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Firstsource Solutions Limited (FSL) · mywealthgrid

Firstsource Solutions Limited

NSE:FSL BSE:FSL

IndustrialsCommercial Services & SuppliesNIFTY SMALLCAP 100 +4

₹250.4

-2.11%1 Oct close

Mkt cap

₹17,453 Cr

Watch Alert Compare

About

Firstsource operates in BPO/KPO within Commercial Services & Supplies. Market cap ₹18,616.87 Cr with recent quarterly consolidated revenue exceeding ₹2,700 Cr positions it as significant player in India's outsourcing services.

Face value: ₹10

Market cap

₹17,453 Cr

P/E

26.0×

P/B

4.0×

Dividend yield

3.8%

ROE

15.9%

ROCE

19.9%

Debt / equity

0.44

OPM

16.3%

EPS (TTM)

₹9.6

Book value

₹62.9

52-week high

—

52-week low

—

Key insights

Company research notes and source-linked reviews

Key risks

Stock down 27.78% over past year, signaling investor concerns about growth or profitability outlook

PE 27.74 elevated for BPO/KPO company, implying market expectations for growth that may not materialize

Standalone OPM ranges 26–37% across recent quarters while consolidated OPM 16%, indicating margin volatility and possible group-company profitability drag

Verify: BPO sector exposure to labor cost inflation, client concentration risk, and automation-driven demand erosion remain sector-wide threats

Generated analysis · source review pending

Growth drivers

Standalone revenue accelerating: up 14% from ₹752 Cr (Dec 2025) to ₹879 Cr (Jun 2026), showing momentum in core operations

Consolidated revenue sustained at ₹2,724.88 Cr (Jun 2026), up from ₹2,312.21 Cr (Sep 2025), indicating consistent group growth

Net profit margins sustained (₹165.92 Cr consolidated, ₹206.79 Cr standalone) despite margin pressure, suggesting operational discipline

Conservative D/E 0.44 provides balance-sheet headroom for strategic initiatives

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹250.4+0.6%1Y

Quick read

rule-based

Pros

+Dividend yield of 3.8%
+Dividend payout of 98.7% of profit

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

54/100

Business quality: 49
Growth: 50
Valuation: 62

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 100 NIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Firstsource Solutions LimitedFSLFSL	₹17,453 Cr	₹19,390 Cr	₹10,064 Cr	₹1,660 Cr	16.3%	₹671 Cr	7.1%	19.9%	15.9%	54
Eclerx Services LimitedECLERXECLERX	₹16,965 Cr	₹16,965 Cr	₹4,335 Cr	₹1,096 Cr	25.5%	₹729 Cr	17.2%	34.3%	29%	78
Rpsg Ventures LimitedRPSGVENTRPSGVENT	₹2,747 Cr	₹9,778 Cr	₹11,928 Cr	₹1,741 Cr	14.2%	₹-130 Cr	0%	10.2%	-5.3%	-636
One Point One Solutions LimitedONEPOINTONEPOINT	₹1,955 Cr	₹2,115 Cr	₹403 Cr	₹93 Cr	23.2%	₹45 Cr	12.2%	10.3%	9%	99
Hinduja Global Solutions LimitedHGSHGS	₹1,707 Cr	₹3,001 Cr	₹4,301 Cr	₹36 Cr	2.3%	₹-43 Cr	0.1%	1.6%	0.4%	-844
Alldigi Tech LimitedALLDIGIALLDIGI	₹1,150 Cr	₹1,150 Cr	₹605 Cr	₹167 Cr	27.1%	₹85 Cr	13.7%	31.2%	32.2%	-6
NSB BPO Solutions LtdNSBBPONSBBPO	₹121 Cr	—	₹160 Cr	₹19 Cr	12%	₹10 Cr	5.9%	—	—	—
We Win LimitedWEWINWEWIN	₹53 Cr	₹56 Cr	₹94 Cr	₹6 Cr	6.2%	₹4 Cr	4.8%	12.1%	15%	48
Informed Technologies India LtdINFORTECINFORTEC	₹32 Cr	₹32 Cr	₹1 Cr	₹-2 Cr	-134.7%	₹2 Cr	20.7%	2.3%	1.2%	47
PlatinumOne Business Services LtdPOBSPOBS	₹24 Cr	—	₹32 Cr	₹5 Cr	14.5%	₹4 Cr	11.2%	—	—	—
BNR Udyog LtdBNRUDYBNRUDY	₹11 Cr	—	₹2 Cr	₹1 Cr	-77.6%	₹1 Cr	-39.6%	-8.8%	-5.6%	—
G-Tech Info-Training LtdGTEITGTEIT	₹3 Cr	₹3 Cr	₹0 Cr	₹-0 Cr	—	₹0 Cr	—	8%	8%	—

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	3,217	3,556	3,432	3,826	4,099	5,078	5,921	6,022	6,336	7,980	9,556
	2,827	3,118	3,076	3,291	3,470	4,274	4,961	5,196	5,380	6,773	8,000
	390	438	355	535	629	804	960	827	956	1,208	1,556
OPM %	12.1%	12.3%	10.4%	14%	15.3%	15.8%	16.2%	13.7%	15.1%	15.1%	16.3%
Depreciation	61	59	66	74	185	206	249	263	260	327	434
Interest	52	45	40	29	58	52	64	79	103	148	181
	9	3	109	4	9	-114	1	131	37	8	-91
Profit before tax	—	—	358	436	394	432	647	615	630	741	850
Tax	25	58	31	58	55	70	111	102	115	146	175
Tax %	—	—	8.8%	13.3%	13.8%	16.3%	17.1%	16.5%	18.3%	19.7%	20.6%
	261	279	327	378	340	362	537	514	515	594	674
PAT margin %	8.1%	7.9%	9.5%	9.9%	8.3%	7.1%	9.1%	8.5%	8.1%	7.5%	7.1%
EPS (₹)	66,97,87,584	67,62,62,213	4.8	5.5	4.9	5.3	7.9	7.6	7.5	8.6	9.8
EPS adjusted (₹)	3.9	4.2	4.8	5.5	4.9	5.2	7.7	7.4	7.4	8.5	9.7
	0%	0%	31.4%	36.5%	51%	56.5%	44.3%	46.4%	46.5%	46.3%	—
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	666	673	687	691	694	696	697	697	697	697	697
Reserves	810	1,104	1,665	2,030	2,072	2,103	2,336	2,670	3,003	3,401	3,688
Minority interest	2	2	1	1	1	1	0	0	0	0	0
	394	410	14	7	837	604	1,010	827	812	1,533	1,937
	1,079	988	1,030	947	984	1,425	1,666	1,470	1,570	2,292	2,998
Total equity & liabilities	2,951	3,176	3,398	3,676	4,587	4,830	5,709	5,664	6,083	7,922	9,320
	94	122	149	178	2,424	2,484	3,068	3,220	3,217	4,081	4,711
CWIP	3	2	0	—	—	—	0	3	17	49	30
Investments	73	85	34	134	12	94	130	567	677	986	972
	2,781	2,967	3,214	3,364	2,151	2,251	2,511	1,874	2,171	2,806	3,607
Total assets	2,951	3,176	3,398	3,676	4,587	4,830	5,709	5,664	6,083	7,922	9,320

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities
Healthcare	3,209.07	428.11	0	0
Banking and Financial Services	3,112.82	609.49	0	0
Communication, Media and Technology	2,043.72

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—	—
EBITDA margin %	14%	15.3%	15.8%	16.2%	13.7%	15.1%	15.1%	16.3%
EBIT margin %	12%	10.8%	11.8%	12%	9.4%	11%	11%	11.7%
PAT margin %	9.9%	8.3%	7.1%	9.1%	8.5%	8.1%	7.5%	7.1%
Working capital
Receivable days	37	50	41	40	63	67	77	79
Inventory days	—	0	0	0	0	0	0	0
Payable days	10	10	24	13	16	21	21	25
NWC days	—	40	18	27	47	46	56	54
Leverage
Current ratio	0.95	0.83	0.88	0.93	0.9	0.94	0.92	0.79
Debt to EBITDA	0.01	1.33	0.75	1.05	1	0.85	1.27	1.25
Debt to equity	0	0.3	0.22	0.33	0.25	0.22	0.37	0.44
Interest coverage	16	7.8	11.5	11.1	8.8	7.1	5.9	6.2
Asset turnover	1.04	0.89	1.05	1.04	1.06	1.04	1.01	1.03
Return ratios
Return on assets %	10.3%	7.4%	7.5%	9.4%	9.1%	8.5%	7.5%	7.2%
Return on capital employed %	17.9%	15%	17.9%	18.7%	16.8%	17.2%	17.7%	19.9%
Return on equity %	13.9%	12.3%	12.9%	17.7%	15.3%	13.9%	14.5%	15.4%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	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%	53.66%	53.66%	53.66%
	10.22%	9.89%	9.59%	9.36%	11.63%	11.01%	10.08%	9.58%	9.25%	9.19%	8.86%	8.38%
	16.22%	18.16%	19.27%	19.52%	18.6%	20.88%	22.9%	23.94%	24.62%	25.2%	25.49%	25.41%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	17.9%	16.85%	16.14%	16.15%	14.99%	13.36%	12.25%	11.93%	11.59%	11.12%	11.04%	11.7%
No. of shareholders	—	—	—	—	—	—	—	—	2,40,982	2,30,472	2,29,935	2,42,813

Promoter holding up 0 percentage points since Sep 2023.

8 disclosures

Person	Deal	Shares	Value	Holding	Filed
Firstsource Employee Benefit TrustOther	SellOff Market	51,853	₹5.19 L	0.88% → 0.88%	24 Sept 20257(2)
Firstsource Employee Benefit TrustOther	SellOff Market	73,993	₹8.34 L

24 deals · 19 Sept 2022 – 16 Apr 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
16 Apr 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	43,16,775	₹248.14	₹107.12 Cr
16 Apr 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	43,16,775	₹248.26	₹107.17 Cr
19 Aug 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	35,39,527	₹327.20	₹115.81 Cr
19 Aug 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	35,39,527	₹327.22	₹115.82 Cr
16 Aug 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	38,96,887	₹313.53	₹122.18 Cr
16 Aug 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	38,96,887	₹313.25	₹122.07 Cr
6 Aug 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	46,90,067	₹303.10	₹142.16 Cr
6 Aug 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	46,90,067	₹303.44	₹142.32 Cr
1 Aug 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	57,77,399	₹300.44	₹173.58 Cr
1 Aug 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	57,77,399	₹300.18	₹173.43 Cr

1–10 of 24

1 / 3

Mr. Sanjiv GoenkaNon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. Ritesh IdnaniExecutive Director-CEO-MD
Mr. Dinesh JainPresident & CFO
Mr. Shashwat GoenkaNon-Executive - Non Independent Director
Mr. Pradip Kumar KhaitanNon-Executive - Non Independent Director
Mr. Subrata TalukdarNon-Executive - Non Independent Director
Ms. Vanita UppalNon-Executive - Independent Director
Ms. Rekha SethiNon-Executive - Independent Director
Mr. Utsav ParekhNon-Executive - Independent Director
Mr. T C Suseel KumarNon-Executive - Independent Director
Mr. Rajiv KumarNon-Executive - Independent Director

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 11 fund houses

Held by these funds

5.64%

of the company's equity

All mutual funds

18.22%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

41 schemes · 11 fund houses

		Shares
DIGITAL INDIA FUND	Tata Mutual Fund	75.4 L	199.66	1.93%	1.082%	-0
Innovative Opportunities Fund	SBI Mutual Fund	70 L	185.36	3.37%	1.004%	-0
Technology Opportunities Fund	SBI Mutual Fund	60 L	158.88	3.54%	0.861%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	25.34 L	67.1	1.43%	0.364%	+16.64 L
Technology Fund	ICICI Prudential Mutual Fund	24.89 L	65.91	0.48%	0.357%	-2.5 L
Small Cap Fund	Axis Mutual Fund	22.06 L	58.41	0.19%	0.316%	-0
MULTICAP FUND	Tata Mutual Fund	17.16 L	45.43	1.27%	0.246%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	16.71 L	44.24	2.86%	0.24%	-0

1–8 of 41

1 / 6

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Intimation under Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015 - Credit Rating10 Dec 2025

Investor Presentation and earnings call

Aug 2026Transcript AI SummaryPPTREC
May 2026Transcript AI Summary PPT REC

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

26 announcementsExport CSV

4 Sept 2026, 5:35 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—	—
EBITDA margin %	14%	15.3%	15.8%	16.2%	13.7%	15.1%	15.1%	16.3%
EBIT margin %	12%	10.8%	11.8%	12%	9.4%	11%	11%	11.7%
PAT margin %	9.9%	8.3%	7.1%	9.1%	8.5%	8.1%	7.5%	7.1%
Working capital
Receivable days	37	50	41	40	63	67	77	79
Inventory days	—	0	0	0	0	0	0	0
Payable days	10	10	24	13	16	21	21	25
NWC days	—	40	18	27	47	46	56	54
Leverage
Current ratio	0.95	0.83	0.88	0.93	0.9	0.94	0.92	0.79
Debt to EBITDA	0.01	1.33	0.75	1.05	1	0.85	1.27	1.25
Debt to equity	0	0.3	0.22	0.33	0.25	0.22	0.37	0.44
Interest coverage	16	7.8	11.5	11.1	8.8	7.1	5.9	6.2
Asset turnover	1.04	0.89	1.05	1.04	1.06	1.04	1.01	1.03
Return ratios
Return on assets %	10.3%	7.4%	7.5%	9.4%	9.1%	8.5%	7.5%	7.2%
Return on capital employed %	17.9%	15%	17.9%	18.7%	16.8%	17.2%	17.7%	19.9%
Return on equity %	13.9%	12.3%	12.9%	17.7%	15.3%	13.9%	14.5%	15.4%

Date	Category	Subject	Filing
4 Sept 2026, 5:35 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
28 Aug 2026, 5:57 pm	Company Update Allotment of ESOP / ESPS	Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS	PDF
20 Aug 2026, 7:13 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
19 Aug 2026, 6:41 pm	Company Update Allotment of ESOP / ESPS	Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS	PDF
11 Aug 2026, 6:22 pm	Company Update Earnings Call Transcript	Announcement under Regulation 30 (LODR)-Earnings Call Transcript	PDF
11 Aug 2026, 3:48 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
10 Aug 2026, 3:48 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
7 Aug 2026, 4:37 pm	Company Update General	Voting Result In Respect Of 25Th Annual General Meeting (""AGM").	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	297	198	315	400	410	976	704	795	645	701	1,214
	-101	-231	92	-204	14	-350	-595	16	-58	-746	-452
	-207	4	-327	-273	-277	-689	-158	-743	-564	23	-667
Net cash flow	-11	-30	80	-77	148	-63	-49	68	23	-22	95
Free cash flow	211	113	253	291	316	802	619	741	560	460	1,018
CFO / Operating profit %	76.2%	45.2%	88.7%	74.7%	65.3%	121.3%	73.3%	96.2%	67.4%	58.1%	78%

Firstsource Solutions Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Announcements

Not in the F&O segment

9

1

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Banking and Financial Services · revenue

Firstsource Solutions Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Announcements

Ratio timeline

Not in the F&O segment

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Dividends9

Board meetings1

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Banking and Financial Services · revenue

9

1