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Firstsource Solutions (FSL) investor relations material
Firstsource Solutions Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary4 Nov, 2025
Executive summary
Q2 FY26 revenue reached ₹23,122 million ($265M), up 20.1% year-over-year, marking the sixth consecutive quarter of double-digit growth and seventh straight quarter of sequential growth.
EBIT margin expanded to 11.5% in Q2 FY26, with profit after tax at ₹1,795 million (7.8% margin), and diluted EPS of ₹2.54.
Four large deals were signed in Q2, expanding into new verticals and geographies, with a deal pipeline exceeding $1 billion ACV.
Strategic investments made in Applied AI and Lyzr, and a proposed acquisition of Pastdue Credit Solutions in the UK is pending regulatory approval.
Recognized with multiple industry awards for innovation, ESG, workplace excellence, and mortgage transformation.
Financial highlights
Q2 FY26 EBIT was ₹2,665 million (11.5% margin), up 28.1% year-over-year; PAT at ₹1,795 million, up 29.9% year-over-year; EPS (diluted) at ₹2.54.
H1 FY26 revenue was ₹45,299 million ($524M), up 21.9% year-over-year; H1 EBIT margin at 11.4%.
Free cash flow to PAT ratio was 117% for Q2 and 155% for H1; cash balance at ₹2,900 million.
Net debt reduced to ₹10,800 million as of September 30, 2025; long-term debt at ₹3,552 million, short-term debt at ₹10,217 million.
EBITDA margin in Q2 FY26 at 16.3%, up 140bps year-over-year.
Outlook and guidance
FY26 constant currency revenue growth guidance is 13–15%, with EBIT margin guidance of 11.25–12%.
Accelerated growth expected in H2 FY26, supported by large deal ramp-ups and headcount additions.
Guidance excludes Pastdue Credit Solutions and does not factor in unforeseen macro changes.
UnBPO: Key external success metrics?
Pipeline growth & win rate outlook?
Europe recovery & Pastdue Credit status?
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Next Firstsource Solutions earnings date
Q3 25/266 Feb, 2026
Next Firstsource Solutions earnings date
Q3 25/266 Feb, 2026
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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.
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