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Winner, Winner: The Chicken McNugget Story
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Firstsource Solutions
Firstsource Solutions (FSL) investor relations material
Firstsource Solutions Q2 26/27 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 26/27 earnings summary29 Oct, 2026
Executive summary
Q2 revenue was ₹28,256m, up 22.2% YoY reported and 12.3% in constant currency; EBIT margin expanded to 12.5%.
The quarter marked 12 consecutive quarters of sequential growth and eight consecutive quarters of EBIT margin expansion.
FY27 constant-currency revenue growth guidance rose at the lower end to 10.5%-13%; EBIT margin guidance remained 12.25%-12.75%.
Strategy is shifting toward AI-enabled, productized services and outcome-linked operations, supported by the Kairos operating system.
Financial highlights
Q2 revenue was ₹28,256m (US$296m), up 12.3% YoY and 2.0% QoQ in constant currency; audited consolidated operating revenue was ₹28,306.37m.
Q2 EBIT was ₹3,521m, up 32.1% YoY; EBIT margin was 12.5%, up 100 bps YoY and 10 bps QoQ.
Q2 PAT was ₹2,328m, up 29.7% YoY; net margin was 8.2% and diluted EPS was ₹3.31.
H1 revenue was ₹55,505m (US$584m), up 12.3% in constant currency; EBIT was ₹6,888m at a 12.4% margin.
H1 adjusted PAT was ₹4,551m, up 30.4% YoY; reported PAT was ₹3,987m, including the Q1 exceptional item.
Outlook and guidance
FY27 guidance: constant-currency revenue growth of 10.5%-13% and EBIT margin of 12.25%-12.75%.
H2 is expected to be stronger than H1, supported by large-deal ramps, a banking-client transition, new logos and pipeline conversion; reaching 13% depends on program milestones and conversion.
Broad-based H2 growth is expected from retail seasonal ramps, telecom/media/technology programs and healthcare new logos and scope expansion.
Medium-term margin aspirations are 14%-15%, with 50-75 bps of annual improvement targeted through automation, delivery optimization and other levers.
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Latest events from Firstsource Solutions
- FY25 guidance targets 10–13% constant-currency revenue growth and an 11–12% EBIT margin.FSL
Q4 23/24 - Revenue surged 59%, while margin pressure and macro risk tempered the outlook.FSLQ4 07/08
- FY07 profit surged as IPO funding, acquisitions and delivery expansion accelerated growth.FSLQ4 06/07
- Revenue grew 35%, but recession pressures and financing losses drove PAT down 77%.FSLQ4 08/09
- FY10 growth and margin gains advanced despite payer weakness and material FCCB and tax risks. FSLQ4 09/10
- Revenue grew 4.3%, but currency, tax and FCCB risks temper the outlook.FSLQ4 10/11
- Revenue grew, but margin pressure and the USD 237m FCCB maturity dominated FY12.FSLQ4 11/12
- Profit rebounded, FCCBs were repaid, and control changed as margins improved.FSLQ4 12/13
- Revenue rose 10.2%, PAT grew 31.6%, and operating margins strengthened.FSLQ4 13/14
Next Firstsource Solutions earnings date
Q3 26/272 Feb, 2027
Firstsource Solutions
Next Firstsource Solutions earnings date
Q3 26/272 Feb, 2027
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Frequently asked questions
Firstsource Solutions Limited is an Indian business process management (BPM) company that provides customer experience and digital solutions. It offers services in customer care, collections, data analytics, and automation across industries such as banking, healthcare, telecommunications, and media. The company operates delivery centers in multiple geographies, supporting clients globally. It is headquartered in Mumbai, India, and its shares are listed on the NSE.