Firstsource Solutions Ltd

Firstsour.Solu. Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Firstsource Solutions Ltd

₹ 248 -0.56%
13 May 11:56 a.m.
firstsource.com BSE: 532809 NSE: FSL
About

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]

Key Points

Parentage
The company is a part of the RP-Sanjiv Goenka group with a turnover of US$4.4 Bn and an asset base of US$7.3+ Bn as of FY24. It operates across sectors, including power and natural resources, infrastructure, carbon black, retail, education, and media & entertainment, with a presence in 50+ countries and 100+ offices globally. [1] [2]

Website BSE NSE
  • Market Cap ₹ 17,517 Cr.
  • Current Price ₹ 248
  • High / Low ₹ 404 / 201
  • Stock P/E 34.4
  • Book Value ₹ 32.5
  • Dividend Yield 2.24 %
  • ROCE 21.2 %
  • ROE 20.9 %
  • Face Value ₹ 10.0
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Pros

  • Company's working capital requirements have reduced from 63.3 days to 21.1 days

Cons

  • Stock is trading at 7.59 times its book value

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Services Services Commercial Services & Supplies Business Process Outsourcing (BPO)/ Knowledge Process Outsourcing (KPO)

Part of BSE 500 Nifty 500 Nifty500 Shariah Nifty Smallcap 100 BSE SmallCap Select Index

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
338 336 364 435 466 513 542 624 628 682 675 752 774
246 247 263 307 332 371 402 466 460 470 498 524 524
Operating Profit 92 90 101 128 134 142 140 158 168 212 177 228 250
OPM % 27% 27% 28% 30% 29% 28% 26% 25% 27% 31% 26% 30% 32%
12 8 9 10 9 10 8 66 11 12 10 -87 9
Interest 3 3 4 5 5 8 10 11 13 14 15 17 17
Depreciation 21 20 22 24 26 26 26 34 40 44 54 53 54
Profit before tax 80 75 85 109 111 118 112 178 126 166 118 71 188
Tax % 26% 13% 15% 18% 16% 20% 18% 17% 26% 19% 17% 18% 25%
59 65 72 90 93 95 92 148 92 135 98 59 140
EPS in Rs 0.85 0.92 1.03 1.27 1.32 1.34 1.30 2.09 1.31 1.91 1.39 0.83 1.98
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
914 875 940 861 768 940 1,325 1,592 1,376 1,601 2,307 2,883
706 676 710 627 581 672 832 1,061 994 1,148 1,699 2,016
Operating Profit 208 198 230 235 187 268 492 531 381 453 607 867
OPM % 23% 23% 24% 27% 24% 28% 37% 33% 28% 28% 26% 30%
19 18 15 13 62 31 28 31 34 37 95 -56
Interest 21 9 7 7 2 16 16 20 15 17 43 63
Depreciation 46 32 19 22 24 71 80 88 89 92 126 205
Profit before tax 160 176 219 219 223 212 425 453 311 380 534 543
Tax % -2% 14% 14% 12% 11% 14% 14% 15% 20% 16% 20% 20%
164 151 188 192 199 182 367 388 248 320 427 432
EPS in Rs 2.46 2.25 2.77 2.80 2.88 2.62 5.27 5.55 3.54 4.54 6.04 6.11
Dividend Payout % 0% 0% 0% 54% 69% 95% 57% 63% 98% 76% 65% 0%
Compounded Sales Growth
10 Years: 13%
5 Years: 17%
3 Years: 28%
TTM: 25%
Compounded Profit Growth
10 Years: 13%
5 Years: 7%
3 Years: 28%
TTM: 34%
Stock Price CAGR
10 Years: 20%
5 Years: 15%
3 Years: 24%
1 Year: -31%
Return on Equity
10 Years: 13%
5 Years: 16%
3 Years: 17%
Last Year: 21%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 666 673 681 687 691 694 696 697 697 697 697 697
Reserves 962 1,100 1,318 1,448 1,588 1,371 1,476 1,623 1,607 1,714 1,879 1,598
235 193 186 16 11 215 248 265 158 348 813 953
100 91 83 98 81 85 208 163 157 198 412 1,043
Total Liabilities 1,963 2,056 2,268 2,249 2,372 2,366 2,629 2,748 2,619 2,957 3,800 4,292
58 39 55 56 72 249 291 313 208 406 663 739
CWIP 0 1 2 0 0 0 0 0 3 14 42 29
Investments 1,246 1,268 1,345 1,219 1,316 1,199 1,287 1,336 1,288 1,265 1,633 1,632
658 748 866 974 984 918 1,051 1,099 1,119 1,273 1,463 1,891
Total Assets 1,963 2,056 2,268 2,249 2,372 2,366 2,629 2,748 2,619 2,957 3,800 4,292

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
51 77 78 41 222 388 418 416 270 347 504 633
-51 -21 -105 124 -106 78 -146 -51 47 -26 -342 -34
-3 -45 6 -166 -117 -433 -307 -356 -319 -296 -183 -585
Net Cash Flow -3 10 -21 -1 -1 33 -35 9 -1 24 -22 15
Free Cash Flow 61 62 48 21 180 340 352 380 250 294 370 572
CFO/OP 40% 60% 50% 43% 142% 157% 98% 97% 86% 91% 97% 84%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 93 133 144 239 206 145 147 123 169 166 142 148
Inventory Days
Days Payable
Cash Conversion Cycle 93 133 144 239 206 145 147 123 169 166 142 148
Working Capital Days 70 106 140 233 238 132 98 104 139 126 43 21
ROCE % 10% 9% 11% 10% 10% 10% 19% 19% 13% 15% 17% 21%

Insights

In beta
Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Total Headcount
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Top 5 Client Concentration
Percentage
Attrition Rate (TTM)
Percentage
Number of USD 1m+ Clients
Number
Offshore & Nearshore Delivery Mix
Percentage
Total Seat Capacity
Number

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Shareholding Pattern

Numbers in percentages

19 Recently
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 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%
9.99% 10.21% 9.89% 9.59% 9.36% 11.63% 11.01% 10.07% 9.58% 9.25% 9.20% 8.85%
15.17% 16.22% 18.16% 19.27% 19.52% 18.60% 20.89% 22.90% 23.95% 24.63% 25.19% 25.49%
19.12% 17.91% 16.86% 16.15% 16.15% 15.00% 13.36% 12.26% 11.92% 11.59% 11.11% 11.05%
2.06% 2.00% 1.44% 1.35% 1.32% 1.12% 1.09% 1.11% 0.89% 0.88% 0.83% 0.95%
No. of Shareholders 2,95,2832,87,1852,75,2332,66,8742,58,7892,82,8592,80,6392,66,8682,54,2532,40,9822,30,4722,29,935

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Documents

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