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Firstsource Solutions (FSL) had a P/E of 28.6× on 6 Nov 2026, above the industry P/E of 17.7×, and the shares are 21% below their 52-week high. Sales and net profit grew 17% and 9.5% a year over 3 years; its ROCE of 18% is the lowest among the 7 largest Information Technology Services peers. Debt is 0.60× equity, and its dividend yield is 1.9%. It is a small-cap company with a market cap of ₹20,317 Cr, ranked 14th of 126 Information Technology Services companies by market cap; the shares fell 18% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Sep 2026.How we calculate this

past year
Open
₹287.15
Day high
₹297.40
Day low
₹285.35
Prev. close
₹289.15
Volume
14.7 L

Health check

1 good · 1 fair · 4 to check
  • ReturnsBehind

    −18.0% over a year, better than 2 of 7 peers.

  • Price tagPricier

    P/E 28.6 vs industry 17.7.

  • GrowthStrong

    Sales +17.1%, profit +9.5% a year over 3 years.

  • ProfitabilityWeak

    ROCE 17.7% vs peer median 27.2%.

  • Balance sheetFair

    Debt 0.60× equity, interest covered 5.7×, Piotroski 6 of 9.

  • Red flags1 to check

    P/E of 28.6 against an industry P/E of 17.7.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Information Technology Services

125 listed peers. Screen the industry

Small cap

₹20,317 Cr, #14 of 126 in its industry by size.

Market sensitivity

Measuring against the NIFTY 50…

Key metrics

Last 12 months to Sep 2026: sales ₹10,577 Cr · profit ₹724 Cr
Market cap
₹20,317 Cr
Small cap
P/E
28.6
Industry 17.7
Price to book
4.16
Peers 5.20
Dividend yield
1.87%
ROE
15.7%
Peers 22.9%
ROCE
17.7%
Peers 27.2%
Debt to equity
0.60
Debt ₹2,921 Cr
EPS (TTM)
₹10.28
Face value ₹10
OPM (TTM)
15.6%
Net margin 6.8%
Sales growth
+22.2%
Latest quarter vs a year ago
Profit growth
+30.3%
Latest quarter vs a year ago
Price to sales
1.92
EV/EBITDA 15.4

Strengths and risks

Strengths

  • Quarterly profit up 30.3% on a year ago.
  • Quarterly sales up 22.2% on a year ago.
  • Positive operating cash flow in each of the last 4 years.

Risks to check

  • P/E of 28.6 against an industry P/E of 17.7.

Derived automatically from reported figures. Not a recommendation.

About Firstsource Solutions

Firstsource Solutions Limited provides technology-enabled business process services in Asia, the United Kingdom, the United States, and internationally. The company operates through four segments: Healthcare; Banking and Financial Services; Communications, Media and Technology; and Diverse Industries. It offers core banking, card and digital payments, consumer lending, mortgage, commercial lending, and fraud management; member enrollment, member…

Headquarters
Mumbai
Employees
39,937
Sector
Technology
ISIN
INE684F01012
Website
firstsource.com

Price range

52 weeks

₹202.00₹371.75

Today

₹285.35₹297.40
Avg volume (3M)
23.9 L
1-year return
minus 18.0%
From 52-week high
minus 21.0%

Analyst consensus

16 analysts
BuyMean target ₹337.81 plus 15.0%

Target range, with today’s price

Low ₹250.00High ₹384.00

Consensus from Yahoo Finance. Not a recommendation.

Peers · Information Technology Services

Compare with peersScreen the whole industry
Company
TCSTata Consultancy Services2,498.50plus 0.11%9,03,97917.57.6054.9%45.6%26.5%5.8%5.3%1.92%minus 16.5%
INFYInfosys1,181.40plus 1.20%4,78,51115.74.9139.0%30.0%23.1%6.7%6.9%4.40%minus 20.5%
HCLTECHHCL Technologies1,440.00plus 0.66%3,89,75421.35.2027.2%24.6%20.8%8.7%3.9%3.33%minus 6.4%
WIPROWipro198.00minus 0.20%1,95,89815.62.4617.8%15.9%19.2%0.8%5.2%4.04%minus 16.6%
TECHMTech Mahindra1,831.00plus 0.46%1,79,47629.45.4719.8%19.2%17.2%2.2%−0.1%2.79%plus 29.3%
LTMLTM4,338.00minus 1.25%1,28,62024.64.9725.4%21.0%17.9%8.4%4.4%1.80%minus 21.8%
PERSISTENTPersistent Systems6,053.50minus 0.92%99,85953.011.1229.4%22.9%16.9%20.9%26.5%0.59%plus 4.3%
FSLFirstsource Solutions293.65plus 1.56%20,31728.64.1617.7%15.7%15.6%17.1%9.5%1.87%minus 18.0%
Median of 7 peers–0.11%1,95,89821.35.2027.2%22.9%19.2%6.7%5.2%2.79%−16.5%

Quarterly results

Consolidated, ₹ crore
SalesSelect a row below to chart it
₹ CrJun 25Dec 25Mar 26Jun 26Sep 26
2,2212,4672,6132,7522,831
1,8742,1612,1832,3002,360
347306430451471
15.6%12.4%16.5%16.4%16.6%
6.8100−1.76.1−1.8
43.443.35251.851
97.2111116115118
–−100–−71.7–
213152261219299
20.6%20.7%21.2%24.4%22.4%
169120205166233
2.401.712.912.363.31

Sep 25 not reported by the data source.

Profit & loss

Yearly, ₹ crore
Sales CAGR 3Y
+17.1%
Profit CAGR 3Y
+9.5%
EPS CAGR 3Y
+9.3%
ROE
15.7%
Net profitSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
5,9866,3337,9729,616
–+5.8%+25.9%+20.6%
5,1285,3386,7578,041
8589951,2151,575
14.3%15.7%15.2%16.4%
95.5−2−10.5−15.4
79103148181
263260327434
40.610.7−94
615630741850
16.5%18.3%19.7%20.6%
514515594674
–+0.2%+15.5%+13.5%
7.327.348.429.56

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore
Total assetsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
697697697697
2,6703,0033,4013,688
1,3931,5262,5692,922
9048491,2552,014
5,6646,0767,9229,320
6738171,2381,196
3.417.149.129.9
48.894–62.4
19810277.584.7
4,7415,0466,5587,947
5,6646,0767,9229,320

Cash flow

Yearly, ₹ crore
Cash from operationsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
7956447011,214
16.4−58−746−452
−743−56322.6−667
6822.6−22.294.8
−53.6−85.1−241−196
7415594601,018
−238−241−276−380

Shareholding pattern

Source: NSE filings
53.7%
promoters
  • Promoters53.66%
  • Public45.61%
  • Employee trusts0.73%
  • As of 30 Sep 2026
QuarterSplitPromotersPublicPromoter change
30 Sep 202653.66%45.61%0.00
30 Jun 202653.66%45.49%0.00
31 Mar 202653.66%45.39%0.00
31 Dec 202553.66%45.51%0.00
30 Sep 202553.66%45.46%–

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you