Firstsource Solutions logo

Firstsource Solutions

FSL NSE

Key Fundamentals

SmallcapBPO / KPOCommercial Services
Market Cap
₹17,261 Cr
Volatility
Moderate
P/E Ratio
26.09
EBITDA
₹1,564 Cr
Return on Equity
15.38%
Debt to Equity
0.67
Book Value
₹62.16
EPS
₹7.43
52W High
₹379.7
52W Low
₹202

Tapetide Score

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

Key Insights

Strengths

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

Growth Rate

Revenue Growth
19.86% higher than 3Y
Net Income Growth
13.44% lower than 3Y
Cash Flow Change
73.15% lower than 3Y
ROE
6% lower than 3Y
ROCE
9.15% higher than 3Y
EBITDA Margin (Avg.)
8.13% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

Firstsource Solutions Ltd is a mid-cap IT/BPM company with a market cap of ₹17,261 Cr, trading at a P/E of 26.5x. The company has delivered TTM sales growth of 20% and profit growth of 28%, with a consistent ROE of 16-18% over the past decade, though the stock has declined 31% over the past year.

Bull Case 8
  • Strong TTM revenue growth of 20%, accelerating from the 3-year CAGR of 17% and 5-year CAGR of 13%, indicating improving business momentum
  • TTM profit growth of 28% significantly outpaces revenue growth of 20%, suggesting margin expansion and improving operating leverage
  • Consistent ROE of 16% over 3, 5, and 10-year periods, rising to 18% in the last year, reflecting durable return generation on equity
  • Healthy dividend payout ratio of 50.4% with a dividend yield of 2.19%, offering meaningful income return relative to IT sector peers
  • 10-year stock CAGR of 20% demonstrates sustained long-term wealth creation despite recent weakness
  • Compounded sales CAGR of 12% over 10 years shows the company has been able to scale revenue consistently across business cycles
  • Compounded profit CAGR of 11% over 10 years with acceleration to 14% over 3 years and 28% TTM suggests an improving earnings trajectory
  • P/B ratio of 4.05x paired with 18% last-year ROE implies the company is generating returns well above its cost of equity
Bear Case 7
  • Stock has declined 31% over the past 1 year, sharply underperforming the broader market and indicating significant negative sentiment
  • P/E of 26.5x is elevated for a commercial services/BPM company, leaving limited room for earnings disappointments
  • 5-year stock CAGR of only 6% despite 10% profit CAGR over the same period suggests the market has de-rated the stock from higher multiples
  • P/B of 4.05x is on the higher side for a services business, and any ROE compression from 18% could make the valuation harder to sustain
  • While sales growth has accelerated to 20% TTM, sustaining this rate from a ₹17,261 Cr market cap base may prove challenging as the company scales
  • Debt-to-equity and ROCE data are unavailable, limiting visibility into the company's capital structure and true capital efficiency
  • The 3-year stock CAGR of 17% masks a sharp 31% drawdown in the most recent year, indicating elevated price volatility

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Neutral 2
  • Sept investor meeting schedule Sep 4

    Firstsource Solutions announced a series of analyst and institutional investor meetings for September 2026, covering industry developments with no unpublished price-sensitive information to be shared.

  • PL Capital one-on-one meet Aug 20

    Firstsource Solutions scheduled a physical one-on-one analyst meeting with PL Capital on August 26, 2026, with no unpublished price-sensitive information to be disclosed.

TL;DR: Recent news flow for Firstsource Solutions is limited to routine investor and analyst engagement activities with no material developments disclosed. There are no identifiable headwinds or positive catalysts from the current batch of articles. The company appears to be maintaining steady institutional outreach, but the lack of operational or financial updates leaves the near-term outlook data-light and largely dependent on broader sector trends.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
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
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
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
PBT
155
154
161
159
167
171
201
202
213
224
152
261
219
Tax %
19%
18%
20%
16%
19%
19%
20%
20%
21%
20%
21%
21%
24%
Net Profit
126
127
129
134
135
138
160
161
169
180
120
205
166
EPS in Rs
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
Figures in ₹ Crores

Profit & Loss

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 in Rs
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%
—
Figures in ₹ Crores

Balance Sheet

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
Figures in ₹ Crores

Cash Flow

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
Figures in ₹ Crores

Ratios

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

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Shareholding Pattern

Others2.56%Promot.53.66%FIIs8.38%Public9.99%DIIs25.41%As ofJun 2026

Documents

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, an...
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 market capitalisation of Firstsource Solutions Ltd?
Firstsource Solutions Ltd has a market capitalisation of ₹17,261 Cr, which places it in the Mid Cap band.
What is the PE ratio of Firstsource Solutions Ltd?
Firstsource Solutions Ltd trades at a PE ratio of 26.09, on earnings per share of ₹7.43, against a book value of ₹62.16 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 ₹379.7.
Does Firstsource Solutions Ltd pay dividends?
Firstsource Solutions Ltd has a dividend yield of 2.19%.
What is the Return on Equity (ROE) of Firstsource Solutions Ltd?
Firstsource Solutions Ltd reported a return on equity of 15.38%. 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' [1]

Website firstsource.com
CEO Mr. Ritesh Mohan Idnani
Employees 35,997
Listed 2007-02-22
Face Value ₹ 10
Issued Size 69,69,90,826

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