Firstsource Solutions Ltd

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

Firstsource Solutions Ltd

₹ 246 -1.08%
13 May 11:14 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 ₹ 17,425 Cr.
  • Current Price ₹ 246
  • High / Low ₹ 404 / 201
  • Stock P/E 23.2
  • Book Value ₹ 62.0
  • Dividend Yield 2.24 %
  • ROCE 16.2 %
  • ROE 17.7 %
  • Face Value ₹ 10.0
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Pros

Cons

  • Company might be capitalizing the interest cost

* 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

Consolidated Figures in Rs. Crores / View Standalone

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
1,557 1,529 1,540 1,597 1,670 1,791 1,925 2,102 2,161 2,218 2,312 2,443 2,583
1,313 1,289 1,311 1,359 1,420 1,521 1,638 1,785 1,829 1,871 1,936 2,040 2,153
Operating Profit 244 240 229 237 250 270 287 318 333 347 376 403 430
OPM % 16% 16% 15% 15% 15% 15% 15% 15% 15% 16% 16% 16% 17%
13 2 17 15 3 2 -3 7 2 7 1 -97 -2
Interest 21 25 26 25 27 32 34 39 43 43 43 43 52
Depreciation 64 61 65 66 67 73 79 84 91 97 110 111 116
Profit before tax 172 155 154 161 159 167 171 201 202 213 224 152 261
Tax % 18% 19% 18% 20% 16% 19% 19% 20% 20% 21% 20% 21% 21%
141 126 127 129 134 135 138 160 161 169 180 120 205
EPS in Rs 2.02 1.79 1.80 1.83 1.90 1.92 1.96 2.27 2.27 2.39 2.54 1.70 2.90
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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
3,035 3,217 3,556 3,535 3,826 4,099 5,078 5,921 6,022 6,336 7,980 9,556
2,645 2,819 3,109 3,064 3,274 3,445 4,239 4,939 5,165 5,329 6,743 8,000
Operating Profit 390 398 447 471 552 654 839 982 858 1,008 1,238 1,556
OPM % 13% 12% 13% 13% 14% 16% 17% 17% 14% 16% 16% 16%
7 9 3 5 4 9 -114 1 131 37 14 -91
Interest 80 61 54 53 46 83 87 86 110 155 184 181
Depreciation 72 61 59 66 74 185 206 249 263 260 327 434
Profit before tax 244 286 337 358 436 394 432 647 615 630 741 850
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
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
Dividend Payout % 0% 0% 0% 32% 37% 51% 58% 45% 47% 47% 47% 0%
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: 15%
3 Years: 24%
1 Year: -31%
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 2,014
Total Liabilities 3,427 2,954 3,309 3,371 3,630 4,514 4,783 5,613 5,545 5,929 7,758 9,320
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 3,607
Total Assets 3,427 2,954 3,309 3,371 3,630 4,514 4,783 5,613 5,545 5,929 7,758 9,320

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 -452
-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 95
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% 90%

Ratios

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
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 -38
ROCE % 10% 12% 14% 13% 15% 13% 16% 17% 15% 16% 15% 16%

Insights

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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
Number

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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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DRHP

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