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    Firstsource Solutions Limited

    Runs AI-enabled BPM operations for healthcare, banking, and media clients across 51 centers in 9 countries.

    Services
    Services
    View FSL earnings calls
    ₹244.7
    +1.25% from avg

    Overview

    Price

    ₹244.7

    Market Cap

    ₹18.5k Cr

    Sector

    Services

    Services

    Rank

    3

    Performance

    Financials

    Income Statement

    Financial Trajectories

    11
    Quarterly

    Balance Sheet

    Balance Sheet

    ₹ Cr · Annual
    Line itemFY20FY21FY22FY23FY24FY25FY26FY26
    LiabilitiesEquity Capital694696697697697697697697
    Reserves2.1k2.1k2.3k2.7k3.0k3.4k3.7k3.7k
    Borrowings1.4k1.2k1.8k1.4k1.5k2.6k2.4k2.9k
    Other Liabilities3937897967857021.1k1.6k1.8k
    Total Liabilities4.5k4.8k5.6k5.5k5.9k7.8k8.3k9.1k
    AssetsFixed Assets2.9k3.0k3.7k3.7k3.9k5.0k5.1k5.6k
    CWIP00331749930
    Investments1294130714273103116
    Other Assets1.6k1.7k1.7k1.8k2.0k2.6k3.1k3.4k
    Total Assets4.5k4.8k5.6k5.5k5.9k7.8k8.3k9.1k

    Cash Flow

    Cash Flow

    ₹ Cr · Annual
    Line itemFY19FY20FY21FY22FY23FY24FY25FY26
    ActivitiesCash from Operating4004109767047956447011.2k
    Cash from Investing-20310-344-59417-57-744-443
    Cash from Financing-273-277-689-158-743-56323-667
    SummaryCapital Expenditure
    Free Cash Flow2922978066317445594771.1k
    FCF Margin

    Valuation

    Assumptions

    Current — FSL
    Price
    ₹245
    EPS (TTM)
    ₹9.53
    PE (TTM)
    25.7
    Profit growth
    17.9%

    The Earnings Per Share over the last 12 months.

    %

    Your assumption of the company's expected yearly EPS growth (e.g., 6 for 6%).

    Pre-filled with the lower of median (29.5×) and current (25.7×) PE — the conservative anchor.

    %

    The annualized return you aim to achieve. We solve for the price that delivers it, then compare to today's price.

    Valuation

    Current price
    ₹245
    vs
    Fair value · 15% return
    ₹252
    3%Undervalued

    At 17.9% growth and a 26× exit, ₹245 only delivers your return if you pay ₹252. The price is currently baking in 17% growth.

    EPS grows 17.9%/yr for 5 years, then fades to 6% over 2, exits at 26×.

    YearGrowthEPS (₹)
    FY2717.9%11.24
    FY2817.9%13.25
    FY2917.9%15.62
    FY3017.9%18.41
    FY3117.9%21.71
    FY3211.9% ·fade24.30
    FY336.0% ·fade25.76

    Methodology: we discount normalized net profit as a proxy for owner earnings (an earnings-power approximation — not full free cash flow). Terminal growth is capped at 6% (≈ nominal GDP) regardless of the required return. This is an analytical tool, not investment advice.

    Learn to analyse Firstsource Solutions Limited

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