FSL

Firstsource Solutions Limited

Firstsource Solutions Limited (FSL) financial statements and selected valuation metrics through 30 June 2026.

Services›Services›Commercial Services & Supplies›Business Process Outsourcing (BPO)/ Knowledge Process Outsourcing (KPO)

firstsource.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹281.80
Market cap
19,641 Cr
Stock P/E
29.3
P/B
4.48
Dividend yield
1.9%
ROE (FY26)
15.4%
ROCE (FY26)
16.3%
Operating margin (FY26)
11.7%
Debt / equity (FY26)
0.44
OCF / EBITDA (FY26)
78.0%
OCF / EBITDA (3Y)
68.8%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Firstsource (Firstsource Solutions) provides outsourced business process services, from customer service and collections to back-office and healthcare claims work, for banking and financial services, healthcare, communications, media and technology, and other clients, mainly in North America and Europe.

Company snapshot

1stBy market cap

Ranked among 7 companies in Business Process Outsourcing (BPO)/ Knowledge Process Outsourcing (KPO).

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 35.2% of revenue

SegmentRevenue shareRevenuePBTAssets
Banking and Financial Services
34.2%
1,988 Cr315 Cr—
Communication, Media and Technology
21.2%
1,234 Cr213 Cr—
Diverse Industries
9.2%
533 Cr67 Cr—
Healthcare
35.2%
2,049 Cr269 Cr—

What we see

Positives
  • ✓Dividend payout of 56% — the company returns a meaningful share of profits to shareholders.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales1,540 Cr1,597 Cr1,670 Cr1,791 Cr1,925 Cr2,102 Cr2,161 Cr2,218 Cr2,312 Cr2,443 Cr2,583 Cr2,725 Cr
Operating expenses (approx.)1,311 Cr1,359 Cr1,420 Cr1,521 Cr1,638 Cr1,785 Cr1,829 Cr1,871 Cr1,936 Cr2,040 Cr2,153 Cr2,274 Cr
EBITDA229 Cr237 Cr250 Cr270 Cr287 Cr318 Cr333 Cr347 Cr376 Cr403 Cr430 Cr451 Cr
OPM %14.9%14.9%15.0%15.1%14.9%15.1%15.4%15.7%16.3%16.5%16.7%16.6%
Other income17 Cr15 Cr3 Cr2 Cr-3 Cr-2 Cr2 Cr7 Cr-1 Cr4 Cr-2 Cr6 Cr
Interest26 Cr25 Cr27 Cr32 Cr34 Cr39 Cr43 Cr43 Cr43 Cr43 Cr52 Cr52 Cr
Depreciation65 Cr66 Cr67 Cr73 Cr79 Cr84 Cr91 Cr97 Cr110 Cr111 Cr116 Cr115 Cr
Profit before tax154 Cr161 Cr159 Cr167 Cr171 Cr201 Cr202 Cr213 Cr224 Cr152 Cr261 Cr219 Cr
Tax %18.0%19.9%16.2%19.1%19.2%20.1%20.3%20.6%20.0%20.7%21.2%24.4%
Net profit127 Cr129 Cr134 Cr135 Cr138 Cr160 Cr161 Cr169 Cr180 Cr120 Cr205 Cr166 Cr
EPS (₹)₹1.85₹1.88₹1.94₹1.97₹2.01₹2.33₹2.33₹2.45₹2.60₹1.74₹2.97₹2.40

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales3,556 Cr3,431 Cr3,826 Cr4,099 Cr5,078 Cr5,921 Cr6,022 Cr6,336 Cr7,980 Cr9,556 CrSign in free for the trailing twelve months
Operating expenses (approx.)3,118 Cr3,076 Cr3,291 Cr3,470 Cr4,274 Cr4,961 Cr5,196 Cr5,380 Cr6,773 Cr8,000 CrSign in free for the trailing twelve months
EBITDA438 Cr355 Cr535 Cr629 Cr804 Cr960 Cr827 Cr956 Cr1,208 Cr1,556 CrSign in free for the trailing twelve months
OPM %12.3%10.3%14.0%15.3%15.8%16.2%13.7%15.1%15.1%16.3%Sign in free for the trailing twelve months
Other income3 Cr109 Cr4 Cr9 Cr1 Cr0.56 Cr131 Cr37 Cr-0.87 Cr7 CrSign in free for the trailing twelve months
Interest45 Cr40 Cr29 Cr58 Cr52 Cr64 Cr79 Cr103 Cr148 Cr181 CrSign in free for the trailing twelve months
Depreciation59 Cr66 Cr74 Cr185 Cr206 Cr249 Cr263 Cr260 Cr327 Cr434 CrSign in free for the trailing twelve months
Profit before tax337 Cr358 Cr436 Cr394 Cr432 Cr647 Cr615 Cr630 Cr741 Cr850 CrSign in free for the trailing twelve months
Tax %17.1%8.8%13.3%13.8%16.2%17.1%16.5%18.3%19.7%20.6%Sign in free for the trailing twelve months
Net profit279 Cr327 Cr378 Cr340 Cr362 Cr537 Cr514 Cr515 Cr594 Cr674 CrSign in free for the trailing twelve months
EPS (₹)₹4.14₹4.78₹5.48₹4.90₹5.31₹7.90₹7.55₹7.52₹8.63₹9.77Sign in free for the trailing twelve months
Dividend payout %————56.3%44.4%46.4%46.7%46.4%56.4%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital681 Cr687 Cr691 Cr694 Cr696 Cr697 Cr697 Cr697 Cr697 Cr697 Cr
Reserves1,347 Cr1,665 Cr2,030 Cr2,072 Cr2,103 Cr2,336 Cr2,670 Cr3,003 Cr3,401 Cr3,688 Cr
Borrowings965 Cr672 Cr546 Cr837 Cr521 Cr1,010 Cr827 Cr812 Cr1,533 Cr1,937 Cr
Other liabilities357 Cr372 Cr408 Cr984 Cr1,509 Cr1,666 Cr1,470 Cr1,570 Cr2,292 Cr2,998 Cr
Total liabilities3,351 Cr3,398 Cr3,676 Cr4,587 Cr4,830 Cr5,709 Cr5,664 Cr6,083 Cr7,922 Cr9,320 Cr
Fixed assets (net)88 Cr88 Cr114 Cr141 Cr235 Cr228 Cr174 Cr164 Cr276 Cr310 Cr
CWIP4 Cr0.42 Cr2 Cr0 Cr—0 Cr3 Cr17 Cr49 Cr30 Cr
Investments163 Cr34 Cr134 Cr460 Cr608 Cr806 Cr567 Cr677 Cr986 Cr972 Cr
Trade receivables307 Cr378 Cr387 Cr557 Cr577 Cr961 Cr1,038 Cr1,161 Cr1,686 Cr2,079 Cr
Cash & bank39 Cr123 Cr47 Cr191 Cr137 Cr83 Cr152 Cr175 Cr154 Cr259 Cr
Other assets2,750 Cr2,773 Cr2,991 Cr3,239 Cr3,273 Cr3,631 Cr3,730 Cr3,889 Cr4,771 Cr5,671 Cr
Total assets3,351 Cr3,398 Cr3,676 Cr4,587 Cr4,830 Cr5,709 Cr5,664 Cr6,083 Cr7,922 Cr9,320 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity200 Cr315 Cr400 Cr410 Cr976 Cr704 Cr795 Cr645 Cr701 Cr1,214 Cr
Cash from investing-231 Cr92 Cr-204 Cr14 Cr-350 Cr-595 Cr16 Cr-58 Cr-746 Cr-452 Cr
Cash from financing4 Cr-327 Cr-273 Cr-277 Cr-689 Cr-158 Cr-743 Cr-564 Cr23 Cr-667 Cr
Net cash flow-28 Cr80 Cr-77 Cr148 Cr-53 Cr-49 Cr69 Cr23 Cr-21 Cr104 Cr
Free cash flow (OCF − Capex)114 Cr253 Cr291 Cr297 Cr802 Cr619 Cr741 Cr560 Cr460 Cr1,018 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %12.8%13.2%14.2%12.6%14.6%17.6%16.6%16.2%15.8%16.3%
ROE %13.8%13.9%13.9%12.3%12.9%17.7%15.3%13.9%14.5%15.4%
Debtor days31403750415963677779
Inventory days——00000000
Days payable101098201114181821
Cash conversion cycle21302841214849495958
OCF / EBITDA %45.6%88.7%74.7%65.3%121.3%73.3%96.2%67.4%58.1%78.0%
OCF / EBITDA % (3 years)——68.9%74.1%90.7%87.3%95.5%78.1%71.6%68.8%
Debt / equity0.480.290.200.300.190.330.250.220.370.44
Current ratio0.860.800.940.830.880.930.900.940.920.79
Net debt / EBITDA2.11—0.931.030.480.970.820.671.141.08