Firstsource Solutions Ltd. — Interim / Quarterly Report 2025

Jul 30, 2025

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30[th] July 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 Mumbai - 400 001 Bandra (East), Mumbai - 400 051

Sub: Earnings Presentation

We are enclosing herewith a copy of the Earnings presentation regarding conference call to be held on Wednesday, 30[th] July 2025 at 4.00 PM IST with the analysts and investors, on the financial results of the Company for the quarter ended 30[th] June 2025.

Please take the same on your record.

Thanking you,

For Firstsource Solutions Limited

POOJA Digitally signed by SURESH POOJA SURESH NAMBIAR NAMBIAR

Pooja Nambiar Company Secretary

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EARNINGS PRESENTATION Q1FY26

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Disclaimer

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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.

2

About Us

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Specialized BPS partner

Established in 2001 Public listing in 2007

Hyper-focused, domain-centric teams with cutting-edge tech, data, and analytics

200+ global clients[#] including

34,495* Firstsourcers

Across US, UK, India, Philippines, South Africa, Australia, Mexico, Romania, Trinidad & Turkey

Several Fortune 500, FTSE 100 and ASX200 companies

Leaders in chosen verticals

Part of RP-Sanjiv Goenka Group Since 2012

Banking & Financial Services, Healthcare, Communications, Media & Technology, Retail and Utilities

Revenues of INR 79.8 Billion (US$944 Million) in FY25

Deep partnerships with clients Average tenure of top 5 clients is over 20 years

For clients with trailing 12-months revenue over US$0.25mn *As on 30[th] June 2025

3

Part of RP-Sanjiv Goenka Group

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Too Yumm , a
India’s first fully integrated utility company,
Group turnover of serving across Innovating in the through
~US$5 Bn [] new-age brands Naturali and Within Beauty
A transforming operations across
EBITDA of Asset base of
industries through its - delivering LSG is a premier IPL franchisee focused on
~US$930 Mn [] >US$8 Bn [] transformative, AI-powered solutions at speed and
scale
Over
1.2 Mn [] Shareholders
Eastern India’s definitive
A company and
Carbon Black player
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One of India’s new-age and fastest growing

Conglomerates

Strong workforce of 55,000+ employees, belonging to different nationalities

An entertainment Company with having diverse portfolio of songs, films, TV serials, web series, artist management & live events.

India’s producer of rubber & South India’s cultivator of tea

Presence in 60+ countries

100+ offices worldwide

India’s organized retailer with varied assortments

Delivering —shaping conversations in business, culture, lifestyle and current affairs

*All figures are for FY25 or as on 31[st] March 2025

4

Our Verticals

Banking & Financial Services

• Asset Finance

• Credit Cards

• Mortgages

• Retail & SME Banking

• FinTech

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Communications, Media & Technology

• Streaming Services, Cable TV

• Broadband & Telephony

• Consumer Technologies

• EdTech

• E-Commerce

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14 of Top 20

Mortgage lenders and servicers in the US

7 of Top 10

Credit card issuers in the US

3 of Top 10

Retail banks in the UK

12 of Top 15

Health plans/managed care providers in the US

330+

Health systems in the US

1 of Top 2

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Broadcasting and media companies in the UK

3 of Top 5

Telecom and broadcasting companies in the US

Healthcare

Diversified Industries

4 of Top 5

• Health Plans

• Healthcare Services

• Hospital Providers

• Physician Groups

• Medical Devices

• Utilities

• Government Entities

• Retail and E-Commerce

Consumer technology companies in the US

2 of Top 5

Energy providers in the UK

2 of Top 10

Retailers in the UK

5

Our Leadership Team

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Ritesh Idnani
MD & CEO
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Dinesh Jain Sohit Brahmawar Shamita Mukherjee Aniket Maindarkar Hasit Trivedi
Chief Financial Officer Chief Operating Officer Chief Human Resources Chief Marketing Officer Chief Digital & AI Officer
Officer
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Vivek Sharma Venkatgiri Vandali Rajiv Malhotra Arjun Mitra Ashish Chawla Sundara Sukavanam Head – CMT, BFS Head – Healthcare & Head – Europe, Middle Head – Collections Head – CX and Consulting Head – Enterprise and Emerging Geos Lifesciences East & Africa Transformation Office

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Performance Highlights | Q1FY26

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Performance Summary | Q1FY26

REVENUE

₹ 22,177 Million (US$ 259 Million)

YoY growth of 23.8% YoY constant currency growth of 19.2% QoQ constant currency growth of 1.6%

PROFIT AFTER TAX

EBIT

₹ 2,498 Million (Margin 11.3%)

YoY growth of 26.8% YoY margin expansion of 30bps QoQ margin expansion of 10bps

EARNINGS PER SHARE

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(Diluted)

₹ 1,693 Million

(Margin 7.6%)

YoY growth of 25.2% QoQ growth of 5.4%

₹ 2.40 per share

Q4FY25 at ₹ 2.28 per share Q1FY25 at ₹ 1.92 per share

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Key Deal Wins | Q1FY26

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• Awarded a large deal by a leading dental health plan in the US to transform their claims and contact center operations

• Won a large deal from one of the largest US based provider-sponsored health plan* for contact center services across multiple states

• Won business from a leading dental insurance companies* in the US to enhance claims processing and CX

• A leading regional medical center* in the US chose Firstsource to provide consulting and RCM services

• Expanded relationship with one of the largest utilities companies in the UK for Collections and CX services

• Selected by a leading global hospitality platform* for customer experience solutions

• Selected by a UK-based fibre broadband provider* for customer acquisition support

• Selected by a leading US broadband connectivity and cable operator* for digital collections

• Selected by a leading UK-based telecommunications and network services provider* for CX services

• Expanded our relationship with a leading US Fintech in the BNPL space for collections service

• Selected by a leading regional bank* in the US for digital collections

*New logo

9

Employee Base | Q1FY26

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• Total headcount of 34,495 employees

• QoQ net headcount reduction of 156

• YoY net headcount addition of 5,264

• TTM employee attrition at 28.9%

Recognized among India’s Top100 Best Companies To Work For 2025 by Great Place To Work[®]

Top Inspiring Workplaces Ranked among Top three 2025 in North America and Indian employers in the UK in UK & Ireland, by Inspiring India Meets Britain Tracker Workplaces 2025 by Grant Thornton

• 47.0% of employees are women

Total headcount

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Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26
34,144 34,651 34,495
32,898
29,231
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Attrition*

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Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26
31.8% 30.6% 31.4% 29.8% 28.9%
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• *For employees in employment for more than 180 days

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Awards & Recognitions | Q1FY26

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ANNUAL REPORT 2024-25

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Read our FY25 Annual Report here
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Overall A’ rating for Supplier Engagement Assessment (SEA) Carbon Disclosure Project, UK

Firstsource was rated A on three of the five criteria – Targets, Scope 3 emissions and Risk Management Processes

Firstsource was rated A- on Supplier Engagement

Top Riser

Everest Group BPS Top 50[TM]

Firstsource was in the Top 25 among BPS providers worldwide on absolute revenue and YoY revenue growth

Firstsource was also ranked among the Top 5 fastest growing service providers

Read the Everest report here

ESG REPORT 2024-25

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Prepared in accordance with Global Reporting
Initiative (GRI) Standards, 2021 and Task Force
on Climate-related Financial Disclosures (TCFD)
frameworks
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Read our FY25 EGS Report here
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11

Business Outlook | FY26

13-15% constant currency revenue growth (Earlier: 12-15%) Does not include the proposed acquisition of Pastdue Credit Solutions, UK

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11.25-12.0% EBIT margin

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Factsheet

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Cons. IndAS financials | Profit & Loss Statement

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In ₹ million	FY24	Q1FY25	Q2FY25	Q3FY25	Q4FY25	FY25	Q1FY26	QoQ	YoY
Income from services	63,325	17,839	19,326	20,879	21,678	79,721	22,209	2.5%	24.5%
Other operating income	37	72	(72)	145	(63)	82	(33)	-	-
Revenue from operations	63,362	17,911	19,254	21,024	21,615	79,803	22,177	2.6%	23.8%
Revenue from operations (US$ mn)	$765	$215	$230	$249	$250	$944	$259	3.6%	20.7%
QoQ growth % - constant currency	-	6.5%	6.9%	7.6%	2.1%	-	1.6%	-	-
YoY growth % - constant currency	1.1%	14.8%	22.7%	27.7%	25.0%	22.6%	19.2%	-	-
Manpower expenses	39,093	11,268	12,104	13,070	13,515	49,958	13,207	-2.3%	17.2%
Operating expenses	14,705	3,944	4,277*	4,777	4,771	17,769	5,499	15.2%	39.4%
EBITDA	9,564	2,699	2,873	3,177	3,328	12,076	3,471	4.3%	28.6%
EBITDA margin	15.1%	15.1%	14.9%	15.1%	15.4%	15.1%	15.7%	30bp	60bp
Depreciation & amortization	2,602	729	792	844	906	3,270	972	7.3%	33.5%
EBIT	6,962	1,970	2,081*	2,333	2,422	8,806	2,498	3.1%	26.8%
EBIT margin	11.0%	11.0%	10.8%	11.1%	11.2%	11.0%	11.3%	10bp	30bp
Finance cost	1,034	316.0	343	393	426	1,479	434	1.9%	37.5%
Other income, net	368	18	(27)	(21)	21	(9)	68	-	-
Exceptional items, net	-	-	-	88	-	88	-	-	-
Profit before taxes	6,297	1,673	1,710	2,007	2,017	7,407	2,132	5.7%	27.5%
Taxes and minority interest	1,150	320	328	404	410	1,462	439.0	7.0%	37.2%
Profit after tax	5,147	1,353	1,382	1,603	1,607	5,945	1,693	5.4%	25.2%
Net margin	8.1%	7.6%	7.2%	7.6%	7.4%	7.4%	7.6%	20bp	-
Diluted EPS (₹/share)	7.34	1.92	1.96	2.27	2.28	8.42	2.40	5.3%	25.0%

*include one-time charges

14

Cons. IndAS financials | Balance Sheet

In ₹ million	As on Mar 31, 2025	As on Jun 30, 2025
Assets
Non-current assets
Fixed assets	3,254	3,234
Right-of-use assets	9,126	8,417
Goodwill on consolidation	36,799	37,114
Other intangible assets	1,248	1,167
Intangible assets under development	-	55
Investment in associates	0	0
Financial assets
Investments	115	116
Other financial assets	1,026	885
Deferred tax assets	2,735	2,991
Income tax assets, net	714	537
Other non-current assets	1,965	2,634
Total non-current assets	56,982	57,152
Current assets
Financial assets
Current investments	616	1,158
Trade receivables	16,860	15,935
Cash and cash equivalents	1,542	1,955
Other bank balances	128	129
Other financial assets	206	222
Other current assets	2,888	3,296
Total current assets	22,240	22,696
Total assets	79,222	79,847

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In ₹ million	As on Mar 31, 2025	As on Jun 30, 2025
Equity and liabilities
Shareholder's Funds
Equity share capital	6,970	6,970
Reserve and surplus	34,006	34,684
Non-controlling interest	4	4
Total equity	40,980	41,658
Non-current liabilities
Financial liabilities
Long-term borrowings	3,419	3,430
Lease liabilities	8,070	7,408
Other financial liabilities	580	1,551
Provisions	241	269
Deferred tax liabilities	1,645	1,682
Total non-current liabilities	13,955	14,341
Current liabilities
Financial liabilities
Short-term and other borrowings	11,908	10,908
Trade payables	3,976	4,936
Lease liabilities	2,296	2,208
Other financial liabilities	4,209	3,688
Other current liabilities	1,106	1,220
Provisions	643	595
Provision for tax, net	149	294
Total current liabilities	24,287	23,849
Total liabilities	79,222	79,847

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Cons. IndAS financials | Cash Flow Statement

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In ₹ million	Quarter ended Jun 30, 2024	Quarter ended Mar 31, 2025	Quarter ended Jun 30, 2025
Cash flow from operating activities
Netprofit before taxation and non-controllinginterest	1,673	2,017	2,132
Depreciation and amortization	729	906	972
Finance costs(for borrowings & lease liabilities)	316	426	434
Non-cash expense	219	554	141
Non-operatingitems	(32)	(31)	(20)
Workingcapital changes	(2,643)	(1,469)	59
Income taxespaid	(321)	(329)	(163)
Net cashgenerated from/(used in) operating activities(A)	(60)	2,075	3,556
Cash flow from investing activities
Capital expenditure,net	(538)	(664)	(239)
Interest income received	2	16	8
(Increase)/decrease in current investments	30	178	(527)
Investment in short-term fixed deposits	-	1	(4)
Acquisition of business	(2,005)	(81)	-
Earmarked balances with banks	6	(60)	3
Payment of contingent consideration towards acquisition	-	-	(27)
Net cashgenerated from/(used in) investing activities(B)	(2,504)	(610)	785
Cash Flow from financing activities
Net change in borrowings	3,710	2,208	(1,334)
Net interestpaid	(388)	(406)	(425)
Payment of lease liabilities	(375)	(462)	(651)
Purchase of treasuryshares,net	(171)	(212)	19
Purchase of non controllinginterest in subsidiary	(225)	-	-
Dividendpaid	-	(2,759)	-
Net cashgenerated from/(used in) financing activities(C)	2,552	(1,631)	(2,390)
Net increase/(decrease) in cash and cash equivalents(A+B+C)	(12)	(167)	(381)
Cash and cash equivalents at the beginningof theperiod	1,748	1,710	1,542
Foreign exchange(loss)/gain on translatingcash and cash equivalents	(5)	(1)	33
Closing cash and cash equivalents	1,731	1,542	1,955
Current investments	385	616	1,158
Cash and cash equivalents including investments	2,116	2,158	3,113

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Operating Metrices | Q1FY26

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		Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25	Q4FY25	Q1FY26
Revenue by Vertical	Banking & Financial Services	40.8%	40.8%	38.3%	37.3%	36.4%	34.4%	32.4%	33.4%	32.5%
	Healthcare	32.6%	32.7%	33.5%	32.9%	35.7%	36.3%	34.0%	33.8%	33.4%
	Communications, Media & Tech	21.8%	21.2%	22.5%	23.6%	22.3%	21.3%	20.3%	21.0%	22.4%
	Diverse Industries	4.8%	5.3%	5.7%	6.2%	5.6%	8.0%	13.3%	11.8%	11.7%
Revenue by Geography	North America	63.5%	65.1%	65.4%	65.0%	68.2%	68.5%	66.3%	67.7%	68.7%
	Europe, Middle East, and Africa	36.4%	34.8%	34.5%	34.9%	31.8%	31.4%	33.4%	31.5%	30.1%
	Rest of World	0.1%	0.1%	0.1%	0.1%	0.0%	0.1%	0.3%	0.8%	1.2%
Revenue by Delivery	Offshore & Nearshore	25.6%	26.7%	30.3%	31.4%	35.0%	35.8%	40.1%	37.8%	41.2%
	Onshore	74.4%	73.3%	69.7%	68.6%	65.0%	64.2%	59.9%	62.2%	58.8%
Client Addition	New logos (added during the quarter)	10	12	10	9	10	13	13	7	17
	Strategic logos (added during the quarter)	-	4	7	3	2	3	5	2	9
Client Concentration	Top 5 clients_(share of total revenues)_	37.2%	35.0%	35.8%	36.7%	34.6%	32.5%	29.0%	29.3%	29.6%
	Top 10 clients_(share of total revenues)_	52.7%	51.3%	52.0%	52.6%	51.5%	48.6%	43.4%	43.7%	42.6%
Client Distribution	US$ 1m+ clients_(nos.)_	98	101	104	103	100	105	107	116	141
	US$ 5m+ clients_(nos.)_	24	24	25	25	25	26	28	30	38
	US$ 10m+ clients_(nos.)_	14	13	13	13	13	13	14	15	17
	US$ 20m+ clients_(nos.)_	9	8	8	8	9	11	10	10	11
	US$ 50m+ clients_(nos.)_	2	2	2	2	2	2	2	2	2
Revenue by Currency	USD	63.2%	65.0%	64.9%	64.8%	67.9%	68.2%	64.9%	65.7%	67.9%
	GBP	36.3%	34.3%	34.4%	34.4%	31.4%	30.9%	34.2%	32.7%	30.1%
	Others	0.5%	0.7%	0.7%	0.8%	0.7%	0.9%	0.9%	1.6%	2.0%
Employee Metrices	Total employees_(period-end)_	22,384	23,953	25,947	27,940	29,231	32,898	34,144	34,651	34,495
	Net addition	(634)	1,569	1,994	1,993	1,291	3,667	1,246	507	(156)
	Attrition*(TTM)	41.7%	39.8%	37.7%	35.4%	31.8%	30.6%	31.4%	29.8%	28.9%

• For employees in continuous employment for more than 180 days

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Annexure

18

Financial performance snapshot | Q1FY26

Revenue

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(in $ million)
18.5% 16.0% -5.7% 2.0% 23.3% 20.7%
17.9% 14.6% -1.1% 1.1% 22.6% 19.2%
FY20 FY21 FY22 FY23 FY24 FY25 Q1FY26
YoY constant currency revenue growth YoY US$ revenue growth
EBIT and Margin (%) (in ₹ million)
10,000 11.8% 12.0%
9,000 10.8% 11.0% 11.0% 11.3% 12.0%
8,000 9.4%
10.0%
7,000
6,000 8.0%
5,000
6.0%
4,000
3,000 4.0%
2,000
2.0%
1,000
- 0.0%
FY20 FY21 FY22 FY23 FY24 FY25 Q1FY26
EBIT EBIT Margin (%)
944
685 795 750 765 259
578
8,806
7,105 6,962 2,498
5,979 5,633
4,437
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Revenue

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(in ₹ million)
23.9% 16.6% 1.7% 5.2% 25.9% 23.8%
FY20 FY21 FY22 FY23 FY24 FY25 Q1FY26
YoY INR revenue growth
79,803 22,177
59,212 60,223 63,362
50,780
40,986
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PAT and Margin (%)

(in ₹ million)

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8,000
9.1% 10.0%
7,000 8.3% 8.5% 8.1%
6,000 7.1% 7.4% 7.6% 8.0%
5,000
6.0%
4,000
3,000 4.0%
2,000
2.0%
1,000
- 0.0%
FY20 FY21 FY22 FY23 FY24 FY25 Q1FY26
PAT PAT Margin (%)
5,945
5,374 5,137 5,147 1,693
3,397 3,617
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Key performance indicators | Q1FY26

Return on Equity (%)

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FY20 FY21 FY22 FY23 FY24 FY25 Q1FY26
17.7%
16.3%
12.3% 12.9% 15.3% 13.9% 14.5%
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Cash Flow

(in ₹ million)

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FY20 FY21 FY22 FY23 FY24 FY25 Q1FY26
Operating Cash Flow Free Cash Flow
9,756
8,060 7,950
7,036 7,436 7,011
6,307 6,441
5,590
4,775
4,104
3,158 3,556 3,317
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Return on Capital Employed (%)

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FY20 FY21 FY22 FY23 FY24 FY25 Q1FY26
Debt Position (in ₹ million)
FY20 FY20 FY20 FY21 FY21 FY21 FY22FY22 FY22 FY23 FY23 FY23 FY24 FY24 FY24 FY25 FY25 FY25 Q1FY26 Q1FY26 Q1FY26
Long term Debt Short term Debt Net Debt
17.6% 17.6% 17.8%
15.4% 15.6%
13.4%
12.3%
11,908
10,908
7,364 13,169
11,225
8,406 6,876 8,049
5,199 8,083
6,526 6,159 6,001
3,903 3,419 3,430
28 846 2,733 1,394
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*Annualised

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Total Shareholder Return | Trailing 5 years

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Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 FSL, 609% NSE IT, 98	%

Total Shareholders Return (including dividends) of ~6.5x in past 5 years

Based on closing prices as of 29[th] July 2025

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THANK YOU

Investor relations

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