The transcript of the investor/analyst call held on Wednesday May 06 2026, is as enclosed.
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Firstsource Solutions crossed $1 billion annual revenue milestone in FY26 with INR 95.6 billion (up 19.7% YoY in rupee terms, 13.6% in CC). Q4 revenue was INR 25.8 billion ($283M), up 13.2% YoY in dollar terms with EBIT margin at 12.2%, marking the 6th consecutive quarter of margin expansion. The company won 17 large deals in FY26 (vs 14 in FY25) and added 47 new clients including 24 strategic logos. Management introduced its 'Intelligence that operates' strategic positioning built around its Kairos platform that encodes 25 years of domain expertise into AI-enabled agentic operations. For FY27, management guided to 10-13% constant currency growth and EBIT margin of 12.25-12.75%, with ~2-2.5% inorganic contribution from recent acquisitions (TeleMedik, Pastdue Credit). Deal pipeline stands at record high levels above $1 billion.
The strong Q4 and FY26 results with consistent margin expansion demonstrate operational execution strength. The guided growth range of 10-13% for FY27 is slightly below FY26's 13.6% CC growth, factoring in ~2-2.5% inorganic contribution and implying organic growth moderation to ~9%. The strategic shift to 'Intelligence that operates' positions the company to compete effectively against both technology platforms and IT services firms by offering one continuous motion from advisory to implementation to operations.