AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 22 Sep - Firstsource recognized as first runner-up in HFS 2026 SaS Awards for Kairos on 22 September 2026.
Source: Bse
Firstsource Solutions Limited (FSL)
Small CapServices stocks · Small cap · NSE
Firstsource Solutions is a specialized BPS partner established in 2001, part of RP-Sanjiv Goenka Group. It serves 200+ global clients across Banking & Financial Services, Healthcare, Communications, Media & Technology, Retail, and Utilities. With 36,205 employees globally, FY26 revenue was INR 95.6 Billion (US$1,082 Million).
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result06 Aug, 06:19 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Services P/E 17.7 (n=143)
Technical timing lens
Trend score and candlestick chart
64BullishMACD +
Stock trend: 64
Sector RS: —
Services FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but exact sector-index confirmation is unavailable. View sector evidence
Technical chart
FSLD candles · FIT view+31.8%Latest close ₹275.80 on 2026-10-19
Bar
-2.5%
RSI
54
MACD hist
2.35
52W pos
43%
2026-10-19O ₹283.00H ₹284.20L ₹274.80C ₹275.80Vol 5.1L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
FSLNifty 500
- FSL
- +3.4%
- Nifty 500
- -5.6%
- Vs Nifty 500
- +9.0 pp
Chart stats
19 Oct 2026- From 52W high
- -25.8%
- 52W range position
- 43%
- ATR (14)
- 4.0%
- Volume vs 20D
- 0.17x
- Avg traded value
- ₹82.3 Cr
- 20D price channel
- ₹247 - ₹300
₹371.8
₹202 - ₹371.8
₹11.1
Latest completed session
20-session average
35.6% annualized volatility
No exact NSE sector index is mapped for this company. Nifty 500 remains the broad-market comparison.
Research snapshot
What the evidence says now
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST44
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad25
Revenue +22.9% · PAT -1.8% YoY
Technical
Bullish64
Price trend and sector-relative-strength timing.
Valuation
Legacy model+6.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Mixed Trust65
medium confidence · 4/4 claims checked
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 25/100PAT -2% YoY · Rev +23% YoY · margin expansion · +6% QoQ
Filed 06 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,725 Cr | +22.9% | +5.5% |
| EBITDA | ₹451 Cr | +30.0% | +4.9% |
| Operating margin | 17.0% | +100 bps | +0 bps |
| PAT | ₹166 Cr | -1.8% | -19.0% |
| PAT margin | 6.1% | -153 bps | -185 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 24.90
- P/B
- 4.55
- EV/EBITDA
- 10.82
- Market Cap
- 19924.00Cr
Profitability
- ROE
- 17.60%
- ROCE
- 16.80%
- ROA
- 7.35%
- Dividend Y
- 1.91%
Growth (CAGR)
- Revenue 5Y
- 13.00%
- EPS 5Y
- 10.00%
- Revenue 3Y
- 17.00%
- EPS 3Y
- 14.00%
Balance Sheet
- Debt/Equity
- 0.67
- Interest Coverage
- 8.74×
- Altman Z
- 4.96
- Book Value
- 62.00
Cash Flow
- FCF Yield
- 3.87%
- FCF Positive Y
- 10/5
- OCF
- 1214.00 Cr
- EPS TTM
- 9.49
Shareholding
- Promoter Hold
- 53.66%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 47%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 2,725+5.5% vs prev
Net Profit
₹ CrLatest: 166-19.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
NeutralTrend is undirectional — long-term uptrend intact. RSI 54.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 54 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 26% off 52W high · 37% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
61
RS percentile
Stage 2 UptrendRecent S2
1M return
+0.9%
3M return
+3.4%
6M return
+22.9%
1Y return
-19.8%
RS 1D
+1
RS 20D
+14
Sector rank
#4
Industry rank
-
Stage evidence
- Price is 8.9% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +2.5%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
05 Oct 2026
S2 age
11 trading sessions
Sector
leading
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 80.83-1.11%
RS vs Nifty 50081
Valuation & peers
U-Score 44 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 44 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation2/30
Growth10/25
Quality12/20
Balance Sheet9/15
Cash Flow6/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
44
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
44/100 · legacy band WATCHLIST
Positive drivers
- FCF yield is supportive at 3.9%.
- Piotroski is strong at 8/9.
- Quality contributes 12/20 to the score.
Main drags
- Valuation is weaker at 2/30; verify the latest quarterly trend.
- Growth is weaker at 10/25; verify the latest quarterly trend.
- Quality is weaker at 12/20; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
24.9
PB
4.5
EV/EBITDA
10.8
ROE
17.6%
ROCE
16.8%
FCF Yield
3.9%
Debt/Equity
0.7
MoS
+6.9%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
44
Previous: 44
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+6.9%
Previous: +6.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
46
46
46
46
46
46
46
44
44
44
44
44
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹115.06
-139.7% MoS
Growth-justified P/E
31.2
Growth-justified Value
₹296.28
+6.9% MoS
PEG
2.15
Comparable companies
Peers
Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
SAGILITY
Small
SAGILITY LIMITED
IT Services / Digital
match 145
39
20.0
10.6%
-47%
WATCHLIST
HGS
Small
Hinduja Global Solutions Limited
IT Services / Digital
match 144
31
—
0.4%
—
OVERVALUED
ECLERX
Large
eClerx Services Limited
IT Services / Digital
match 132
58
25.2
28.4%
+6%
FAIR VALUE
SIGMAADV
Small
SIGMA ADVANCED SYSTEMS LIMITED
IT Services / Digital
match 125
41
129.0
-4.0%
-218%
WATCHLIST
CAMS
Small
Computer Age Management Services Limited
IT Services / Digital
match 124
54
35.1
36.3%
-35%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-06T07:13:17.890Z
Management commentary snapshot
FSL reported strong Q4FY26 and FY26 results. Q4 revenue grew 19.5% YoY (11.6% CC) to INR 25.8B, with EBIT up 29.8% YoY to INR 3.1B (12.2% margin). FY26 revenue rose 19.7% YoY (13.6% CC) to INR 95.6B, and EBIT increased 27.4% YoY to INR 11.2B (11.7% margin), expanding margins.
The company delivered robust growth in FY26, with strong Q4 performance across revenue and profitability. Margin expansion and significant deal wins indicate healthy business momentum. The FY27 guidance suggests continued double-digit constant currency revenue growth and stable to improving EBIT margins, supporting the current investment thesis.
Current business mix
Revenue by Vertical (Q4FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Healthcare34.4%
Banking & Financial Services32.2%
Communications, Media & Tech19.9%
Diverse Industries13.5%
Growth engines
Client Experience Transformation
Won a large deal from a global leader in financial technology solutions in the US to redesign and transform their customer experience.
Expansion with Existing Clients
Expanded relationship with a leading mortgage lender and servicer in the US for support services.
New Logo Acquisition
Secured new logos including a leading global media and publishing company and a UK-based utilities company for CX and sales support.
Digital Collections
Won a deal from a leading receivables management company in the US for digital collections.
Capacity and execution
Employee Base
Total headcount was 36,205 employees in Q4FY26, a net addition of 1,554 YoY, but a net reduction of 484 QoQ.
Tailwinds
Strong Deal Wins
Secured multiple large deals and expanded existing client relationships across key verticals and geographies in Q4FY26.
Margin Expansion
EBIT margin expanded by 100bps YoY in Q4FY26 and 70bps YoY for FY26, indicating operational efficiency.
Headwinds
Employee Attrition
TTM employee attrition increased to 29.7% in Q4FY26 from 27.4% in Q3FY26.
Manpower Expenses
Manpower expenses grew 9.3% YoY in Q4FY26 and 11.9% YoY for FY26, outpacing QoQ revenue growth.
Risk radar
Intense Competition
The company operates in an intense BPS market, which may affect its cost advantage.
Client Concentration
Client concentration remains a risk, with top 5 clients contributing 28.0% of total revenues in Q4FY26.
Wage Increases
Wage increases are identified as a risk that could impact profitability.
Reduced Demand in Key Verticals
Reduced demand in key focus verticals is a risk that could affect future growth prospects.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for assessing overall growth and annual performance trends. QoQ comparison is relevant for tracking sequential momentum in revenue, margin expansion, and operational metrics like headcount and client additions, especially in a services business.
Sector KPIs management disclosed
TTM Employee Attrition
UNDER_STRESSTTM employee attrition stood at 29.7% in Q4FY26, an increase from 27.4% in Q3FY26.
New Client Logos Added (QoQ)
The company added 11 new logos in Q4FY26, up from 9 in Q3FY26.
Strategic Logos Added (QoQ)
6 strategic logos were added in Q4FY26, an increase from 5 in Q3FY26.
Top 5 Client Concentration
Revenue share from top 5 clients decreased to 28.0% in Q4FY26 from 28.1% in Q3FY26, indicating reduced concentration.
Management forward view
FY27 Revenue Growth Guidance
Management expects 10-13% constant currency revenue growth for FY27.
FY27 EBIT Margin Guidance
Management guides for an EBIT margin of 12.25-12.75% for FY27.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| FY27 Constant Currency Revenue Growth | 13.6% for FY26 | Achievement within the 10-13% guidance range for FY27. |
| FY27 EBIT Margin | 11.7% for FY26 | Achievement within the 12.25-12.75% guidance range for FY27. |
| TTM Employee Attrition | 29.7% in Q4FY26 | Stabilization or reduction in attrition rates to manage talent costs and delivery. |
| New and Strategic Client Additions | 11 new, 6 strategic in Q4FY26 | Continued momentum in winning new logos and expanding strategic client relationships. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
margin outlookpartially deliveredquantified
The company has a stated objective of 50-75 bps margin expansion every year.
Timeframe: Every yearDirection: IncreaseConfidence: High
"our stated objective of a 50-75 bps margin expansion every year"
Outcome check: OPM moved from 16.0% to average 16.5% (+0.5 pp).
revenue outlookdelivered
Growth in the diverse portfolio (UK utilities and retail) is expected to remain modest in the coming quarters.
Timeframe: Coming quartersDirection: Modest increaseConfidence: Medium
"we expect the growth in this portfolio to remain modest in the coming quarters"
Outcome check: Revenue YoY averaged 17.9% across 2 later quarter(s).
revenue outlookdelivered
We are confident of an accelerating growth trajectory in the healthcare vertical over the second half of FY26.
Timeframe: Second half of FY26Direction: Accelerating growthConfidence: High
"confident of an accelerating growth trajectory in this vertical over the second half of FY26"
Outcome check: Revenue YoY averaged 17.9% across 2 later quarter(s).
revenue outlookcontradicted
We are confident in sustaining broad-based growth in the coming quarters in the banking and financial services vertical.
Timeframe: Coming quartersDirection: IncreaseConfidence: High
"giving us confidence in sustaining broad-based growth in the coming quarters in this vertical"
Outcome check: Revenue YoY averaged 17.9% across 2 later quarter(s).
Trust Score
65Mixed Trust · medium confidenceClaim-tested Trust
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Management has 75% delivered/partly-delivered outcomes on 4 checked claims, with 1 adverse claim outcome. It ranks around the 45th percentile of the scored universe and 50th percentile within Services. No major sub-score weakness stands out.
Healthy Trust: 4/4 extracted management claims have outcome checks; 50% were fully delivered and 1 were partially delivered. 1 claim(s) were contradicted or failed.
Computed 20 Oct 2026
management-trust-v1
33 extracted concalls · 4/4 claims matched
Score band
Mixed Trust
Usable, but needs evidence. Treat guidance with a margin of safety.
Relative rank
45th percentile
overall median 67 · Services: 50th pctile, median 66 · Small: 50th pctile, median 66
Evidence depth
Early sample
4/4 claims checked. Use as directional, not final.
Claim delivery
75% delivered or partly delivered
4/4 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Mixed Trust · medium confidenceWhat it measures
Reliability of management and financial delivery, using management claims matched with later outcomes.
Confidence
Useful directional evidence exists, but still verify the latest filings.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
68
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.9%.
- ▸10 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Continue researching Firstsource Solutions Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 4 Sep - The Intimation of Investor/Analyst meet scheduled to be held on Friday, September 11, 2026, Monday, September 21, 2026 and Wednesday, September 23, 2026, is as …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 25 Sep - Firstsource named among India’s Best Workplaces for Women 2026 for the second consecutive year.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 24 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 9 Sep
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 28 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 19 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 12 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 15 Jul
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 14 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Jul
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.