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Firstsource Solutions share price

NSE: FSLBSE: 532809Commercial Services & SuppliesSmall Cap

Firstsource Solutions Limited · Face value ₹10 · Listed Feb 2007
Last close ₹307.95up ₹9.20 (3.08%)BSE ₹307.90

Share price at the NSE close on 28 Oct 2026. Previous close ₹298.75.

28 Oct: open ₹295.00, high ₹309.80, low ₹293.15

52-week range of traded prices to 28 Oct 2026
₹202.00Low, 2 Mar 2026₹371.75High, 19 Nov 2025
Market cap
₹21,464 Cr374th largest listed
P/E
31.99
P/E without one-offs
25.52
P/B
4.90
Dividend yield
1.79%
ROE
15.8%
ROE without one-offs
19.8%
ROCE
19.1%
Debt to equity
0.44
Volume, NSE
23,08,92433.9% delivered

Firstsource Solutions share price chart

Daily closes since Feb 2007, adjusted for splits and bonuses

−10.4%over a year · Nifty 500 −8.8%

Results20-session average 34,75,026 shares a day, 29.3% delivered

About Firstsource Solutions

Firstsource Solutions is a Mumbai-based business process management company that runs operations for enterprises in healthcare, banking and financial services, communications, media, technology, retail and utilities.12 Its services include contact centres, transaction processing and debt collection, including revenue cycle management (billing and payment collection for hospitals and doctors) in healthcare.2 Most of its revenue comes from clients in the United States and the United Kingdom.34

It reports 4 verticals: banking and financial services, healthcare, communications, media and technology, and diverse industries, which include utilities and retail.5 Its operations span 12 countries, among them India, the Philippines, Mexico, South Africa, Romania and Canada.15 Sourcepoint is its US mortgage arm, and its own platforms include the Mortgage Language Model, the Agentic AI Studio and the Gigsourcing Platform.5 Its Kairos operating system designs, builds and runs AI agent workflows across enterprise transformation.67

Firstsource Solutions was incorporated on 6 December 2001.2 Its acquisitions include Ascensos, a retail and e-commerce customer experience company headquartered in Scotland.8 Firstsource belongs to the RP-Sanjiv Goenka Group, and its holding company is RPSG Ventures Limited.19 Sanjiv Goenka chairs both the group and Firstsource, and Ritesh Idnani is its managing director and chief executive.1011

Firstsource Solutions key points

Results

  • In the year to Mar 2026, consolidated revenue from operations rose 19.7% to ₹95,563.94 million from ₹79,803.14 million, or 13.6% in constant currency (exchange rates held steady), and annual revenue crossed US$1 billion for the first time.1213
  • Operating EBITDA (earnings before interest, tax, depreciation and amortisation) rose to ₹15,561.79 million from ₹12,076.20 million in the year to Mar 2026, profit after tax to ₹6,744.25 million from ₹5,944.55 million, and net cash from operating activities to ₹12,139.76 million from ₹7,010.96 million.1415
  • In the quarter to Jun 2026, revenue rose 22.9% from a year earlier and 5.5% from the previous quarter in rupee terms to ₹27.2 billion, or 12.3% and 2.2% in constant currency, and EBIT (earnings before interest and tax) was ₹3,367 million, a 12.4% margin.1617
  • Profit after tax for the quarter to Jun 2026 was ₹1.7 billion after one-time charges of ₹717 million before tax, or ₹563 million after tax; adjusted for those charges, as the company presents it, it was ₹2.2 billion, up 31.2% year-on-year.18

Business segments

  • Share of revenue by vertical19
    Itemquarter to Jun 2026
    Banking and financial services33.2%
    Healthcare33.0%
    Communications, media and technology20.6%
    Diverse industries13.2%
  • Banking and financial services revenue grew 14% year-on-year in constant currency in the quarter to Jun 2026.20
  • Healthcare revenue grew 11% year-on-year in constant currency in the quarter to Jun 2026 but fell 2% on the previous quarter.21
  • In the quarter to Jun 2026, communications, media and technology revenue grew 6% year-on-year and 9% from the previous quarter; diverse industries revenue grew 27% year-on-year in constant currency.22

Where revenue comes from

  • Share of revenue by region23
    Itemquarter to Jun 2026
    North America66.4%
    Europe, the Middle East and Africa31.7%
    Rest of the world1.9%
  • In the quarter to Jun 2026, North America revenue grew 8% year-on-year in constant currency and Europe 18%, and Australia revenue doubled year-on-year.2425

Delivery centres and staff

  • Firstsource had 57 operation centres at the end of March 2026: 20 in India, 18 in North America, 14 in Europe, the Middle East and Africa, 4 in the Philippines and 1 in Australia.26
  • Headcount was 36,875 at the end of June 2026, a net addition of 670 in the quarter, and voluntary attrition (the rate at which staff leave) was 27.5%.27

Customers and partners

  • Clients among the largest firms in each market28
    Itemquarter to Jun 2026
    US health plans10 of the top 15
    US mortgage lenders and servicers14 of the top 20
    US credit card issuers7 of the top 10
    UK telecom companies4 of the top 5
  • The 5 largest clients, all Fortune 500 companies, have stayed an average of 22 of the company's 25 years and gave 28.6% of income from services (revenue from client work) in the year to Mar 2026, against 31.2% a year earlier.2930
  • In the year to Mar 2026, 42 clients each gave Firstsource over $5 million in annual revenue, against 30 clients a year earlier.31

Deal wins

  • In the year to Mar 2026, Firstsource signed 17 large deals (annual contract value of US$5 million or more each) and added 47 new clients, 24 of them strategic (a potential relationship of US$5 million or more).3233
  • In the quarter to Jun 2026, it signed 4 large deals, the sixth straight quarter with 4 or more, and added 12 new clients, 3 of them strategic.3435
  • Its largest healthcare contract to date, signed in the year to Mar 2026, is a transformation mandate covering claims for one of the largest US healthcare organisations.36

What the company expects

  • On its earnings call of 6 Aug 2026, the company said it expects constant currency revenue growth of 10% to 13% and an EBIT margin of 12.25% to 12.75% in the year to Mar 2027.37
  • The company said on the same call that the guidance had assumed about 1% to 1.5% growth from a healthcare programme now being wound down, and it held the guidance unchanged.38
  • On its earnings call of 6 Aug 2026, the company said it aims to take its EBIT margin to 14% to 15% over the next 2 to 3 years.39

Recent events

  • On 13 Jan 2026, Firstsource announced its acquisition of TeleMedik, a Puerto Rico-based healthcare company offering clinical management, utilisation review and bilingual care management, for up to $3 million; it completed in January 2026.404142
  • On 11 Dec 2025, Firstsource completed its acquisition of Pastdue Credit Solutions, a UK collector of early arrears and debts for other companies, for £22 million.4341
  • In its exchange filing of 10 Dec 2025, the company said CRISIL Ratings had reaffirmed its long-term bank loan rating at Crisil A+ and changed the outlook (the likely direction of the rating) to Positive from Stable.44

Last updated

All 44 sources, each with its page
  1. 1. Annual report, 14 Jul 2026, page 5
  2. 2. Annual report, 14 Jul 2026, page 108
  3. 3. Annual report, 14 Jul 2026, page 42
  4. 4. Annual report, 14 Jul 2026, page 45
  5. 5. Annual report, 14 Jul 2026, page 39
  6. 6. Annual report, 14 Jul 2026, page 39
  7. 7. Exchange filing, 16 Apr 2026, page 2
  8. 8. Annual report, 14 Jul 2026, page 13
  9. 9. Annual report, 14 Jul 2026, page 122
  10. 10. Annual report, 14 Jul 2026, page 7
  11. 11. Annual report, 14 Jul 2026, page 8
  12. 12. Annual report, 14 Jul 2026, page 45
  13. 13. Annual report, 14 Jul 2026, page 39
  14. 14. Annual report, 14 Jul 2026, page 45
  15. 15. Annual report, 14 Jul 2026, page 45
  16. 16. Earnings call, 6 Aug 2026, page 3
  17. 17. Investor presentation, 6 Aug 2026, page 30
  18. 18. Earnings call, 6 Aug 2026, page 7
  19. 19. Investor presentation, 6 Aug 2026, page 31
  20. 20. Earnings call, 6 Aug 2026, page 4
  21. 21. Earnings call, 6 Aug 2026, page 4
  22. 22. Earnings call, 6 Aug 2026, page 5
  23. 23. Investor presentation, 6 Aug 2026, page 31
  24. 24. Earnings call, 6 Aug 2026, page 5
  25. 25. Earnings call, 6 Aug 2026, page 6
  26. 26. Annual report, 14 Jul 2026, page 51
  27. 27. Earnings call, 6 Aug 2026, page 6
  28. 28. Investor presentation, 6 Aug 2026, page 10
  29. 29. Annual report, 14 Jul 2026, page 9
  30. 30. Annual report, 14 Jul 2026, page 45
  31. 31. Annual report, 14 Jul 2026, page 45
  32. 32. Annual report, 14 Jul 2026, page 39
  33. 33. Investor presentation, 6 Aug 2026, page 6
  34. 34. Earnings call, 6 Aug 2026, page 3
  35. 35. Earnings call, 6 Aug 2026, page 4
  36. 36. Annual report, 14 Jul 2026, page 40
  37. 37. Earnings call, 6 Aug 2026, page 9
  38. 38. Earnings call, 6 Aug 2026, page 9
  39. 39. Earnings call, 6 Aug 2026, page 16
  40. 40. Exchange filing, 13 Jan 2026, page 2
  41. 41. Annual report, 14 Jul 2026, page 39
  42. 42. Annual report, 14 Jul 2026, page 40
  43. 43. Exchange filing, 11 Dec 2025, page 1
  44. 44. Exchange filing, 10 Dec 2025, page 1

Results

Consolidated; ₹ crore.Firstsource Solutions quarterly results

Revenue growth, 12 months
+19.7%
Net profit growth, 12 months
+6.8%

Quarter to Jun 2026, against the quarter before

Revenue
₹2,725 Crup 5.47%
Net profit
₹166 Crdown 19.16%
Net margin
6.1%

Revenue by quarter

₹1,925 CrSep 24₹2,102 CrDec 24₹2,161 CrMar 25₹2,218 CrJun 25₹2,312 CrSep 25₹2,443 CrDec 25₹2,583 CrMar 26₹2,725 CrJun 26
Peak revenue ₹2,725 Cr, quarter to Jun 2026; lowest ₹1,925 Cr, quarter to Sep 2024

Net profit by quarter, a loss in red

₹138 CrSep 24₹160 CrDec 24₹161 CrMar 25₹169 CrJun 25₹180 CrSep 25₹120 CrDec 25₹205 CrMar 26₹166 CrJun 26
₹ croreSep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue1,9252,1022,1612,2182,3122,4432,5832,725
Net profit138160161169180120205166
Net margin7.2%7.6%7.4%7.6%7.8%4.9%7.9%6.1%
Consolidated. The last eight quarters. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.

Business segments

Share of revenue, year to Mar 2026, consolidated.Segment revenue and profit

  • Healthcare₹3,209 Crup 15.34%33.4%
  • Banking and Financial Services₹3,113 Crup 14.78%32.4%
  • Communication, Media and Technology₹2,044 Crup 20.95%21.3%
  • Diverse Industries₹1,251 Crup 58.69%13.0%
The pill is the change in revenue on the year before; the share is of all the businesses together.

Valuation

Today, against the company's own history.Firstsource Solutions PE ratio and valuation

Price to earnings

At or below today's level on 77% of 2,478 trading days over the last 10 years.

LowestHighest
Its median15.73Industry median12.51
Price to book

At or below today's level on 78% of 1,979 trading days since Nov 2018.

LowestHighest
Its median3.11Industry median1.31
Dividend yield

At or below today's level on 43% of 2,474 trading days over the last 10 years.

LowestHighest
Its median2.07%

Where the return came from

Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.

OverReturn a yearEarnings growthChange in P/EDividend yield
1 year−37.2%+13.2%−46.9%2.7%
3 years+26.5%+9.5%+13.9%1.9%
5 years+14.8%+13.2%−0.7%2.4%
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add. Earnings growth over 3 and 5 years is on profit divided by shares in issue at both ends: the earnings per share stated for one end does not match that year's profit and share count. Earnings growth over 1, 3 and 5 years includes one-off items (exceptional items and the result of businesses sold or closed) of more than a tenth of the profit of the years to Mar 2021 and Mar 2026.

Shareholding

Per cent of the company's shares, from the filing for Sep 2026.Firstsource Solutions shareholding pattern

Shareholding by group

  • Promoters53.66%
  • Foreign institutions7.44%
  • Indian institutions26.84%
  • Individuals and others11.34%
  • Employee trusts0.73%
Holder
RPSG VENTURES LIMITEDPromoter53.66%
LIFE INSURANCE CORPORATION OF INDIAInsurance companies4.01%
ICICI BANK LTDBanks1.73%
SBI LIFE INSURANCE CO. LTDInsurance companies1.24%
Holders are named in the company's own words: an insurer's holding can carry one of its funds' names. Mutual funds are left out here and listed fund by fund below.

Since Jun 2026: promoters unchanged, foreign institutions −0.94 pts, Indian institutions +1.43 pts, mutual funds +1.02 pts.

Mutual fund holdings

88 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 42 of the 48 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future.All 88 funds holding Firstsource Solutions

Bought for the first time
1
Bought again
1
Added
13
Cut
35
Held unchanged
38
Sold out
1
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.

Promoter and insider buying and selling

Trades made since 29 Oct 2025.Firstsource Solutions insider trading

Bought on the market Sold on the market
  • Promoters and promoter group0 purchases, 1 saleNo purchase₹0.41 CrNet−₹0.41 Cr
  • Employees0 purchases, 9 salesNo purchase₹5.61 CrNet−₹5.61 Cr
  • Others13 purchases, 30 sales₹42 Cr₹18 CrNet₹24 Cr4 pledge filings of unclear kind · 20 off-market moves
Bought and sold count trades on the market only. A pledge is shares given to a lender as security for a loan; a lender invokes it by selling them.

Firstsource Solutions competitors and peers

Business Process Outsourcing (BPO)/ Knowledge Process Outsourcing (KPO), 16 listed companies, priced on 28 Oct 2026. The table lists the 8 companies closest to Firstsource Solutions in market cap. 1 company in its own group left out: one owns more than half of the other, directly or through a company it controls, or one owner more than half of both.Services companies

Where the company sits among the companies nearest its size

Return on equity across, P/E up, size is market cap
Company
eClerx Services logoeClerx ServicesECLERX17,55224.176.02+22.4%+18.2%26.2%31.1%0.05%
Fusion CX logoFusion CXFUSIONCX3,933––––––0.00%
One Point One Solutions logoOne Point One SolutionsONEPOINT1,89542.014.24+52.4%+28.9%10.6%9.8%0.00%
Hinduja Global Solutions logoHinduja Global SolutionsHGS1,555–0.19−1.5%–−0.5%−4.8%1.50%
Alldigi Tech logoAlldigi TechALLDIGI1,23414.444.92+7.9%+29.0%33.5%42.1%7.41%
Kandarp Digi Smart BPO logoKandarp Digi Smart BPOKANDARP5831.471.93+63.3%+16.2%7.4%–0.00%
NSB BPO Solutions logoNSB BPO SolutionsNSBBPO544.210.25––6.0%–0.00%
We Win logoWe WinWEWIN4610.591.49+20.6%+176.5%14.7%8.0%0.00%
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.

Dividends

Per share, by the year it was paid for, and the latest payments.Firstsource Solutions dividend history

Dividend per share, ₹, restated for later splits and bonuses

Mar 171.5Mar 182Mar 192.5Mar 203Mar 213.5Mar 223.5Mar 233.5Mar 244Mar 255.5Mar 26
Highest ₹5.50 a share, year to Mar 2026.
Ex-dateTypePer share
20 Feb 2026Interim₹5.50
21 Feb 2025Interim₹4.00
16 Feb 2024Interim₹3.50
17 Feb 2023Interim₹3.50
17 Feb 2022Interim₹3.50
17 Feb 2021Interim₹3.00
Latest payments, as declared, by ex-date.

Latest announcements

Routine notices left out.Firstsource Solutions announcements

Firstsource Solutions share price by year

Each calendar year to 2025.Firstsource Solutions share price history

YearClose at year endChangeHighest closeLowest close
2025335.80−10.7%406.75279.00
2024376.00+103.4%383.70181.90
2023184.85+80.7%189.05101.25
2022102.30−44.1%188.2094.30
2021183.10+80.4%229.7087.00
2020101.50+147.0%108.9525.00
201941.10−12.4%57.4037.10
201846.90+14.8%82.9537.90
201740.85+8.1%48.1530.55
201637.80−12.5%52.8529.65
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before.

Recent sessions

The 9 trading days to 27 Oct 2026, as traded on NSE; the latest is at the top of the page.

DateOpenHighLowCloseAverage priceVolumeDelivery
27 Oct 2026293.00300.70290.20298.75295.5112,55,76845.6%
26 Oct 2026286.50294.35284.10292.25291.209,71,17629.4%
23 Oct 2026292.00296.35280.80290.40288.9731,58,53730.0%
22 Oct 2026284.00291.00279.10289.40286.8517,02,60226.8%
21 Oct 2026276.00286.95275.80284.25281.9525,70,71717.2%
19 Oct 2026283.00284.20274.80275.80277.995,08,60133.7%
16 Oct 2026283.05292.35280.45281.80286.0615,37,14724.1%
15 Oct 2026289.15290.75280.25281.75284.7811,47,22325.9%
14 Oct 2026291.00300.00285.55288.50294.1952,87,23738.5%
Prices in ₹ per share as traded, not adjusted.

Company details

Chairperson
Sanjiv Goenka
At the end of the quarter to Sep 2026
Managing director and CEO
Ritesh Idnani
At the end of the quarter to Sep 2026
NSE symbol
FSL
BSE code
532809
ISIN
INE684F01012
Industry
Commercial Services & Supplies
CIN
L64202MH2001PLC134147
Corporate identity number, the registrar of companies' code for it
Incorporated
2001
Registered office
1st Floor, Athena Towers, Mindspace Malad, Goregaon (W), Mumbai 400063, Maharashtra
Share registrar
3i Infotech Ltd
Keeps the register of shareholders and handles transfers and dividend payments