ALFA Finder| EBITDA Margin: guided vs achieved | 12.40% achieved Guided 12.25%–12.75% |
|---|---|
| Management target | Revenue 11.5% FY27 |
| Revenue growth | 22.9% YoY revenue growth; 5.5% QoQ growth in INR terms. |
|---|---|
| Margins | Improving; expanded 110 bps YoY to 12.4% EBITDA margin. |
| Order book | Highest ACV intake in four quarters; signed four large deals. |
| Demand visibility | Strong pipeline in Banking/Financial Services and AI-led healthcare solutions. |
| Management confidence | Balanced; defensive on exceptional charges, optimistic on AI-led pipeline conversion. |
Growth
Revenue grew 22.9% YoY and 5.5% QoQ; EBITDA margins expanded 110 bps YoY to 12.4%.
Outlook
Management reaffirmed FY27 guidance of 10-13% constant currency revenue growth and 12.25-12.75% EBITDA margins.
Risks
One-time charges of ₹717M for contract termination and regulatory penalties; reliance on large-deal ramp-ups for guidance.
Last quarter's promises, checked
Delivered
- FY26 EBIT Margin 11.5-12% → delivered 11.7% (= BEAT)
- FY26 Tax Rate 19-21% → delivered 20.6% (= BEAT)
- Margin expansion 50-75 bps/year → delivered 74 bps (= BEAT)
Partly delivered
- Medicare Advantage program rollouts → suspended/delayed by payers (= PARTIAL)
Missed
- UK collections deal ramp-up early Q4 → delayed to Q1 FY27 (= MISS)
Earnings Call Transcript filed with NSE, NSE: FSL. Summary written with AI assistance from the document.
Firstsource Solutions Ltd: key numbers
- Share price
- ₹295.25
- Market cap
- ₹20,592 Cr
- Revenue (annual)
- ₹9,556 Cr
- Net profit (annual)
- ₹674.4 Cr
- P/E (TTM)
- 28.4×Sector 23.6×
- Promoter holding
- 53.66%+0.00% QoQ
- FII holding
- 7.44%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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Firstsource delivers solid sequential growth led by BFS, while raising the floor of their full-year revenue guidance despite healthcare volatility.
- Call
- Guides 10% growth
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Q2FY27 revenue INR 28,256mn (US$296mn), up 22.2% YoY, 12.3% constant currency. EBIT margin 12.5%, PAT INR 2,328mn. Eighth straight quarter of margin expansion.
- Call
- Guides 10% growth
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Firstsource Solutions Ltd reported revenue from operations of ₹2,826 Cr (+22.2% YoY) and net profit of ₹232.4 Cr (+29.5% YoY) for Q2 FY27.
- Key figure
- Net profit ₹232.4 Cr · +29.5% YoY
Firstsource Solutions Business Update
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