Firstsource Solutions Limited FSL NIFTY_SMALLNSETECH
Firstsource Solutions Limited provides tech-enabled business processes in India, the United Kingdom, the United States, the United Arab Emirates, and internationally. It operates through Healthcare; Banking and Financial Services; Communication, Media and Technology; and Diverse Industries segments. The company offers various banking and financial services and solutions, including customer acquisition, onboarding, transaction processing and payments, disputes and complaints, servicing, bereavement and power of attorney, fraud and financial crime, and account closure; lending services, such as origination, post-closing, title, settlement, and quality control and due diligence services; and collections. It also provides health plan services comprising claims operations, enrollment and billing, customer service, care coordination, credential provider, data and network management, benefit coding, maintenance, coverage, Medicaid enrollment, prior authorization, medical coding, denial management and prevention, patient billing and collections, and receivables management; and communication services, such as sales and retention, tech ops, receivables and collections management, and generative AI. In addition, it offers media/edtech solutions, such as content development and enrichment, learner support, student pre-registration and enrollment, and digital collections; and other services for retention and loyalty, meter-to-cash operations, crisis/contingency management, smart meter conversions, debt management, and complaints handling industries; and consulting services. It serves banking and financial services, healthcare, communications, media and technology, retail, energy, and utilities sectors. The company was formerly known as ICICI Onesource Limited and changed its name to Firstsource Solutions Limited in November 2006. The company was incorporated in 2001 and is based in Mumbai, India. Firstsource Solutions Limited is a subsidiary of RPSG Ventures Limited.
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Valuation
Profitability & Returns
Balance Sheet & Liquidity
Ownership
Financial Snapshot
Growth (CAGR)
PROS
- Compounding revenue at 17.1% over 5 years.
- Generates positive free cash flow.
CONS
- Trading 32.0% below its 52-week high.
- In a downtrend (50-DMA below 200-DMA).
* The pros and cons are auto-generated from financial metrics.
Price Chart
Technical Trend
Computed from daily close history using EMA cross, slope, and RSI signals.
Note: intraday data is not stored locally. “Hourly” uses the most recent 10 daily candles as a short-term proxy.
Fundamental Growth
No fundamental data available for this stock.
Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).
Peer comparison
Peer companies in the same sector (Technology).
| # | Name | CMP ₹ | P/E | Mkt Cap | Div Yld % | ROCE % | ROE % | Rev CAGR 5Y % | Profit CAGR 5Y % |
|---|---|---|---|---|---|---|---|---|---|
| 1 | FSL Firstsource Solutions Limited NIFTY_SMALLNSETECH | 262.73 | 27.48 | ₹18,137.78 Cr | 2.09% | 17.65% | 15.90% | 17.12% | 9.50% |
| 2 | TCS Tata Consultancy Services Limited NIFTY50NSEAITECH | 2,258.90 | 16.61 | ₹8.17 L Cr | 5.49% | 54.93% | 48.40% | 5.80% | 5.30% |
| 3 | INFY Infosys Limited NIFTY50NSEAITECH | 1,160.90 | 15.01 | ₹4.70 L Cr | 4.31% | 41.66% | 31.44% | 3.44% | 3.58% |
| 4 | HCLTECH HCL Technologies Limited NIFTY50NSEAITECH | 1,183.80 | 19.31 | ₹3.20 L Cr | 8.11% | 27.21% | 23.36% | 8.65% | 3.87% |
| 5 | WIPRO Wipro Limited NIFTY50NSEAITECH | 204.25 | 16.26 | ₹2.14 L Cr | 8.32% | 18.42% | 15.49% | 4.05% | 2.44% |
| 6 | TECHM Tech Mahindra Limited NIFTY50NSEAITECH | 1,483.90 | 27.40 | ₹1.31 L Cr | 3.44% | 20.60% | 16.61% | 2.16% | -0.14% |
| 7 | LTM LTM Limited NSETECH | 4,061.60 | 24.04 | ₹1.20 L Cr | 1.85% | 25.39% | 21.29% | 8.43% | 4.41% |
| 8 | LGEINDIA LG ELECTRONICS INDIA LTD NIFTY_MIDNSETECH | 1,523.90 | 61.35 | ₹1.03 L Cr | - | 27.64% | 24.72% | 0.98% | - |
| 9 | WAAREEENER WAAREE ENERGIES LIMITED NIFTY_MIDNSETECH | 3,140.80 | 27.70 | ₹90,345.53 Cr | 0.13% | 24.21% | 31.57% | 71.63% | 191.18% |
Quarterly Results
Figures in INR.
| Metric | Dec 2024 | Mar 2025 | Jun 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue | 2,087.85 Cr | 2,167.77 Cr | 2,220.93 Cr | 2,467.45 Cr | 2,613.04 Cr |
| Cost of Revenue | 1,307.04 Cr | 1,351.50 Cr | 1,320.70 Cr | 1,431.17 Cr | 1,476.65 Cr |
| Gross Profit | 780.81 Cr | 816.27 Cr | 900.23 Cr | 1,036.27 Cr | 1,136.39 Cr |
| Operating Expenses | 547.55 Cr | 574.05 Cr | 650.39 Cr | 744.82 Cr | 822.07 Cr |
| Operating Income | 233.26 Cr | 242.22 Cr | 249.84 Cr | 291.45 Cr | 314.33 Cr |
| EBITDA | 324.37 Cr | 334.94 Cr | 353.91 Cr | 306.13 Cr | 428.71 Cr |
| Interest Expense | 39.32 Cr | 42.62 Cr | 43.44 Cr | 43.25 Cr | 52.02 Cr |
| Pretax Income | 200.65 Cr | 201.71 Cr | 213.23 Cr | 151.68 Cr | 260.60 Cr |
| Tax Provision | 40.35 Cr | 41.03 Cr | 43.90 Cr | 31.35 Cr | 55.36 Cr |
| Net Income | 160.30 Cr | 160.69 Cr | 169.33 Cr | 120.33 Cr | 205.24 Cr |
| Diluted EPS | 2.27 | 2.28 | 2.40 | 1.71 | 2.91 |
Profit & Loss (Annual)
Figures in INR.
| Metric | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue | - | 5,985.93 Cr | 6,332.53 Cr | 7,972.10 Cr | 9,616.12 Cr |
| Cost of Revenue | - | 3,741.48 Cr | 3,789.16 Cr | 4,995.78 Cr | 5,590.29 Cr |
| Gross Profit | - | 2,244.45 Cr | 2,543.36 Cr | 2,976.32 Cr | 4,025.83 Cr |
| Operating Expenses | - | 1,649.83 Cr | 1,808.94 Cr | 2,095.74 Cr | 2,903.74 Cr |
| Operating Income | - | 594.62 Cr | 734.42 Cr | 880.59 Cr | 1,122.09 Cr |
| EBITDA | - | 957.36 Cr | 993.28 Cr | 1,215.56 Cr | 1,465.40 Cr |
| Interest Expense | - | 78.97 Cr | 103.39 Cr | 147.88 Cr | 181.47 Cr |
| Pretax Income | - | 615.22 Cr | 629.67 Cr | 740.65 Cr | 849.84 Cr |
| Tax Provision | - | 101.50 Cr | 114.95 Cr | 146.20 Cr | 175.43 Cr |
| Net Income | - | 513.72 Cr | 514.73 Cr | 594.46 Cr | 674.42 Cr |
| Diluted EPS | - | 7.32 | 7.34 | 8.42 | 9.56 |
Compounded Sales Growth
| 5 Years: | 17.12% |
| 1 Year: | 19.50% |
Compounded Profit Growth
| 5 Years: | 9.50% |
| 1 Year: | 27.90% |
Stock Price Performance
| 1 Year: | -31.99% |
| 6 Months: | -23.38% |
| 3 Months: | +15.28% |
| 1 Month: | +22.81% |
Balance Sheet (Annual)
Figures in INR.
| Metric | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Total Assets | - | 5,664.37 Cr | 6,075.60 Cr | 7,922.23 Cr | 9,320.04 Cr |
| Current Assets | - | 1,408.25 Cr | 1,534.73 Cr | 2,224.05 Cr | 2,762.29 Cr |
| Cash & Equivalents | - | 138.23 Cr | 68.94 Cr | 12.70 Cr | 258.58 Cr |
| Inventory | - | - | - | - | - |
| Receivables | - | 680.05 Cr | 860.68 Cr | 1,167.71 Cr | 1,309.39 Cr |
| Total Liabilities | - | 2,297.17 Cr | 2,374.82 Cr | 3,824.21 Cr | 4,935.11 Cr |
| Current Liabilities | - | 1,559.65 Cr | 1,637.64 Cr | 2,428.68 Cr | 3,478.52 Cr |
| Long Term Debt | - | 139.37 Cr | 0 | 341.90 Cr | 189.67 Cr |
| Total Debt | - | 1,393.16 Cr | 1,525.80 Cr | 2,569.26 Cr | 2,921.89 Cr |
| Total Equity | - | 3,366.84 Cr | 3,700.40 Cr | 4,097.63 Cr | 4,384.53 Cr |
| Shares Outstanding | - | 69.70 Cr | 69.70 Cr | 69.61 Cr | 69.70 Cr |
Cash Flows (Annual)
Figures in INR.
| Metric | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Operating Cash Flow | - | 795.02 Cr | 644.05 Cr | 701.10 Cr | 1,213.98 Cr |
| Investing Cash Flow | - | 16.35 Cr | -57.99 Cr | -745.90 Cr | -452.36 Cr |
| Financing Cash Flow | - | -743.38 Cr | -563.45 Cr | 22.59 Cr | -666.78 Cr |
| Capital Expenditure | - | -53.62 Cr | -85.10 Cr | -241.19 Cr | -195.72 Cr |
| Free Cash Flow | - | 741.40 Cr | 558.95 Cr | 459.90 Cr | 1,018.25 Cr |
| Net Change in Cash | - | 67.99 Cr | 22.61 Cr | -22.21 Cr | 94.84 Cr |
Ratios (Annual)
Figures in %.
| Metric | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Gross Margin % | - | 37.5% | 40.2% | 37.3% | 41.9% |
| Operating Margin % | - | 9.9% | 11.6% | 11.0% | 11.7% |
| Net Margin % | - | 8.6% | 8.1% | 7.5% | 7.0% |
| ROE % | - | 15.3% | 13.9% | 14.5% | 15.4% |
| ROCE % | - | 14.5% | 16.5% | 16.0% | 19.2% |
Shareholding Pattern
Analyst View
Analyst aggregate. Targets and ratings update periodically; not investment advice.
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