Firstsource Solutions Limited has announced the demise of its Independent Director Mr. Sunil Mitra, who passed away on January 12, 2026. The company has filed the mandatory disclosure with stock exchanges under Regulation 30 of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015.

Board Changes and Regulatory Compliance

The company submitted the intimation to both National Stock Exchange of India Limited and BSE Limited on January 12, 2026. The disclosure was made pursuant to Regulation 30 read with Schedule III of SEBI LODR regulations, following the requirements outlined in SEBI Master circular dated November 11, 2024.

Company's Tribute

In its official communication, Firstsource Solutions acknowledged Mr. Mitra's significant contributions during his tenure as an Independent Director. The company stated that it had immensely benefited from his thorough knowledge and rich experience as a Board member.

The management described Mr. Mitra's unexpected demise as an irreparable loss to the company. All Directors and employees have expressed their deep sympathy, sorrow, and condolences to his family during this difficult time.

Regulatory Documentation

The intimation was signed by Company Secretary Pooja Nambiar and included Annexure-A with detailed particulars as required under SEBI regulations. The company has requested stock exchanges to take the information on record and has complied with all mandatory disclosure requirements.

Firstsource Solutions Limited operates from its registered office at Athena Towers, Mindspace Malad, Goregaon (West), Mumbai, with Corporate Identity Number L64202MH2001PLC134147.

Firstsource Solutions Limited has achieved significant recognition in the banking operations sector, earning dual analyst acknowledgments for its advanced capabilities in AI-driven banking process management. The company has been named a Leader and Star Performer in prestigious industry assessments, reinforcing its position as a trusted partner for banks seeking to modernize their operations.

Dual Recognition from Leading Analyst Firms

The company received recognition from two prominent analyst organizations for its Banking Operations excellence:

These recognitions reflect independent analyst validation of Firstsource's ability to deliver regulated, outcome-oriented banking operations at scale, powered by AI, automation and deep domain expertise across lending, payments, servicing, compliance, fraud management, document processing and workflow automation.

Strategic Vision and Market Position

Vivek Sharma, Head – BFS, CMT & Emerging Geos at Firstsource, emphasized the company's strategic direction in banking operations. The recognition validates their transition from labor-centric models to AI-native, outcome-driven operations, highlighting their commitment to scaling pragmatic Gen AI and automation across banking workflows.

The company's UnBPO™ and BPaaS approaches, combined with agentic AI and domain-led platforms, are helping banks move from pilots to enterprise production. This approach accelerates decision-making, strengthens compliance, lowers cost-to-serve, and improves customer outcomes across lending, payments, and servicing operations.

Analyst Perspectives on Firstsource's Capabilities

Everest Group Assessment

Ronak Doshi, Partner at Everest Group, highlighted Firstsource's expanding role in banking operations through integrated support across multiple areas:

• Cards, lending, collections, and financial crime management
• Domain expertise and transformation-led delivery model
• UnBPO™ framework and relAI™ platform investments
• Advanced tools including AI Coach and QC Copilot
• Strong market traction in fraud management and onboarding

The assessment attributes Firstsource's leadership recognition to its broad, end-to-end banking operations coverage, backed by deep BFS domain expertise and a digital-first operating model with strong automation, AI and workflow orchestration capabilities.

NelsonHall Recognition

NelsonHall recognizes Firstsource for embedding Gen AI and process automation across managed services and BPaaS in banking. Andy Efstathiou, Program Director for Banking at NelsonHall, noted the company's GenAI and automation offerings enable banks to transform operations efficiently through:

• Digital engineering and app development services
• Integration and implementation capabilities
• AI applications for images and video to enhance cybersecurity
• Customized GenAI and automation services for regional and local markets
• Specialized focus on lending operations

Technology and Innovation Framework

Firstsource's recognition stems from its comprehensive technology approach that includes sustained investments in platforms, data, and analytics driving cost efficiency, service quality, and market momentum. The company's inch-wide-mile-deep focus on high-value processes is reinforced by a clear UnBPO™ and agentic AI strategy.

Key technological differentiators include:

• Scaled Gen AI workforce capabilities
• Deep lending and mortgage expertise
• Tailored solutions for regional and local banking institutions
• Production-grade AI and automation for secure banking operations
• Workflow modernization through automation and operational redesign

Market Context and Industry Impact

These dual recognitions arrive as banks worldwide face increasing pressure to reduce cost-to-serve, modernize legacy workflows, and industrialize GenAI adoption. The assessments reaffirm Firstsource's position as a trusted partner for banks seeking to modernize operations with secure, production-grade AI and automation solutions.

The recognition validates the company's ability to help financial institutions transform their operations while maintaining regulatory compliance and improving customer outcomes across critical banking processes.