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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹2,443 Cr
verified against source
Revenue YoY
16.2%
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 Solutions delivered a strong Q3 FY26 with revenue of ₹2,444 crore, up 16.2% YoY, driven by broad-based demand across verticals and five large deal wins. EBIT margin expanded 80 bps YoY to 11.9%, marking the fifth consecutive quarter of margin expansion. Adjusted PAT grew 26% YoY to ₹200 crore. Management raised FY26 constant currency revenue guidance to 13-14% organically (14.5-15% including acquisitions) and EBIT margin guidance to 11.5-12%. Key growth drivers include strong deal pipeline (>$1B), strategic acquisitions (Past Due Credit, Telemetic), and offshore shift. Risk: potential US healthcare regulatory headwinds (CMS rate freeze) could pressure payer clients, though management sees this as a tailwind for outsourcing.
Colored figures show movement against the previous available record.
Guidance to track
- Management raised organic CC revenue growth guidance to 13-14% (from earlier ~14% midpoint) and to 14.5-15% including Past Due Credit and Telemetic acquisitions.
- EBIT margin guidance for FY26 raised to 11.5-12% from earlier 11.25-12%, reflecting strong execution and margin expansion trajectory.
- Management reiterated aspiration to reach 14-15% EBIT margin over the next 3-4 years, with 50-75 bps annual expansion.
- Management expects Q4 FY26 constant currency revenue growth to be higher sequentially, consistent with upward trajectory through the year.
Risks flagged
- CMS proposal to keep Medicare Advantage rates largely unchanged could pressure payer margins, potentially reducing outsourcing spend. Management sees it as a tailwind but acknowledges uncertainty.
- US proposal to cap credit card late payment fees could impact collections business unit economics. Management downplays near-term impact but notes medium-term ambiguity.
- Planned trimming of low-margin, low-growth provider accounts may weigh on healthcare vertical growth in the short term (~50 bps revenue impact in FY26).
- Continued shift of work from onshore to offshore/nearshore locations (e.g., UK to South Africa) may dampen reported revenue growth despite volume growth.
Key quotes
- Our sales engine is working well. We had five large deal wins in Q3 which now is the fourth straight quarter of four or more large deals.
- We now expect our constant currency revenue growth for FI26 to be in the 13 to 14% range. This does not include the recent past due credit solutions and telemetic acquisitions.
- Our view is that this should lead to not just more outsourcing but also more offshoring and clients looking for more transformational programs that give them a structural uplift in their cost structures.
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