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

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, 3[rd] February 2026 at 5.00 PM 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 by SURESH POOJA SURESH NAMBIAR NAMBIAR Pooja Nambiar Company Secretary

Encl.: A/a

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)

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

==> 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

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

We are adding new logos at a healthy pace…

==> picture [506 x 400] intentionally omitted <==

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

US$1m+ clients (nos.) US$5m+ clients (nos.)
Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26
US$10m+ clients (nos.) US$20m+ clients (nos.)
Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26
141
41
103 100 105 107 116 141 142 25 25 26 28 30 38 39
18
9
13 13 13 14 15 17 17 8 9 11 10 10 11 9
----- End of picture text -----

Number of clients across revenue buckets on a TTM basis

==> picture [318 x 201] intentionally omitted <==

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

17
13 13
9
10 3 10
9 5 9
2
7
4
5
2
Strategic logos
Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26
----- End of picture text -----

==> picture [311 x 202] intentionally omitted <==

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

…And winning more large deals
5 5
4 4
3 3 3
1
Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26
----- End of picture text -----

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

==> picture [507 x 368] intentionally omitted <==

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

27.7%
25.0%
22.7%
19.2%
14.8%
13.8%
10.6%
4.5%
Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26
----- End of picture text -----

==> picture [322 x 384] intentionally omitted <==

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

17.2%
~1.5x
12.3%
9.0%
2.3%
Firstsource IT large-cap Select IT Select BPO
mid-cap peers
----- End of picture text -----

Reported YoY US$ revenue growth on TTM-basis as of 31[st] December 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

==> picture [837 x 384] intentionally omitted <==

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

Expanded sales team
11.9%
Senior leadership hires
11.5%
11.3%
11.1% 11.2% New roles to drive strategic initiatives
11.0%
11.0%
10.8%
Capability expansion
AI infusion across services
Vertical-specific language models
Brand amplification
Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26
Key investments areas
----- End of picture text -----

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

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 [51 x 10] intentionally omitted <==

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

FSL;268%
----- 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

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

==> picture [439 x 88] intentionally omitted <==

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

The UnBPO Mindset
----- End of picture text -----

==> picture [405 x 67] intentionally omitted <==

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

Traditional BPO Approach
----- End of picture text -----

==> picture [892 x 305] intentionally omitted <==

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

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

==> picture [960 x 23] intentionally omitted <==

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

Copyright © 2026 Firstsource. All rights reserved. 12
----- End of picture text -----

Leading in the UnBPO world UnBPO unlocks a ~7x larger addressable market

==> picture [724 x 368] intentionally omitted <==

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

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

^Source: Gartner Research *By 2035; Source: HfS Research

13

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

==> picture [456 x 380] intentionally omitted <==

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

BANKING &
HEALTHCARE
FINANCIAL SERVICES
US$343m 33% US$348m 33%
14 of Top 20
Mortgage lenders & servicers in the US
12 of Top 15
Health plans in the US
7 of Top 10
Credit card issuers in the US
300+
3 of Top 6 Health systems in the US
Retail banks in the UK
----- End of picture text -----

==> picture [461 x 151] intentionally omitted <==

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

COMMUNICATION, DIVERSIFIED
MEDIA & TECHNOLOGY INDUSTRIES
US$226m 21% US$132m 13%
----- End of picture text -----

==> picture [209 x 264] intentionally omitted <==

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

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

==> picture [210 x 264] intentionally omitted <==

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

2 of Top 5
Energy providers in the UK
2 of Top 10
Retailers in the UK
----- End of picture text -----

*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

==> picture [20 x 19] intentionally omitted <==

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

==> picture [20 x 19] intentionally omitted <==

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

==> picture [19 x 20] intentionally omitted <==

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

==> picture [274 x 124] intentionally omitted <==

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

Domain Capabilities
10+
Industry verticals expertise
1000+
Processes transformation experience
----- End of picture text -----

==> picture [275 x 124] intentionally omitted <==

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

Tech Expertise
100+
Pre-built GenAI solutions & models
25+
IPs and tools
----- End of picture text -----

==> picture [275 x 124] intentionally omitted <==

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

Talent Pool & Partner Ecosystem
2000+
Certified AI professionals
25+
Partners across AI ecosystem
----- End of picture text -----

16

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

==> picture [727 x 410] intentionally omitted <==

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

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

17

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

==> picture [51 x 51] intentionally omitted <==

==> picture [45 x 12] intentionally omitted <==

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

Client :
----- End of picture text -----

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

==> picture [31 x 31] intentionally omitted <==

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

==> picture [32 x 31] intentionally omitted <==

==> picture [32 x 32] intentionally omitted <==

• 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

==> picture [46 x 46] intentionally omitted <==

==> picture [45 x 12] intentionally omitted <==

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

Client :
----- End of picture text -----

==> picture [175 x 11] intentionally omitted <==

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

One of the largest building societies
----- End of picture text -----

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

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

==> picture [34 x 37] intentionally omitted <==

• 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

==> picture [671 x 406] intentionally omitted <==

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

Firstsource Tops Professional
Services Sector in S&P Global
Sustainable1 FY25 ESG and
CSA score of 87
Climate
2025
‘B’ RATING Silver RATING
Leader in Carbon Management
ESG REPORT 2024-25
Water Security
2025
‘B’ RATING
Read our FY25 EGS report here
----- End of picture text -----

21

Our core strengths Recognized strength in our key capabilities

==> picture [87 x 49] intentionally omitted <==

Market Leader

Star Performer

Banking Operations

Peak Matrix Assessment 2025

Major Contender Star Performer

Financial Crime and Compliance Peak Matrix Assessment 2025

Leader

GenAI and Process Automation in Banking NelsonHall NEAT 2025

Leader

CX Services Transformation NelsonHall NEAT 2025

==> picture [144 x 46] intentionally omitted <==

Leader

Mortgage Business Process Transformation RadarView 2025

Horizon 3

Mortgage Reinvention HFS Horizons 2025

Global Leader

Generative AI Services ISG Provider Lens 2025

Global Leader

Contact Center – CX Services ISG Provider Lens 2025

22

Our core strengths Experienced leadership team

==> picture [696 x 165] intentionally omitted <==

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

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

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

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

Ritesh Idnani
----- 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 [54 x 11] intentionally omitted <==

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

Arjun Mitra
----- End of picture text -----

==> picture [63 x 7] intentionally omitted <==

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

Head – Collections
----- End of picture text -----

==> picture [487 x 165] intentionally omitted <==

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

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

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

• Five large deal wins in Q3FY26; fourth straight quarter of 4 or more deals 3QFY26 exit deal pipeline at US$1bn+

FY26 revenue growth guidance at the top decile of the peer group

24

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

25

Our medium-term aspirations

==> picture [411 x 436] intentionally omitted <==

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

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

==> picture [365 x 436] intentionally omitted <==

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

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

26

Factsheet

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

28

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

29

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

30

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

31

Revenue distribution | Q3FY26

==> picture [873 x 380] intentionally omitted <==

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

By verticals By geography By delivery location
RoW
Diverse 1.1%
15.0% Offshore &
Nearshore
EMEA
BFS 43.4%
31.7%
31.7%
CMT
21.2%
Onshore
North America
56.6%
Healthcare 67.2%
32.1%
----- End of picture text -----

32

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

33

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

34

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

35

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

36

==> 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.