Firstsource Solutions Ltd. — Investor Presentation 2025

Nov 4, 2025

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

Dear Madam/ Sir,

Sub: Intimation of Analyst/ Institutional Investor Call

We are enclosing herewith a copy of the presentation regarding conference call to be held on Tuesday, 4[th] November 2025 at 5.00 PM IST with the analysts and investors, on the Financial Results of the Company for the Quarter & Half year ended 30[th] September 2025.

This is for your information and record.

Thanking you,

For Firstsource Solutions Limited

POOJA Digitally signed SURESH by POOJA SURESH NAMBIAR NAMBIAR

Pooja Nambiar Company Secretary

Encl.: A/as

Firstsource Solutions Ltd

1[st] Floor, Athena Towers, Mindspace Malad, Goregaon (W), Mumbai – 400 063 India Tel: +91 (22) 6666 0888 | Fax: +91 (22) 6666 08887 | Web: www.firstsource.com

(CIN: L64202MH2001PLC134147)

Investor Presentation

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.

2

We are a part of RP-Sanjiv Goenka Group

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

LSG is a premier IPL franchisee focused on

Eastern India’s definitive

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

3

Strategy refresh & impact

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 Tech REVENUE GROWTH employee experience in everything we do CONCURRENT MARGIN EXPANSION

5

Strategy refresh & impact We have strengthened our client relationships

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US$1m+ clients (nos.) US$5m+ clients (nos.)
Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26
US$10m+ clients (nos.) US$20m+ clients (nos.)
Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26
142
39
104 103 100 105 107 116 141 25 25 25 26 28 30 38
17
9
13 13 13 13 14 15 17 8 8 9 11 10 10 11
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Number of clients across revenue buckets on a TTM basis

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We are adding new logos at a faster pace…
17
13 13
9
10 10 3 10
9 5
2
7
4
2
Strategic logos
Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26
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…And winning more large deals
5 5
4 4
3 3 3
1
Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26
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Strategic logo defined as one with potential of US$5m+ relationship Large deal defined as one with annual contract value of US$5m+

6

Strategy refresh & impact Driven consistent industry leading revenue growth

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27.7%
25.0%
22.7%
19.2%
14.8%
13.8%
4.5%
2.8%
Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26
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22.2%
~2x
12.5%
9.0%
2.2%
Firstsource IT large-cap Select IT Select BPO
mid-cap peers
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Reported YoY US$ revenue growth on TTM-basis as of 30[th] September 2025 IT large-cap include TCS, Infosys, HCL Tech, Wipro, Tech Mahindra and LTI Mindtree IT mid-cap include Mphasis, Persistent, Coforge and Zensar BPO peers include TP, Concentrix, Genpact, EXL Services, eClerx, Sagility and IKS

YoY constant currency revenue growth

7

Strategy refresh & impact We improved our margins even while investing in the business

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11.5%
Expanded sales team
11.3% Senior leadership hires
11.2%
11.1%
New roles to drive strategic initiatives
11.0%
11.0%
Capability expansion
10.8%
10.7% AI infusion across services
Vertical-specific language models
Brand amplification
Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26
Key investments areas
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8

Strategy refresh & impact Creating strong shareholder returns

Stock performance: Last 5 years^

NSE: FSL | BSE: 532809 | Reuters: FISO.BO| Bloomberg: FSOL:IN Market Capitalisation: US$2.8bn Average daily trading volume (TTM): US$11.4mn

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FSL;406%
Nifty50;121%
NiftyIT;71%
Oct-20 Apr-21 Oct-21 Apr-22 Oct-22 Apr-23 Oct-23 Apr-24 Oct-24 Apr-25 Oct-25
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Total Shareholder Return^

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1%
1 Year return
4%
Share price return
3 Year return 235% 10%
Dividend yield
5 Year return 406% 25%
Shareholding Pattern
Key institutional shareholders
HDFC Mutual Fund
Public & Others
12% Life Insurance Corporation
SBI Mutual Fund
Promoter Tata Mutual Fund
DII 54% Vanguard Group
25%
Blackrock
HSBC Mutual Fund
FII Dimensional Fund
9%
White Oak
Aditya Birla Sun Life Mutual Fund
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^Till 31[st] October 2025 *As on 30[th] September 2025

9

Leading in the UnBPO world

Leading in the UnBPO world Macro trends reshaping the global business environment

Geopolitical

• Rise of nationalistic policies, tariffs and trade barriers

• Growing client demand for closer cultural & time zone alignment

• Accelerated pace of technology innovation

Technological

• Diminishing barriers to access

• Growing regulations around AI on data privacy and security concerns

• Increased lifespans leading to multi-generational workforce

• Integrated workforce of digital and human employees

11

Leading in the UnBPO world Traditional business model is at risk

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The UnBPO Mindset
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Traditional BPO Approach
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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 arbitrage’ not just for cost, but for leverage
Labor-based resourcing model; focus on pyramid optimization
Skill-based resourcing; full/part time, gig, and agentic workforce
Shared service delivery models; one size fits all
‘Fit-for-purpose’ technology contextualized for deep domain
Location dispersion driving competitive differentiation
Location dispersion is ‘location debt’; AI centers of excellence
Hierarchical org. structure; generational workforce
Cross-functional structure; distributed decision-making
Traditional L&D; traditional incentive structures Personalized skilling and reskilling; Retooled incentive structures
Leverage AI for point solutions and drive productivity AI-at-the-core with human-in-the-loop
Use partners to fill technology gaps Orchestration of specialized partners integrated into the operating model
Linear revenue model Disruptive growth with non-linear commercial models
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Copyright © 2025 Firstsource. All rights reserved. 12
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Leading in the UnBPO world UnBPO unlocks a ~7x larger addressable market

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Enterprise
Software & Tech Spend
Global
Services-as-Software
Market Opportunity
US$1.5tn
Enterprise
Global BPO Services Spend
services market
US$220bn^
Growing at 4-5% CAGR
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^Source: Gartner Research *By 2035; Source: HfS Research

13

Leading in the UnBPO world Our deep domain expertise is a key differentiator

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BANKING &
FINANCIAL SERVICES
US$336m 33%
14 of Top 20
Mortgage lenders & servicers in the US
7 of Top 10
Credit card issuers in the US
3 of Top 6
Retail banks in the UK
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HEALTHCARE
US$345m 34%
12 of Top 15
Health plans in the US
300+
Health systems in the US
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COMMUNICATION, DIVERSIFIED
MEDIA & TECHNOLOGY INDUSTRIES
US$219m 21% US$124m 12%
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1 of Top 2
Media companies in the UK
3 of Top 5
Telecom & media companies in the US
4 of Top 5
Consumer Tech companies in the US
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2 of Top 5
Energy providers in the UK
2 of Top 10
Retailers in the UK
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*US$ revenue and % revenue contribution, on TTM basis

14

Leading in the UnBPO world We have infused AI to make our core services UnBPO ready

CUSTOMER EXPERIENCE

COLLECTIONS

DOMAIN-LED PLATFORMS & SOLUTIONS

Domain led solutions tailored for industryspecific pain points

Tech-embedded global delivery operations

AI-powered solutions for AI-first CX operations

E2E collection capabilities, covering firstparty, third-party and legal collections AI/ML infusion for hyper-personalized engagement AI-driven, privacy-first compliance and monitoring systems

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

35%+ improvement in customer feedback Top 5 retail bank in the UK

20%+ improvement in collections Leading auto lender in the US

30%+ improvement in content extraction HealthTech Digital Intake Platform

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85%+ resolution by autonomous agents Leading financial services firm in the US

24%+ increase in 6-month liquidation rate ‘Emerging50’ fintech player in the US

500mn+ claim documents processed HealthTech Digital Intake Platform

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60%+ reduction in mean-time-to-repair Top 5 telecom & media company in the US

21%+ reduction in cost-to-collect Top 3 credit card issuer in the US

40%+ reduction in cycle-time Mortgage Workflow Platform

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20%+ reduction in cost-to-serve One of the largest media player in the UK

20%+ savings in 1[st] party servicing Top3 consumer bank in the US

10%+ improvement in collections CX Tech Platform

15

Leading in the UnBPO world We are leveraging our core strengths to expand into AI-native services

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Domain Capabilities
10+
Industry verticals expertise
1000+
Processes transformation experience
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Tech Expertise
100+
Pre-built GenAI solutions & models
25+
IPs and tools
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Talent Pool & Partner Ecosystem
2000+
Certified AI professionals
25+
Partners across AI ecosystem
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16

Leading in the UnBPO world relAI is at the core of our UnBPO strategy

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AI-first Platforms Data & AI Services
Mortgage LM
01 02
The Future of AI-Powered Mortgage Processing
GenAI Creator
06 03 Agentic AI
Economy
05 04
Firstsource Agentic AI Studio
AI labs &
GenAI Solutions
Innovation Network
Firstsource Gigsourcing Platform
Q1FY25
Q3FY25
Q4FY25
Q4FY25
Q1FY26
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17

Leading in the UnBPO world UnBPO in action: Case study #1

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Client :
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Multi-state Medicare & Medicaid health plan

The challenge

Achieve cost optimization targets while maintaining service excellence Enhance accuracy and efficiency of the process through AI-driven interventions Scale AI adoption in operations, overcoming integration and scalability hurdles Accelerate time-to-value and seamless adoption of new processes

The UnBPO Solution

The impact

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Domain expertise embedded into software solutions

• Implemented Claims-as-a-Service for all lines of businesses

20%

Cost savings over the deal term

• Combined operational transformation with cutting-edge AI technologies

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• Right shored operations while navigating regulatory restrictions

Customized GenAI solutions

• AI/GenAI claims decision agents and copilots to transform operations

• ‘EAD’ framework leveraging AI agents/bots process mining for efficiency

Creative financial structuring

• Deliver savings early in the program with creative solutioning

• Move towards an outcome-based model beyond just SLAs

20% Faster speed to competency

33% FTE effort saved

Faster TAT & efficiency gains

18

Leading in the UnBPO world UnBPO in action: Case study #2

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Client :
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One of the largest building societies

The challenge

Optimize TCO, modernize operations, and build a future-ready service model Transformation spanned 16 core processes, 99 sub-processes, and 72 tools Address complexity from fragmented systems and manual workloads Client’s first outsourcing partnership; mutual trust and alignment was critical

The UnBPO Solution

The impact

Innovation at the core

• Deployed AI Coach for real-time personalized insights and on-the-fly training

55%

Cost savings over the deal term

• GenAI QA automation for reviews at scale; spotting skill/compliance gaps

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• Introduced a compassionate bereavement services solution

Seamless integration

• Designed a model office for scalable workflows across banking value chain

• Embed continuous process intelligence into each layer of operations

• •Culturally aligned and sustainable by design ‘EAD’ framework leveraging AI agents/bots process mining for efficiency

• Co-created governance model to align with the client's culture and purpose

• Innovation Council to define long-term sustainable operating framework

~30%

Reduction in headcount

• 5 8 points Improvement in NPS

~30% improvement in turnaround time

19

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

CREDIBILITY Honesty | Selflessness | Trust HUMANENESS Vulnerability | Humility | Professionalism

20

Our core strengths Focused on driving sustainable impact

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Climate Disclosure
2024
‘B’ RATING
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Supplier Engagement Assessment
2024
‘A’ RATING
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Silver RATING
Leader in Carbon Management
ESG REPORT 2024-25
Read our FY25 EGS report here
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21

Our core strengths Recognized strength in our key capabilities

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Market Leader

BPaaS Solutions Healthcare Payer Market Peak Matrix Assessment 2024

Major Contender & Star Performer RCM Operations Peak Matrix Assessment 2024

Major Contender & Star Performer

Financial Crime and Compliance Peak Matrix Assessment 2025

Horizon 3

Mortgage Reinvention HFS Horizons 2025

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Leader

Mortgage Business Process Transformation RadarView 2025

‘The Booming 15’

(Companies with revenue <US$1bn)

ISG Index 3QCY25

Front Runners

Operationalizing Generative AI Healthcare Payer Market 2025

Top Riser among Top 50 Players (On CY24 revenue; YoY growth) Everest Group BPS Top 50 2025

22

Our core strengths Experienced leadership team

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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
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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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23

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 unique differentiators …

• Roster of long-standing relationships with quality clients with large spend Recognized leadership with strong domain expertise

• Bring technology and AI contextualized to solve clients’ business problems Scrappy culture focused on driving impact and underwrite business outcomes

…And driven by the OneFirstsource 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 Q2FY26; third straight quarter of 4 or more deals 2QFY26 exit deal pipeline at US$1bn+, highest ever FY26 revenue growth guidance at the top decile of the peer group

24

Our FY26 guidance

13-15%*

Constant currency revenue growth *Does not include the proposed acquisition of Pastdue Credit Solutions

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11.25-12.0% EBIT margin

25

Our medium-term aspirations

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Services Expansion Cross-sell/upsell
(for existing verticals) (in existing clients)
Vertical Expansion
(Retail/Utilities
–
Double digit
in the US)
Constant currency YoY revenue growth
Geo Expansion New Logos
(Middle-East/Canada) (incl. strategic logos)
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Optimise Execution
Rightshore Delivery
(Delayer/internal seeding)
Automation/AI tools
(in output/outcome
-
50 75bps expansion
commercial contracts)
EBIT margin
Corporate Initiatives Low-margin Accounts
(G&A cost control) (cure or cease)
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*Under evaluation

26

Factsheet

Financial performance snapshot | H1FY26

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Revenue (in $ million)
18.5% 16.0% -5.7% 2.0% 23.3% 17.8%
17.9% 14.6% -1.1% 1.1% 22.6% 16.4%
FY20 FY21 FY22 FY23 FY24 FY25 H1FY26
YoY constant currency revenue growth YoY US$ revenue growth
944
795 750 765
685
578 524
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EBIT and Margin (%) (in ₹ million)
10,000 11.8% 12.0%
11.4%
9,000 10.8% 11.0% 11.0% 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 H1FY26
EBIT EBIT Margin (%)
8,806
7,105 6,962
5,979 5,633
5,163
4,437
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Revenue (in ₹ million)
23.9% 16.6% 1.7% 5.2% 25.9% 21.9%
FY20 FY21 FY22 FY23 FY24 FY25 H1FY26
YoY INR revenue growth
79,803
59,212 60,223 63,362
50,780
40,986 45,299
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PAT and Margin (%)
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(in ₹ million)

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8,000
9.1% 10.0%
7,000 8.3% 8.5% 8.1%
7.7%
6,000 7.1% 7.4% 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 H1FY26
PAT PAT Margin (%)
5,945
5,374 5,137 5,147
3,397 3,617 3,488
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28

Key performance indicators | H1FY26

Return on Equity (%)

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FY20 FY21 FY22 FY23 FY24 FY25 H1FY26
Cash Flow (in ₹ million)
FY20 FY21 FY22 FY23 FY24 FY25 H1FY26
Operating Cash Flow Free Cash Flow
17.7%
12.3% 12.9% 15.3% 13.9% 14.5% 16.0%
9,756
8,060 7,950
7,036 7,436 7,011
6,307 6,441 5,590 5,927 5,424
4,775
4,104
3,158
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Return on Capital Employed (%)
FY20 FY21 FY22 FY23 FY24 FY25 H1FY26
Debt Position (in ₹ million)
FY20 FY21 FY22 FY23 FY24 FY25 H1FY26
Long term Debt Short term Debt Net Debt
17.6% 17.6% 18.0%
15.4% 15.6%
13.4%
12.3%
11,908
10,217
7,364 13,169
8,406 6,876 8,049 10,820
5,199 8,083
6,526 6,159 6,001
3,903 3,419 3,552
28 846 2,733 1,394
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*Annualised

29

Performance Summary | Q2FY26

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REVENUE

₹ 23,122 Million (US$ 265 Million)

YoY growth of 20.1% YoY constant currency growth of 13.8% QoQ constant currency growth of 2.0%

PROFIT AFTER TAX

₹ 1,795 Million (Margin 7.8%)

YoY growth of 29.9% QoQ growth of 6.0%

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EBIT
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₹ 2,665 Million (Margin 11.5%)

YoY growth of 28.1% YoY margin expansion of 70bps QoQ margin expansion of 20bps

EARNINGS PER SHARE (Diluted)

₹ 2.54 per share

Q1FY26 at ₹ 2.40 per share Q2FY25 at ₹ 1.96 per share

30

Performance Summary | H1FY26

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REVENUE

₹ 45,299 Million (US$ 524 Million)

YoY growth of 21.9% YoY constant currency growth of 16.4%

PROFIT AFTER TAX

₹ 3,488 Million (Margin 7.7%)

YoY growth of 27.6%

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EBIT
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₹ 5,163 Million (Margin 11.4%)

YoY growth of 27.4% YoY margin expansion of 50bps

EARNINGS PER SHARE (Diluted)

₹ 4.95 per share

H1FY25 at ₹ 3.88 per share TTM at ₹ 9.50 per share

31

Revenue distribution | Q2FY26

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By verticals By geography By delivery location
RoW
Diverse
1.2%
11.6% Offshore &
Nearshore
EMEA
41.6%
BFS 29.4%
33.2%
CMT
21.7%
Onshore
North America
58.4%
Healthcare 69.4%
33.5%
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32

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 operations	63,362	17,911	19,254	21,024	21,615	79,803	22,177	23,122	4.3%	20.1%
Revenue from operations (US$m)	$765	$215	$230	$249	$250	$944	$259	$265	2.3%	15.2%
QoQ growth % - constant currency	-	6.5%	6.9%	7.6%	2.1%	-	1.6%	2.0%	-	-
YoY growth % - constant currency	1.1%	14.8%	22.7%	27.7%	25.0%	22.6%	19.2%	13.8%	-	-
Manpower expenses	39,093	11,268	12,104	13,070	13,515	49,958	13,207	13,618	3.1%	12.5%
Operating expenses	14,705	3,944	4,277*	4,777	4,771	17,769	5,499	5,744	4.5%	34.3%
EBITDA	9,564	2,699	2,873	3,177	3,328	12,076	3,471	3,760	8.3%	30.9%
EBITDA margin	15.1%	15.1%	14.9%	15.1%	15.4%	15.1%	15.7%	16.3%	60bp	140bp
Depreciation & amortization	2,602	729	792	844	906	3,270	972	1,096	12.7%	38.4%
EBIT	6,962	1,970	2,081*	2,333	2,422	8,806	2,498	2,665	6.7%	28.1%
EBIT margin	11.0%	11.0%	10.8%	11.1%	11.2%	11.0%	11.3%	11.5%	20bp	70bp
Finance cost	1,034	316	343	393	426	1,479	434	428	-1.6%	24.5%
Other income, net	368	18	(27)	(21)	21	(9)	68	(13)	-	-
Exceptional items, net	-	-	-	88	-	88	-	19	-	-
Profit before taxes	6,297	1,673	1,710	2,007	2,017	7,407	2,132	2,243	5.2%	31.2%
Taxes and minority interest	1,150	320	328	404	410	1,462	439	448	2.1%	36.6%
Profit after tax	5,147	1,353	1,382	1,603	1,607	5,945	1,693	1,795	6.0%	29.9%
Net margin	8.1%	7.6%	7.2%	7.6%	7.4%	7.4%	7.6%	7.8%	20bp	60bp
Diluted EPS (₹/share)	7.34	1.92	1.96	2.27	2.28	8.42	2.40	2.54	5.8%	29.6%

*include one-time charges

33

Cons. IndAS financials | Balance Sheet

In ₹ million	As on Mar 31, 2025	As on Sep 30, 2025
Assets
Non-current assets
Fixed assets	3,254	3,199
Right-of-use assets	9,126	8,710
Goodwill on consolidation	36,799	38,243
Other intangible assets	1,248	788
Intangible assets under development	-	95
Investment in associates	0	0
Financial assets
Investments	115	337
Other financial assets	1,026	899
Deferred tax assets	2,735	3,202
Income tax assets, net	714	907
Other non-current assets	1,965	2,483
Total non-current assets	56,982	58,864
Current assets
Financial assets
Current investments	616	694
Trade receivables	16,860	17,744
Cash and cash equivalents	1,542	2,255
Other bank balances	128	73
Other financial assets	206	319
Other current assets	2,888	3,263
Total current assets	22,240	24,348
Total assets	79,222	83,211

In ₹ million	As on Mar 31, 2025	As on Sep 30, 2025
Equity and liabilities
Shareholder's Funds
Equity share capital	6,970	6,970
Reserve and surplus	34,006	36,687
Non-controlling interest	4	4
Total equity	40,980	43,660
Non-current liabilities
Financial liabilities
Long-term borrowings	3,419	3,552
Lease liabilities	8,070	7,378
Other financial liabilities	580	1,592
Provisions	241	297
Deferred tax liabilities	1,645	1,708
Total non-current liabilities	13,955	14,527
Current liabilities
Financial liabilities
Short-term and other borrowings	11,908	10,217
Trade payables	3,976	4,586
Lease liabilities	2,296	2,542
Other financial liabilities	4,209	5,133
Other current liabilities	1,106	1,183
Provisions	643	750
Provision for tax, net	149	613
Total current liabilities	24,287	25,023
Total liabilities	79,222	83,211

34

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
Netprofit before taxation and non-controllinginterest	3,383	4,376
Depreciation and amortization	1,520	2,068
Finance costs(for borrowings & lease liabilities)	659	862
Non-cash expense	482	353
Non-operatingitems	(13)	(22)
Exceptional items,net	-	(19)
Workingcapital changes	(3,220)	(1,004)
Income taxespaid	(601)	(688)
Net cashgenerated from/(used in) operating activities(A)	2,211	5,927
Cash flow from investing activities
Capital expenditure,net	(1,413)	(503)
Interest income received	5	15
(Increase)/decrease in current investments	190	(50)
Investment in short-term fixed deposits	-	(4)
Acquisition of business	(5,018)	-
Purchase of non-current investment	-	(221)
Earmarked balances with banks	4	58
Payment of contingent consideration towards acquisition	-	(27)
Net cashgenerated from/(used in) investing activities(B)	(6,232)	(731)
Cash Flow from financing activities
Net change in borrowings	6,188	(2,232)
Net interestpaid	(764)	(851)
Payment of lease liabilities	(755)	(1,298)
Purchase of treasuryshares,net	(152)	(134)
Purchase of non controllinginterest in subsidiary	(225)	-
Net cashgenerated from/(used in) financing activities(C)	4,292	(4,516)
Net increase/(decrease) in cash and cash equivalents(A+B+C)	271	680
Cash and cash equivalents at the beginningof theperiod	1,748	1,542
Foreign exchange(loss)/gain on translatingcash and cash equivalents	5	33
Closing cash and cash equivalents	2,024	2,255
Current investments	235	694
Cash and cash equivalents including investments	2,258	2,949

35

Operating Metrices | Q2FY26

		Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25	Q4FY25	Q1FY26	Q2FY26
Revenue by Vertical	Banking & Financial Services	40.8%	38.3%	37.3%	36.4%	34.4%	32.4%	33.4%	32.5%	33.2%
	Healthcare	32.7%	33.5%	32.9%	35.7%	36.3%	34.0%	33.8%	33.4%	33.5%
	Communications, Media & Tech	21.2%	22.5%	23.6%	22.3%	21.3%	20.3%	21.0%	22.4%	21.7%
	Diverse Industries	5.3%	5.7%	6.2%	5.6%	8.0%	13.3%	11.8%	11.7%	11.6%
Revenue by Geography	North America	65.1%	65.4%	65.0%	68.2%	68.5%	66.3%	67.7%	68.7%	69.4%
	Europe, Middle East, and Africa	34.8%	34.5%	34.9%	31.8%	31.4%	33.4%	31.5%	30.1%	29.4%
	Rest of World	0.1%	0.1%	0.1%	0.0%	0.1%	0.3%	0.8%	1.2%	1.2%
Revenue by Delivery	Offshore & Nearshore	26.7%	30.3%	31.4%	35.0%	35.8%	40.1%	37.8%	41.2%	41.6%
	Onshore	73.3%	69.7%	68.6%	65.0%	64.2%	59.9%	62.2%	58.8%	58.4%
Client Addition	New logos (added during the quarter)	12	10	9	10	13	13	7	17	10
	Strategic logos (added during the quarter)	4	7	3	2	3	5	2	9	4
Client Concentration	Top 5 clients_(share of total revenues)_	35.0%	35.8%	36.7%	34.6%	32.5%	29.0%	29.3%	29.6%	28.9%
	Top 10 clients_(share of total revenues)_	51.3%	52.0%	52.6%	51.5%	48.6%	43.4%	43.7%	42.6%	42.3%
Client Distribution	US$ 1m+ clients_(nos.)_	101	104	103	100	105	107	116	141	142
	US$ 5m+ clients_(nos.)_	24	25	25	25	26	28	30	38	39
	US$ 10m+ clients_(nos.)_	13	13	13	13	13	14	15	17	17
	US$ 20m+ clients_(nos.)_	8	8	8	9	11	10	10	11	9
	US$ 50m+ clients_(nos.)_	2	2	2	2	2	2	2	2	2
Revenue by Currency	USD	65.0%	64.9%	64.8%	67.9%	68.2%	64.9%	65.7%	67.9%	68.5%
	GBP	34.3%	34.4%	34.4%	31.4%	30.9%	34.2%	32.7%	30.1%	29.2%
	Others	0.7%	0.7%	0.8%	0.7%	0.9%	0.9%	1.6%	2.0%	2.3%
Employee Metrices	Total employees_(period-end)_	23,953	25,947	27,940	29,231	32,898	34,144	34,651	34,495	35,997
	Net addition	1,569	1,994	1,993	1,291	3,667	1,246	507	(156)	1,502
	Attrition*(TTM)	39.8%	37.7%	35.4%	31.8%	30.6%	31.4%	29.8%	28.9%	28.0%

• For employees in continuous employment for more than 180 days

36

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