Firstsource Q1FY27: consolidated revenue +22.9% YoY, adjusted PAT +31% on one-off hit

Firstsource's consolidated Q1FY27 (quarter ended June 30, 2026) revenue came in at ₹2,724.9 Cr (₹27,249 mn, net of other operating income), up 22.9% YoY and 5.5% QoQ — the ninth straight quarter of double-digit YoY growth. That print landed inside the ₹2,610-2,939 Cr range Univest's Uniresearch trailing-growth model had flagged pre-results, an in-line outcome against the one street proxy found; no formal brokerage PAT consensus turned up in search. Reported PAT of ₹165.9 Cr actually fell 2.0% YoY and 19.2% QoQ, but that's a direct function of a ₹71.7 Cr (₹56.3 Cr net of tax) exceptional charge taken this quarter against a year-ago and Q4FY26 base that carried none; stripping it out, adjusted PAT was ₹222.2 Cr (8.2% of revenue), up 31.2% YoY and ~8.3% QoQ — the adjusted number, not the reported one, is the right read on underlying growth. The one-off comprises three items disclosed in the filing: ₹35.7 Cr assessed non-recoverable after a client terminated its contract (recovery discussions ongoing), ₹28.4 Cr to indemnify a customer against a regulatory penalty (an insurance claim has been filed), and a ₹7.6 Cr fair-value adjustment on contingent consideration from an earlier acquisition. On the operating line, EBIT was ₹336.7 Cr (12.4% of revenue), up 34.8% YoY — margin expansion that outpaced revenue growth and lands inside the FY27 guided EBIT margin band of 12.25-12.75%, on track toward management's longer-term 14-15% target. Diluted EPS was ₹2.36 versus ₹2.91 in Q4FY26 and ₹2.40 in Q1FY26, again a one-off effect rather than a change in earnings power. Growth was broad-based across verticals: Banking & Financial Services ₹913.8 Cr (+26.5% YoY), Healthcare ₹898.1 Cr (+21.1% YoY), Communications, Media & Technology ₹566.2 Cr (+13.9% YoY) and Diverse Industries ₹352.4 Cr (+35.7% YoY). The quarter also brought four large deal wins (sixth straight quarter of four-plus), 12 new logos including three strategic accounts, and closing headcount of 36,875 with voluntary attrition at 27.5%. Standalone (parent-only) numbers, which carried no exceptional item this quarter, tell a cleaner story: PAT of ₹206.8 Cr, up 52.9% YoY and 47.7% QoQ on revenue of ₹913.4 Cr — a reminder that the consolidated YoY PAT dip is a one-off distortion, not an operating slowdown; readers seeing the standalone number elsewhere should not read it as contradicting the consolidated print, which remains the primary figure given the one-off sits at the subsidiary/consolidated level. Chairman Sanjiv Goenka's press-release framing — that this quarter reflects a multi-year pivot toward AI-led 'Intelligence that Operates' capabilities rather than a cyclical uptick — is consistent with growth being spread across all four verticals rather than concentrated in one. Management reiterated FY27 guidance of 10-13% constant-currency revenue growth and 12.25-12.75% EBIT margin, unchanged from the Q4FY26 call despite this quarter's reported growth running well above the top end of that band — implying either a strong start against an easier base/currency tailwind or conservatism on the remaining three quarters. The confirmed forward markers are that reiterated guidance band and the recovery status of the ₹64.1 Cr one-off through the client contract-recovery and insurance-indemnity processes disclosed this quarter.