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Firstsource Solutions Limited FSL NIFTY_SMALLNSETECH

Technology · Information Technology Services · India
https://www.firstsource.com

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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₹262.73
-31.99% 1Y

Market & Price

Market Cap
₹18,137.78 Cr
Current Price
₹262.73
High / Low (52W)
₹386.32 / ₹204.39
Beta
0.12

Valuation

Stock P/E
27.48
Industry PE
25.13
Forward P/E
16.69
PEG Ratio
-
Book Value
₹63.45
Price to Book
4.14
P/S
1.90
EV/EBITDA
13.34
Dividend Yield
2.09%

Profitability & Returns

ROCE
17.65%
ROE
15.90%
ROA
8.13%
Profit Margin
7.06%
Op Margin
12.17%
EPS (Latest Qtr)
₹2.91
EPS (TTM)
₹9.56

Balance Sheet & Liquidity

Debt/Equity
0.67
Quick Ratio
0.69
Current Ratio
0.79
Debt
₹2,921.89 Cr
Total Assets
₹9,320.04 Cr
Current Assets
₹2,762.29 Cr
Working Capital
₹-716.23 Cr

Ownership

Promoter Holding
55.24%
Chg in Prom Hold
-
FII / Inst Holding
30.68%
Chg in FII Hold
-

Financial Snapshot

Enterprise Value
₹20,759.01 Cr
Total Revenue (TTM)
₹9,556.39 Cr
EBITDA
₹1,556.18 Cr
Free Cash Flow
₹944.37 Cr
Operating Cash Flow
₹1,213.98 Cr
Shares Outstanding
₹69.04 Cr
Gross Margin
41.50%
Payout Ratio
57.53%

Growth (CAGR)

Revenue 5Y
17.12%
Profit 5Y
9.50%
Revenue (YoY)
19.50%
Earnings (YoY)
27.90%

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

NSE TradingView Screener.in

Fundamental Growth

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).

#NameCMP ₹P/E Mkt CapDiv 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%
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Quarterly Results

Figures in INR.

Metric Dec 2024Mar 2025Jun 2025Dec 2025Mar 2026
Revenue 2,087.85 Cr2,167.77 Cr2,220.93 Cr2,467.45 Cr2,613.04 Cr
Cost of Revenue 1,307.04 Cr1,351.50 Cr1,320.70 Cr1,431.17 Cr1,476.65 Cr
Gross Profit 780.81 Cr816.27 Cr900.23 Cr1,036.27 Cr1,136.39 Cr
Operating Expenses 547.55 Cr574.05 Cr650.39 Cr744.82 Cr822.07 Cr
Operating Income 233.26 Cr242.22 Cr249.84 Cr291.45 Cr314.33 Cr
EBITDA 324.37 Cr334.94 Cr353.91 Cr306.13 Cr428.71 Cr
Interest Expense 39.32 Cr42.62 Cr43.44 Cr43.25 Cr52.02 Cr
Pretax Income 200.65 Cr201.71 Cr213.23 Cr151.68 Cr260.60 Cr
Tax Provision 40.35 Cr41.03 Cr43.90 Cr31.35 Cr55.36 Cr
Net Income 160.30 Cr160.69 Cr169.33 Cr120.33 Cr205.24 Cr
Diluted EPS 2.272.282.401.712.91

Profit & Loss (Annual)

Figures in INR.

Metric Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Revenue -5,985.93 Cr6,332.53 Cr7,972.10 Cr9,616.12 Cr
Cost of Revenue -3,741.48 Cr3,789.16 Cr4,995.78 Cr5,590.29 Cr
Gross Profit -2,244.45 Cr2,543.36 Cr2,976.32 Cr4,025.83 Cr
Operating Expenses -1,649.83 Cr1,808.94 Cr2,095.74 Cr2,903.74 Cr
Operating Income -594.62 Cr734.42 Cr880.59 Cr1,122.09 Cr
EBITDA -957.36 Cr993.28 Cr1,215.56 Cr1,465.40 Cr
Interest Expense -78.97 Cr103.39 Cr147.88 Cr181.47 Cr
Pretax Income -615.22 Cr629.67 Cr740.65 Cr849.84 Cr
Tax Provision -101.50 Cr114.95 Cr146.20 Cr175.43 Cr
Net Income -513.72 Cr514.73 Cr594.46 Cr674.42 Cr
Diluted EPS -7.327.348.429.56

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 2022Mar 2023Mar 2024Mar 2025Mar 2026
Total Assets -5,664.37 Cr6,075.60 Cr7,922.23 Cr9,320.04 Cr
Current Assets -1,408.25 Cr1,534.73 Cr2,224.05 Cr2,762.29 Cr
Cash & Equivalents -138.23 Cr68.94 Cr12.70 Cr258.58 Cr
Inventory -----
Receivables -680.05 Cr860.68 Cr1,167.71 Cr1,309.39 Cr
Total Liabilities -2,297.17 Cr2,374.82 Cr3,824.21 Cr4,935.11 Cr
Current Liabilities -1,559.65 Cr1,637.64 Cr2,428.68 Cr3,478.52 Cr
Long Term Debt -139.37 Cr0341.90 Cr189.67 Cr
Total Debt -1,393.16 Cr1,525.80 Cr2,569.26 Cr2,921.89 Cr
Total Equity -3,366.84 Cr3,700.40 Cr4,097.63 Cr4,384.53 Cr
Shares Outstanding -69.70 Cr69.70 Cr69.61 Cr69.70 Cr

Cash Flows (Annual)

Figures in INR.

Metric Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow -795.02 Cr644.05 Cr701.10 Cr1,213.98 Cr
Investing Cash Flow -16.35 Cr-57.99 Cr-745.90 Cr-452.36 Cr
Financing Cash Flow --743.38 Cr-563.45 Cr22.59 Cr-666.78 Cr
Capital Expenditure --53.62 Cr-85.10 Cr-241.19 Cr-195.72 Cr
Free Cash Flow -741.40 Cr558.95 Cr459.90 Cr1,018.25 Cr
Net Change in Cash -67.99 Cr22.61 Cr-22.21 Cr94.84 Cr

Ratios (Annual)

Figures in %.

Metric Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Insiders
55.24%
Institutions
30.68%
Public Float
68.54%

Analyst View

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