Firstsource Solutions Ltd.

•

firstsource.comBSE: 532809NSE: FSL

Market Cap₹ 17,881 Cr.

Current Price

High / Low₹ 380 / 202

Stock P/E35.5

Book Value₹ 34

Price to Book6.57

Dividend Yield2.18 %

ROCE22.3 %

ROE18.6 %

Face Value₹ 10

Add ratio to table

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	1265.00	51.28	82025.21	0.66	490.05	42.93	880.75	11.37	5.94	39.10
2.	AFFLE	1592.90	46.98	22446.25	0.00	128.44	21.74	747.16	20.37	16.86	22.43
3.	FSL	251.90	26.65	17880.81	2.18	165.92	-2.01	2724.88	22.69	17.26	16.56
4.	ECLERX	1899.40	24.51	17863.99	0.05	1642.42	1060.31	11523.58	1133.05	40.23	23.02
5.	PROTEAN	489.95	24.09	1990.24	2.04	5.86	-75.43	250.96	19.03	13.19	4.95
6.	HGS	384.05	55.50	1786.61	0.00	-662.60	-6037.28	10503.60	894.44	3.21	-3.28
7.	ONEPOINT	57.66	33.60	1516.09	0.00	16.31	72.83	158.32	129.42	17.04	22.61
8.	ALLDIGI	801.10	14.28	1220.74	7.49	18.12	21.69	150.28	4.43	41.28	27.52
9.	MATRIMONY	509.70	23.49	1053.72	0.98	19.08	127.14	130.51	13.16	21.40	20.06
10.	VAKRANGEE	5.46	55.30	591.42	0.00	2.26	-32.03	55.92	-18.76	6.07	11.87
11.	SIGMA	45.07	14.81	463.21	1.11	12.57	142.57	23.03	11.48	48.51	33.59
12.	SECMARK	148.15	47.19	154.77	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

Recent coverage and analyst commentary for FSL

Loading news…

🤖

AI Stock Analyst

Firstsource Solutions Ltd.

🔒

Sign in to Chat with AI

✨ Sign In to Chat

Free 5nance Account

Name

NAUKRI

1265.00

51.28

82025.21

0.66

490.05

42.93

880.75

11.37

5.94

39.10

AFFLE

1592.90

46.98

22446.25

0.00

128.44

21.74

747.16

20.37

16.86

22.43

FSL

251.90

26.65

17880.81

2.18

165.92

-2.01

2724.88

22.69

17.26

16.56

ECLERX

1899.40

24.51

17863.99

0.05

1642.42

1060.31

11523.58

1133.05

40.23

23.02

PROTEAN

489.95

24.09

1990.24

2.04

5.86

-75.43

250.96

19.03

13.19

4.95

HGS

384.05

55.50

1786.61

0.00

-662.60

-6037.28

10503.60

894.44

3.21

-3.28

ONEPOINT

57.66

33.60

1516.09

0.00

16.31

72.83

158.32

129.42

17.04

22.61

ALLDIGI

801.10

14.28

1220.74

7.49

18.12

21.69

150.28

4.43

41.28

27.52

MATRIMONY

509.70

23.49

1053.72

0.98

19.08

127.14

130.51

13.16

21.40

20.06

VAKRANGEE

5.46

55.30

591.42

0.00

2.26

-32.03

55.92

-18.76

6.07

11.87

SIGMA

45.07

14.81

463.21

1.11

12.57

142.57

23.03

11.48

48.51

33.59

SECMARK

148.15

47.19

154.77

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

334

364

436

465

506

552

614

640

693

692

781

816

879

247

263

307

332

371

402

466

460

470

498

524

627

Operating Profit

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%

-87

Interest

Depreciation

Profit before Tax

109

111

118

112

178

125

166

118

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

148

135

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

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%

-47

-53

Interest

Depreciation

126

205

216

Profit before Tax

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%

—

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

1,306

1,436

1,576

1,359

1,448

1,571

1,542

1,667

1,776

1,469

191

176

203

215

130

292

736

1,043

Trade Payables

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

249

291

313

208

406

663

739

Capital Work in Progress

1,345

1,219

1,316

1,199

1,287

1,336

1,288

1,265

1,633

1,632

729

895

1,199

Cash & Bank

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

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

-146

-50

-26

-342

-34

Cash from Financing

-166

-117

-433

-307

-356

-319

-296

-183

-585

-20

-1

-2

-35

-2

-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