Tata Consultancy Services Ltd.
NSE: TCS
Technology · Information Technology Services
₹2,465.00 last close on 16 Oct 2026 +4.89%
Research updated
Firstsource Solutions Ltd.
NSE: FSLTechnologyInformation Technology Services
- Last close
- ₹281.80
- Day change
- +₹0.05 (+0.02%)vs
- Market cap
- ₹19,459 crIndian rupees
- Research updated
- 1 report
About Firstsource Solutions
Firstsource Solutions Ltd. is a prominent global provider of business process outsourcing services. Its primary function is to deliver technology-driven solutions across various sectors to enhance efficiency and customer experience for its clients. The company serves industries such as banking, financial services, insurance, telecommunications, healthcare, and media, offering services ranging from customer management and collections to data processing and digital solutions. As a significant player in the outsourcing market, Firstsource leverages its expertise and innovation to support business transformation for its clients, harnessing technology, analytics, and best practices. Originating from India and having expanded its operations internationally, Firstsource Solutions Ltd. has established itself as a reliable partner for businesses looking to optimize their operational processes and gain a competitive edge in their respective sectors.
- Sector
- Technology
- Industry
- Information Technology Services
- Listing
- NSE: FSL
- Chief executive
- Mr. Ritesh Mohan Idnani
- Employees
- 36,875
- Headquarters
- Mumbai, India
- ISIN
- INE684F01012
- Website
- firstsource.com
Public research · Report of
Business model & financial foundation
Firstsource (NSE: FSL), Business process management: revenue of ₹9,556 crore in FY26 (+19.7% on FY25), an EBITDA margin of 16.3%, net profit of ₹674.4 crore and net debt of ₹1,629 crore.
- Revenue, FY26 (₹ crore)
- 9,556
- consolidated
- Revenue growth, FY26
- +19.7%
- on FY25
- EBITDA margin, FY26
- 16.3%
- EBITDA (company definition) / revenue
- Net profit, FY26 (₹ crore)
- 674.4
- to owners
- Return on equity, FY26
- 15.9%
- on average equity
- Net debt, FY26 (₹ crore)
- 1,629
- Net debt excluding leases; cash plus investments netted
- Market capitalisation (₹ crore)
- 19,180
- at the close of 16 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | Firstsource Solutions Limited |
| Exchange and ticker | NSE: FSL; BSE: 532809 |
| ISIN | INE684F01012 |
| CIN | L64202MH2001PLC134147 |
| Sector | Technology |
| Industry | Business process management |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells LLP (since 21st AGM) |
| Market capitalisation | ₹19,180 crore (16 Oct 2026) |
| Shares outstanding | 69.06 crore shares (FY26) |
| Price | ₹281.8 (close, 16 Oct 2026) |
| 52-week range | ₹202.0 - ₹371.8 (to 16 Oct 2026) |
| Website | https://www.firstsource.com |
Corporate structure and shareholding
Parent: RPSG Ventures Limited.
| Entity | Holding | Business |
|---|---|---|
| Firstsource Solutions UK Limited | 100% | UK BPM |
| Firstsource Group USA Inc | 100% | US BPM group |
| Firstsource Provider Services | 100% | Healthcare RCM |
| Sourcepoint Inc | 100% | Mortgage operations |
| Ascensos | 100% | Retail CX |
| Pastdue Credit Solutions | 100% | Collections |
| TeleMedik | 100% | Healthcare and telehealth |
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 53.66% | 53.66% | 53.66% | 53.66% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 9.20% | 8.85% | 8.38% | 7.44% |
| Domestic institutions | 25.19% | 25.49% | 25.41% | 26.84% |
| of which mutual funds | 18.28% | 18.49% | 18.22% | 19.24% |
| Retail | 11.11% | 11.05% | 11.71% | 11.34% |
| Other | 0.83% | 0.95% | 0.85% | 0.73% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Segment | revenue, FY26 (₹ crore) | Share | result, FY26 (₹ crore) | Share | finance cost, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Banking and financial services | 3,113 | 32.6% | 609.5 | 71.7% | ||
| Healthcare | 3,209 | 33.6% | 428.1 | 50.4% | ||
| Communications, media and technology | 2,044 | 21.4% | 385.4 | 45.4% | ||
| Diverse industries | 1,251 | 13.1% | 135.9 | 16.0% | ||
| Consolidation adjustments (not an operating segment) | -59.7 | -0.6% | -709.1 | -83.4% | 181.5 | 100.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| eClerx Services (ECLERX) | Listed Indian BPM specialist, analytics and operations |
| Sagility India (SAGILITY) | US healthcare payer/provider BPM |
| Hinduja Global Solutions (HGS) | CX and business process operations |
| Coforge (COFORGE) | BFS technology and business process services |
| Mphasis (MPHASIS) | BFS and mortgage technology/operations |
| Teleperformance | Global CX benchmark; Euronext TEP |
| Concentrix | Global CX and automation benchmark; NASDAQ CNXC |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations (after other operating income) | 5,866 | 5,986 | 6,336 | 7,980 | 9,556 |
| Cost of revenue (vendor classification) * | 3,815 | 3,741 | 3,789 | 4,764 | 5,316 |
| Other operating costs (vendor classification) * | 864.6 | 1,141 | 1,259 | 1,588 | 2,248 |
| EBITDA (vendor classification) * | 957.7 | 953.3 | 992.7 | 1,233 | 1,589 |
| EBIT before exceptional items | 711.0 | 694.2 | 696.2 | 880.6 | 1,122 |
| Finance costs gross (including lease interest) | 63.9 | 79.0 | 103.4 | 147.9 | 181.5 |
| Profit before taxes | 647.1 | 615.2 | 629.7 | 740.7 | 849.8 |
| Taxes and minority interest (presentation combined line) | 110.6 | 101.5 | 115.0 | 146.2 | 175.4 |
| PAT (presentation reported profit) | 536.5 | 513.7 | 514.7 | 594.5 | 674.4 |
| Diluted EPS as reported (₹) | 7.62 | 7.32 | 7.34 | 8.42 | 9.56 |
| Income from services | 6,333 | 7,972 | 9,616 | ||
| Other operating income (signed hedge gains/losses) | 3.70 | 8.20 | -59.7 | ||
| Manpower expenses | 3,909 | 4,996 | 5,590 | ||
| Operating expenses | 1,471 | 1,777 | 2,410 | ||
| EBITDA (company definition) | 956.4 | 1,208 | 1,556 | ||
| Depreciation and amortization | 260.2 | 327.0 | 434.1 | ||
| Other income net (signed) | 36.8 | -0.90 | 7.45 | ||
| Exceptional items (carriesSign: charges negative, income positive) | 0.00 | 8.80 | -98.2 | ||
| Profit attributable to owners | 514.7 | 594.5 | 674.4 | ||
| Non-controlling profit (signed; not extra tax deduction) | -0.00 | -0.00 | -0.01 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including non-controlling interests | 3,033 | 3,367 | 3,701 | 4,098 | 4,385 |
| Gross borrowings excluding leases | 1,784 | 1,393 | 804.9 | 1,533 | 1,938 |
| Cash and cash equivalents | 95.6 | 138.2 | 174.8 | 154.2 | 258.6 |
| Trade receivables billed plus unbilled | 644.6 | 680.1 | 1,161 | 1,686 | 2,079 |
| Trade payables | 178.1 | 231.5 | 305.6 | 397.6 | 557.9 |
| Net property, plant and equipment * | 95.1 | 70.4 | 70.6 | 135.3 | 204.6 |
| Capital work in progress * | 0.00 | 3.42 | 17.1 | 49.1 | 29.9 |
| Total assets | 5,709 | 5,664 | 6,076 | 7,922 | 9,320 |
| Lease liabilities current plus non-current | 721.0 | 1,037 | 984.3 | ||
| Current investments | 30.0 | 61.6 | 50.2 | ||
| Goodwill on consolidation | 2,989 | 3,680 | 4,266 | ||
| Net debt excluding leases; cash plus investments netted | 600.1 | 1,317 | 1,629 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities | 554.1 | 588.1 | 644.1 | 701.1 | 1,214 |
| Free cash flow (vendor definition) * | 618.5 | 741.4 | 559.7 | 459.9 | 1,018 |
| Dividend paid net (outflow negative) | -238.4 | -238.4 | -240.6 | -275.9 | -380.1 |
| Capital expenditure net (outflow negative) | -54.3 | -51.4 | -85.0 | -223.6 | -132.4 |
| Free cash flow (company reported chart) | 559.0 | 477.5 | 1,082 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 68.01 | 68.06 | 68.43 | 68.88 | 69.06 |
| Approximate weighted diluted shares (crore shares) | 70.13 | 70.60 | 70.55 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations (after other operating income) | 1,925 | 2,102 | 2,162 | 2,218 | 2,312 | 2,443 | 2,584 | 2,725 |
| Cost of revenue (vendor classification) * | 1,210 | 1,307 | 1,352 | 1,321 | 1,431 | 1,477 | 1,532 | |
| Other operating costs (vendor classification) * | 434.9 | 477.7 | 483.5 | 553.2 | 633.6 | 706.0 | 768.9 | |
| EBITDA (vendor classification) * | 284.6 | 315.6 | 334.9 | 353.9 | 406.3 | 428.7 | 457.4 | |
| EBIT before exceptional items | 208.1 | 233.3 | 242.2 | 249.8 | 266.5 | 291.5 | 314.3 | 336.7 |
| Finance costs gross (including lease interest) | 34.3 | 39.3 | 42.6 | 43.4 | 42.8 | 43.3 | 52.0 | 51.8 |
| Profit before taxes | 171.0 | 200.7 | 201.7 | 213.2 | 224.3 | 151.7 | 260.6 | 219.3 |
| Taxes and minority interest (presentation combined line) | 32.8 | 40.4 | 41.0 | 43.9 | 44.8 | 31.3 | 55.4 | 53.4 |
| PAT (presentation reported profit) | 138.2 | 160.3 | 160.7 | 169.3 | 179.5 | 120.3 | 205.2 | 165.9 |
| Diluted EPS as reported (₹) | 1.96 | 2.27 | 2.28 | 2.40 | 2.54 | 1.71 | 2.91 | 2.36 |
| Income from services | 1,933 | 2,088 | 2,168 | 2,221 | 2,315 | 2,467 | 2,613 | 2,752 |
| Other operating income (signed hedge gains/losses) | -7.20 | 14.5 | -6.30 | -3.30 | -2.50 | -24.4 | -29.6 | -26.9 |
| Manpower expenses | 1,210 | 1,307 | 1,352 | 1,321 | 1,362 | 1,431 | 1,477 | 1,532 |
| Operating expenses | 427.7 | 477.7 | 477.1 | 549.9 | 574.4 | 609.3 | 676.4 | 742.0 |
| EBITDA (company definition) | 287.3 | 317.7 | 332.8 | 347.1 | 376.0 | 402.7 | 430.4 | 451.3 |
| Depreciation and amortization | 79.2 | 84.4 | 90.6 | 97.2 | 109.6 | 111.2 | 116.1 | 114.6 |
| Other income net (signed) | -2.70 | -2.10 | 2.10 | 6.83 | -1.29 | 3.62 | -1.71 | 6.10 |
| Exceptional items (carriesSign: charges negative, income positive) | 0.00 | 8.80 | 0.00 | 0.00 | 1.90 | -100.1 | 0.00 | -71.7 |
| Profit attributable to owners | 138.2 | 160.3 | 160.7 | 169.3 | 179.5 | 120.3 | 205.2 | 165.9 |
| Non-controlling profit (signed; not extra tax deduction) | -0.01 | 0.00 | 0.00 | -0.01 | -0.00 | -0.01 | 0.00 | -0.00 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 16.6% | 2.0% | 5.9% | 25.9% | 19.7% |
| EBITDA margin | 15.1% | 15.1% | 16.3% | ||
| Net margin | 8.1% | 7.4% | 7.1% | ||
| Return on equity | 14.6% | 15.2% | 15.9% | ||
| Return on capital employed | 16.1% | 14.5% | 15.0% | 17.4% | 18.8% |
| Return on assets | 8.8% | 8.5% | 7.8% | ||
| Net debt (₹ crore) | 600.1 | 1,317 | 1,629 | ||
| Net debt / EBITDA | 0.63x | 1.09x | 1.05x | ||
| Interest cover | 11.1x | 8.79x | 6.73x | 5.95x | 6.18x |
| Asset turnover | 1.11x | 1.05x | 1.08x | 1.14x | 1.11x |
| Receivable days | 40 | 41 | 67 | 77 | 79 |
| Payable days (on revenue) | 11 | 14 | 18 | 18 | 21 |
| Cash conversion | 1.25x | 1.18x | 1.80x | ||
| Capex intensity | 0.9% | 0.9% | 1.3% | 2.8% | 1.4% |
| Free cash flow (₹ crore) | 499.8 | 536.7 | 559.1 | 477.5 | 1,082 |
| Dividend payout | 46.7% | 46.4% | 56.4% | ||
| EPS, diluted (₹) | 7.62 | 7.32 | 7.34 | 8.42 | 9.56 |
| Book value per share (₹) | 44.60 | 49.48 | 54.08 | 59.49 | 63.49 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (company definition) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt excluding leases; cash plus investments netted; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (company definition).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS as reported).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Firstsource Solutions includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Firstsource Solutions
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Prices are the last close on the NSE, 16 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 17 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.