Firstsource Solutions Q2 FY27 Results: Revenue Up 22%

Board approves September-quarter results

Firstsource Solutions said its Board of Directors approved the audited standalone and consolidated financial results for the quarter and half year ended September 30, 2026. The board meeting was held on October 29, 2026, following an earlier intimation to the stock exchanges on October 13. The company also reported its Q2 FY27 outcome on the same date. According to the disclosed update, revenue rose 22% year-on-year during the quarter. Firstsource further raised its FY27 growth guidance. The available disclosure does not specify the revised guidance range or the absolute revenue reported for Q2 FY27.

What the October 29 outcome covers

The board considered the financial performance for both the July-September quarter and the first six months of FY27. It approved audited standalone as well as consolidated results. This distinction is relevant because the standalone statements reflect the company’s own operations, while consolidated statements include applicable group entities. The company’s exchange filing had specifically stated that the agenda included approval of these results. The October 29 outcome confirms that the review was completed at the scheduled board meeting. No qualification to the audit opinion is stated in the supplied Q2 FY27 summary.

Revenue growth was the central update

The headline financial update was a 22% year-on-year rise in revenue for Q2 FY27. This compares the September 2026 quarter with the corresponding quarter of the previous financial year. The figure indicates continued expansion in Firstsource’s business process services operations. However, the supplied material does not provide a sequential growth rate, segment-wise revenue, currency-wise breakup, or margin figures for the latest quarter. It also does not state Q2 FY27 profit after tax, earnings per share, free cash flow, or EBIT. Investors should therefore distinguish between the confirmed revenue-growth disclosure and financial metrics not included in the available information.

FY27 guidance has been raised

Firstsource said it raised its growth guidance for FY27 after reporting the September-quarter performance. A guidance increase generally signals that management has updated its expectations for the full financial year based on business conditions and execution to date. In this case, the precise previous guidance and revised guidance are not available in the provided announcement. It is therefore not possible to quantify the size of the revision from the disclosed information. The announcement nevertheless places the stronger revenue trajectory at the centre of the company’s FY27 communication. Further details may be contained in the complete results release and investor materials.

Earlier quarterly performance provides context

Firstsource had reported consolidated revenue of ₹2,312.20 crore for the quarter ended September 30, 2025. That represented year-on-year growth of 20.1%. EBIT for that quarter stood at ₹266.50 crore, equal to an EBIT margin of 11.5%. Profit after tax was ₹179.50 crore, or 7.8% of revenue, and diluted earnings per share were ₹2.54. The company also reported free cash flow to PAT of 117% for that period. The latest reported 22% revenue growth rate is higher than the 20.1% growth disclosed for the September 2025 quarter.

Half-year comparison remains relevant

For the six months ended September 30, 2025, Firstsource had reported revenue of ₹4,529.90 crore, up 21.9% year-on-year. EBIT was ₹516.30 crore, with an EBIT margin of 11.4%. PAT was ₹348.80 crore and diluted EPS was ₹4.95. Free cash flow to PAT was reported at 155%. These figures provide a useful reference point because the October 2026 board approval also covers the first half of the financial year. But the supplied Q2 FY27 update does not provide comparable H1 FY27 financial amounts.

Historical growth trend

The company’s September-quarter revenue was ₹1,540 crore in FY24, based on the financial highlights disclosed in November 2023. Revenue then rose to ₹2,312.20 crore in the September 2025 quarter. The FY24 quarter had EBIT of ₹163.40 crore and PAT of ₹126.50 crore. Its revenue growth was 3.5% year-on-year, while EBIT rose 30.3% year-on-year. The subsequent FY26 September-quarter update showed materially higher revenue and a 20.1% growth rate. The reported 22% Q2 FY27 growth continues that recent pattern of double-digit expansion.

Key disclosed financial data

Implications for investors and the sector

For investors, the most relevant confirmed points are the audited approval of the September-quarter accounts, 22% year-on-year revenue growth, and the increase in FY27 growth guidance. These developments focus attention on the company’s revenue momentum rather than profitability, since current-quarter margin and earnings figures are not included in the provided text. For the broader business process services sector, Firstsource’s update reflects continued demand for its specialist domain-led services, though no industry-wide conclusions can be drawn from a single company disclosure. The formal results filing and related press release remain important sources for detailed assessment of operating performance.

Previous board actions

Firstsource had earlier informed the exchanges that its board would consider audited standalone and consolidated results for the quarter ended June 30, 2026 at its August 6, 2026 meeting. The company subsequently stated that the board approved those results along with the auditors’ reports and a related press release. The September-quarter process followed the same reporting pattern, with advance board-meeting intimation followed by the results outcome. The company has also previously stated unmodified audit opinions for audited financial statements, including its September 2024 consolidated results and December 2025 standalone results. The supplied October 2026 update confirms the latest results were approved by the board.

What to watch next

The Q2 FY27 announcement establishes that Firstsource delivered 22% year-on-year revenue growth and raised its FY27 growth guidance. The board has approved audited standalone and consolidated results for the September quarter and half year. The disclosed summary does not provide the revised guidance range, revenue amount, profitability figures, or operating details. Those items will be central to evaluating the full financial impact of the quarter. Investors will watch for detailed financial statements, management commentary, and subsequent company disclosures for further clarity on FY27 performance.