MarketFriction

Firstsource Solutions Ltd

NSE FSL · BSE 532809 · Business Process Outsourcing (BPO)/ Knowledge Process Outsourcing (KPO)
₹250.40 -2.11%
NSE close2026-10-01
52 week range202.00 - 371.75
Market cap₹17,598 Cr.
P/E22.0
Nifty 500Nifty Smallcap 100Smallcap 250 Price band 20% Delivery 31.0%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales1,5401,5971,6701,7911,9252,1022,1612,2182,3122,4432,5832,725
Expenses1,3111,3591,4201,5211,6381,7851,8291,8711,9362,0402,1532,274
Operating Profit229237250270287318333347376403430451
OPM %15%15%15%15%15%15%15%16%16%16%17%17%
Other Income171532-37271-97-2-66
Interest262527323439434343435252
Depreciation6566677379849197110111116115
Profit before tax154161159167171201202213224152261219
Tax %18%20%16%19%19%20%20%21%20%21%21%24%
Net Profit127129134135138160161169180120205166
EPS in Rs1.801.831.901.921.962.272.272.392.541.702.902.35
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales3,2173,5563,5353,8264,0995,0785,9216,0226,3367,9809,55610,064
Expenses2,8193,1093,0643,2743,4454,2394,9395,1655,3296,7377,9528,403
Operating Profit3984474715526548399828581,0081,2441,6051,660
OPM %12%13%13%14%16%17%17%14%16%16%17%16%
Other Income93549-1141131378-91-163
Interest61545346838786110155184230190
Depreciation61596674185206249263260327434451
Profit before tax286337358436394432647615630741850856
Tax %9%17%9%13%14%16%17%16%18%20%21%
Net Profit261279327378340362537514515594674671
EPS in Rs3.874.114.765.474.905.207.697.337.318.419.549.49
Dividend Payout %0%0%32%37%51%58%45%47%47%47%57%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth12%13%17%20%
Compounded Profit Growth11%10%14%28%
Stock Price CAGR20%5%14%-24%
Return on Equity16%16%16%18%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital666673681687691694696697697697697697
Reserves1,4221,1041,3471,6652,0302,0722,1032,3362,6703,0033,4013,688
Borrowings1,0318919656675571,3561,1941,7841,3931,5262,5692,922
Other Liabilities3062863163523523937897967857021,0911,825
Total Liabilities3,4272,9543,3093,3713,6304,5144,7835,6135,5455,9297,7589,131
Fixed Assets2,4442,0222,0682,0802,2232,8712,9983,7443,7163,8534,9945,567
CWIP824220033174930
Investments7385163341341294130714273116
Other Assets9018451,0741,2551,2711,6301,6911,7361,7542,0172,6423,419
Total Assets3,4272,9543,3093,3713,6304,5144,7835,6135,5455,9297,7589,131
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity2462972003154004109767047956447011,214
Cash from Investing Activity-104-101-23396-20310-344-59417-57-744-443
Cash from Financing Activity-246-2074-327-273-277-689-158-743-56323-667
Net Cash Flow-105-11-3084-76143-58-496923-21104
Free Cash Flow2012121232582922978066317445594771,082
CFO/OP76%89%57%83%84%71%125%81%100%71%66%87%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days353431393750615963677779
Inventory Days
Days Payable
Cash Conversion Cycle353431393750615963677779
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%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters53.66%53.66%53.66%53.66%53.66%53.66%53.66%53.66%53.66%53.66%53.66%53.66%
FIIs10.21%9.89%9.59%9.36%11.63%11.01%10.07%9.58%9.25%9.20%8.85%8.38%
DIIs16.22%18.16%19.27%19.52%18.60%20.89%22.90%23.95%24.63%25.19%25.49%25.41%
Public17.91%16.86%16.15%16.15%15.00%13.36%12.26%11.92%11.59%11.11%11.05%11.71%
Others2.00%1.44%1.35%1.32%1.12%1.09%1.11%0.89%0.88%0.83%0.95%0.85%
No. of Shareholders2,87,1852,75,2332,66,8742,58,7892,82,8592,80,6392,66,8682,54,2532,40,9822,30,4722,29,9352,42,813

Fundamentals

Market Cap₹ 17,598 Cr.
Current Price₹ 249
Stock P/E22.0
Book Value₹ 62.0
ROCE16.8 %
ROE17.6 %
Dividend Yield2.21 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)20%
Compounded Profit Growth (TTM)28%
Consolidated figures.
Valuation
Market capRs 17,453 Cr
Enterprise valueRs 20,105 Cr
P/E (TTM)26.01x
Price to book3.98x
Price to sales1.73x
EV / EBITDA13.43x
EV / EBIT19.23x
EV / sales2.00x
Price to cash flow14.38x
Earnings yield3.84%
Dividend yield2.20%
P/E, 3-year average29.26x
P/B, 3-year average4.25x
P/E, 5-year average23.66x
P/B, 5-year average3.56x
Profitability
Operating margin (excl. other income)16.79%
Operating margin (incl. other income)15.84%
EBITDA margin14.88%
Pre-tax margin8.51%
Net profit margin6.67%
Net margin, latest quarter6.09%
ROE15.90%
ROCE15.46%
ROA7.99%
ROE, 3-year average15.24%
ROCE, 3-year average15.57%
ROA, 3-year average8.55%
ROE, 5-year average16.04%
ROCE, 5-year average15.70%
ROA, 5-year average9.04%
ROIC (approx.)11.79%
Tax rate20.64%
Other income / net worth-2.07%
Growth
Sales growth (latest year)19.75%
Profit growth (latest year)13.45%
Sales CAGR, 3 years16.64%
Sales CAGR, 5 years13.48%
Profit CAGR, 3 years9.50%
Profit CAGR, 5 years13.27%
Sales growth QoQ5.47%
Profit growth QoQ-19.16%
Sales growth YoY (latest quarter)22.87%
Profit growth YoY (latest quarter)-2.01%
Per share
EPS (TTM)Rs 9.63
EPS (latest year)Rs 9.68
EPS (latest quarter)Rs 2.38
EPS, 3-year averageRs 8.53
EPS, 5-year averageRs 8.13
Book value per shareRs 62.91
Sales per shareRs 144.39
Cash flow per shareRs 17.42
Free cash flow per shareRs 15.52
Dividend per share (latest year)Rs 5.50
Dividend per share, 3-year averageRs 4.33
Dividend per share, 5-year averageRs 4.00
Dividends
Dividend payout56.84%
Dividend payout, 3-year average50.38%
Dividend payout, 5-year average48.80%
Efficiency
Asset turnover1.05x
Fixed asset turnover1.72x
Debtor days79 days
Debtors turnover4.60x
Cash conversion cycle79 days
Working capital days-40 days
Leverage
Total debtRs 2,922 Cr
Cash and bankRs 269 Cr
Net debtRs 2,653 Cr
Debt to equity0.67x
Net debt / EBITDA1.77x
Interest coverage5.51x
Current ratio (filing 2026-03-31)0.79x
Quick ratio (filing 2026-03-31)0.79x
Trade payables (filing 2026-03-31)Rs 558 Cr
Owners' fund to total sources48.02%
Debt to assets32.00%
Cash flow
Cash from Operating Activity (latest year)Rs 1,214 Cr
Cash from Investing Activity (latest year)Rs -443 Cr
Cash from Financing Activity (latest year)Rs -667 Cr
Net Cash Flow (latest year)Rs 104 Cr
Free cash flow (latest year)Rs 1,082 Cr
FCFE (approx.: FCF + change in debt)Rs 1,435 Cr
Cash from ops / profit, 5 years1.43x
Sales to cash flow7.87x
Statement figures
Net sales (TTM)Rs 10,064 Cr
Net sales (latest year)Rs 9,556 Cr
Sales (latest quarter)Rs 2,725 Cr
Operating profit excl. other income (latest year)Rs 1,605 Cr
Operating profit (latest quarter)Rs 451 Cr
Other income (TTM)Rs -163 Cr
EBITDA (TTM)Rs 1,497 Cr
PBDT (TTM)Rs 1,307 Cr
Profit before tax (TTM)Rs 856 Cr
Tax (latest year)Rs 175 Cr
Net profit (TTM)Rs 671 Cr
Net profit (latest year)Rs 674 Cr
Net profit (latest quarter)Rs 166 Cr
Depreciation (TTM)Rs 451 Cr
Depreciation (latest quarter)Rs 115 Cr
Interest (TTM)Rs 190 Cr
Cost of goods sold (latest year)Rs 530 Cr
Total expenditure (latest year)Rs 7,952 Cr
Total income (latest year)Rs 9,466 Cr
Share capitalRs 697 Cr
ReservesRs 3,688 Cr
Shareholders' fundsRs 4,385 Cr
Total assetsRs 9,131 Cr
Net blockRs 5,567 Cr
Capital work in progressRs 30 Cr
InvestmentsRs 116 Cr
ReceivablesRs 2,079 Cr
Other liabilitiesRs 1,825 Cr
Shares outstanding (crore)69.70
Ownership
Promoter holding53.66% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 26.0 is at the 66th percentile of its own 9.4-year range (median 19.6, low 5.1, high 50.9).
P/B 3.98 is at the 69th percentile (median 2.68).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodFSLNifty 50Difference
1 week-4.5%-2.8% -1.7 pts
1 month-5.9%-6.8% +0.9 pts
3 months+4.2%-7.6% +11.8 pts
6 months+22.5%+0.4% +22.1 pts
1 year-29.5%-9.9% -19.6 pts
2 years-20.4%-13.6% -6.9 pts
3 years+49.4%+14.2% +35.3 pts
5 years+28.3%+27.9% +0.4 pts
78 mutual fund schemes hold about ₹3,478 Cr. Over three months 52 bought more and 10 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
HDFC Small Cap Fund3.71%1,555 +8%
Tata Digital India Fund1.93%198 -1%
Canara Rob Small Cap Fund1.22%179 +24%
SBI Innovative Opportunities Fund3.37%175 -7%
SBI Technology Opp Fund3.54%159 -0%
Aditya Birla SL Digital India Fund2.40%99 -3%
Edelweiss Mid Cap Fund0.35%70 -1%
Motilal Oswal Multi Cap Fund1.44%67 +100%
ICICI Pru Technology Fund0.48%66 -7%
Edelweiss Small Cap Fund0.84%61 +1%
Aditya Birla SL Small Cap Fund0.97%61 +2%
HDFC Technology Fund4.02%60 +3%
Axis Small Cap Fund0.19%58 +4%
HDFC Children's Fund(Lock in)0.47%50 +100%
Tata Multicap Fund1.27%45 +7%
UTI Small Cap Fund0.85%45 +13%
Motilal Oswal Business Cycle Fund2.86%44 +100%
Motilal Oswal Digital India Fund4.72%44 +4%
Axis Multicap Fund0.36%40 -22%
Aditya Birla SL Midcap Fund0.55%38 +27%
Aditya Birla SL Midcap Fund0.55%37 +27%
Aditya Birla SL Conglomerate Fund1.88%30 +13%
Edelweiss Multi Cap Fund0.75%27 +5%
WOC Flexi Cap Fund0.28%25 +18%
Baroda BNP Paribas Mid Cap Fund0.84%22 +5%

Red flags

F-score 7 of 8
No red flags in the latest statements and filings.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2026-03-25Firstsource Employee Benefit TrustOtherbuy163,373Rs 3.66 CrMarket Purchase
2026-03-23Firstsource Employee Benefit TrustOtherother45,332Rs 0.05 CrOff Market
2026-03-23Firstsource Employee Benefit TrustOthersell18,830Rs 0.39 CrMarket Sale
2026-03-11Firstsource Employee Benefit TrustOtherother35,619Rs 0.04 CrOff Market
2026-03-04Rajiv MalhotraPromoter Groupsell19,000Rs 0.41 CrMarket Sale
2026-03-02Firstsource Employee Benefit TrustOtherother43,824Rs 0.04 CrOff Market
2026-03-02Firstsource Employee Benefit TrustOthersell10,430Rs 0.22 CrMarket Sale
2026-02-27Firstsource Employee Benefit TrustOtherbuy150,000Rs 3.21 CrMarket Purchase
2026-02-26Firstsource Employee Benefit TrustOtherbuy195,000Rs 4.31 CrMarket Purchase
2026-02-24Arun TyagiEmployees/Designated Employesell46,000Rs 1.06 CrMarket Sale
2026-02-24Firstsource Employee Benefit TrustOtherbuy340,000Rs 7.88 CrMarket Purchase
2026-02-23Firstsource Employee Benefit TrustOtherbuy91,674Rs 2.19 CrMarket Purchase
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹2,725 Cr +22.9% vs Jun 2025. Net profit ₹166 Cr -1.8%.
Against our estimate for Jun 2026: sales +4.2%, profit -17.6% miss. Our estimate for Sep 2026: sales Rs 2,802 Cr, profit Rs 194 Cr (how).

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-02-20Interim Dividend - Rs 5.50 Per Share
2025-02-21Interim Dividend - Rs 4 Per Share
2024-07-23Annual General Meeting
2024-02-16Interim Dividend - Rs 3.50 Per Share
2023-07-26Annual General Meeting
2023-02-17Interim Dividend - Rs 3.50 Per Share
2022-07-26Annual General Meeting
2022-02-17Interim Dividend - Rs 3.50 Per Share
2021-07-20 Annual General Meeting
2021-02-17 Interim Dividend - Rs 3 Per Share
2020-07-13 Annual General Meeting
2020-02-27 Interim Dividend - Rs 2.50 Per Share
2019-07-25 Annual General Meeting/Dividend - Rs 2 Per Share
2018-07-26 Annual General Meeting/Dividend- Rs 1.50 Per Share
2017-07-28 Annual General Meeting
2016-07-15 Annual General Meeting
2015-07-23Annual General Meeting
2014-07-23Annual General Meeting
2013-07-26Annual General Meeting
2012-07-20Annual General Meeting
2011-07-25Annual General Meeting
2010-09-07Annual General Meeting
2009-07-20Annual General Meeting
2008-07-22Annual General Meeting
2007-08-03Agm
DateTypeWhat it says
2026-10-01Volume querySignificant increase in volume has been observed in Firstsource Solutions Limited. The Exchange, in order to ensure that investors have latest relevan...
2026-09-30Volume querySignificant increase in volume has been observed in Firstsource Solutions Limited. The Exchange, in order to ensure that investors have latest relevan...
2026-09-25Press ReleaseA press release dated September 25, 2026, titled "Firstsource Named Among India s Best Workplaces for Women 2026 by Great Place to Work®".
2026-09-24ESOPAllotment of 30451 Shares.
2026-09-22Press ReleaseA press release dated September 22, 2026, titled "Firstsource Recognized Among the Best in Services Eating Software at the 2026 HFS SaS Awards".
2026-09-18General UpdatesIntimation of ESG Rating by Niche Ninety Nine Capability and Certifications (OPC) Private Limited, is as enclosed
2026-09-09ESOPAllotment of 67968 Shares.
2026-09-04Concall / analyst meetSchedule of meet
2026-08-28ESOPAllotment of 269883 Shares.
2026-08-20Concall / analyst meetSchedule of meet
2026-08-19ESOPAllotment of 127883 Shares.
2026-08-12ESOPAllotment of 353905 Shares.
2026-08-11Concall / analyst meetTranscript
2026-08-11Press ReleaseA press release dated August 11, 2026, titled "This is to inform that a Press Release titled Firstsource and Cresta Partner to Accelerate AI-Powere...
2026-08-07Shareholder meetingVoting results.
2026-08-06Concall / analyst meetLink of Recording
2026-08-06Shareholder meetingProceedings of Annual General Meeting held on August 06, 2026
2026-08-06Investor PresentationInvestor Presentation
2026-08-06Investor PresentationInvestor Presentation
2026-08-06Board meeting outcomeFirstsource Solutions Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-05ESOPGrant of 550000 Options.
2026-07-31Concall / analyst meetSchedule of meet
2026-07-21Concall / analyst meetSchedule of Conference call with the Institutional Investors and Analysts for Q1FY27 on Thursday, August 06 2026, is as enclosed
2026-07-14UpdatesSubmission of Business Responsibility and Sustainability Report for FY 2025-26.
2026-07-14Shareholder meetingNotice of Annual General Meeting to be held on August 06, 2026
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of Firstsource Solutions Ltd?

Firstsource Solutions Ltd (FSL) has a market capitalisation of Rs 17,598 Cr. at the 2026-10-01 close.

What is the P/E ratio of Firstsource Solutions Ltd?

Firstsource Solutions Ltd trades at a P/E of 22.0 on trailing twelve-month profit, at the 2026-10-01 close.

What were Firstsource Solutions Ltd's latest quarterly results?

In the Jun 2026 quarter, Firstsource Solutions Ltd sales was Rs 2,725 Cr (+22.9% vs Jun 2025) and net profit was Rs 166 Cr.

What is the 52-week high and low of Firstsource Solutions Ltd?

The 52-week high is Rs 371.75 and the 52-week low is Rs 202.00.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03