Firstsource Solu. Ltd.
NSE: FSL · Business Process Outsourcing (BPO)/ Knowledge Process Outsourcing (KPO) · sector
₹292.25NSE close 2026-10-26
Key numbers
Market cap₹20,370 cr
Price₹292.25
52w high / low₹372 / ₹202
P/E30.1xSector median 15.5x
P/B4.7xSector median 1.5x
Book value₹62.9
Dividend yield1.87%Sector median 1.87%
ROE15.8%Sector median 6.6%
ROCE16.5%Sector median 10.7%
OPM14.8%Sector median 12.6%
Debt / equity0.44xSector median 0.06x
EV/EBITDA14.8xSector median 7.0x
Interest cover5.5x
Current ratio0.79x
Sales growth 3y+16.6%Sector median +15.8%
Profit growth 3y+9.5%Sector median +13.1%
PEG3.35x
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 11 companies in Business Process Outsourcing (BPO)/ Knowledge Process Outsourcing (KPO) (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹319 cr vs borrowings ₹1,937 cr (FY26): borrowings are higher by ₹1,618 cr.
- Operating profit covered interest 5.5x in the last 12 months.
- No promoter shares are pledged.
- Operating cash flow was below net profit in 0 of the last 5 years.
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 1% of net profit in the last 12 months.
- Debtor days went from 67 (FY24) to 79 (FY26).
- Dividend paid in 5 of the last 5 financial years.
- Price ₹292.25 on 2026-10-26: -21.4% from the 52-week high, +44.7% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹401.25 · low ₹207.18
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,925 | 2,102 | 2,161 | 2,218 | 2,312 | 2,443 | 2,583 | 2,725 |
| EBITDA | 287 | 326 | 333 | 347 | 378 | 303 | 430 | 380 |
| OPM % | 14.9% | 15.5% | 15.4% | 15.7% | 16.3% | 12.4% | 16.7% | 13.9% |
| Other income | -3 | -2 | 2 | 7 | -1 | 4 | -2 | 6 |
| Net profit | 138 | 160 | 161 | 169 | 180 | 120 | 205 | 166 |
| EPS (₹) | 2.01 | 2.33 | 2.33 | 2.45 | 2.60 | 1.74 | 2.97 | 2.40 |
| Revenue YoY | +20.1% | +16.2% | +19.5% | +22.9% | ||||
| Profit YoY | +29.9% | -24.9% | +27.7% | -2.0% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 5,921 | 6,022 | 6,336 | 7,980 | 9,556 | 10,064 |
| EBITDA | 960 | 826 | 956 | 1,216 | 1,458 | 1,490 |
| Net profit | 537 | 514 | 515 | 594 | 674 | 671 |
| EPS (₹) | 7.90 | 7.55 | 7.52 | 8.63 | 9.77 | 9.71 |
| Revenue growth | +1.7% | +5.2% | +25.9% | +19.7% | +19.7% | |
| Profit growth | -4.4% | +0.2% | +15.5% | +13.5% | +6.8% | |
| Dividend / share (₹) | 3.50 | 3.50 | 3.50 | 4.00 | 5.50 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +16.6% | +13.5% | +19.7% |
| Net profit | +9.5% | +13.3% | +6.8% |
| EPS | +9.0% | +13.0% | – |
| Share price | – | -6.9% (2y) | -11.7% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 3,367 | 3,700 | 4,098 | 4,385 |
| Borrowings | – | 827 | 812 | 1,533 | 1,937 |
| Cash & equivalents | – | 215 | 218 | 229 | 319 |
| Total assets | – | 5,664 | 6,083 | 7,922 | 9,320 |
| Fixed assets | – | 174 | 164 | 276 | 310 |
| Capital work in progress | – | 3 | 17 | 49 | 30 |
| Investments | – | 12 | 12 | 12 | 66 |
| Receivables | – | 1,038 | 1,161 | 1,686 | 2,079 |
| Inventory | – | 0 | 0 | 0 | 0 |
| Payables | – | 231 | 306 | 398 | 558 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 704 | 795 | 645 | 701 | 1,214 |
| Cash from investing | -595 | 16 | -58 | -746 | -452 |
| Cash from financing | -158 | -743 | -564 | 23 | -667 |
| Capex | 85 | 54 | 85 | 241 | 196 |
| Free cash flow | 619 | 741 | 560 | 460 | 1,018 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 15.3% | 13.9% | 14.5% | 15.4% |
| ROCE % | – | 16.6% | 16.2% | 15.8% | 16.3% |
| Debtor days | – | 63 | 67 | 77 | 79 |
| Inventory days | – | 0 | 0 | 0 | 0 |
| Payable days | – | 14 | 18 | 18 | 21 |
| Cash conversion cycle (days) | – | 49 | 49 | 59 | 58 |
| Working capital days | – | -9 | -6 | -9 | -27 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 53.66% |
| FIIs | 7.44% |
| DIIs | 26.84% |
| of which Mutual funds | 19.24% |
| of which Insurance | 5.33% |
| Government | 0.00% |
| Public (non-institutions) | 11.34% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 53.66% | 53.66% | 53.66% | 53.66% | 53.66% | 53.66% | 53.66% | 53.66% |
| Promoter group | % |
|---|---|
| RPSG Ventures Limited | 53.66% |
| Public holders above 1% | % |
|---|---|
| HDFC Small CAP Fund | 9.11% |
| Life Insurance Corporation of India | 4.01% |
| SBI Technology Opportunities Fund | 1.90% |
| ICICI Bank Ltd | 1.73% |
| Tata Digital India Fund | 1.43% |
| Aditya Birla SUN Life Trustee Private Limited A/C Aditya Birla SUN Life Digital India Fund | 1.25% |
| SBI Life Insurance Co. Ltd | 1.24% |
2,35,538 shareholders. Pledged: 0.00% of promoter shares.
Peers in Business Process Outsourcing (BPO)/ Knowledge Process Outsourcing (KPO)
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| FSL | ₹20,370 cr | 30.1x | 4.7x | 15.8% | 16.5% | 14.8% | +16.6% | 1.87% |
| ECLERX | ₹17,255 cr | 24.0x | 6.7x | 29.9% | 39.5% | 25.3% | +15.8% | 0.03% |
| RPSGVENT | ₹2,682 cr | – | 1.1x | -5.0% | 11.6% | 13.2% | +16.5% | 6.51% |
| ONEPOINT | ₹1,828 cr | 40.7x | 4.1x | 10.6% | 12.4% | 22.8% | +30.7% | – |
| HGS | ₹1,557 cr | – | 0.2x | -0.5% | 1.0% | 0.6% | -1.5% | 0.06% |
| ALLDIGI | ₹1,172 cr | 13.7x | 4.7x | 33.5% | 42.8% | 26.3% | +15.3% | 7.81% |
| NSBBPO | ₹58 cr | 4.5x | 0.3x | 6.6% | 8.1% | 12.1% | – | – |
| WEWIN | ₹46 cr | 15.5x | 1.5x | 14.7% | 10.7% | 5.6% | +24.3% | – |
| INFORTEC | ₹34 cr | 9.0x | 1.5x | 5.4% | 6.7% | -143.0% | -21.6% | – |
| BNRUDY | ₹10 cr | 7.1x | 1.1x | -2.4% | -5.8% | -61.5% | -30.0% | – |
All 11 companies in Business Process Outsourcing (BPO)/ Knowledge Process Outsourcing (KPO) →
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| Healthcare | ₹3,209 cr | 33.4% | ₹428 cr | 13.3% |
| Banking and Financial Services | ₹3,113 cr | 32.4% | ₹610 cr | 19.6% |
| Communication, Media and Technology | ₹2,044 cr | 21.3% | ₹385 cr | 18.9% |
| Diverse Industries | ₹1,250 cr | 13.0% | ₹136 cr | 10.9% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-02-20 | Dividend | Interim Dividend - Rs 5.50 Per Share |
| 2025-02-21 | Dividend | Interim Dividend - Rs 4 Per Share |
| 2024-07-23 | Other | Annual General Meeting |
| 2024-02-16 | Dividend | Interim Dividend - Rs 3.50 Per Share |
| 2023-07-26 | Other | Annual General Meeting |
| 2023-02-17 | Dividend | Interim Dividend - Rs 3.50 Per Share |
| 2022-07-26 | Other | Annual General Meeting |
| 2022-02-17 | Dividend | Interim Dividend - Rs 3.50 Per Share |
| 2021-07-20 | Other | Annual General Meeting |
| 2021-02-17 | Dividend | Interim Dividend - Rs 3 Per Share |
| 2020-07-13 | Other | Annual General Meeting |
| 2020-02-27 | Dividend | Interim Dividend - Rs 2.50 Per Share |
| 2019-07-25 | Dividend | Annual General Meeting/Dividend - Rs 2 Per Share |
| 2018-07-26 | Dividend | Annual General Meeting/Dividend- Rs 1.50 Per Share |
| 2017-07-28 | Other | Annual General Meeting |
| 2016-07-15 | Other | Annual General Meeting |
| 2015-07-23 | Other | Annual General Meeting |
| 2014-07-23 | Other | Annual General Meeting |
| 2013-07-26 | Other | Annual General Meeting |
| 2012-07-20 | Other | Annual General Meeting |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- BPS services (NIC Code: 63999): To provide IT enabled BPS services to Banking and Financial services, Healthcare, Communication Media and Technology and Other Diverse Industries.
| Sector | Services |
| Industry | Business Process Outsourcing (BPO)/ Knowledge Process Outsourcing (KPO) |
| Sub-industry | Business Process Outsourcing (BPO)/ Knowledge Process Outsourcing (KPO) |
| Symbol | FSL |
| BSE code | 532809 |
| ISIN | INE684F01012 |
| Face value | ₹10.0 |
| Incorporated | 2001-12-06 |
| Website | www.firstsource.com |
| Plants (India / abroad) | 0 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.