FIRSTSOURCE SOLUTIONS Q2 FY27 CONCALL: RAISES FY27 REVENUE GROWTH GUIDANCE TO 10.5–13%; RETAINS EBIT MARGIN GUIDANCE OF 12.25–12.75%, TARGETS 14–15% MARGIN IN 2–3 YEARS

• FY27 Revenue Guidance Upgraded: Management raised its constant currency revenue growth guidance to 10.5–13% from the earlier 10–13%, supported by strong deal wins and improving revenue visibility. • FY27 EBIT Margin Guidance: Management retained its EBIT margin guidance of 12.25–12.75%, despite wage increases and investments in new capabilities. • Long-Term Margin Target: Management reiterated its target of achieving 14–15% EBIT margins over the next 2–3 years, supported by automation, operating leverage and delivery optimization. • Margin Expansion Outlook: Management expects annual EBIT margin improvement of approximately 50–75 bps over the next couple of years. • H2 FY27 Outlook: Management expects H2 performance to be stronger than H1, driven by large-deal ramp-ups, new client additions, banking transitions and a healthy sales pipeline. • Deal Pipeline: Management indicated that its deal pipeline is at its strongest level so far, with the upper end of the 13% FY27 revenue guidance remaining achievable depending on deal conversion and execution milestones. • Large Deal Wins: Company signed 4 large deals during Q2, marking the seventh consecutive quarter with at least 4 large wins. Two deals came from new clients. • New Client Additions: Company added 17 new logos during Q2, including 6 strategic logos with potential annual revenue of at least $5 million each. • Large Client Expansion: Clients generating over $5 million in annualized revenue increased to 51, while clients above $10 million increased to 23. • Banking & Financial Services: BFS revenue grew 19% YoY and 9% QoQ in constant currency. Management expects continued demand for banking operations, collections, compliance and AI-enabled services. • Banking Deal Ramp-Up: A major banking client transition was completed during Q2, with employees onboarded ahead of revenue generation. Management expects the ramp-up to support H2 growth. • Healthcare Outlook: Management expects growth opportunities to improve as earlier program transitions and contract wind-down effects move behind the business. • Healthcare Performance: Healthcare revenue grew 5% YoY but declined 2% QoQ in constant currency. Management added 4 new healthcare clients during the quarter. • Healthcare AI Opportunity: Management expects increasing adoption of AI-based revenue cycle management, claims processing, eligibility verification and denials management across US healthcare clients. • US Healthcare Regulatory Opportunity: Changes to Medicaid eligibility renewals beginning January 2027 are expected to create additional demand for eligibility and administrative processing services. • CMT Outlook: Communications, Media & Technology revenue grew 6% YoY and remained flat QoQ in constant currency. Management expects upcoming client ramps to support growth in H2. • Retail Business Outlook: Management expects seasonal retail program ramp-ups to contribute to revenue growth during Q3 and part of Q4 FY27. • Europe Business: Europe revenue grew 27% YoY and 7% QoQ in constant currency, supported by banking, communications and technology clients. • Australia Business: Revenue grew 50% YoY, supported by stronger existing client relationships and an improving deal pipeline. • AI-Led Revenue Strategy: More than 50% of company revenue is already nonlinear in nature. Management aims to increase the contribution from outcome-based, platform-led and value-linked services. • Kairos AI Platform: Management continues developing its AI-native operating system, Kairos, to automate complex workflows, improve productivity and scale reusable solutions across clients. • AI Monetization: Management expects AI and productized services to improve delivery efficiency and support margins, while reinvesting part of the benefits into technology and talent. • Offshore & Nearshore Delivery: Approximately 80% of gross hiring is now offshore or nearshore. Management expects delivery optimization to remain an important margin expansion driver. • Employee Strength: Total workforce increased to 39,937, with net additions of 3,062 employees during Q2, primarily supporting banking transitions and new program ramp-ups. • Wage Cost Outlook: Senior employee salary increments are scheduled for Q3 FY27. Management confirmed that the impact is already incorporated into its EBIT margin guidance. • M&A Strategy: Management remains open to acquisitions that strengthen technology capabilities, industry expertise or market access, particularly in strategically important business areas. • FY27 Tax Rate Guidance: Management expects an effective tax rate of approximately 22–24%. • Cash Flow: Free cash flow conversion stood at 150% of PAT in Q2 and 126% during H1 FY27. • Balance Sheet: Net debt declined to approximately ₹1,530 Cr from ₹1,710 Cr at the end of June 2026. Cash and bank balances stood at approximately ₹410 Cr. • Q2 Financial Performance: Revenue increased 22.2% YoY to ₹2,830 Cr, with constant currency growth of 12.3% YoY and 2% QoQ. • Q2 Profitability: EBIT increased 32.2% YoY to approximately ₹350 Cr, with EBIT margin improving to 12.5%, up 100 bps YoY and 10 bps QoQ. PAT stood at approximately ₹230 Cr. • Key Risks: Delays in large-deal conversion, slower healthcare recovery, wage inflation, AI-driven pricing pressure and execution challenges in new technology-led offerings remain important factors.

FIRSTSOURCE SOLU. LTD.

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