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Swing Capital

Firstsource Solutions Ltd

NSE: FSL BSE: 532809Banking

Firstsource Solutions Limited is a leading player in the Business Process Management (BPM) industry. Part of the RP-Sanjiv Goenka Group, Firstsource provides bespoke services and solutions to its customers across Banking and Financial Services, Healthcare, Communications, Media and Technology, and other diverse industries. The company has the philosophy of 'Digital First, Digital Now' [1]

₹233
52W: ₹201 — ₹404
PE 32.3 · Book ₹32.5 · +617% vs book
Market Cap₹16,442 Cr
Stock P/E32.3Price to Earnings
ROCE21.2%Return on Capital
ROE20.9%Return on Equity
Div. Yield2.35%Face Value ₹10

Strengths

  • +Company's working capital requirements have reduced from 63.3 days to 21.1 days

Weaknesses

  • −Stock is trading at 7.12 times its book value

Shareholding Pattern

Promoters53.66%
FIIs8.85%
DIIs25.49%
Public11.05%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters53.66%53.66%53.66%53.66%53.66%53.66%53.66%53.66%
FIIs9.36%11.63%▲2.311.01%▼0.610.07%▼0.99.58%▼0.59.25%▼0.39.2%▼0.18.85%▼0.3
DIIs19.52%18.6%▼0.920.89%▲2.322.9%▲2.023.95%▲1.124.63%▲0.725.19%▲0.625.49%▲0.3
Public16.15%15%▼1.113.36%▼1.612.26%▼1.111.92%▼0.311.59%▼0.311.11%▼0.511.05%▼0.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales435466513542624628682675752774
Expenses307332371402466460470498524524
Operating Profit128134142140158168212177228250
OPM %30%29%28%26%25%27%31%26%30%32%
Net Profit90939592148921359859140
EPS ₹1.271.321.341.32.091.311.911.390.831.98

AI Insights

Revenue Trend

Mar 2026 revenue at ₹2,883Cr, up 25% YoY. OPM at 30%.

Debt Position

Borrowings at ₹953Cr. Debt-to-equity ratio: 0.60x. Moderate leverage.

Capex Cycle

CWIP at ₹29Cr (4% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 25.49% (+10.32pp change). FIIs: 8.85% (-1.14pp change). Promoters hold 53.66%.

Margin & Efficiency

ROCE improving from 10% (Mar 2015) to 21% (Mar 2026). Working capital days: 21.

Valuation

PE 32.3x with 21.2% ROCE. Price is 617% above book value of ₹32.5. Dividend yield: 2.35%.

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