Firstsource Solutions Ltd

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Firstsource Solutions Ltd

₹ 249 -2.77%
29 Sep - close price
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[1] [2]
The company is a part of the RP-Sanjiv Goenka group with a turnover of US$5 Bn and an asset base of US$8 Bn as of FY26. It operates across sectors, including power and natural resources, infrastructure, carbon black, retail, education, and media & entertainment, with a presence in 60+ countries and 100+ offices globally.

Website BSE NSE
  • Market Cap ₹ 17,588 Cr.
  • Current Price ₹ 249
  • High / Low ₹ 372 / 201
  • Stock P/E 22.0
  • Book Value ₹ 62.0
  • Dividend Yield 2.21 %
  • ROCE 16.8 %
  • ROE 17.6 %
  • Face Value ₹ 10.0
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Pros

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

Cons

* 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 Nifty 500 Multicap 50:25:25 BSE 250 SmallCap Index Nifty MidSmallcap 400 BSE 1000 Nifty Smallcap 500

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
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
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%
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
Profit before tax 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%
126 127 129 134 135 138 160 161 169 180 120 205 166
EPS in Rs 1.79 1.80 1.83 1.90 1.92 1.96 2.27 2.27 2.39 2.54 1.70 2.90 2.35
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
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
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%
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
Profit before tax 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%
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 4.90 5.20 7.69 7.33 7.31 8.41 9.54 9.49
Dividend Payout % 0% 0% 0% 32% 37% 51% 58% 45% 47% 47% 47% 57%
Compounded Sales Growth
10 Years: 12%
5 Years: 13%
3 Years: 17%
TTM: 20%
Compounded Profit Growth
10 Years: 11%
5 Years: 10%
3 Years: 14%
TTM: 28%
Stock Price CAGR
10 Years: 20%
5 Years: 5%
3 Years: 14%
1 Year: -24%
Return on Equity
10 Years: 16%
5 Years: 16%
3 Years: 16%
Last Year: 18%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 1,422 1,104 1,347 1,665 2,030 2,072 2,103 2,336 2,670 3,003 3,401 3,688
1,031 891 965 667 557 1,356 1,194 1,784 1,393 1,526 2,569 2,922
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
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
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

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
246 297 200 315 400 410 976 704 795 644 701 1,214
-104 -101 -233 96 -203 10 -344 -594 17 -57 -744 -443
-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%

Ratios

Consolidated / View Standalone

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 35 34 31 39 37 50 61 59 63 67 77 79
Inventory Days
Days Payable
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

In beta
Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Total employees (period-end)
employees

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Offshore & Nearshore delivery mix
%
Banking & Financial Services vertical revenue mix
%
Healthcare vertical revenue mix
%
Top 5 client concentration
%
Attrition (TTM)
%
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US$ 1m+ clients
clients

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Shareholding Pattern

Numbers in percentages

7 Recently
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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%
10.21% 9.89% 9.59% 9.36% 11.63% 11.01% 10.07% 9.58% 9.25% 9.20% 8.85% 8.38%
16.22% 18.16% 19.27% 19.52% 18.60% 20.89% 22.90% 23.95% 24.63% 25.19% 25.49% 25.41%
17.91% 16.86% 16.15% 16.15% 15.00% 13.36% 12.26% 11.92% 11.59% 11.11% 11.05% 11.71%
2.00% 1.44% 1.35% 1.32% 1.12% 1.09% 1.11% 0.89% 0.88% 0.83% 0.95% 0.85%
No. of Shareholders 2,87,1852,75,2332,66,8742,58,7892,82,8592,80,6392,66,8682,54,2532,40,9822,30,4722,29,9352,42,813

* 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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