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Firstsource Solutions

FSL NSE
₹290.40 +1.40 (+0.48%)
P/E
30.60
View as Markdown
MCP
Close 4 Nov 2026 ₹290.40 −60.90 −17.3% 1Y
Start ₹351.30

Key Fundamentals

SmallcapCommercial ServicesServices

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
16.80%
Debt to Equity
0.67
EPS (TTM)
₹9.49
Book Value
₹69.13
Market Cap
—
P/E (TTM)
30.60
P/B
4.20
ROE
17.60%
Dividend Yield
1.90%
EBITDA
₹1,564 Cr
52W High
₹371.75
52W Low
₹202.00
Day Range
₹285.70 – ₹293.00
Volume
6,26,802

Peer Comparison

Services › Commercial Services › BPO / KPO › Business Process Outsourcing (BPO)/ Knowledge Process Outsourcing (KPO)

Firstsource Solutions peer comparison
Firstsource Solutions (this company)
₹290.4030.60₹20,373 Cr4.201.90%17.60%16.80%₹10,064 Cr₹671 Cr
eClerx Services
₹1,562.3020.23₹14,958 Cr5.040.06%28.40%34.40%₹4,335 Cr₹729 Cr
RPSG Ventures
₹848.05—₹2,734 Cr1.120.00%−5.35%10.60%₹11,928 Cr₹4 Cr
One Point One Solutions
₹72.9842.68₹1,867 Cr4.300.00%7.17%9.59%₹403 Cr₹45 Cr
Hinduja Global Solutions
₹346.45—₹1,591 Cr0.191.47%0.39%1.46%₹4,301 Cr−₹73 Cr
Alldigi Tech
₹831.8014.83₹1,271 Cr5.013.61%31.50%27.90%₹605 Cr₹86 Cr
NSB BPO Solutions
₹23.46—₹46 Cr0.220.00%7.26%8.15%——
Median 7 companies₹346.4525.42₹1,867 Cr4.200.06%7.26%10.60%₹4,318 Cr₹66 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

55 Good

Data confidence 100/100

insider_selling

Category scores

Quality
80
Strong
Returns, margins, earnings quality 22% weight
Valuation
43
Weak
Cheap vs sector & own history 24% weight
Growth
59
Good
Sales & profit trajectory 9% weight
Financial Health
43
Weak
Solvency, leverage, coverage 9% weight
Momentum
73
Strong
Trend strength, vol-adjusted 12% weight
Ownership
49
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 50.4%

No weaknesses listed

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish3511
OscillatorsBullish153
Moving AveragesStrong Bullish208

Key readings

RSI (14)
55.01
Neutral
MACD (12,26,9)
7.04
Bearish
SMA (50)
272.99
Bullish
SMA (200)
259.53
Bullish

As of

Analyst Rating

Based on 15 analysts
BUY73%

11 of 15 analysts rate Buy, 1 Hold, 3 Sell.

As of

BUY
11
73%
HOLD
1
7%
SELL
3
20%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+11.50%
5Y+13.48%
3Y+16.64%
1Y+19.75%
TTM+19.71%

Net profit

Net profit growth by window
10Y+9.95%
5Y+13.24%
3Y+9.45%
1Y+13.47%
TTM+6.85%

Operating cash flow

Operating cash flow growth by window
10Y+15.12%
5Y+4.46%
3Y+15.16%
1Y+73.18%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+4.43 pp
5Y+0.28 pp
3Y+2.55 pp
1Y+1.21 pp
TTM+1.21 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹3,556 Cr
Mar 2018₹3,535 Cr
Mar 2019₹3,826 Cr
Mar 2020₹4,099 Cr
Mar 2021₹5,078 Cr
Mar 2022₹5,921 Cr
Mar 2023₹6,022 Cr
Mar 2024₹6,336 Cr
Mar 2025₹7,980 Cr
Mar 2026₹9,556 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹279 Cr
Mar 2018₹327 Cr
Mar 2019₹378 Cr
Mar 2020₹340 Cr
Mar 2021₹362 Cr
Mar 2022₹537 Cr
Mar 2023₹514 Cr
Mar 2024₹515 Cr
Mar 2025₹594 Cr
Mar 2026₹674 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹1,923 Cr +23.0% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk medium

Firstsource Solutions Ltd trades at ₹289 as of 2026-11-03, with a market cap of ₹20,478 Cr and a trailing P/E of 30.45. The company has delivered 20% TTM revenue growth and 28% TTM profit growth, while maintaining a 15.38% ROE and a dividend payout ratio of 50.4%. The stock sits roughly 22% below its 52-week high of ₹371.75.

Bull Case 7
  • TTM profit growth of 28% significantly outpaces the 3-year profit CAGR of 14% and the 10-year CAGR of 11%, indicating an acceleration in earnings momentum
  • TTM revenue growth of 20% is well above the 5-year sales CAGR of 13%, suggesting the company is gaining market share or expanding its service mix
  • Consistent ROE averaging 16% over 10 years and improving to 18% in the last year reflects disciplined capital allocation and sustained profitability
  • Healthy dividend payout ratio of 50.4% with a current dividend yield of 1.87%, offering meaningful income in a sector where many IT services peers pay lower yields
  • ROCE of 17.65% comfortably exceeds the cost of capital for most Indian mid-cap companies, indicating value-creating operations
  • Debt-to-equity ratio of 0.67 remains manageable for a services business, keeping financial risk contained while allowing leverage for growth
  • 10-year stock CAGR of 21% demonstrates a long track record of wealth creation for shareholders despite near-term volatility
Bear Case 7
  • Trailing P/E of 30.45 is elevated for a commercial services company, requiring continued high earnings growth to justify the premium
  • 1-year stock return of -19% indicates significant recent underperformance despite strong underlying profit growth of 28% TTM
  • Price-to-book ratio of 4.18 is well above 1x, suggesting the stock is priced for substantial future returns on equity that may not materialise
  • 5-year stock CAGR of only 5% lags the 5-year profit CAGR of 10% and sales CAGR of 13%, pointing to a sustained de-rating by the market
  • Debt-to-equity of 0.67 is non-trivial for a services firm that is largely asset-light, and rising interest rates could compress margins
  • The gap between 10-year sales CAGR of 12% and 10-year profit CAGR of 11% suggests limited operating leverage over the long term
  • EPS of ₹9.49 TTM means the stock trades at over 30x earnings, leaving little room for disappointment in quarterly results

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Firstsource Solutions secured a top-tier industry recognition for its CX services and AI-native platform, reinforcing its competitive positioning in the digital services space. No headwinds surfaced in recent coverage. With limited data points this cycle, the outlook hinges on whether this recognition translates into stronger deal wins in coming quarters.

Positives 1
  • Horizon 3 CX Market Leader Oct 20

    Firstsource was named a Horizon 3 Market Leader among 33 providers in the Customer Experience Services 2026 evaluation, recognized for its AI-native capabilities and Kairos operating system.

Quarterly Results

₹ Cr
FSL quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
1,529
1,540
1,597
1,670
1,791
1,925
2,102
2,161
2,218
2,312
2,443
2,583
2,725
2,826
Expenses
1,289
1,311
1,359
1,420
1,521
1,638
1,785
1,829
1,871
1,936
2,040
2,153
2,274
2,355
Operating Profit
240
229
237
250
270
287
318
333
347
376
403
430
451
—
OPM %
16%
15%
15%
15%
15%
15%
15%
15%
16%
16%
16%
17%
17%
—
Other Income
2
17
15
3
2
−3
7
2
7
1
−97
−2
−66
−2
Interest
25
26
25
27
32
34
39
43
43
43
43
52
52
51
Depreciation
61
65
66
67
73
79
84
91
97
110
111
116
115
118
PBT
155
154
161
159
167
171
201
202
213
224
152
261
219
299
Tax %
19%
18%
20%
16%
19%
19%
20%
20%
21%
20%
21%
21%
24%
22%
Net Profit
126
127
129
134
135
138
160
161
169
180
120
205
166
232
EPS (₹)
1.79
1.8
1.83
1.9
1.92
1.96
2.27
2.27
2.39
2.54
1.7
2.9
2.35
—

Sep 2026: from the results filed on 29 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
FSL profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
3,035
3,217
3,556
3,535
3,826
4,099
5,078
5,921
6,022
6,336
7,980
9,556
10,064
Expenses
2,645
2,819
3,109
3,064
3,274
3,445
4,239
4,939
5,165
5,329
6,737
7,952
8,403
Operating Profit
390
398
447
471
552
654
839
982
858
1,008
1,244
1,605
1,660
OPM %
13%
12%
13%
13%
14%
16%
17%
17%
14%
16%
16%
17%
16%
Other Income
7
9
3
5
4
9
−114
1
131
37
8
−91
−163
Interest
80
61
54
53
46
83
87
86
110
155
184
230
190
Depreciation
72
61
59
66
74
185
206
249
263
260
327
434
451
PBT
244
286
337
358
436
394
432
647
615
630
741
850
856
Tax %
4%
9%
17%
9%
13%
14%
16%
17%
16%
18%
20%
21%
—
Net Profit
234
261
279
327
378
340
362
537
514
515
594
674
671
EPS (₹)
3.52
3.87
4.11
4.76
5.47
4.9
5.2
7.69
7.33
7.31
8.41
9.54
9.49
Div. Payout %
0%
0%
0%
32%
37%
51%
58%
45%
47%
47%
47%
57%
—

Balance Sheet

₹ Cr
FSL balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
666
673
681
687
691
694
696
697
697
697
697
697
Reserves
1,422
1,104
1,347
1,665
2,030
2,072
2,103
2,336
2,670
3,003
3,401
3,688
Borrowings
1,031
891
965
667
557
1,356
1,194
1,784
1,393
1,526
2,569
2,922
Other Liabilities
306
286
316
352
352
393
789
796
785
702
1,091
1,825
Total Liabilities
3,427
2,954
3,309
3,371
3,630
4,514
4,783
5,613
5,545
5,929
7,758
9,131
Fixed Assets
2,444
2,022
2,068
2,080
2,223
2,871
2,998
3,744
3,716
3,853
4,994
5,567
CWIP
8
2
4
2
2
0
0
3
3
17
49
30
Investments
73
85
163
34
134
12
94
130
71
42
73
116
Other Assets
901
845
1,074
1,255
1,271
1,630
1,691
1,736
1,754
2,017
2,642
3,419
Total Assets
3,427
2,954
3,309
3,371
3,630
4,514
4,783
5,613
5,545
5,929
7,758
9,131

Cash Flow

₹ Cr
FSL cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
246
297
200
315
400
410
976
704
795
644
701
1,214
Investing
−104
−101
−233
96
−203
10
−344
−594
17
−57
−744
−443
Financing
−246
−207
4
−327
−273
−277
−689
−158
−743
−563
23
−667
Net Cash Flow
−105
−11
−30
84
−76
143
−58
−49
69
23
−21
104
Free Cash Flow
201
212
123
258
292
297
806
631
744
559
477
1,082
CFO/OP
76
89
57
83
84
71
125
81
100
71
66
87

Ratios

FSL financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
35
34
31
39
37
50
61
59
63
67
77
79
Cash Conversion Cycle
35
34
31
39
37
50
61
59
63
67
77
79
Working Capital Days
−33
−27
−33
−35
−20
−37
−28
−20
−22
−19
−20
−40
ROCE %
10%
12%
14%
13%
15%
13%
16%
17%
15%
16%
15%
17%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Firstsource Solutions insights

67 extracted metrics across FY12–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 53.66%
  • DIIs 26.84%
  • Public 11.34%
  • FIIs 7.44%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

  • Q1 FY27 concall · Aug 2026
    Transcript PPT
  • Q1 FY27 concall · Aug 2026
    PPT
  • Q4 FY26 concall · May 2026
    PPT
  • Q4 FY26 concall · May 2026
    Transcript PPT
  • Q3 FY26 concall · Feb 2026
    PPT

Frequently Asked Questions about Firstsource Solutions

What does Firstsource Solutions Ltd do?
Firstsource Solutions Limited is a leading player in the Business Process Management (BPM) industry. Part of the RP-Sanjiv Goenka Group, Firstsource provides bespoke services and solutions to its customers across Banking and Financial Services, Healthcare, Communications, Media and Technology, and…
Where is Firstsource Solutions Ltd (FSL) listed?
Firstsource Solutions Ltd trades as FSL on the NSE and under code 532809 on the BSE.
Which sector does Firstsource Solutions Ltd belong to?
Firstsource Solutions Ltd is classified under the Commercial Services sector, in the BPO / KPO industry.
What is the PE ratio of Firstsource Solutions Ltd?
Firstsource Solutions Ltd trades at a PE ratio of 30.60 as of 4 Nov 2026, on earnings per share of ₹9.49, against a book value of ₹69.13 per share.
What is the 52-week high and low of Firstsource Solutions Ltd?
Over the last 52 weeks Firstsource Solutions Ltd has traded between ₹202 and ₹371.75 as of 4 Nov 2026.
Does Firstsource Solutions Ltd pay dividends?
Firstsource Solutions Ltd has a dividend yield of 1.90%.
What is the Return on Equity (ROE) of Firstsource Solutions Ltd?
Firstsource Solutions Ltd reported a return on equity of 17.60%. Its debt-to-equity ratio is 0.67.

Company Information

Firstsource Solutions Limited is a leading player in the Business Process Management (BPM) industry. Part of the RP-Sanjiv Goenka Group, Firstsource provides bespoke services and solutions to its customers across Banking and Financial Services, Healthcare, Communications, Media and Technology, and other diverse industries. The company has the philosophy of 'Digital First, Digital Now'

Website firstsource.com
CEO Mr. Ritesh Mohan Idnani
Employees 35,997
Listed 22 Feb 2007
Face Value ₹10

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