Firstsource Solutions crosses $1bn; FY27 growth guide 10-13%

Milestone year as FY26 ends on a high

Firstsource Solutions closed FY26 with a $1 billion-plus revenue milestone and said it is entering its 25th year with strong operating momentum. For the year ended March 31, 2026, the company reported revenue of ₹9,556.4 crore (US$ 1,082 million), up 19.7% year-on-year. The final quarter also extended the company’s growth streak, with management noting eight straight quarters of double-digit year-on-year revenue growth.

The FY26 performance matters because it combines sustained top-line growth with margin improvement, while also setting a clear operating range for FY27. Management guided to 10% to 13% constant-currency revenue growth in FY27 and an EBIT margin band of 12.25% to 12.75%.

Q4 FY26 revenue rises 19.5% YoY

In Q4 FY26, consolidated revenue came in at ₹2,583.5 crore (₹25,835 million), a 19.5% year-on-year increase. In US dollar terms, Q4 revenue was reported at US$ 283 million, implying 13.2% year-on-year growth and 3.2% quarter-on-quarter growth. In constant currency terms, management indicated revenue growth of 11.6% year-on-year and 3% quarter-on-quarter.

Management attributed the quarter’s performance to continued momentum and stated that Q4 marked the eighth consecutive quarter of double-digit year-on-year revenue growth. The company also highlighted a strong deal environment exiting FY26, including a “record large deal intake,” alongside early traction for its “Intelligence That Operates” positioning.

Margins expand again as Q4 EBIT margin hits 12.2%

Firstsource reported an EBIT margin of 12.2% in Q4 FY26. Management said this was up 100 basis points year-on-year and up 30 basis points quarter-on-quarter, making it the sixth straight quarter of margin expansion.

In absolute terms, Q4 EBIT was reported at ₹314.3 crore (₹3,143 million). The combination of revenue growth and sequential margin expansion was positioned as evidence of operating leverage, with the FY27 margin guidance set above the Q4 exit margin.

Profit and EPS: Q4 net profit at ₹205.2 crore

For Q4 FY26, consolidated net profit was reported at ₹205.2 crore (₹2,052 million). Management also stated net profit at ₹2.1 billion and a diluted EPS of ₹2.91 for the quarter.

For FY26, management cited PAT of ₹670 crore (₹6.7 billion), described as 13.5% growth over last year on a reported basis. Separately, the company disclosed normalized profit after tax of ₹754.3 crore (₹7,543 million), up 26.9%.

Full-year FY26: revenue ₹9,556.4 crore; EBIT margin 11.7%

For the full fiscal year ended March 31, 2026, revenue stood at ₹9,556.4 crore (₹95,564 million), up 19.7% year-on-year in rupee terms. Management also reported dollar growth of 14.6% and constant-currency growth of 13.6% for the year.

Full-year EBIT was reported at ₹1,122.1 crore (₹11,221 million), with an EBIT margin of 11.7%. Management indicated FY26 margin was within its guided range of 11.5% to 12%.

Deal activity: four large deals in Q4, 17 in FY26

Firstsource said it secured four large deals during Q4 FY26. This took total large deal wins for FY26 to 17, based on company disclosure. Management also described the deal pipeline as healthy and noted a record large deal intake exiting FY26.

While the company did not provide client-level details in the provided information, the large-deal count is a key indicator of conversion and book-to-bill momentum going into FY27.

FY27 guidance: 10-13% constant-currency growth; margins 12.25-12.75%

For FY27, management guided to constant-currency revenue growth in the 10% to 13% range. It also guided to an EBIT margin band of 12.25% to 12.75%. Management highlighted that even the lower end of the margin guidance is above the Q4 exit EBIT margin of 12.2%.

The company also stated it felt comfortable with the lower end of the revenue growth guidance at the start of the year, while describing the outlook as supported by momentum, a healthy pipeline, and early commercial traction of its AI-led operating approach.

Stock reaction and market snapshot

A market report dated May 6, 2026 carried the headline that Firstsource’s shares jumped 10% following the Q4 performance update. Market data in the provided information also showed a price of ₹243.41 with a +11.33% move on that day, a 5-day change of +14.80%, and a 1st Jan change of -27.51%.

These figures indicate a sharp near-term move around the results period, alongside weaker longer-period performance as captured by the year-to-date metric shown.

Key numbers at a glance

Why the FY26 print and FY27 band matter

Crossing $1 billion in annual revenue puts Firstsource in a larger peer set where sustained conversion, margin discipline, and deal execution tend to drive valuation outcomes. The company’s FY27 EBIT margin band implies an intent to maintain margin levels above the Q4 exit rate, even as it continues to invest behind growth.

The next set of checkpoints for investors will be whether the company sustains its constant-currency growth trajectory within the guided band and whether margin delivery remains within the 12.25% to 12.75% range as FY27 progresses. The company has positioned its outlook around a strong pipeline and large-deal momentum exiting FY26, which will be monitored through subsequent quarterly updates.