Firstsource Solutions Ltd.

•

firstsource.comBSE: 532809NSE: FSL

Market Cap₹ 17,583 Cr.

Current Price

High / Low₹ 380 / 202

Stock P/E26.2

Book Value₹ 62

Price to Book3.35

Dividend Yield2.22 %

ROCE17.3 %

ROE16.3 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Healthcare: 33.4% • Banking, Financial Services and Insurance: 32.4% • Communication, media and Technology: 21.3%

AI Sector View

AI GENERATED

Services

Buy

Broad services remain in expansion. Services PMI was 54.1 (Aug/26), export of services grew 13.0% YoY (2026-06), and urban employment was still positive at 2.0% YoY (2026-07), although airport passenger traffic was -2.0% YoY (2026-06). FPI inflows of INR 7081 crore over 3 months to 2026-08-31 support the constructive sector view.

Confidence

72%

View full sector analysis →

PROS

Company has consistently been profitable over the last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.43x)
Company has been maintaining a healthy dividend payout of 56.8%
Working capital cycle has improved - days down from -9 to -26
Company has a consistent dividend-paying track record
Company generates healthy free cash flow

CONS

Recurring exceptional / one-off items are inflating headline profit
Expensive relative to growth - PEG of 2.8

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ServicesITBPO/ITeS

Part ofNIFTY TOTAL MKT NIFTY 500 NIFTY SMLCAP 250

S.No.	Name
1.	NAUKRI	1250.90	50.71	81110.93	0.67	490.05	42.93	880.75	11.37	5.94	39.10
2.	AFFLE	1568.20	46.25	22098.19	0.00	128.44	21.74	747.16	20.37	16.86	22.43
3.	ECLERX	1897.90	24.49	17849.89	0.05	1642.42	1060.31	11523.58	1133.05	40.23	23.02
4.	FSL	247.70	26.20	17582.68	2.22	165.92	-2.01	2724.88	22.69	17.26	16.56
5.	PROTEAN	491.90	24.28	2005.93	2.03	5.86	-75.43	250.96	19.03	13.19	4.95
6.	HGS	379.20	54.80	1764.05	0.00	-662.60	-6037.28	10503.60	894.44	3.21	-3.28
7.	ONEPOINT	56.37	32.84	1482.17	0.00	16.31	72.83	158.32	129.42	17.04	22.61
8.	ALLDIGI	796.65	14.21	1213.96	7.53	18.12	21.69	150.28	4.43	41.28	27.52
9.	MATRIMONY	511.85	23.59	1058.17	0.98	19.08	127.14	130.51	13.16	21.40	20.06
10.	VAKRANGEE	5.39	54.59	583.84	0.00	2.26	-32.03	55.92	-18.76	6.07	11.87
11.	SIGMA	44.12	14.50	453.44	1.13	12.57	142.57	23.03	11.48	48.51	33.59
12.	SECMARK	140.20	44.65	146.47	0.00	-0.19	79.20	10.35	55.56	22.41	9.82

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	1,527	1,542	1,595	1,669	1,784	1,933	2,088	2,168	2,221	2,315	2,467	2,613	2,725
	1,289	1,311	1,359	1,420	1,521	1,638	1,785	1,829	1,871	1,936	2,040	2,153	2,440
Operating Profit	238	231	235	249	263	294	303	339	350	379	427	460	285
OPM %	15.57%	14.95%	14.76%	14.93%	14.72%	15.24%	14.52%	15.64%	15.78%	16.35%	17.31%	17.60%	10.46%
	2	17	15	3	2	-3	7	2	7	1	-97	-2	78
Interest	25	26	25	27	32	34	39	43	43	43	43	52	52
Depreciation	61	65	66	67	73	79	84	91	97	110	111	116	115
Profit before Tax	155	154	161	159	167	171	201	202	213	224	152	261	219
Tax %	18.87%	18.01%	19.94%	16.19%	19.14%	19.19%	20.11%	20.34%	20.59%	19.98%	20.67%	21.24%	24.36%
Net Profit	0	0	0	0	135	138	160	161	169	180	120	205	166
	1.85	1.85	1.88	1.94	1.97	2.01	2.33	2.33	2.45	2.60	1.74	2.97	2.40

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	3,556	3,535	3,826	4,099	5,078	5,921	6,022	6,336	7,980	9,556	10,120
	3,113	3,066	3,278	3,445	4,241	4,964	5,199	5,385	6,784	8,004	8,570
Operating Profit	442	469	548	653	837	957	823	951	1,196	1,553	1,550
OPM %	12.44%	13.27%	14.33%	15.94%	16.47%	16.16%	13.67%	15.01%	14.99%	16.25%	15.32%
	7	8	8	9	-111	4	134	42	19	-87	-20
Interest	54	53	46	83	87	64	79	103	148	181	190
Depreciation	59	66	74	185	206	249	263	260	327	434	451
Profit before Tax	337	358	436	394	432	647	615	630	741	850	856
Tax %	17.12%	8.78%	13.34%	13.83%	16.25%	17.09%	16.50%	18.26%	19.74%	20.64%	21.61%
Net Profit	279	327	378	340	362	537	514	515	594	674	671
EPS	4.08	4.73	5.45	4.89	5.13	7.62	7.32	7.38	8.53	9.68	—
Dividend Payout %	0.00%	31.54%	36.59%	51.06%	57.74%	45.40%	47.49%	47.39%	46.90%	56.84%	—

COMPOUNDED SALES GROWTH

10 Years:: 12%
5 Years:: 13%
3 Years:: 17%

COMPOUNDED PROFIT GROWTH

10 Years:: 10%
5 Years:: 13%
3 Years:: 9%

STOCK PRICE CAGR

10 Years:: 19%
5 Years:: 5%
3 Years:: 16%
1 Year:: -32%

RETURN ON EQUITY

10 Years:: 15%
5 Years:: 16%
3 Years:: 16%
Last Year:: 16%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	681	687	691	694	696	697	697	697	697	697
Minority Interest	1	1	1	1	1	0	0	0	0	0
	1,334	1,653	2,017	2,060	2,075	2,285	2,605	2,956	3,298	3,558
	978	697	557	1,259	1,026	1,803	1,179	1,254	2,421	2,734
Trade Payables	99	94	90	95	279	178	231	306	398	558
	96	49	88	227	484	464	657	570	835	1,381
Total Liabilities	3,190	3,180	3,444	4,336	4,561	5,427	5,370	5,784	7,649	8,929
	2,068	2,080	2,223	2,871	2,998	3,744	3,716	3,853	4,994	5,567
Capital Work in Progress	4	0	2	0	0	0	3	17	49	30
	163	34	134	12	94	130	71	42	73	116
	0	0	0	0	0	0	0	1,161	1,686	2,079
Cash & Bank	39	123	47	191	137	90	156	188	167	269
	916	943	1,038	1,262	1,331	1,463	1,423	523	680	868
Total Assets	3,190	3,180	3,444	4,336	4,561	5,427	5,370	5,784	7,649	8,929

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	256	390	463	464	1,045	798	861	644	701	1,214
Cash from Investing	-231	92	-204	14	-348	-595	16	-58	-746	-452
Cash from Financing	4	-327	-273	-277	-689	-158	-743	-563	23	-667
	-28	80	-77	148	-61	-49	68	23	-22	95

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	53.66	53.66	53.66	53.66	53.66	53.66	53.66	53.66	53.66
	9.36	11.63	11.01	10.07	9.58	9.25	9.20	8.85	8.38
	19.52	18.60	20.89	22.90	23.95	24.63	25.19	25.49	25.41
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	17.47	16.12	14.45	13.37	12.82	12.47	11.95	12.00	12.55

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-09

ESOP/ESOS/ESPS

2026-09-09 - Firstsource Solutions Limited has informed the Exchange regarding Allotment of 67968 Shares.

2026-09-04

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-04 - Firstsource Solutions Limited has informed the Exchange about Schedule of meet

2026-08-28

ESOP/ESOS/ESPS

2026-08-28 - Firstsource Solutions Limited has informed the Exchange regarding Allotment of 269883 Shares.

2026-08-20

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-20 - Firstsource Solutions Limited has informed the Exchange about Schedule of meet

2026-08-19

ESOP/ESOS/ESPS

2026-08-19 - Firstsource Solutions Limited has informed the Exchange regarding Allotment of 127883 Shares.

2026-08-12

ESOP/ESOS/ESPS

2026-08-12 - Firstsource Solutions Limited has informed the Exchange regarding Allotment of 353905 Shares.

2026-08-11

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-11 - Firstsource Solutions Limited has informed the Exchange about Transcript

2026-08-11

Press Release

2026-08-11 - Firstsource Solutions Limited has informed the Exchange regarding a press release dated August 11, 2026, titled "This is to inform that a Press Release titled Firstsource and Cresta Partner to Accelerate AI-Powered Customer Experience Transformation is attached along with this letter.You are kindly requested to take the same on record and oblige.".

2026-08-10

Copy of Newspaper Publication

2026-08-10 - Firstsource Solutions Limited has informed the Exchange about Copy of Newspaper Publication

News

Recent coverage and analyst commentary for FSL

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AI Stock Analyst

Firstsource Solutions Ltd.

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Name

NAUKRI

1250.90

50.71

81110.93

0.67

490.05

42.93

880.75

11.37

5.94

39.10

AFFLE

1568.20

46.25

22098.19

0.00

128.44

21.74

747.16

20.37

16.86

22.43

ECLERX

1897.90

24.49

17849.89

0.05

1642.42

1060.31

11523.58

1133.05

40.23

23.02

FSL

247.70

26.20

17582.68

2.22

165.92

-2.01

2724.88

22.69

17.26

16.56

PROTEAN

491.90

24.28

2005.93

2.03

5.86

-75.43

250.96

19.03

13.19

4.95

HGS

379.20

54.80

1764.05

0.00

-662.60

-6037.28

10503.60

894.44

3.21

-3.28

ONEPOINT

56.37

32.84

1482.17

0.00

16.31

72.83

158.32

129.42

17.04

22.61

ALLDIGI

796.65

14.21

1213.96

7.53

18.12

21.69

150.28

4.43

41.28

27.52

MATRIMONY

511.85

23.59

1058.17

0.98

19.08

127.14

130.51

13.16

21.40

20.06

VAKRANGEE

5.39

54.59

583.84

0.00

2.26

-32.03

55.92

-18.76

6.07

11.87

SIGMA

44.12

14.50

453.44

1.13

12.57

142.57

23.03

11.48

48.51

33.59

SECMARK

140.20

44.65

146.47

0.00

-0.19

79.20

10.35

55.56

22.41

9.82

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

1,527

1,542

1,595

1,669

1,784

1,933

2,088

2,168

2,221

2,315

2,467

2,613

2,725

1,289

1,311

1,359

1,420

1,521

1,638

1,785

1,829

1,871

1,936

2,040

2,153

2,440

Operating Profit

238

231

235

249

263

294

303

339

350

379

427

460

285

OPM %

15.57%

14.95%

14.76%

14.93%

14.72%

15.24%

14.52%

15.64%

15.78%

16.35%

17.31%

17.60%

10.46%

-3

-97

-2

Interest

Depreciation

110

111

116

115

Profit before Tax

155

154

161

159

167

171

201

202

213

224

152

261

219

Tax %

18.87%

18.01%

19.94%

16.19%

19.14%

19.19%

20.11%

20.34%

20.59%

19.98%

20.67%

21.24%

24.36%

Net Profit

135

138

160

161

169

180

120

205

166

1.85

1.88

1.94

1.97

2.01

2.33

2.45

2.60

1.74

2.97

2.40

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

3,556

3,535

3,826

4,099

5,078

5,921

6,022

6,336

7,980

9,556

10,120

3,113

3,066

3,278

3,445

4,241

4,964

5,199

5,385

6,784

8,004

8,570

Operating Profit

442

469

548

653

837

957

823

951

1,196

1,553

1,550

OPM %

12.44%

13.27%

14.33%

15.94%

16.47%

16.16%

13.67%

15.01%

14.99%

16.25%

15.32%

-111

134

-87

-20

Interest

103

148

181

190

Depreciation

185

206

249

263

260

327

434

451

Profit before Tax

337

358

436

394

432

647

615

630

741

850

856

Tax %

17.12%

8.78%

13.34%

13.83%

16.25%

17.09%

16.50%

18.26%

19.74%

20.64%

21.61%

Net Profit

279

327

378

340

362

537

514

515

594

674

671

EPS

4.08

4.73

5.45

4.89

5.13

7.62

7.32

7.38

8.53

9.68

—

Dividend Payout %

0.00%

31.54%

36.59%

51.06%

57.74%

45.40%

47.49%

47.39%

46.90%

56.84%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

681

687

691

694

696

697

Minority Interest

1,334

1,653

2,017

2,060

2,075

2,285

2,605

2,956

3,298

3,558

978

697

557

1,259

1,026

1,803

1,179

1,254

2,421

2,734

Trade Payables

279

178

231

306

398

558

227

484

464

657

570

835

1,381

Total Liabilities

3,190

3,180

3,444

4,336

4,561

5,427

5,370

5,784

7,649

8,929

2,068

2,080

2,223

2,871

2,998

3,744

3,716

3,853

4,994

5,567

Capital Work in Progress

163

134

130

116

1,161

1,686

2,079

Cash & Bank

123

191

137

156

188

167

269

916

943

1,038

1,262

1,331

1,463

1,423

523

680

868

Total Assets

3,190

3,180

3,444

4,336

4,561

5,427

5,370

5,784

7,649

8,929

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

256

390

463

464

1,045

798

861

644

701

1,214

Cash from Investing

-231

-204

-348

-595

-58

-746

-452

Cash from Financing

-327

-273

-277

-689

-158

-743

-563

-667

-28

-77

148

-61

-49

-22

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

53.66

9.36

11.63

11.01

10.07

9.58

9.25

9.20

8.85

8.38

19.52

18.60

20.89

22.90

23.95

24.63

25.19

25.49

25.41

Government

0.00

17.47

16.12

14.45

13.37

12.82

12.47

11.95

12.00

12.55

Firstsource Solutions Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Firstsource Solutions Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI