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Regulatory delays in UK collections deal
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Firstsource Solutions Ltd — Q4 FY26
Firstsource delivered a strong Q4 FY26, with revenue of ₹25.8B (up 19.5% YoY) and PAT of ₹2.1B (up 27.7% YoY).
bullish
high
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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.
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Large deal wins (Q4)
4
Flat QoQ
Fifth consecutive quarter with 4+ large deals; 17 large deals in FY26 vs 14 in FY25.
Strategic logos added (FY26)
24
+100% YoY
Doubled strategic client additions vs FY25; 50% convert to >$5M revenue.
Deal pipeline
$1B+
Highest ever
Pipeline at record level, up ~60% in Europe over last four quarters.
Revenue per employee (2-year change)
+12%
+12% over 2 years
Revenue growth outpacing headcount growth; gap expected to widen with agentic operations.
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Guidance and risk preview
Management guides CC revenue growth of 10-13% for FY27, placing Firstsource in top decile of industry growth globally.
A large UK collections deal was delayed by a quarter due to regulatory approvals, impacting Q4 revenue.
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