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Firstsource Solutions Ltd (FSL)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532809 NSE: FSL BPO/ITeS | Small Cap | Firstsource Solution Share Price

₹247.70 -4.20 (-1.67%)

As on 11-Sep'26 16:59

Firstsource Solutions Ltd (FSL)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532809 NSE: FSL BPO/ITeS | Small Cap | Firstsource Solution Share Price

₹247.70 -4.20 (-1.67%)

As on 11-Sep'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹17,583 Cr.
Current Price
₹247.7
52-Week Low / High
₹201 / 380
TTM EPS
₹9.5
TTM Sales
₹10,147 Cr.
Book Value per Share
₹62.5
P/E Ratio
26.20
Lower than its 5-year historical median
Industry PE
21
Price to Book (P/B)
3.97
Lower than its 5-year historical median
Price to Sales (P/S)
1.73
Lower than its 5-year historical median
EV/EBITDA
11.55
Lower than its 5-year historical median
Dividend Yield
2.22%
Profitability Efficiency
Return on Equity (ROE)
16.35%
Outperforms industry median
Return on Capital Employed (ROCE)
17.26%
Outperforms industry median
Return on Assets (ROA)
8.14%
Operating Profit Margin
16.3%
Net Profit Margin
7.06%
Gross Profit Margin
14.5%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
24.98%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
29.78%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
13.45%
Asset Quality
Promoter Holding
53.66%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹3,724 Cr.
Equity
₹709.8 Cr.
Face Value
₹10
All Time Low / High
₹5.67 / 422.80

Firstsource Solutions stock performance

Key Ratios
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Quality

Very Good
Check detailed performance

Valuation

Fair

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Price Trend

Weak
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Q.1 Is Firstsource Solutions Ltd a good quality company?
Firstsource Solutions Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

View More

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

View More
How does Firstsource Solutions Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Firstsource Solutions Ltd vs industry peers?
Firstsource Solutions Ltd revenue CAGR is 16.83%, compared to the industry median CAGR of 7.83%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Firstsource Solutions Ltd?
Promoters hold 53.66% of the Firstsource Solutions Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Firstsource Solutions Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 19.5% based on the current price.
View More

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Firstsource Solutions Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ10.9%10.4%10.1%10.5%20.7%21%14%16.8%22.1%22.3%-
Value Creation
Index ⓘ		-0.2-0.3-0.3-0.30.50.60.00.31.00.7-

Growth Parameters ⓘ
Sales ⓘ9408617689401,3251,5921,3761,6012,3072,8833,202
Sales YoY Gr.--8.4%-10.8%22.4%40.9%20.2%-13.6%16.4%44.1%25%-
Adj EPS ⓘ2.72.82.52.65.25.63.54.55.67.27.1
YoY Gr.-1.1%-8%0.8%105.5%5.9%-36.2%28.3%22.5%29.9%-
BVPS (₹) ⓘ29.230.932.829.630.832.632.133.935.531.133.6
Adj Net
Profit ⓘ		186189175177365387247316387503504
Cash Flow from Ops. ⓘ78.341.1222388418416270347504633-
Debt/CF from Ops. ⓘ2.40.40.1000000.50.5-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ13.3%16.8%28%25%
Adj EPS ⓘ11.5%6.6%26.8%29.9%
BVPSⓘ0.7%0.2%-1.1%-12.4%
Share Price 19.4% 5.3% 16.2% -32.7%

Key Financial Parameters ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ		9.89.27.98.217.217.210.713.415.520.722
Op. Profit
Mgn % ⓘ		24.427.224.428.53733.427.528.326.330.130.5
Net Profit
Mgn % ⓘ		19.72222.718.827.524.31819.816.817.515.7
Debt to
Equity ⓘ		0.100000000.10.1-
Working Cap
Days ⓘ		23830435326519217921420016616681
Cash Conv.
Cycle ⓘ		11717821714010910813713210611220

Valuation of Firstsource Solution - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales3,5563,5353,8264,0995,0785,9216,0226,3367,9809,556
Operating Expenses > ⓘ + 3,1133,0663,2783,4454,2414,9645,1995,3856,7848,004
Manufacturing Costs244217215213282296323343462596
Material Costs0000000000
Employee Cost 2,3832,3952,5572,7743,4673,9473,8673,9094,9955,590
Other Costs > ⓘ 4864545064594927221,0091,1341,3261,818
Operating Profit > ⓘ 4424695486538379578239511,1961,553
Operating Profit Margin (%) 12.4%13.3%14.3%15.9%16.5%16.2%13.7%15.0%15.0%16.2%
Other Income > ⓘ + 788944134421011
Exceptional Items > ⓘ 0000-1150009-98
Interest > ⓘ 54534683876479103148181
Depreciation > ⓘ 596674185206249263260327434
Profit Before Tax > ⓘ 337358436394432647615630741850
Tax > ⓘ 5831585570111102115146175
Profit After Tax 279327378340362537514515594674
PAT Margin (%) 7.9%9.2%9.9%8.3%7.1%9.1%8.5%8.1%7.5%7.1%
Adjusted EPS (₹)4.14.85.54.95.27.77.47.48.59.7
Dividend Payout Ratio (%)0%31.50%36.60%51.10%57.70%45.40%47.50%47.40%46.90%56.80%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 2,0162,3402,7082,7532,7712,9823,3023,6533,9954,255
Share Capital ⓘ 681687691694696697697697697697
Reserves ⓘ 1,3341,6532,0172,0602,0752,2852,6052,9563,2983,558
Debt +6103635468375219686666671,5331,748
Long Term Debt3581473852731390342190
Short Term Debt2523495398344376955276671,1911,558
Minority Interest1111100000
Trade Payables99949095279178231306398558
Others Liabilities ⓘ 463382996509891,2991,1701,1571,7232,368
Total Liabilities ⓘ 3,1903,1803,4444,3364,5615,4275,3705,7847,6498,929

Fixed Assets

Net Fixed Assets ⓘ +2,0682,0802,2232,8712,9983,7443,7163,8534,9945,567
Gross Block2,9322,8372,9123,6413,8284,4424,4594,8186,2197,274
Accumulated Depreciation8647576897708306997439651,2251,708
CWIP ⓘ 4220033174930
Investments ⓘ 163341341294130714273116
Inventories0000000000
Trade Receivables3073783875578439611,0381,1611,6862,079
Cash Equivalents 391234719113790156188167269
Others Assets ⓘ 609562651705488500385523680868
Total Assets ⓘ 3,1903,1803,4444,3364,5615,4275,3705,7847,6498,929
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + 2003154004109767047956447011,214
PBT ⓘ 337358436394432647615630741850
Adjustment ⓘ 7910691205324339169327577862
Changes in Working Capital ⓘ -159-74-64-135290-18876-241-494-308
Tax Paid ⓘ -57-75-63-54-70-94-66-72-122-190
Cash Flow From Investing Activity ⓘ + -23192-20414-348-59516-58-746-452
Capex -77-57-108-95-170-73-51-85-224-132
Net Investments -155149-96128-175-5396432-526-271
Others ⓘ 10-0-19-3184-54-49
Cash Flow From Financing Activity ⓘ + 4-327-273-277-689-158-743-56323-667
Net Proceeds from Shares ⓘ 1610148800000
Net Proceeds from Borrowing ⓘ -314-391-309-8153146-37-1561590
Interest Paid ⓘ -45-42-28-58-51-58-79-101-158-179
Dividend Paid ⓘ 00-125-376-204-238-238-241-276-380
Others ⓘ 34697175158-594-8-389-66298-108
Net Cash Flow ⓘ -2880-77148-61-496823-2295
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)14.761514.9712.4413.0918.6516.3514.815.5416.35
ROCE (%)13.8113.6615.2913.8614.819.116.8616.8517.5317.26
Asset Turnover Ratio1.181.111.161.051.141.191.121.141.191.15
PAT to CFO Conversion(x)0.720.961.061.212.71.311.551.251.181.8
Working Capital Days
Receivable Days31.3035.4036.504250.3055.6060.6063.4065.1071.90
Inventory Days0000000000
Payable Days0000000000

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Firstsource Solutions Ltd FAQs

The current trading price of Firstsource Solution on 11-Sep-2026 16:59 is ₹247.7.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Sep-2026 the market cap of Firstsource Solution stood at ₹17,582.7 Cr

The latest P/E ratio of Firstsource Solution as of 10-Sep-2026 is 34.91.

The latest P/B ratio of Firstsource Solution as of 10-Sep-2026 is 7.37.

The 52-week high of Firstsource Solution is ₹379.7 and the 52-week low is ₹200.6.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Firstsource Solution is ₹3,202 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Firstsource Solutions Ltd is a good quality company.

The key valuation ratios of Firstsource Solutions Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Firstsource Solutions Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About Firstsource Solutions Ltd

Firstsource Solutions, an RP-Sanjiv Goenka Group company, was incorporated in 2001. The company is a global leader in business process services, serving clients across Healthcare, Banking and Financial Services, Communications, Media and Technology, Retail, and other diverse industries. The company operates at the center of industries that shape economies and societies. By embedding deep domain knowledge into every engagement, it empowers clients to unlock new efficiencies, elevate customer experience, and accelerate transformation securely and at scale.

With a global footprint spanning across the several countries, the company leverages its differentiated UnBPO approach to reimagining traditional outsourcing to deliver real-world, future-focused solutions that drive speed, scale, and smarter decisions - turning transformation into tangible results that matter. Guided by its REACCH code, core value system, the company fosters a culture of excellence and accountability. The company’s strategic framework, One Firstsource, outlines its vision to build a sustainable, future ready organization: one that stays aligned with its clients’ evolving priorities, creates meaningful opportunities for its employees, delivers profitable growth for its investors.

Business area of the company

Firstsource is a leading provider of technology-driven business process solutions, committed to addressing complex client challenges and delivering measurable outcomes. Trusted by some of the world’s most respected brands across industries such as healthcare, banking and financial services, communications, media and technology, retail, and energy and utilities, the company combines deep domain expertise with cutting-edge technology to help clients transform operations, drive growth, and elevate customer experiences. 

Services

  • Artificial Intelligence
  • Collections
  • Consulting
  • Customer Experience
  • Digital Platforms and Technologies
  • IT Services and Solutions

Business segments

  • Banking and Financial Services (BFS)
  • Healthcare
  • Communications, Media, and Technology (CMT)
  • Diverse

Awards and Accolades

2016-17

  • Welsh Contact Centre Awards, 2017: Won Award in three categories including ‘Diverse Workplace’, ‘Trainer of the Year’ and ‘Special Industry Champion’
  • Global HR Excellence Awards, 2017: Won in ‘Innovation in Retention Strategy’ category. Firstsource was recognised for its’ employee retention practices and policies
  • European Contact Centre & Customer Service Awards, 2016: Honoured with the Bronze Award in the ‘Customer Service Team of the Year’ in partnership with its client giffgaff
  • U.K. Customer Experience Awards, 2016: Won in the ‘Technology & Telecoms’ category in partnership with its client NOW TV and received the silver award in the ‘Engaging Customers Online’ category in partnership with its client giffgaff
  • Asia’s Best Employer Brand Awards, 2016: Won the ‘Best Employer Brand’ Award for its excellence in building the Employer Brand as an Employer of Choice
  • 100 Best Companies for Women in India: Recognised in the 100 Best Companies for ‘Women in India’ by the 2016 Working Mother & AVTAR Best Companies
  • Business in the Community Awards: Honoured as ‘Employer of Choice’ at the Business in The Community Northern Ireland Awards in Belfast
  • Best Adversity Management Stories of Asia, 2016: Secured the 1st Runner-up position at the ‘Best Adversity Management Stories of Asia’ 2016 Awards for its response to the Chennai floods in Nov-Dec 2015

2018-19

  • European Contact Centre and Customer Service Awards (ECCCSA) 2018: Awarded Bronze for ‘Best Outsourcing Partnership’ for collaboration with Lloyds Banking Group
  • UK Complaints Handling (UKCH) Awards 2019: Won the ‘Customer Insight Strategy’ Award and was adjudged the ‘Overall Winner’ at the UK Complaints Handling (UKCH) Awards 2019, with NOWTV
  • North East Contact Centre Awards (NECCA): Awarded the ‘Best Outsourcing Partnership 2018’ with TSB, reinstating its strong partnership ethos
  • Wales HR Award: Recognised for the ‘Best HR Team’ with outstanding individuals and teams, learning, and people management practices across Wales in the last 12 months
  • Welsh Contact Centre Awards 2019: Won two awards: Gold for ‘People Engagement’ and Silver for the ‘Best Support Manager of the Year’
  • Nasscom BPM Summit 2018: Awarded the coveted ‘Customer Service Excellence Award’ in the Process Efficiency category

2019-20

  • ‘Best Complaint Handling’ and ‘Best Complaint Handling Team of the Year – Financial Services’ at the UK Complaints Handling (UKCH) Awards 2020
  • ‘Technology-Enabled Project of the Year’ and ‘Customer Experience Provider of the Year’ at the Global Sourcing Association (GSA) UK Awards 2019
  • Winner of ‘Best Use of Technology in HR’ at Employee Engagement Summit, Mumbai, India
  • Gold Award for ‘Best Use of Customer Insight’ at the UK Customer Experience Award (CXA ’19)
  • ‘Outsourced Contact Centre of the Year’ recognition at the Contact Centre Network Northern Ireland (CCNNI) Awards 2019
  • Winner in ‘Creating an Impact: Business Skills’ category at the India Innovation Awards at Perspectives 2019
  • ‘Best Outsourcing Partnership’ at the North East Contact Centre Awards 2019

2020-21

  • International Customer Experience Awards 2020: Won the Silver Award for ‘Best Customer Experience Strategy’, jointly with its client giffgaf.
  • HousingWire’s Tech100 Mortgage Award: Mortgage business innovative, post-closing solution listed in 2021 HW Tech100.
  • Awarded the ‘Digital Evangelist of the Year - India 2020’ award at Automation Anywhere’s prestigious IMEA Partner Awards
  • Firstsource bagged an award in the ‘Contact Centre Manager of the Year’ category and the Cardiff centre was declared runner up in the ‘Outsourced Contact Centre of the Year’ category.
  • Named a ‘2020 Top Patient Engagement Solutions Provider’ by Healthcare Tech Outlook.
  • Recognized as the ‘The Most Innovative Company’ in the ‘Multi-Cloud’ category at the ‘Business Impact Awards 2020’, hosted by VMware and The Economic Times.
  • Firstsource’s Derry contact centre bagged first place in the ‘Best Homeworking Programme’ category at the CCNNI 2020.

2021-22

  • Positioned as ‘Leader’ in the Eligibility and Enrollment Services category and Ranked 1 in 2022 Best in KLAS Software & Services Report.
  • Ranked as ‘Top Business Process Services (BPS) Provider in ‘BPS Top 50TM’ report.
  • Re-accredited with the Investors In People (IIP) Gold standard for its UK operations.
  • Bagged Gold Award in the Financial Services category.
  • Positioned as a ‘Leader’ in its ‘Intelligent Automation in Banking NEAT 2021’ report.
  • Firstsource included in 2022 Bloomberg Gender-Equality Index.
  • Positioned as ‘Leader’ in ISG Provider Lens quadrant report for Contact Center - Customer Experience Services for Europe.
  • Positioned as ‘Leader’ in Payer Digital Transformation Services and ‘Rising Star’ in Payer BPaaS Services in ISG Provider Lens 2021.

2022-23

  • Named ‘Leaders’ in ISG Provider Lens Healthcare Payer Digital Services Study, 2021.
  • Listed as ‘Disruptor’ in HFS Horizons’ Healthcare Payer Service Providers, 2022.
  • Named as ‘Disruptor’ in HFS Horizons for The Best Service Providers for Retail Banks, 2023.
  • Named as ‘Leader’ in Mortgage and Loan Services 2022 NEAT results by NelsonHall.
  • Recognized in Bloomberg Gender-Equality Index 2023.
  • Awarded Silver at the Brandon Hall HCM excellence awards 2022 for Best Hybrid Learning.
  • Recognized for ‘Strong Leverage of Tier 2 & Tier 3 Cities’ at the NASSCOM Business Process Innovation Awards 2022.
  • Silver for Business Sustainability by EcoVadis.
  • Achieved SILVER in the Most Effective Distributed Workforce category by UK National Contact Center Awards, 2022.
  • Silver winner for the ‘Most Effective Learning and Development Initiative’ by European Contact Centre & Customer Service Awards (ECCCSA).
  • Named as ‘Leader’ in UK & Europe Quadrant in ISG Provider Lens Contact Center – Customer Experience Services 2022.
  • Received CSR Leadership Award at the 4th Edition Corporate Social Responsibility Summit & Awards 2022.
  • Recognized as a Level 3 Disability Confident Leader in the UK.
  • Gold for High Impact Hybrid Learning Program.

2023-24

  • Ranked in the top 96th percentile on the Dow Jones Sustainability Index.
  • Included in the S&P Global Sustainability Yearbook as ‘Sustainability Yearbook Member’ 2024.
  • CSA Score and ESG Score of 62 each in the first year of submission.
  • CDP Climate rating of ‘C’.
  • ‘B-’ rating in CDP Supplier Engagement.
  • Awarded Bronze rating by EcoVadis.
  • Received a ‘Special Mention’ award at the HYSEA ESG Conclave.

2024-25

  • Featured among ‘AI First Mover’ organizations by Microsoft for FirstSenseAI Copilot.
  • Recognized by Everest as a ‘Front-Runner’ for GenAI capabilities in the report ‘AI-deas to Action: Operationalizing Generative AI in Healthcare Payer’.
  • Hasit Trivedi - Chief Digital and AI Officer - recognized by PixieBrix as one of the Top AI Leaders to Watch in 2025.
  • Ranked in the top 99th percentile in S&P Global CSA, with a CSA & ESG score of 81 each.
  • Recognized as an ‘Industry Mover’ and in Top 5% S&P Global CSA Score.
  • Received a rating of ‘B’ for FY24 from Carbon Disclosure Project (CDP).
  • Received the ‘Best first-time responder (Core Indicators)’ award from Workforce Disclosure Initiative (WDI).
  • Received a Silver rating from EcoVadis with a score of 71/100, placing us in the top 91st percentile.
  • Recognized as Carbon Management Level ‘Leader’ by Ecovadis.
  • Recognized as a ‘Leader’ in Everest Group's Healthcare Payer Business Process as a Service Solutions PEAK Matrix Assessment 2024.
  • Recognized as a ‘Leader’ in Lending Services Operations PEAK Matrix Assessment 2024 by Everest Group.
  • Recognized as a ‘Major Contender’ and a ‘Star Performer’ by Everest Group’s PEAK Matrix Assessment 2024 for Revenue Cycle Management Operations.
  • Ranked as a ‘Horizon 1 - Disruptor’ in HFS Horizons HCP Service Providers 2024.
  • Recognized as the ‘Best Client Partnership’ and ‘Customer Team of the Year’; ‘Team Leader of the Year’ and ‘Rising Star’ at the Contact Center Network North Ireland (CCNNI) Awards.

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