Firstsource Solutions Ltd.

•

firstsource.comBSE: 532809NSE: FSL

Market Cap₹ 17,583 Cr.

Current Price

High / Low₹ 380 / 202

Stock P/E34.9

Book Value₹ 34

Price to Book6.57

Dividend Yield2.22 %

ROCE22.3 %

ROE18.6 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Communication, media & Technology: 48.7% • Banking & Financial Services: 31.8% • Healthcare: 21.9%

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 a healthy return on capital (ROCE) of 20.4%
Latest quarter profit grew 52.9% YoY, showing strong momentum
Company has delivered good sales growth of 16.8% CAGR over last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.26x)
Working capital cycle has improved - days down from 55 to 28
Company comfortably covers its interest (9.6x coverage)

CONS

Contingent liabilities are large at 268.8% of net worth
Company has delivered a poor profit growth of 3.3% over past five years
Recurring exceptional / one-off items are inflating headline profit
Stock is trading at 6.6x its book value

* 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

Standalone Figures in Rs. Crores / View Consolidated

	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
	334	364	436	465	506	552	614	640	693	692	781	816	879
	247	263	307	332	371	402	466	460	470	498	524	524	627
Operating Profit	87	101	130	133	135	151	148	179	223	193	257	292	252
OPM %	26.10%	27.78%	29.69%	28.53%	26.64%	27.25%	24.08%	28.06%	32.18%	27.97%	32.93%	35.79%	28.62%
	8	9	10	9	10	8	66	11	12	10	-87	9	15
Interest	3	4	5	5	8	10	11	13	14	15	17	17	17
Depreciation	20	22	24	26	26	26	34	40	44	54	53	54	55
Profit before Tax	75	85	109	111	118	112	178	125	166	118	71	188	267
Tax %	13.25%	14.95%	18.17%	15.99%	19.65%	18.20%	16.89%	26.41%	18.74%	16.76%	17.68%	25.37%	22.42%
Net Profit	65	72	90	93	95	92	148	92	135	98	59	140	207
	0.95	1.06	1.31	1.36	1.38	1.34	2.15	1.34	1.96	1.42	0.85	2.03	2.99

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	940	861	768	940	1,325	1,592	1,376	1,601	2,307	2,883	3,167
	713	628	582	672	835	1,063	1,000	1,151	1,703	2,024	2,173
Operating Profit	228	233	186	268	490	529	376	451	604	859	994
OPM %	24.21%	27.04%	24.19%	28.47%	36.96%	33.21%	27.33%	28.14%	26.19%	29.78%	31.39%
	17	14	63	31	31	33	39	39	99	-47	-53
Interest	7	7	2	16	15	20	15	17	43	63	65
Depreciation	19	22	24	71	80	88	89	92	126	205	216
Profit before Tax	219	219	223	212	425	453	311	380	534	543	643
Tax %	13.84%	12.47%	10.70%	14.14%	13.80%	14.51%	20.16%	15.85%	20.01%	20.46%	21.72%
Net Profit	188	192	199	182	367	388	248	320	427	432	504
EPS	2.75	2.78	2.87	2.62	5.20	5.49	3.54	4.59	6.13	6.20	—
Dividend Payout %	0.00%	53.66%	69.45%	95.30%	56.96%	62.94%	98.23%	76.31%	65.28%	88.72%	—

COMPOUNDED SALES GROWTH

10 Years:: 13%
5 Years:: 17%
3 Years:: 28%

COMPOUNDED PROFIT GROWTH

10 Years:: 11%
5 Years:: 3%
3 Years:: 20%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:: 13%
5 Years:: 16%
3 Years:: 17%
Last Year:: 19%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	1,306	1,436	1,576	1,359	1,448	1,571	1,542	1,667	1,776	1,469
	191	33	9	176	203	215	130	292	736	1,043
Trade Payables	34	28	29	31	39	47	53	90	113	111
	-104	-151	-163	-142	-25	-61	-83	-73	199	592
Total Liabilities	2,108	2,032	2,142	2,118	2,361	2,469	2,339	2,673	3,522	3,912
	55	56	72	249	291	313	208	406	663	739
Capital Work in Progress	2	0	0	0	0	0	3	14	42	29
	1,345	1,219	1,316	1,199	1,287	1,336	1,288	1,265	1,633	1,632
	0	0	0	0	0	0	0	729	895	1,199
Cash & Bank	16	14	13	46	16	26	21	52	29	45
	691	743	742	624	768	794	817	207	261	267
Total Assets	2,108	2,032	2,142	2,118	2,361	2,469	2,339	2,673	3,522	3,912

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	115	100	266	420	482	515	330	347	504	633
Cash from Investing	-104	124	-106	77	-146	-50	47	-26	-342	-34
Cash from Financing	6	-166	-117	-433	-307	-356	-319	-296	-183	-585
	-20	-1	-2	32	-35	9	-2	24	-22	15

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	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

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