FSL

Firstsource Solutions share price & financials

Price
₹244.7
Market cap
₹19.8k Cr
Sector
Services
Calls analysed
7
Latest concall · Q1 FY27 · call held 06 Aug 2026

Firstsource Solutions Limited Q1 FY27

Revenue ₹2,720 cr +23%Adjusted Net Profit ₹220 cr +31%

What went well

  • Revenue grew 22.9% year-on-year and 5.5% quarter-on-quarter to INR2,720 crores.
  • EBIT margin expanded by 110 basis points year-on-year and 20 basis points quarter-on-quarter to 12.4%.
  • Adjusted net profit was INR220 crores, up 31.2% year-on-year and 8.3% sequentially.

What to watch

  • Reported a one-time exceptional charge of INR71.7 crores (INR56.3 crores net of taxes) for the quarter.
  • This charge includes INR35.7 crores (INR27.1 crores net of tax) related to a program termination with a healthcare client.
Read the full call →

What Firstsource Solutions Limited does

Firstsource Solutions is a global business process management (BPM/BPO) company that runs outsourced, technology- and AI-enabled operations — customer experience management, collections, and domain-led digital platforms — for clients in healthcare, banking and financial services, and communications, media and technology. It earns fees from multi-year outsourcing contracts with large enterprise clients, delivered through a network of delivery centers spanning the US, UK, India, Philippines, Mexico, Romania, Trinidad & Tobago, South Africa, and Australia. Its client roster includes leading US health plans and health systems, top US mortgage lenders and servicers, and major UK telecom, media, and energy companies.

Segments

  • Healthcare
  • Banking & Financial Services (BFS)
  • Communications, Media & Technology (CMT)
  • Diversified Industries
Global workforce
36,205 employees
Delivery centers
51
Countries of operation
9
Nationalities represented in workforce
83
Clients with US$1m+ annual billing
141
Clients with US$20m+ annual billing
9
Founded 2001Headquarters Mumbai, IndiaEmployees 36,205 (FY26 (March 31, 2026)) Company website

Guidance record · Q1 FY27

what the last two calls moved 11 tracked 4 delivered 3 missed 4 open
  • FY27 Effective Tax Rate revised down said Q4 FY26 Promised: 20% to 22% Q1 FY27: Guidance revised upwards (unfavorably) to 22% to 24%. Quote: 'the effective tax rate this year going to be between 22% to 24%.'
  • Long-term EBIT Margin on track said Q3 FY26 Promised: 14% to 15% over the next 3 to 4 years Q1 FY27: Q1 EBIT margin improved to 12.4%. Management reiterated the goal: 'we remain laser-focused on taking our EBIT margin to 14% to 15% band over the next two to three years.'

All 11 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 22.9%, net profit down 1.8% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue1,925 2,102 2,161 2,218 2,312 +20%2,443 +16%2,583 +20%2,725 +23%
EBITDA287 318 333 347 376 +31%403 +27%430 +29%451 +30%
Net profit138 160 161 169 180 +30%120 −25%205 +27%166 −2%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −30.5% 1Y

₹200₹250₹300₹350Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 4 Nov 2025Q3 FY26 — 3 Feb 2026Q4 FY26 — 6 May 2026Q1 FY27 — 6 Aug 2026

1Y: ₹356.35 on 10 Sept 2025 → ₹247.6. High ₹375.8 (19 Sept 2025), low ₹204.39 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−13.4%
6 Aug
Q4 FY26
+11.3%
6 May
Q3 FY26
+1.6%
3 Feb
Q2 FY26
−0.5%
4 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 16.6% a year over 3 years, FY23 to FY26. Operating margin widened to 16.3%.

Year endingFY23FY24FY25FY26
Revenue₹6.0k Cr₹6.3k Cr₹8.0k Cr₹9.6k Cr
Operating profit₹827 Cr₹956 Cr₹1.2k Cr₹1.6k Cr
Operating margin13.7%15.1%15.1%16.3%
Interest₹80 Cr₹103 Cr₹148 Cr₹181 Cr
Depreciation₹263 Cr₹259 Cr₹327 Cr₹434 Cr
Net profit₹513 Cr₹516 Cr₹594 Cr₹674 Cr
Net margin8.5%8.1%7.4%7.1%
Cash from operations₹795 Cr₹644 Cr₹701 Cr₹1.2k Cr
Free cash flow₹744 Cr₹559 Cr₹477 Cr₹1.1k Cr
ROCE15.0%16.0%15.0%17.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹696 Cr₹697 Cr₹697 Cr₹697 Cr₹697 Cr₹697 Cr
Reserves₹2.1k Cr₹2.3k Cr₹2.7k Cr₹3.0k Cr₹3.7k Cr₹3.7k Cr
Borrowings₹1.2k Cr₹1.8k Cr₹1.4k Cr₹1.5k Cr₹2.4k Cr₹2.9k Cr
Other liabilities₹789 Cr₹796 Cr₹785 Cr₹702 Cr₹1.6k Cr₹1.8k Cr
Total liabilities₹4.8k Cr₹5.6k Cr₹5.5k Cr₹5.9k Cr₹8.3k Cr₹9.1k Cr
Fixed assets₹3.0k Cr₹3.7k Cr₹3.7k Cr₹3.9k Cr₹5.1k Cr₹5.6k Cr
Capital work in progress₹0 Cr₹3 Cr₹3 Cr₹17 Cr₹9 Cr₹30 Cr
Investments₹94 Cr₹130 Cr₹71 Cr₹42 Cr₹103 Cr₹116 Cr
Other assets₹1.7k Cr₹1.7k Cr₹1.8k Cr₹2.0k Cr₹3.1k Cr₹3.4k Cr
Total assets₹4.8k Cr₹5.6k Cr₹5.5k Cr₹5.9k Cr₹8.3k Cr₹9.1k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +1.46 pp while FIIs trimmed −1.20 pp. The shareholder count shrank 4% to 2,42,813.

Promoters
53.7%
FIIs
8.4%
DIIs
25.4%
Public
11.7%
Others
0.8%

Since Jun 2025

  • DIIs +1.46 pp
  • FIIs −1.20 pp
  • Public −0.21 pp

How it drifted, 12 quarters

Over this window DIIs went from 16.2% to 25.4% — +9.2 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 53.7%, FIIs 10.2%, DIIs 16.2%, Public 17.9%, Others 2.0%.Dec '23: Promoters 53.7%, FIIs 9.9%, DIIs 18.2%, Public 16.9%, Others 1.4%.Mar '24: Promoters 53.7%, FIIs 9.6%, DIIs 19.3%, Public 16.1%, Others 1.4%.Jun '24: Promoters 53.7%, FIIs 9.4%, DIIs 19.5%, Public 16.1%, Others 1.3%.Sep '24: Promoters 53.7%, FIIs 11.6%, DIIs 18.6%, Public 15.0%, Others 1.1%.Dec '24: Promoters 53.7%, FIIs 11.0%, DIIs 20.9%, Public 13.4%, Others 1.1%.Mar '25: Promoters 53.7%, FIIs 10.1%, DIIs 22.9%, Public 12.3%, Others 1.1%.Jun '25: Promoters 53.7%, FIIs 9.6%, DIIs 23.9%, Public 11.9%, Others 0.9%.Sep '25: Promoters 53.7%, FIIs 9.3%, DIIs 24.6%, Public 11.6%, Others 0.9%.Dec '25: Promoters 53.7%, FIIs 9.2%, DIIs 25.2%, Public 11.1%, Others 0.8%.Mar '26: Promoters 53.7%, FIIs 8.8%, DIIs 25.5%, Public 11.1%, Others 0.9%.Jun '26: Promoters 53.7%, FIIs 8.4%, DIIs 25.4%, Public 11.7%, Others 0.8%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 2 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Firstsource Solutions Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Rpsg Ventures Limited 53.66%unchanged
HDFC Small Cap Fund Mutual fund8.74%+0.28 pp
Life Insurance Corporation Of India Insurer4.01%unchanged
SBI Technology Opportunities Fund Mutual fund2.03%−0.22 pp
ICICI Bank Ltd Bank1.73%unchanged
Tata Digital India Fund Mutual fund1.43%−0.40 pp
Aditya Birla Sun Life Trustee Private Limited A/C Aditya Birla Sun Life Digital India Fund Mutual fund1.22%+0.12 pp
Abu Dhabi Investment Authority Sovereign1.11%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in FSL

Filings to Aug 2026

0 new, 5 added, 1 trimmed, 0 sold out — net +1.35 L shares (+0.2%).

Held by funds
₹2.2k Cr
9 schemes
Biggest holder
HDFC Small Cap Fund
₹1.8k Cr · 4.2% of that fund
SchemeHoldingLast month
HDFC Small Cap Fund HDFC Mutual Fund₹1.8k Crheld
SBI Innovative Opportunities Fund SBI Mutual Fund₹185 Crheld
SBI Technology Opportunities Fund SBI Mutual Fund₹159 Crheld
HDFC Technology Fund HDFC Mutual Fund₹67 Cr+1.26 L
Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund₹13 Cr+0.06 L
SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund₹7 Cr+0.03 L
Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund₹1 Cr+0.00 L
SBI Nifty 500 Index Fund SBI Mutual Fund₹0 Cr−0.00 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

5 added, 1 trimmed — net +1.35 L shares (+0.2%)

Funds are sitting on
+59%
vs est. average cost
Held by funds
₹2.2k Cr
9 schemes · ≈ 9.2% of the company
Biggest holder
HDFC Small Cap Fund
₹1.8k Cr · 4.2% of that fund
Longest holder
Nippon India Nifty Smallcap 250 Index Fund
5y 11m · since Oct '20

Shares held by these funds +21%

Aug '23 7.45 cr shares Jul '26

What the price assumes

Attractive

To justify its price of ₹248, this stock must grow earnings at 15% every year for 7 years. Our analysis caps realistic growth at ~19%. At that growth it is worth ₹306 — upside of 24%.

Growth the price implies
14.6% a year
for 7 years, fading to 4%
It has actually compounded at
19.2% a year
net profit, FY23–FY26 · EPS 18.7%
The gap
-0.0 pp
24% downside if it only repeats history
Price today ₹247.6 Value at the reference growth ₹306.45

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Firstsource Solutions Limited

Guides on how to read this kind of business and the numbers that matter.