The transcript of the investor/analyst call held on Thursday, October 29, 2026, is as enclosed

31st October 2026 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: Transcripts of the Analysts Earnings call conducted after the meeting of Board of Directors on 29th October 2026 Please find enclosed the transcripts of the Analysts earnings call conducted on 29th October 2026, after the meeting of Board of Directors held on 29th October 2026, for your information and records. This information is also hosted on the Company’s website, at https://www.firstsource.com/investor-relations/financial-information The audio/video recordings of the Analysts earnings call are also made available on the Company’s website, at https://www.firstsource.com/investor-relations/financial- information You are kindly requested to take the same on record and oblige. Thanking you, For Firstsource Solutions Limited Pooja Nambiar Company Secretary Firstsource Solutions Limited 1st Floor, Athena Towers, Mindspace, Malad (West), Mumbai – 400 064 India Tel: +91 (22) 6666 0888 | Fax: +91 (22) 6666 0887 | Web: www.firstsource.com (CIN: L64202MH2001PLC134147) FIRSTSOURCE SOLUTIONS LIMITED Q2FY27 EARNINGS CONFERENCE CALL OCTOBER 29, 2026 MANAGEMENT: MR. RITESH IDNANI, MD & CEO MR. DINESH JAIN Firstsource Solutions Limited October 29, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Firstsource Solutions Limited Q2 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen- only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that some of the matters that we will discuss on this call, including the company's business outlook, are forward-looking statements, which are subject to known and unknown risks. These uncertainties and risks include, but are not limited to, those mentioned in the company's prospectus filed with SEBI and subsequent annual report that are available on its website. On this call, we have with us Mr. Ritesh Idnani, MD and CEO; and Mr. Dinesh Jain, CFO, to provide an overview on company's performance followed by Q&A. I now hand the conference over to Mr. Ritesh Idnani. Thank you, and over to you, sir. Ritesh Idnani: Thank you and hello, everybody. Thank you for joining us today to discuss our financial results for Q2 FY27. The second quarter reinforces a simple belief that sustainable transformation is built on execution. Our clients are navigating change faster than any plan can anticipate, and what they want is not another firm telling them what is possible, but a partner who will execute alongside them, adapt as conditions change, and stand behind the result. Last quarter, I called this accountability. This quarter, our focus moved to what makes it repeatable. When we solve a problem well once, we should be able to solve it well again for a different client in a different market with a different team. That takes systems, not just effort, and those systems are built on what our 39,937 Firstsourcers around the world already know. I would like to thank each one of them for their relentless commitment to delivering value to our clients. Q2 and H1 Performance Let me start with the discussion on our Q2 performance. Q2 marks the 10th straight quarter of double-digit year-on-year revenue growth and the 12th straight quarter of sequential revenue growth. Our revenue grew by 22.2% year-on-year and 3.7% quarter-on-quarter and came in at INR 28.3 billion. In US dollar terms, the growth was 11.7% year-on-year and 2.6% quarter-on-quarter to US$296 million. In constant currency terms, our revenue grew 12.3% year-on-year and 2% quarter-on-quarter. EBIT margin for the quarter was 12.5%, up 100 basis points year-on-year and 10 basis points on a quarter-on-quarter basis, respectively. This is our eighth straight quarter of sequential margin expansion. Our net profit was INR2.3 billion and the diluted EPS for the quarter was INR3.31. In H1 of FY27, our revenue grew 12.3% in constant currency terms. EBIT grew 33.4% and our PAT grew 14.3% over last year in rupee terms. Business Highlights Coming to the business highlights, I will start with our deal wins and other client-related metrics. In Q2, we signed four large deals, two of which came from new logos. As you are aware, we consider a deal with an ACV of over US$5 million as a large deal. During the quarter, we added 17 new logos, one of our highest quarterly additions. It includes six strategic logos. We define a strategic logo as one where we see the potential of at least US$5 million of annual revenue, and we run a structured program to handhold and monitor such relationships to grow them at an accelerated pace. I continue to remain encouraged by the scale and quality of our wins, reflecting our deep domain expertise, strong technology partnerships, and AI-first approach. Several of these are transformative programs that ramp up in phases, provide long- term growth visibility, with revenue conversion occurring over a longer period as key milestones are achieved. Page 2 of 16 Firstsource Solutions Limited October 29, 2026 Let me now highlight a few of our notable wins during Q2. • We expanded our relationship with a leading UK-based MVNO for customer experience services across multiple markets, including the transition of their in- house operations to our offshore delivery centers. • One of the top 10 healthcare payers in North America, an existing client, selected us for their claims processing. • We expanded our relationship with a leading non-profit managed care organization in the US across multiple health plan operations. • We were also selected by a leading UK and European bank for managed operations support services. This, incidentally, is a new logo for us as well. • We also won a deal from a leading US-based student loan provider for legal and third-party collections. This is also a new logo for us. • We won a large deal from a leading digital bank in the US for CX services. • We continue to expand our relationship with one of the largest communications and media companies in the UK across customer retention, collections, help desk, and digital support services. Vertical commentary Let me now turn to our vertical performance, starting with banking and financial services. In Q2 FY27, our BFS vertical grew 19% year-on-year and 9% sequentially in constant currency terms. We added nine new logos during the quarter. Almost every conversation in this vertical now starts in the same place: whether AI can be trusted inside a regulated process. It comes up in intelligent operations, in customer servicing, and most of all in financial crime and compliance. Our answer rests on the intelligent context framework, part of the Kairos operating system, which gives AI the context it needs to work in a live operation. The right data, the right permissions, the domain knowledge, and the guardrails. AI does the heavy lifting, but a person signs off on anything that affects a customer or a regulator. That is what gives clients the confidence to let AI into these processes. Within the vertical, growth was broad-based. Consumer debt levels and servicing complexity kept demand high. Cost pressure kept clients focused on efficiency. We also executed well on a large BFS engagement won a few quarters ago, and much of the headcount we added went into its delivery commitments. We continue to expand our footprint with mid-sized banks as well as FinTechs, modernizing onboarding, servicing, as well as their collections operations. We exited the quarter with a healthy pipeline in the BFS vertical. In healthcare, our revenues grew 5% year-on-year, but declined 2% sequentially in constant currency terms. [Showing first 8,000 characters — download PDF for full document]