity fuels us, failure teaches us, and growth comes from pushing what’s possible. Bold Tech. Bold Tech Uncommon Careers
Slide 14: 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 15: 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 Supplier Engagement Assessment 2025 Bronze RATING Firstsource was awarded ‘A’ RATING with Golden Peacock Award Overall score of 70/100 & rank
Slide 16: Recognized strength in our key capabilities
Our core strengths Recognized strength in our key capabilities Market Leader Major Contender Leader Leader GenAI and Process Automation CX Services Transformation Leader Star Performer Star Performer Healthcare Payer Agility & Banking Operations Financial Crime & Compliance in Banking NelsonHall NEA
Slide 17: 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 18: Our Strategy in Action: From UnBPO to Intelligence That Operates
Our Strategy in Action From UnBPO to Intelligence That Operates
Slide 19: A ~7x larger addressable market — services-as-software
Our strategy in action A ~7x larger addressable market — services-as-software 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
Slide 20: Enterprises are Challenged with Capturing the Value of AI
Our strategy in action Enterprises are Challenged with Capturing the Value of AI AI CAPABILITY vs COMPREHENSION AI capability scales exponentially. Human ↑ CAPABILITY AI Capability comprehension follows a far slower, linear curve. Strategy work doesn't close that gap. Demos don't close that gap. Onl
Slide 21: The Problem with Most AI Partners
Our strategy in action The Problem with Most AI Partners Closing the gap takes a partner who can do all three. Most can't. 01 02 03 Some offer strategy. Some implement. Some run operations. They produce decks, frameworks, and They build the systems, integrate the They keep the lights on, hit SLAs, r
Slide 22: Our UnBPO Mindset has Enabled Us to Deliver Intelligence that Operates
Our UnBPO Mindset has Enabled Us to Deliver Intelligence that Operates The Origin Launched February 2025. Validated by market reality in 2026. Re-Building Re-Imagining Technology Operations 03 01 02 Re-Engineering Talent Copyright © 2026 Firstsource. All rights reserved. 21
Slide 23: How our Clients See Us Today: The Full-Stack Intelligence Operator
How our Clients See Us Today: The Full-Stack Intelligence Operator. Born from UnBPOTM. Built for the Intelligence Era. Not a strategist. Not an integrator. Not an outsourcer. A new kind of partner — one that does all three, as one continuous motion. DEFINITION TRANSFORM Discover · Envision · Design
Slide 24: Kairos — the operating system for AI-native operations
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 Engagement Model καιρός 01 Transform · Implement · Operate — a structured path from ambition to agentic operations at scale. kai·ros · An
Slide 25: Kairos Deep-Domain Tech Platforms
Kairos Deep-Domain Tech Platforms The Evidence 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 — Govern
Slide 26: 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 Intelligence That Operates playbook Our ‘right’ scale gives us an advant
Slide 27: Our FY27 guidance
Our FY27 guidance 10-13% Constant currency revenue growth 12.25-12.75% EBIT margin Copyright © 2026 Firstsource. All rights reserved. 26
Slide 28: 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 29: Factsheet
DP firstsource’ — Factsheet © |
Slide 30: Financial performance snapshot | FY26
Financial performance snapshot | FY26 Revenue (in $ million) Revenue (in ₹ million) 18.5% 16.0% -5.7% 2.0% 23.3% 14.6% 23.9% 16.6% 1.7% 5.2% 25.9% 19.7% 17.9% 14.6% -1.1% 1.1% 22.6% 13.6% 95,564 1,082 79,803 944 63,362 60,223 59,212 795 765 750 50,780 685 40,986 578 FY20 FY21 FY22 FY23 FY24 FY25 FY2
Slide 31: Key performance indicators | FY26
Key performance indicators | FY26 Return on Equity (%) Return on Capital Employed (%) 17.7% 17.6% 17.6% 17.7% 15.6% 15.4% 15.4% 15.3% 14.5% 13.9% 13.4% 12.9% 12.3% 12.3% FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Cash Flow (in ₹ million) Debt Position (in ₹ million) 17,478
Slide 32: Performance Summary | Q4FY26
Performance Summary | Q4FY26 REVENUE EBIT ₹ 25,835 Million ₹ 3,143 Million (US$ 283 Million) (Margin 12.2%) YoY growth of 19.5% YoY growth of 29.8% YoY constant currency growth of 11.6% YoY margin expansion of 100bps QoQ constant currency growth of 3.0% QoQ margin expansion of 30bps PROFIT AFTER TAX
Slide 33: Performance Summary | FY26
Performance Summary | FY26 REVENUE EBIT ₹ 95,564 Million ₹ 11,221 Million (US$ 1,082 Million) (Margin 11.7%) YoY growth of 19.7% YoY growth of 27.4% YoY constant currency growth of 13.6% YoY margin expansion of 70bps PROFIT AFTER TAX EARNINGS PER SHARE (Diluted) ₹ 7,543 Million ₹ 9.56 (Margin 7.9%)
Slide 34: Revenue distribution | Q4FY26
Revenue distribution | Q4FY26 By verticals By geography By delivery location RoW Diverse 1.4% 13.5% Offshore & Nearshore EMEA 43.0% BFS 30.6% 32.2% CMT 19.9% Onshore North America 57.0% Healthcare 68.0% 34.4% Copyright © 2026 Firstsource. All rights reserved. 33
Slide 35: Cons. IndAS financials | Profit & Loss Statement
Cons. IndAS financials | Profit & Loss Statement In ₹ million Q4FY25 FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 QoQ YoY FY26 YoY Income from services 21,678 79,721 22,209 23,147 24,674 26,130 5.9% 20.5% 96,161 20.6% Other operating income (63) 82 (33) (25) (244) (296) - - (597) - Revenue from operations 21,61
Slide 36: Cons. IndAS financials | Balance Sheet
Cons. IndAS financials | Balance Sheet In ₹ million As on Mar 31, 2025 As on Mar 31, 2026 In ₹ million As on Mar 31, 2025 As on Mar 31, 2026 Assets Equity and liabilities Non-current assets Shareholder's Funds Fixed assets 3,254 3,403 Equity share capital 6,970 6,970 Right-of-use assets 9,126 Reserv
Slide 37: Cons. IndAS financials | Cash Flow Statement
Cons. IndAS financials | Cash Flow Statement In ₹ million Year ended Mar 31, 2025 Year ended Mar 31, 2026 Cash flow from operating activities Net profit before taxation and non-controlling interest 7,407 8,498 OCF/EBITDA: 78% Depreciation and amortization 3,270 4,341 FY25: 58% Finance costs (for bor
Slide 38: Operating Metrices | Q4FY26
Operating Metrices | Q4FY26 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Banking & Financial Services 37.3% 36.4% 34.4% 32.4% 33.4% 32.5% 33.2% 31.7% 32.2% Revenue by Healthcare 32.9% 35.7% 36.3% 34.0% 33.8% 33.4% 33.5% 32.1% 34.4% Vertical Communications, Media & Tech 23.6% 22.3%
Slide 39: About Firstsource Solutions Limited
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 collabora