NSE: FSL · BSE: 532809
FIRSTSOURCE SOLU. LTD.
Delivers business process and knowledge process outsourcing services across four client verticals: healthcare (₹3,209.07 crore, 33.4% of segment revenue in FY26), banking and financial services (₹3,112.821 crore, 32.4%), communication, media and technology (₹2,043.721 crore, 21.3%), and diverse industries (₹1,250.509 crore, 13.0%). Total FY26 revenue was ₹9,556.394 crore, crossing the $1 billion mark in its 25th year of operations. The operating model is people-heavy: employee costs were 58.5% of revenue, other operating expenses 25.2%, and depreciation 4.5%. Exports made up 99.74% of revenue in FY26. The workforce of 36,205 sits across 9 countries. FY26 acquisitions added a UK debt collections business (Pastdue Credit Solutions) and a US payer-market business (TeleMedik). FY26 net profit was ₹674.412 crore at an EBITDA margin of 15.33%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Healthcare (33%), Banking and Financial Services (32%), Communication, Media and Technology (21%), Diverse Industries (13%). People-intensive BPO/KPO services with multi-country delivery
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 5,921 | 6,022 | 6,336 | 7,980 | 9,556 |
| EBITDA (ex other income) | 960 | 827 | 956 | 1,216 | 1,458 |
| margin % | 16.2 | 13.7 | 15.1 | 15.2 | 15.3 |
| Owners' profit | 537 | 514 | 515 | 594 | 674 |
| EPS, as reported (₹) | 7.90 | 7.55 | 7.52 | 8.63 | 9.77 |
| ROE % · ROCE % | 17.7 · 17.0 | 15.3 · 16.9 | 13.9 · 16.5 | 14.5 · 16.2 | 15.4 · 17.7 |
| Debt / equity (x) | 0.33 | 0.25 | 0.22 | 0.37 | 0.44 |
| Cash from operations | 704 | 795 | 645 | 701 | 1,214 |
| Capex | (85) | (54) | (85) | (241) | (196) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,925 | 2,102 | 2,161 | 2,218 | 2,312 | 2,443 | 2,583 | 2,725 |
| Profit before tax | 171 | 201 | 202 | 213 | 224 | 152 | 261 | 219 |
| 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 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Banking and Financial Services | 3,113 | 32.4 |
| Healthcare | 3,209 | 33.4 |
| Communication, Media and Technology | 2,044 | 21.3 |
| Diverse Industries | 1,251 | 13.0 |
| Total, before eliminations | 9,616 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| FIRSTSOURCE SOLU. LTD. ◆ | 21,474 | 31.7 | 4.90 | 15.8 | 15.4 | 14.5 | 13.5 | 14.2 |
| ECLERX SERVICES LTD | 17,162 | 15.8 | 6.69 | 14.3 | 27.6 | 31.3 | 21.4 | 24.6 |
| RPSG VENTURES LIMITED | 2,733 | — | 0.62 | 5.7 | 0.0 | 1.6 | 15.1 | 19.0 |
| ONE POINT ONE SOL LTD | 1,889 | 42.0 | 4.08 | 22.4 | 8.3 | 7.0 | — | 24.9 |
| HINDUJA GLOBAL SOLS. LTD. | 1,549 | — | 0.18 | 3.6 | 0.1 | (0.8) | (5.1) | 11.1 |
| ALLDIGI TECH LIMITED | 1,241 | 14.5 | 4.94 | 7.1 | 32.8 | 23.4 | 16.7 | 29.5 |
| NSB BPO Solutions Limited | 54 | 3.6 | — | — | — | 6.0 | — | — |
| WE WIN LIMITED | 46 | 16.7 | 1.49 | 7.4 | 14.3 | 10.0 | — | 6.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 31.7 | 15.2 | 7 of 8 | 14% |
| P/B | 4.9 | 1.6 | 7 of 9 | 25% |
| ROCE | 14.6 | 7.0 | 4 of 11 | 70% |
| ROE | 15.4 | 8.3 | 3 of 9 | 75% |
| Debt / Equity | 0.4 | 0.1 | 8 of 9 | 13% |
| EBITDA margin | 14.2 | 19.0 | 6 of 9 | 38% |
| Revenue growth | 22.9 | 22.9 | 5 of 9 | 50% |
| Profit growth | (2.0) | 0.8 | 6 of 9 | 38% |
| Market cap | 21474 | 1241 | 1 of 11 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Firstsource schedules analyst and institutional investor meetings | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Firstsource launches FY2025-26 ESG Report with key sustainability highlights | compliance | minimal | — | — |
| 20 Oct 2026 · Firstsource named Horizon 3 market leader in customer experience | compliance | low | — | — |
| 19 Oct 2026 · Conference call with analysts and investors on Oct 29, 2026 for Q2FY27 results | board shareholder meetings | low | — | — |
| 16 Oct 2026 · Firstsource gets ESG rating of 75 from NSE Sustainability | general | medium | — | — |
| 13 Oct 2026 · Board meeting on 29 Oct 2026 to consider H1 FY27 audited results | results | low | — | — |
| 5 Oct 2026 · Routine SEBI demat compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · Clarification on significant increase in share trading volume | regulatory legal | medium | — | — |
| 30 Sept 2026 · NSE flags unusual volume in Firstsource Solutions; response awaited | general | low | — | — |
| 28 Sept 2026 · Trading window closed from 28 Sep 2026 till 48 hours post Q2FY27 board meeting | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.