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Not investment advice. Data and computed figures, for information only.

Firstsource Solutions Ltd

NSE: FSL
₹281.80
+₹0.05 (+0.02%)
NSE · 16 Oct 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹18,955 Cr
CMP
₹281.80
52-wk High / Low
₹372 / 202
P/E
23.8
P/B
4.3
Book Value
₹62.0
Div Yield
2.05%
ROCE
17.0%
ROE
17.6%
Face Value
₹10
D/E
0.67

Price−14.1% over 1Y

āagman read

Computed by āagman
Derived from 12 years and 15 quarters of filings. Not reported by the company.
As of 16 Oct 2026
How we compute these
Piotroski F-Score
6
/ 9
6 of 9 F-score tests passed
Graham Number
₹115
√(22.5 × EPS × book value per share)
ROIC
12.7%
vs 9.3% sector median
Cash flow to profit
1.80
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
+91
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
9.0%
ROE × earnings retention ratio
ROE stability
1.3
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom +0.00FII −0.47DII −0.08
Latest quarter vs the previous one
Cash-accrual divergence
−6.4%
of assets
Low = accruals track cash flow
Strengths
+Price trades above its 200-day moving average (1.1x)
+PE of 23.8x is below the sector median of 30.5x
Watch-outs
−Borrowings are up 227.9% since FY2016 (891 to 2922)
−Annualised volatility of 49.1% is in the high band (≥45%)

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Consolidated basis (as filed) · ₹ Cr · 13 quarters
As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales1,5291,5401,5971,6701,7911,9252,1022,1612,2182,3122,4432,5832,725
Expenses1,2891,3111,3591,4201,5211,6381,7851,8291,8711,9362,0402,1532,274
Operating Profit240229237250270287318333347376403430451
OPM %15.7%14.9%14.8%15.0%15.1%14.9%15.1%15.4%15.6%16.3%16.5%16.6%16.6%
Other Income2171532−37271−97−2−66
Interest25262527323439434343435252
Depreciation616566677379849197110111116115
Profit before tax155154161159167171201202213224152261219
Net Profit126127129134135138160161169180120205166
EPS (₹)1.791.801.831.901.921.962.272.272.392.541.702.902.35

Profit & Loss

As of 30 Jun 2026
Consolidated · ₹ Cr · 12 years + TTM
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales3,0353,2173,5563,5353,8264,0995,0785,9216,0226,3367,9809,55610,064
Expenses2,6452,8193,1093,0643,2743,4454,2394,9395,1655,3296,7377,9528,403
Operating Profit3903984474715526548399828581,0081,2441,6051,660
OPM %12.9%12.4%12.6%13.3%14.4%16.0%16.5%16.6%14.2%15.9%15.6%16.8%16.5%
Other Income793549−1141131378−91−163
Interest8061545346838786110155184230190
Depreciation7261596674185206249263260327434451
Profit before tax244286337358436394432647615630741850856
Net Profit234261279327378340362537514515594674671
EPS (₹)3.523.874.114.765.474.905.207.697.337.318.419.549.49

Balance Sheet

As of 30 Jun 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 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—

Cash Flows

As of 31 Mar 2026
Consolidated · ₹ Cr
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity3962462972003154004109767047956447011,214
Cash from Investing Activity−13−104−101−23396−20310−344−59417−57−744−443
Cash from Financing Activity−286−246−2074−327−273−277−689−158−743−56323−667
Net Cash Flow96−105−11−3084−76143−58−496923−21104

Ratios

As of 31 Mar 2026
13 periods
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %9.010.012.014.013.015.013.016.017.015.016.015.017.0
ROE %————————————17.6
EPS (₹)2.923.523.874.114.765.474.905.207.697.337.318.419.54
Book Value (₹)————————————62.0
Face Value (₹)————————————10
P/E————————————23.8
Div Yield %————————————2.05
NPM %6.27.78.17.89.29.98.37.39.18.48.17.47.1
OPM %12.013.012.013.013.014.016.017.017.014.016.016.017.0
D/E0.570.490.500.480.280.200.490.430.590.410.410.630.67
P/B————————————4.3

Growth

As of 11 Oct 2026
Compounded sales growth
10 years+12.0%
5 years+13.0%
3 years+17.0%
TTM+20.0%
Compounded profit growth
10 years+11.0%
5 years+10.0%
3 years+14.0%
TTM+28.0%
Stock price CAGR
10 years+21.0%
5 years+5.0%
3 years+16.0%
Last year−20.0%
Return on equity
10 years16.0%
5 years16.0%
3 years16.0%
Last year18.0%

Shareholding pattern

As of 31 Mar 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters54.89%54.89%54.47%54.12%53.90%53.72%53.66%53.66%53.66%53.66%53.66%53.66%
FIIs9.18%9.18%7.64%9.84%9.52%10.45%7.79%8.95%9.59%10.07%8.85%8.38%
DIIs6.84%6.84%7.14%9.14%12.36%14.31%14.75%15.06%19.27%22.90%25.49%25.41%
Government————————————
Public29.09%29.09%30.75%26.90%23.85%19.08%21.36%20.09%16.15%12.26%11.05%11.71%
No. of shareholders1,33,5231,33,5231,54,8101,62,6091,65,3121,95,8773,20,4993,09,8912,66,8742,66,8682,29,9352,42,813
Change since Jun 2023 (pp)
Promoters −1.23FIIs −0.80DIIs +18.57Public −17.38

Documents

As of 11 Oct 2026
Announcements
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018Clarification Letter On Volume MovementClarification sought from Firstsource Solutions LtdClosure of Trading WindowAnnouncement under Regulation 30 (LODR)-Press Release / Media Release
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Credit ratings
Rating updateRating updateRating updateRating updateRating update
Concalls
Aug 2026TranscriptAug 2026PPTAug 2026PPTMay 2026TranscriptMay 2026PPTMay 2026PPTFeb 2026TranscriptFeb 2026PPTFeb 2026Recording

Corporate actions

As of 20 Feb 2026
20 Feb 2026DIVIDENDInterim Dividend - Rs 5.50 Per Share—
21 Feb 2025DIVIDENDInterim Dividend - Rs 4 Per Share—
16 Feb 2024DIVIDENDInterim Dividend - Rs 3.50 Per Share—
17 Feb 2023DIVIDENDInterim Dividend - Rs 3.50 Per Share—
17 Feb 2022DIVIDENDInterim Dividend - Rs 3.50 Per Share—
17 Feb 2021DIVIDEND Interim Dividend - Rs 3 Per Share—
27 Feb 2020DIVIDEND Interim Dividend - Rs 2.50 Per Share—
25 Jul 2019DIVIDEND Annual General Meeting/Dividend - Rs 2 Per Share—
26 Jul 2018DIVIDEND Annual General Meeting/Dividend- Rs 1.50 Per Share—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman