Firstsource Solutions Ltd. — Investor Presentation 2026

Feb 3, 2026

==> picture [560 x 75] intentionally omitted <==

3[rd] 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

Sub: Earnings Presentation

We are enclosing herewith a copy of the Earnings presentation regarding conference call to be held on Tuesday, 3[rd] February 2026 at 5.00 p.m. IST with the analysts and investors, on the financial results of the Company for the quarter and nine months ended 31[st] December 2025.

You are kindly requested to take the same on record and oblige.

Thanking you,

For Firstsource Solutions Limited

POOJA Digitally signed SURESH by POOJA SURESH NAMBIAR NAMBIAR

Pooja Nambiar Company Secretary

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 0887 | Web: www.firstsource.com

(CIN: L64202MH2001PLC134147)

Earnings 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

About Us

Established in 2001 Public listing in 2007

Specialized BPS partner

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

200+ global clients[#] including Several Fortune 500, FTSE 100 and ASX200 companies

36,689* Firstsourcers

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

Part of RP-Sanjiv Goenka Group Since 2012

Leader in chosen verticals

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

Deep partnerships with clients Average tenure of top 5 clients is over 21 years

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

• For clients with trailing 12-months revenue over US$0.25m

*As on 31[st] December 2025

3

We are a part of RP-Sanjiv Goenka Group

==> picture [608 x 241] intentionally omitted <==

----- Start of picture text -----

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
----- End of picture text -----

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

4

Our Verticals

BANKING & FINANCIAL SERVICES US$343m* 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

==> picture [231 x 145] intentionally omitted <==

----- Start of picture text -----

HEALTHCARE
US$348m 33%
----- End of picture text -----*

12 of Top 15 Health plans in the US

300+ Health systems in the US

COMMUNICATION, MEDIA & TECHNOLOGY US$226m* 21%

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

DIVERSIFIED INDUSTRIES US$132m* 13%

2 of Top 5 Energy providers in the UK

2 of Top 10 Retailers in the UK

*US$ revenue and % revenue contribution on TTM basis

5

Our Leadership Team

==> picture [72 x 73] intentionally omitted <==

==> picture [63 x 8] intentionally omitted <==

----- Start of picture text -----

Ritesh Idnani
----- End of picture text -----

==> picture [41 x 7] intentionally omitted <==

----- Start of picture text -----

MD & CEO
----- End of picture text -----

Vivek Sharma

Scott Schrader

Dinesh Jain

Rajiv Malhotra

Matthew Barlow

==> picture [587 x 18] intentionally omitted <==

----- Start of picture text -----

Chief Financial Officer Head – CMT, BFS Head – Europe, Middle East Head - Healthcare Payer Head - Healthcare Provider
and Emerging Geos & Africa
----- End of picture text -----

==> picture [86 x 9] intentionally omitted <==

----- Start of picture text -----

Sohit Brahmawar
----- End of picture text -----

==> picture [76 x 8] intentionally omitted <==

----- Start of picture text -----

Chief Operating Officer
----- End of picture text -----

==> picture [613 x 165] intentionally omitted <==

----- Start of picture text -----

Arjun Mitra Ashish Chawla Sundara Sukavanam Hasit Trivedi Shamita Mukherjee
Head – Collections Head – CX and Consulting Head – Enterprise Chief Digital & AI Officer Chief Human Resources
Transformation Office Officer
----- End of picture text -----

6

Q3FY26

Performance Summary | Q3FY26

==> picture [49 x 36] intentionally omitted <==

REVENUE

₹ 24,431 Million (US$ 274 Million)

YoY growth of 16.2% YoY constant currency growth of 10.6% QoQ constant currency growth of 4.6%

==> picture [41 x 41] intentionally omitted <==

PROFIT AFTER TAX

₹ 2,022 Million (Margin 8.3%)

YoY growth of 26.1% QoQ growth of 12.6% Reported PAT (including exceptional items): ₹ 1,203 million*

==> picture [27 x 12] intentionally omitted <==

----- Start of picture text -----

EBIT
----- End of picture text -----

₹ 2,915 Million (Margin 11.9%)

YoY growth of 24.9% YoY margin expansion of 80bps QoQ margin expansion of 40bps

EARNINGS PER SHARE (Diluted)

₹ 2.87 per share

Q2FY26 at ₹ 2.54 per share Q3FY25 at ₹ 2.27 per share Reported EPS (including exceptional items): ₹ 1.71*

*Exceptional items include one-time impact of new Labour Codes

8

Performance Summary | 9MFY26

==> picture [49 x 36] intentionally omitted <==

REVENUE

₹ 69,729 Million (US$ 798 Million)

YoY growth of 19.8% YoY constant currency growth of 14.3%

==> picture [41 x 41] intentionally omitted <==

PROFIT AFTER TAX

₹ 5,510 Million (Margin 7.9%)

YoY growth of 27.0% Reported PAT (including exceptional items): INR 4,692 million*

==> picture [27 x 12] intentionally omitted <==

----- Start of picture text -----

EBIT
----- End of picture text -----

₹ 8,078 Million (Margin 11.6%)

YoY growth of 26.5% YoY margin expansion of 60bps

EARNINGS PER SHARE (Diluted)

₹ 7.81 per share

9MFY25 at ₹ 6.15 per share TTM at ₹ 10.09 per share Reported EPS (including exceptional items): ₹ 6.65*

*Exceptional items include one-time impact of new Labour Codes

9

Key Deal Wins | Q3FY26

• A leading on-demand manufacturing marketplace in the US selected us to provide account servicing and customer experience services.

• We gained additional business from one of the largest communications and media companies in the UK for customer onboarding and account services processes that are currently managed by in-house teams.

• We were selected as a global operations outsourcing partner by a leading UK-based MVNO to support account servicing, billing, and customer enquiry management across multiple markets. This is a new logo for us.

• In Australia, we won a large onshore customer experience engagement with a leading health insurer, focused on member services.

• We expanded our relationship with a Fortune500 managed health care companies in the US, for member services and enhance claims processing using our proprietary digital intake platform.

• A top-tier broking aggregator across Australia and New Zealand engaged us for customer support services.

• We were selected by one of the leading global online fashion retailer, a new logo, for customer experience services.

• A leading global product design and technology company, an existing client, selected us for account servicing and customer experience services.

• We were selected by a leading fintech company in the US, a new logo, for customer experience services.

10

Employee Base | Q3FY26

• Total headcount of 36,689 employees

• QoQ net headcount increase of 692

• YoY net headcount addition of 2,545

• TTM employee attrition at 27.4%*

• 48.1% of employees are women

==> picture [436 x 253] intentionally omitted <==

----- Start of picture text -----

Total headcount
Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26
36,689
34,144 34,651 34,495 35,997
----- End of picture text -----

Firstsource is Great Place To Work[®] Certified[TM] for the second consecutive year in India and the Philippines

Firstsource recognized among the Top 25 India’s Best Workplaces for IT & IT-BPM 2025 by Great Place to Work[®]

==> picture [61 x 11] intentionally omitted <==

----- Start of picture text -----

Attrition
----- End of picture text -----*

==> picture [405 x 196] intentionally omitted <==

----- Start of picture text -----

Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26
27.4%
31.4% 29.8% 28.9% 28.0%
----- End of picture text -----

• *For employees in employment for more than 180 days and excludes Pastdue Credit

11

Awards & Recognitions | Q3FY26

==> picture [261 x 193] intentionally omitted <==

----- Start of picture text -----

Firstsource recognized as ‘Leader’ & ‘Star Performer’
in Banking Operations by Everest Group
----- End of picture text -----

==> picture [261 x 193] intentionally omitted <==

----- Start of picture text -----

NelsonHall named Firstsource as ‘Leader’ in Banking
for GenAI and Process Automation
----- End of picture text -----

NelsonHall named Firstsource a ‘Leader’ in CX Services Transformation

==> picture [208 x 91] intentionally omitted <==

Firstsource recognized as a Global Leader in Generative AI Services in ISG Provider Lens[®] 2025

Firstsource named Leader in ISG Provider Lens[®] 2025 Contact Center – Customer Experience Services

12

Awards & Recognitions | Q3FY26

Firstsource Tops Professional Services Sector in S&P Global Sustainable1 FY25 ESG and CSA score of 87

==> picture [196 x 195] intentionally omitted <==

Industry leading score on:

• Privacy Protection

• Information Security

• Human Capital Management

• Human Rights

• Occupational Health & Safety

Scored high on:

• Business Ethics

• Risk & Crisis Management

==> picture [212 x 127] intentionally omitted <==

13

Our FY26 guidance

==> picture [108 x 107] intentionally omitted <==

14.5-15.5% Constant currency revenue growth Includes 1.5% contribution from acquisitions of Pastdue Credit Solutions and TeleMedik

==> picture [108 x 108] intentionally omitted <==

11.5-12.0% EBIT margin

14

Factsheet

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 from operations	63,362	17,911	19,254	21,024	21,615	79,803	22,177	23,122	24,431	5.7%	16.2%
Revenue from operations (US$m)	$765	$215	$230	$249	$250	$944	$259	$265	$274	3.6%	10.2%
QoQ growth % - constant currency	-	6.5%	6.9%	7.6%	2.1%	-	1.6%	2.0%	4.6%	-	-
YoY growth % - constant currency	1.1%	14.8%	22.7%	27.7%	25.0%	22.6%	19.2%	13.8%	10.6%	-	-
Manpower expenses	39,093	11,268	12,104	13,070	13,515	49,958	13,207	13,618	14,312	5.1%	9.5%
Operating expenses	14,705	3,944	4,277*	4,777	4,771	17,769	5,499	5,744	6,093	6.1%	27.5%
EBITDA	9,564	2,699	2,873	3,177	3,328	12,076	3,471	3,760	4,027	7.1%	26.8%
EBITDA margin	15.1%	15.1%	14.9%	15.1%	15.4%	15.1%	15.7%	16.3%	16.5%	20bp	140bp
Depreciation & amortization	2,602	729	792	844	906	3,270	972	1,096	1,112	1.5%	31.8%
EBIT	6,962	1,970	2,081*	2,333	2,422	8,806	2,498	2,665	2,915	9.4%	24.9%
EBIT margin	11.0%	11.0%	10.8%	11.1%	11.2%	11.0%	11.3%	11.5%	11.9%	40bp	80bp
Finance cost	1,034	316	343	393	426	1,479	434	428	433	1.1%	10.0%
Other income, net	368	18	(27)	(21)	21	(9)	68	(13)	36	-	-
Exceptional items, net	-	-	-	88	-	88	-	19	(1,001)	-	-
Profit before taxes	6,297	1,673	1,710	2,007	2,017	7,407	2,132	2,243	1,517#	-32.4%	-24.4%
Taxes and minority interest	1,150	320	328	404	410	1,462	439	448	313	-30.1%	-22.3%
Profit after tax	5,147	1,353	1,382	1,603	1,607	5,945	1,693	1,795	1,203#	-33.0%	-24.9%
Net margin	8.1%	7.6%	7.2%	7.6%	7.4%	7.4%	7.6%	7.8%	4.9%	-290bp	-270bp
Diluted EPS (₹/share)	7.34	1.92	1.96	2.27	2.28	8.42	2.40	2.54	1.71#	-32.7%	-24.7%

*include one-time charges

Post exceptional items including one-time impact of new Labour Codes

16

Cons. IndAS financials | Balance Sheet

In ₹ million	As on Mar 31, 2025	As on Dec 31, 2025
Assets
Non-current assets
Fixed assets	3,254	3,271
Right-of-use assets	9,126	8,824
Goodwill on consolidation	36,799	40,530
Other intangible assets	1,248	1,245
Intangible assets under development	-	114
Investment in associates	0	0
Financial assets
Investments	115	302
Other financial assets	1,026	929
Deferred tax assets	2,735	3,143
Income tax assets, net	714	982
Other non-current assets	1,965	2,177
Total non-current assets	56,982	61,516
Current assets
Financial assets
Current investments	616	811
Trade receivables	16,860	18,432
Cash and cash equivalents	1,542	3,205
Other bank balances	128	70
Other financial assets	206	294
Other current assets	2,888	3,583
Total current assets	22,240	26,395
Total assets	79,222	87,911

In ₹ million	As on Mar 31, 2025	As on Dec 31, 2025
Equity and liabilities
Shareholder's Funds
Equity share capital	6,970	6,970
Reserve and surplus	34,006	37,988
Non-controlling interest	4	4
Total equity	40,980	44,962
Non-current liabilities
Financial liabilities
Long-term borrowings	3,419	1,798
Lease liabilities	8,070	7,581
Other financial liabilities	580	1,364
Provisions	241	1,176
Deferred tax liabilities	1,645	1,809
Total non-current liabilities	13,955	13,727
Current liabilities
Financial liabilities
Short-term and other borrowings	11,908	13,874
Trade payables	3,976	4,679
Lease liabilities	2,296	2,412
Other financial liabilities	4,209	5,780
Other current liabilities	1,106	1,403
Provisions	643	831
Provision for tax, net	149	242
Total current liabilities	24,287	29,222
Total liabilities	79,222	87,911

17

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
Netprofit before taxation and non-controllinginterest	5,389	5,892
Depreciation and amortization	2,364	3,180
Finance costs(for borrowings & lease liabilities)	1,053	1,294
Non-cash expense	597	712
Non-operatingitems	(15)	(46)
Exceptional items,net	(88)	982
Workingcapital changes	(3,475)	(781)
Income taxespaid	(889)	(1,569)
Net cashgenerated from/(used in) operating activities(A)	4,936	9,665
Cash flow from investing activities
Capital expenditure,net	(1,572)	(916)
Interest income received	11	25
(Increase)/decrease in current investments	(338)	(152)
Investment in short-term fixed deposits	-	(4)
Acquisition of business	(5,018)	(2,201)
Purchase of non-current investment	-	(269)
Earmarked balances with banks	69	62
Payment of contingent consideration towards acquisition	-	(518)
Net cashgenerated from/(used in) investing activities(B)	(6,849)	(3,974)
Cash Flow from financing activities
Net change in borrowings	4,579	(669)
Net interestpaid	(1,173)	(1,294)
Payment of lease liabilities	(1,175)	(1,932)
Purchase of treasuryshares,net	(150)	(182)
Purchase of non controllinginterest in subsidiary	(225)	-
Net cashgenerated from/(used in) financing activities(C)	1,857	(4,077)
Net increase/(decrease) in cash and cash equivalents(A+B+C)	(56)	1,614
Cash and cash equivalents at the beginningof theperiod	1,748	1,542
Foreign exchange(loss)/gain on translatingcash and cash equivalents	18	48
Closing cash and cash equivalents	1,710	3,205
Current investments	774	811
Cash and cash equivalents including investments	2,484	4,016

18

Operating Metrices | Q3FY26

		Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25	Q4FY25	Q1FY26	Q2FY26	Q3FY26
Revenue by Vertical	Banking & Financial Services	38.3%	37.3%	36.4%	34.4%	32.4%	33.4%	32.5%	33.2%	31.7%
	Healthcare	33.5%	32.9%	35.7%	36.3%	34.0%	33.8%	33.4%	33.5%	32.1%
	Communications, Media & Tech	22.5%	23.6%	22.3%	21.3%	20.3%	21.0%	22.4%	21.7%	21.2%
	Diverse Industries	5.7%	6.2%	5.6%	8.0%	13.3%	11.8%	11.7%	11.6%	15.0%
Revenue by Geography	North America	65.4%	65.0%	68.2%	68.5%	66.3%	67.7%	68.7%	69.4%	67.2%
	Europe, Middle East, and Africa	34.5%	34.9%	31.8%	31.4%	33.4%	31.5%	30.1%	29.4%	31.7%
	Rest of World	0.1%	0.1%	0.0%	0.1%	0.3%	0.8%	1.2%	1.2%	1.1%
Revenue by Delivery	Offshore & Nearshore	30.3%	31.4%	35.0%	35.8%	40.1%	37.8%	41.2%	41.6%	43.4%
	Onshore	69.7%	68.6%	65.0%	64.2%	59.9%	62.2%	58.8%	58.4%	56.6%
Client Addition#	New logos (added during the quarter)	10	9	10	13	13	7	17	10	9
	Strategic logos (added during the quarter)	7	3	2	3	5	2	9	4	5
Client Concentration	Top 5 clients_(share of total revenues)_	35.8%	36.7%	34.6%	32.5%	29.0%	29.3%	29.6%	28.9%	28.1%
	Top 10 clients_(share of total revenues)_	52.0%	52.6%	51.5%	48.6%	43.4%	43.7%	42.6%	42.3%	40.7%
Client Distribution#	US$ 1m+ clients_(nos.)_	104	103	100	105	107	116	141	142	141
	US$ 5m+ clients_(nos.)_	25	25	25	26	28	30	38	39	41
	US$ 10m+ clients_(nos.)_	13	13	13	13	14	15	17	17	18
	US$ 20m+ clients_(nos.)_	8	8	9	11	10	10	11	9	9
	US$ 50m+ clients_(nos.)_	2	2	2	2	2	2	2	2	2
Revenue by Currency	USD	64.9%	64.8%	67.9%	68.2%	64.9%	65.7%	67.9%	68.5%	66.1%
	GBP	34.4%	34.4%	31.4%	30.9%	34.2%	32.7%	30.1%	29.2%	31.9%
	Others	0.7%	0.8%	0.7%	0.9%	0.9%	1.6%	2.0%	2.3%	2.0%
Employee Metrices	Total employees_(period-end)_	25,947	27,940	29,231	32,898	34,144	34,651	34,495	35,997	36,689
	Net addition	1,994	1,993	1,291	3,667	1,246	507	(156)	1,502	692
	Attrition*(TTM)	37.7%	35.4%	31.8%	30.6%	31.4%	29.8%	28.9%	28.0%	27.4%

• For employees in continuous employment for more than 180 days and excludes Pastdue Credit |[#] Excludes Pastdue Credit

19

Annexure

Financial performance snapshot | 9MFY26

==> picture [437 x 224] intentionally omitted <==

----- Start of picture text -----

Revenue (in $ million)
18.5% 16.0% -5.7% 2.0% 23.3% 15.1%
17.9% 14.6% -1.1% 1.1% 22.6% 14.3%
FY20 FY21 FY22 FY23 FY24 FY25 9MFY26
YoY constant currency revenue growth YoY US$ revenue growth
944
795 750 765 798
685
578
----- End of picture text -----

==> picture [440 x 218] intentionally omitted <==

----- Start of picture text -----

EBIT and Margin (%) (in ₹ million)
10,000 11.8% 12.0% 11.6%
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 9MFY26
EBIT EBIT Margin (%)
8,806
8,078
7,105 6,962
5,979 5,633
4,437
----- End of picture text -----

==> picture [437 x 224] intentionally omitted <==

----- Start of picture text -----

Revenue (in ₹ million)
23.9% 16.6% 1.7% 5.2% 25.9% 19.8%
FY20 FY21 FY22 FY23 FY24 FY25 9MFY26
YoY INR revenue growth
79,803
69,729
59,212 60,223 63,362
50,780
40,986
----- End of picture text -----

==> picture [426 x 206] intentionally omitted <==

----- Start of picture text -----

PAT and Margin (%) (in ₹ million)
8,000
9.1% 10.0%
7,000 8.3% 8.5% 8.1% 7.9%
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 9MFY26
PAT PAT Margin (%)
5,945
5,374 5,137 5,147 5,510
3,397 3,617
----- End of picture text -----*

*Before exceptional items including one-time impact of new Labour Codes

21

Key performance indicators | 9MFY26

Return on Equity (%)

==> picture [416 x 187] intentionally omitted <==

----- Start of picture text -----

FY20 FY21 FY22 FY23 FY24 FY25 9MFY26
17.7%
16.3%
12.3% 12.9% 15.3% 13.9% 14.5%
----- End of picture text -----*

==> picture [437 x 231] intentionally omitted <==

----- Start of picture text -----

Cash Flow (in ₹ million)
FY20 FY21 FY22 FY23 FY24 FY25 9MFY26
Operating Cash Flow Free Cash Flow
9,756 9,665
8,749
8,060 7,950
7,036 7,436 7,011
6,307 6,441
5,590
4,775
4,104
3,158
----- End of picture text -----

Return on Capital Employed (%)

==> picture [437 x 414] intentionally omitted <==

----- Start of picture text -----

FY20 FY21 FY22 FY23 FY24 FY25 9MFY26
Debt Position (in ₹ million)
FY20 FY21 FY22 FY23 FY24 FY25 9MFY26
Long term Debt Short term Debt Net Debt
17.6% 17.6% 17.8%
15.4% 15.6%
13.4%
12.3%
11,908
13,874
7,364 13,169
11,656
8,406 6,876 8,049
5,199 8,083
6,526 6,159 6,001
28 846 3,903 2,733 1,394 3,419 1,798
----- End of picture text -----*

*Annualised; before exceptional items including one-time impact of new Labour Codes

22

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$2.4bn Average daily trading volume (TTM): US$7.2mn

==> picture [52 x 20] intentionally omitted <==

----- Start of picture text -----

FSL;268%
----- End of picture text -----

Total Shareholder Return^

==> picture [361 x 143] intentionally omitted <==

----- Start of picture text -----

-6% Share price return
1 Year return
1% Dividend yield
3 Year return 196% 10%
5 Year return 268% 20%
----- End of picture text -----

==> picture [327 x 30] intentionally omitted <==

----- Start of picture text -----

Shareholding Pattern
----- End of picture text -----*

==> picture [426 x 106] intentionally omitted <==

----- Start of picture text -----

Nifty50;86%
NiftyIT;54%
Feb-21 Aug-21 Feb-22 Aug-22 Feb-23 Aug-23 Feb-24 Aug-24 Feb-25 Aug-25 Feb-26
----- End of picture text -----

==> picture [380 x 166] intentionally omitted <==

----- Start of picture text -----

Key institutional shareholders
HDFC Mutual Fund
Public & Others
12% Life Insurance Corporation
SBI Mutual Fund
Promoter Tata Mutual Fund
DII 54% Vanguard Group
25%
HSBC Mutual Fund
Blackrock
FII White Oak
9%
Abu Dhabi Investment Authority
Aditya Birla Sun Life Mutual Fund
----- End of picture text -----

^Till 30[th] January 2026 *As on 31[st] December 2025

23

==> picture [143 x 39] intentionally omitted <==

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 our clients, solving their biggest challenges with hyper-focused, domain-centered teams and cutting-edge tech, data, and analytics. With a global footprint across US, UK, India, Philippines, Mexico, Romania, Turkey, Trinidad & Tobago, South Africa, and Australia, our inch-wide, mile-deep practitioners work collaboratively, leveraging UnBPO[TM] - our differentiated approach to reimagining traditional outsourcing - to deliver real-world, future-focused solutions that drive speed, scale, and smarter decision, turning transformation into tangible results for our clients.

www.firstsource.com

Copyright © 2026 Firstsource. All rights reserved.