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Revenue
₹2,583 Cr
verified against source
Revenue YoY
19.5%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Firstsource delivered a strong Q4 FY26, with revenue of ₹25.8B (up 19.5% YoY) and PAT of ₹2.1B (up 27.7% YoY). EBIT margin expanded 100bps YoY to 12.2%, the sixth consecutive quarter of expansion. Growth was driven by broad-based momentum across BFS (9% YoY CC) and healthcare (16% YoY CC), partially offset by softness in CMT and a delayed UK collections deal ramp. The company signed four large deals in Q4 and 17 in FY26, with the deal pipeline at an all-time high above $1B. Management guided FY27 constant currency revenue growth of 10-13% and EBIT margin of 12.25-12.75%. Key risk: AI-driven productivity could compress revenue per client if outcome-based pricing scales slower than expected.
Colored figures show movement against the previous available record.
Guidance to track
- Management guides CC revenue growth of 10-13% for FY27, placing Firstsource in top decile of industry growth globally.
- EBIT margin guidance for FY27 is 12.25-12.75%, implying 5-55bps expansion over Q4 FY26 exit margin of 12.2%.
- Management reiterated aspiration to reach 14-15% EBIT margin band over the next couple of years.
- Acquisitions (Pastel, Telematic) expected to contribute about 2-2.5% to FY27 revenue growth.
Risks flagged
- A large UK collections deal was delayed by a quarter due to regulatory approvals, impacting Q4 revenue. Though now live, similar delays could recur.
- Tighter regulatory environment for Medicare Advantage plans caused payers to pause program rollouts, creating a short-term timing impact on healthcare revenue.
- Analyst questioned potential deflation from AI productivity; management acknowledged efficiency gains but argued TAM expansion offsets. Risk remains if outcome-based pricing scales slower.
- CMT revenue declined 4% QoQ due to timing of work packets and program transitions in consumer tech; management expects normalization but volatility persists.
Key quotes
- Intelligence that operates is that bridge. It is deep domain expertise encoded into AI that doesn't just advise or automate. It operates end to end with accountability and gets smarter with every engagement.
- We are guiding to constant currency growth for FI27 to be in the 10 to 13% range and we are guiding for EBIT margin band of 12.25 to 12.75% for FI27.
- Our deal pipeline is at its highest ever level today as we speak in the history of the company.
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