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US healthcare regulatory headwinds (CMS rate freeze)
View Risks →Firstsource Solutions Limited — Q3 FY26
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.
bullish
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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.
फर्स्टसोर्स सॉल्यूशंस ने वित्त वर्ष 2026 की तीसरी तिमाही में मजबूत प्रदर्शन किया। कंपनी की कमाई ₹2,444 करोड़ रही, जो पिछले साल से 16.2% ज्यादा है। यह वृद्धि सभी क्षेत्रों में बढ़ती मांग और पांच बड़े सौदे जीतने से हुई। कंपनी का मुनाफा (EBIT) 11.9% रहा, जो पिछले साल से 0.8% ज्यादा है। यह लगातार पांचवीं तिमाही है जब मुनाफा बढ़ा है। शुद्ध मुनाफा (PAT) 26% बढ़कर ₹200 करोड़ हो गया। प्रबंधन ने इस साल की कमाई वृद्धि दर 13-14% और मुनाफा दर 11.5-12% रहने का अनुमान लगाया है। कंपनी के पास 1 अरब डॉलर से ज्यादा के सौदे पाइपलाइन में हैं। अमेरिकी स्वास्थ्य क्षेत्र में नियमों में बदलाव से थोड़ा जोखिम है, लेकिन कंपनी इसे आउटसोर्सिंग के लिए अच्छा मौका मानती है।
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Read Transcript →Quarter Snapshot
Large deal wins
5
+1 vs Q2 FY26
Fifth consecutive quarter with 4+ large deals; 13 large deals in 9M FY26 vs 14 in full FY25.
Deal pipeline
$1B+
+40% over last 4 quarters
Pipeline remains above $1 billion, up ~40% over the last four quarters.
Offshore/nearshore mix
43.4%
+13-14pp over 9-10 quarters
Offshore and nearshore headcount mix increased to 43.4%, driven by 80% of gross hires offshore.
Attrition rate
27.4%
-10pp over 8 quarters
Trailing 12-month attrition improved ~10 percentage points over the last eight quarters.
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Guidance and risk preview
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...
CMS proposal to keep Medicare Advantage rates largely unchanged could pressure payer margins, potentially reducing outsourcing spend.
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