The transcript of the investor/analyst call held on Thursday, August 06, 2026, is as enclosed

11th August 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 6th August 2026 Please find enclosed the transcripts of the Analysts earnings call conducted on 6th August 2026, after the meeting of Board of Directors held on 6th August 2026, for your information and records. This information is also hosted on the Company’s website, at https://www.firstsource.com/investor-relations/ 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/ You are kindly requested to take the same on record and oblige. Thanking you, For Firstsource Solutions Limited Pooja Nambiar Company Secretary Firstsource Solutions Ltd 1st 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) FIRSTSOURCE SOLUTIONS LIMITED Q1FY27 EARNINGS CONFERENCE CALL AUGUST 06, 2026 MANAGEMENT: MR. RITESH IDNANI, MD & CEO MR. DINESH JAIN Page 1 of 15 Firstsource Solutions Limited August 06, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Firstsource Solutions Limited Q1FY27 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 '*' then '0' on your touchtone phone. Please note that this conference is being recorded. On this call, we have Mr. Ritesh Idnani, MD and CEO, and Mr. Dinesh Jain, CFO, to provide an overview on the company's performance, followed by a Q&A session. Please note that some of the matters discussed on this call, including the company's business outlook, are forward-looking and, as such, are subject to known and unknown risks. These uncertainties and risks are included, but not limited to what the company has mentioned in its prospectus filed with SEBI and subsequent annual reports that are available on its website. I now hand the conference over to Mr. Ritesh Idnani. Thank you, and over to you, sir. Ritesh Idnani: Thank you for joining us today to discuss our financial results for Q1FY27. The first quarter reinforces a simple belief for us, sustainable transformation is built on execution. As clients navigate a rapidly evolving business and technology landscape, they are looking for partners who can combine innovation with accountability and deliver measurable outcomes. At Firstsource, we remain focused on doing exactly that, leveraging our domain expertise, digital capabilities, and talented teams to help clients move from intent to impact. I would like to thank each one of our 36,875 Firstsourcers around the world for their relentless commitment to delivering exceptional value to our clients. Quarterly performance Let me start with a discussion on Q1 performance. Q1 marks the ninth straight quarter of double-digit year-on-year revenue growth and the eleventh straight quarter of sequential revenue growth. Our revenue grew by 22.9% year-on-year and 5.5% quarter-on-quarter and came in at INR27.2 billion. In US dollar terms, the growth was 11.2% year-on-year and 1.8% quarter-on-quarter to $288 million. In constant currency terms, our revenue grew 12.3% year-on-year and 2.2% quarter-on-quarter. EBIT margin for the quarter was 12.4%, up 110 basis points and 20 basis points on a year-on-year and quarter-on-quarter basis, respectively. Our adjusted net profit was INR2.2 billion, and the diluted EPS for the quarter was INR2.36. Deal Wins Coming to the business highlights, I will start with our deal wins and other client-related metrics. In Q1, we signed four large deals. This is the sixth consecutive quarter of four or more large deals for us at Firstsource. As you're aware, we consider a deal with ACV over US$5 million as a large deal. Our ACV intake remained healthy and was, in fact, the highest in the last four quarters. I am encouraged by the strength of our wins, both in number and scale. This reflects our ability to bring together deep industry and functional expertise, strong technology ecosystem partnerships, and an AI-first automation approach that's delivering clear outcomes for clients, better customer experience, faster decision-making, and a lower cost-to-serve. I would like to emphasize that several of our wins are transformative and ramp up in phases, unlike traditional steady-state work. So while they strengthen long-term growth visibility, revenue conversion is typically spread over a longer period as transformation and enablement milestones are completed. Let me now highlight a few of our notable wins during Q1. • We secured a large, transformative deal with a leading UK-based benefits and pension administration provider for end-to-end back-office transformation and resource optimization. Page 2 of 15 Firstsource Solutions Limited August 06, 2026 • We also won a large deal from a leading academic medical centre in the US for insurance follow-up, denials management, and complex claims resolution. This, incidentally, is also a new logo for us. • We expanded our relationship with a leading public health system in the US for patient contact centre and self-pay early-out services. • We secured a new deal with a US-based health insurance provider on the customer experience side. • A leading on-demand manufacturing marketplace in the US selected us to provide account servicing as well as customer experience services. • A leading international public transport and shared mobility operator selected us for customer service operations across Europe. • We also expanded our relationship with a UK-based fibre broadband provider for customer experience services delivered from South Africa. During the quarter, we added 12 new logos, which included three strategic logos. We define a strategic logo as one where we see potential of at least a $5 million-plus annual relationship, and we run a structured program to handhold and monitor such relationships to grow them at an accelerated pace. Vertical commentary Let me now turn to our vertical performance, starting with Banking and Financial Services. In Q1FY27, our BFS vertical grew 14% year-on-year and 5% sequentially in constant currency terms. We added five new logos during the quarter. In BFS, client interest remains particularly strong around intelligent operations, customer servicing, financial crime, compliance, and collections use cases. We are progressing several engagements that combine our deep domain expertise with our Kairos Intelligent Context Framework, enabling clients to apply AI within highly regulated environments with the right business context, governance, and operational controls. Within the vertical, collections demand stayed strong as US consumer debt touched record highs, keeping volumes and servicing complexity elevated. In mortgage, higher rates and subdued refinancing kept clients focused on cost take-out, simplification, as well as on servicing efficiency, where our AI-enabled transformation is resonating. We are also expanding with mid-sized banks and fintechs as they modernize platforms and embed AI across onboarding, servicing, and collections. Our Q1 exit deal pipeline in financial services was amongst the strongest in recent quarters, giving us confidence in sustaining growth momentum in this vertical. In healthcare, revenues grew 11% year-on-year but declined 2% sequentially in constant currency terms. However, we added four new logos during the quarter. Healthcare continues to be a core growth pillar and a key area of strate [Showing first 8,000 characters — download PDF for full document]