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Last Updated: April 2, 2026, 2:55 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 532809 | NSE: FSL

Firstsource Solutions Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹164.29Overvalued by 23.59%vs CMP ₹215.00

P/E (21.6) × ROE (15.0%) × BV (₹61.80) × DY (2.56%)

Defaults: ROE=15%

₹110.27Overvalued by 48.71%vs CMP ₹215.00
MoS: -95% (Negative)Confidence: 68/100 (Moderate)Models: All 9: Overvalued
ModelCategoryValueWeightSignal
PE-ROEEarnings₹169.1618%Over (-21.3%)
Graham NumberEarnings₹111.2416%Over (-48.3%)
Earnings PowerEarnings₹28.7414%Over (-86.6%)
DCFCash Flow₹77.4714%Over (-64%)
Net Asset ValueAssets₹61.787%Over (-71.3%)
EV/EBITDAEnterprise₹187.949%Over (-12.6%)
Earnings YieldEarnings₹89.007%Over (-58.6%)
ROCE CapitalReturns₹138.759%Over (-35.5%)
Revenue MultipleRevenue₹112.935%Over (-47.5%)
Consensus (9 models)₹110.27100%Overvalued
Key Drivers: Wide model spread (₹29–₹188) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 3.0% · Defaults: ROE=15%

*Investments are subject to market risks

Investment Snapshot

66
Firstsource Solutions Ltd scores 66/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health70/100 · Strong
ROCE 15.4% GoodROE 15.0% GoodD/E 0.18 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money65/100 · Strong
FII holding stable No changeDII holding up 2.29% MF buyingPromoter holding at 53.7% Stable
Earnings Quality60/100 · Moderate
OPM stable around 16% SteadyWorking capital: -20 days (improving) Efficient
Quarterly Momentum78/100 · Strong
Revenue (4Q): +22% YoY AcceleratingProfit (4Q): +11% YoY Positive
Industry Rank50/100 · Moderate
P/E 21.6 vs industry 23.7 In-lineROCE 15.4% vs industry 19.3% Average3Y sales CAGR: 10% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 2:55 am

Market Cap 15,193 Cr.
Current Price 215
Intrinsic Value₹110.27
High / Low 404/201
Stock P/E21.6
Book Value 61.8
Dividend Yield2.56 %
ROCE15.4 %
ROE15.0 %
Face Value 10.0
PEG Ratio7.28

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Firstsource Solutions Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Firstsource Solutions Ltd 15,193 Cr. 215 404/20121.6 61.82.56 %15.4 %15.0 % 10.0
eClerx Services Ltd 13,959 Cr. 1,484 2,498/1,05820.9 2790.03 %28.0 %22.8 % 10.0
AXISCADES Technologies Ltd 6,733 Cr. 1,584 1,779/72061.4 1630.00 %13.8 %12.7 % 5.00
eMudhra Ltd 3,257 Cr. 393 908/36531.7 98.20.32 %15.3 %12.1 % 5.00
Zaggle Prepaid Ocean Services Ltd 2,924 Cr. 217 470/18623.0 97.40.00 %13.0 %9.60 % 1.00
Industry Average5,854.87 Cr451.9723.74177.460.54%19.34%20.92%7.41

All Competitor Stocks of Firstsource Solutions Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 1,5051,5571,5291,5401,5971,6701,7911,9252,1022,1612,2182,3122,443
Expenses 1,2951,3131,2891,3111,3591,4201,5211,6381,7851,8291,8711,9362,040
Operating Profit 210244240229237250270287318333347376403
OPM % 14%16%16%15%15%15%15%15%15%15%16%16%16%
Other Income 62132171532-37271-97
Interest 20212526252732343943434343
Depreciation 6964616566677379849197110111
Profit before tax 184172155154161159167171201202213224152
Tax % 14%18%19%18%20%16%19%19%20%20%21%20%21%
Net Profit 158141126127129134135138160161169180120
EPS in Rs 2.262.021.791.801.831.901.921.962.272.272.392.541.70

Last Updated: February 5, 2026, 11:46 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 2:46 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 3,1063,0353,2173,5563,5353,8264,0995,0785,9216,0226,3367,9809,134
Expenses 2,7352,6452,8193,1093,0643,2743,4454,2394,9395,1655,3296,7437,676
Operating Profit 3713903984474715526548399828581,0081,2381,459
OPM % 12%13%12%13%13%14%16%17%17%14%16%16%16%
Other Income 2793549-11411313714-87
Interest 948061545346838786110155184172
Depreciation 767261596674185206249263260327409
Profit before tax 203244286337358436394432647615630741791
Tax % 5%4%9%17%9%13%14%16%17%16%18%20%
Net Profit 193234261279327378340362537514515594630
EPS in Rs 2.923.523.874.114.765.474.905.207.697.337.318.418.90
Dividend Payout % 0%0%0%0%32%37%51%58%45%47%47%47%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)21.24%11.54%6.90%17.20%15.60%-10.05%6.47%48.34%-4.28%0.19%15.34%
Change in YoY Net Profit Growth (%)0.00%-9.71%-4.64%10.31%-1.61%-25.65%16.52%41.87%-52.63%4.48%15.15%

Firstsource Solutions Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:10%
5 Years:14%
3 Years:10%
TTM:27%
Compounded Profit Growth
10 Years:10%
5 Years:12%
3 Years:3%
TTM:19%
Stock Price CAGR
10 Years:30%
5 Years:42%
3 Years:50%
1 Year:13%
Return on Equity
10 Years:15%
5 Years:16%
3 Years:15%
Last Year:15%

Last Updated: September 5, 2025, 4:15 am

Balance Sheet

Last Updated: December 4, 2025, 1:15 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 660666673681687691694696697697697697697
Reserves 1,4321,4221,1041,3471,6652,0302,0722,1032,3362,6703,0033,4013,669
Borrowings 1,1891,0318919656675571,3561,1941,7841,3931,5262,5692,369
Other Liabilities 4093062863163523523937897967857021,0911,587
Total Liabilities 3,6893,4272,9543,3093,3713,6304,5144,7835,6135,5455,9297,7588,321
Fixed Assets 2,7302,4442,0222,0682,0802,2232,8712,9983,7443,7163,8534,9945,094
CWIP 082422003317499
Investments 57385163341341294130714273103
Other Assets 9539018451,0741,2551,2711,6301,6911,7361,7542,0172,6423,114
Total Assets 3,6893,4272,9543,3093,3713,6304,5144,7835,6135,5455,9297,7588,321

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 396246297200315400410976704795644701
Cash from Investing Activity + -13-104-101-23396-20310-344-59417-57-744
Cash from Financing Activity + -286-246-2074-327-273-277-689-158-743-56323
Net Cash Flow 96-105-11-3084-76143-58-496923-21
Free Cash Flow 383201212123258292297806631744559477
CFO/OP 118%76%89%57%83%84%71%125%81%100%71%66%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow370.00389.00-493.00-518.00-196.00-5.00653.00838.00981.00857.000.00-1.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 353534313937506159636777
Inventory Days
Days Payable
Cash Conversion Cycle 353534313937506159636777
Working Capital Days -35-33-27-33-35-20-37-28-20-22-19-20
ROCE %9%10%12%14%13%15%13%16%17%15%16%15%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 53.66%53.66%53.66%53.66%53.66%53.66%53.66%53.66%53.66%53.66%53.66%53.66%
FIIs 8.95%9.99%10.21%9.89%9.59%9.36%11.63%11.01%10.07%9.58%9.25%9.20%
DIIs 15.06%15.17%16.22%18.16%19.27%19.52%18.60%20.89%22.90%23.95%24.63%25.19%
Public 20.09%19.12%17.91%16.86%16.15%16.15%15.00%13.36%12.26%11.92%11.59%11.11%
Others 2.24%2.06%2.00%1.44%1.35%1.32%1.12%1.09%1.11%0.89%0.88%0.83%
No. of Shareholders 3,09,8912,95,2832,87,1852,75,2332,66,8742,58,7892,82,8592,80,6392,66,8682,54,2532,40,9822,30,472

Shareholding Pattern Chart

No. of Shareholders

Firstsource Solutions Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
HDFC Small Cap Fund 55,264,362 4.79 1767.63N/AN/AN/A
Tata Digital India Fund 10,123,112 2.7 323.7910,123,1122025-04-22 17:25:350%
SBI Innovative Opportunities Fund 8,049,649 4.86 257.47N/AN/AN/A
SBI Technology Opportunities Fund 7,645,887 4.84 244.557,645,8872025-04-22 17:25:350%
HSBC Small Cap Fund 4,407,721 0.94 140.98N/AN/AN/A
Aditya Birla Sun Life Digital India Fund 3,421,365 2.32 109.433,153,8562025-12-08 06:08:338.48%
Edelweiss Mid Cap Fund 2,537,185 0.59 81.152,364,6752026-02-23 06:39:537.3%
Axis Multicap Fund 2,346,601 0.83 75.062,181,6212026-01-25 03:51:017.56%
Edelweiss Small Cap Fund 2,302,393 1.37 73.64N/AN/AN/A
Mahindra Manulife Small Cap Fund 2,279,220 1.82 72.94,000,0002025-12-08 05:09:58-43.02%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 8.637.527.557.905.31
Diluted EPS (Rs.) 8.427.347.327.625.13
Cash EPS (Rs.) 13.2211.1211.1511.288.16
Book Value[Excl.RevalReserv]/Share (Rs.) 58.7953.1048.3143.5240.22
Book Value[Incl.RevalReserv]/Share (Rs.) 58.7953.1048.3143.5240.22
Revenue From Operations / Share (Rs.) 114.5090.9186.4084.9572.95
PBDIT / Share (Rs.) 17.3114.2513.7313.7811.57
PBIT / Share (Rs.) 12.6210.529.9610.208.61
PBT / Share (Rs.) 10.639.038.839.286.20
Net Profit / Share (Rs.) 8.537.387.377.705.20
NP After MI And SOA / Share (Rs.) 8.537.387.377.715.20
PBDIT Margin (%) 15.1215.6715.8916.2215.86
PBIT Margin (%) 11.0211.5611.5212.0011.79
PBT Margin (%) 9.289.9310.2110.928.50
Net Profit Margin (%) 7.448.128.539.067.12
NP After MI And SOA Margin (%) 7.448.128.539.077.12
Return on Networth / Equity (%) 14.5013.9115.2517.7112.92
Return on Capital Employeed (%) 16.0116.5016.9117.0317.47
Return On Assets (%) 7.508.469.069.417.48
Long Term Debt / Equity (X) 0.080.000.040.090.03
Total Debt / Equity (X) 0.370.210.240.330.18
Asset Turnover Ratio (%) 1.141.081.060.420.36
Current Ratio (X) 0.910.930.900.920.87
Quick Ratio (X) 0.910.930.900.920.87
Dividend Payout Ratio (NP) (%) 46.4046.7446.4144.3656.33
Dividend Payout Ratio (CP) (%) 29.9331.0430.6930.3035.87
Earning Retention Ratio (%) 53.6053.2653.5955.6443.67
Cash Earning Retention Ratio (%) 70.0768.9669.3169.7064.13
Interest Coverage Ratio (X) 8.169.6112.1215.0215.42
Interest Coverage Ratio (Post Tax) (X) 4.965.987.519.3910.13
Enterprise Value (Cr.) 25116.0714375.878021.549632.588313.04
EV / Net Operating Revenue (X) 3.152.271.331.631.64
EV / EBITDA (X) 20.8114.478.3810.0310.32
MarketCap / Net Operating Revenue (X) 2.982.171.221.471.56
Retention Ratios (%) 53.5953.2553.5855.6343.66
Price / BV (X) 5.803.722.182.872.83
Price / Net Operating Revenue (X) 2.982.171.221.471.56
EarningsYield 0.020.030.060.060.04

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Firstsource Solutions Ltd. is a Public Limited Listed company incorporated on 06/12/2001 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L64202MH2001PLC134147 and registration number is 134147. Currently Company is involved in the business activities of Other information service activities. Company's Total Operating Revenue is Rs. 2306.57 Cr. and Equity Capital is Rs. 696.99 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
IT Enabled Services5th Floor, Paradigm �B� Wing, Mindspace, Link Road, Mumbai Maharashtra 400064Contact not found
Management
NamePosition Held
Dr. Sanjiv GoenkaChairman (Non - Executive) & Non Independent Direc
Mr. Shashwat GoenkaVice Chairman, Non Exe&Non Ind.Director
Mr. Ritesh IdnaniManaging & Executive Director
Mr. Subrata TalukdarNon Exe.Non Ind.Director
Mr. Pradip Kumar KhaitanNon Exe.Non Ind.Director
Mr. Sunil MitraInd. Non-Executive Director
Ms. Vanita UppalInd. Non-Executive Director
Mr. Utsav ParekhInd. Non-Executive Director
Ms. Rekha SethiInd. Non-Executive Director
Dr. Rajiv KumarInd. Non-Executive Director
Mr. T C Suseel KumarInd. Non-Executive Director

FAQ

What is the intrinsic value of Firstsource Solutions Ltd and is it undervalued?

As of 18 April 2026, Firstsource Solutions Ltd's intrinsic value is ₹110.27, which is 48.71% lower than the current market price of ₹215.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (15.0 %), book value (₹61.8), dividend yield (2.56 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Firstsource Solutions Ltd?

Firstsource Solutions Ltd is trading at ₹215.00 as of 18 April 2026, with a FY2026-2027 high of ₹404 and low of ₹201. The stock is currently near its 52-week low. Market cap stands at ₹15,193 Cr..

How does Firstsource Solutions Ltd's P/E ratio compare to its industry?

Firstsource Solutions Ltd has a P/E ratio of 21.6, which is below the industry average of 23.74. This is broadly in line with or below the industry average.

Is Firstsource Solutions Ltd financially healthy?

Key indicators for Firstsource Solutions Ltd: ROCE of 15.4 % indicates efficient capital utilization. Dividend yield is 2.56 %.

Is Firstsource Solutions Ltd profitable and how is the profit trend?

Firstsource Solutions Ltd reported a net profit of ₹594 Cr in Mar 2025 on revenue of ₹7,980 Cr. Compared to ₹537 Cr in Mar 2022, the net profit shows an improving trend.

Does Firstsource Solutions Ltd pay dividends?

Firstsource Solutions Ltd has a dividend yield of 2.56 % at the current price of ₹215.00. This is a relatively attractive yield for income-seeking investors.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Firstsource Solutions Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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