Firstsource Solutions Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹21,651 Cr
- P/E
- 27.13
- ROE
- 17.63%
- PEG
- 2.00
- Price to sales
- 2.16
- Debt to equity
- 0.67
- 52W high / low
- ₹367 / ₹204
- Sales growth (5Y)
- 13.48%
- EBITDA margin
- 16.50%
- Net profit margin
- 7.82%
- Promoter holding
- 53.66%
- Sales (last year)
- ₹10,064 Cr
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]
Guidance scorecard · Q2 FY27 call
What Firstsource Solutions Ltd's management guided
and where it ranks in Commercial Services & Supplies
RevenueQ4 FY26 call
10–20%- Firstsource expects constant currency revenue growth for FY27 in the range of 10% to 13%, placing them in the top decile of industry growth globally.
- Organic growth for FY27 is projected around 9.8% to 9.9%, slightly moderating from FY26's ~12% excluding acquisitions.
- Growth is expected to be broad-based across healthcare (a key growth pillar), financial services, and new verticals like retail and utilities.
- The company anticipates steady contributions from acquisitions (inorganic growth) accounting for about 2% to 2.5% of growth in FY27.
- Large deal wins have been consistent, with a strong pipeline over $1 billion, supporting sustained growth momentum.
2 more points from Firstsource Solutions Ltd's call on revenue
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MarginsQ4 FY26 call
Up 0–2%See what Firstsource Solutions Ltd said on margins — free account, 30 seconds.
CapexQ4 FY26 call
Planned- The company is making strategic investments in its "Intelligence that operates" strategy, focusing on deep domain-led transformation, systems integration, and agentic operations to build an AI-native organization.
- Investments are directed towards technology, go-to-market initiatives, and hiring specialized talent such as domain plus AI experts, forward-deployed engineers, and builders.
- These investments aim to unlock value, solve last-mile problems for customers, and operationalize AI within their services.
- The firm balances these investments with efficiency savings to maintain margin expansion targets, expecting EBIT margins in the 14%-15% band in the next couple of years.
2 more points from Firstsource Solutions Ltd's call on capex
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FundraisingQ4 FY26 call
PlannedSee what Firstsource Solutions Ltd said on fundraising — free account, 30 seconds.
Order bookQ4 FY26 call
Rising- The deal pipeline is currently over $1 billion, marking the highest level in the company's history.
- In FY26, the company won 17 large deals, up from 14 in FY25 and more than double compared to FY24.
- There have been 24 strategic client additions in FY26, doubling the additions from FY25.
- The company maintains a record large deal intake exiting FY26.
- Large deal wins have been consistently four or more per quarter for five straight quarters.
2 more points from Firstsource Solutions Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Commercial Services & Supplies
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Commercial Services & Supplies companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹2,470 Cr | 162.7 | |
| 2 | 40%+ | Up 2%+ | ₹41 Cr | 6.6 | |
| 3 | 40%+ | Flat | ₹556 Cr | 40.0 | |
| 4 | 40%+ | Flat | ₹102 Cr | 10.4 | |
| 5 | 20–40% | Up 2%+ | ₹3,473 Cr | 40.9 | |
| 6 | 20–40% | Up 0–2% | ₹872 Cr | 13.3 |
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Pro shows every company guiding 40%+ revenue growth →Full Commercial Services & Supplies rankingFinancials of Firstsource Solutions Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Firstsource Solutions Ltd
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 + | 9.89% | 9.59% | 9.36% | 11.63% | 11.01% | 10.07% | 9.58% | 9.25% | 9.20% | 8.85% | 8.38% | 7.44% |
| DIIs + | 18.16% | 19.27% | 19.52% | 18.60% | 20.89% | 22.90% | 23.95% | 24.63% | 25.19% | 25.49% | 25.41% | 26.84% |
| Public + | 16.86% | 16.15% | 16.15% | 15.00% | 13.36% | 12.26% | 11.92% | 11.59% | 11.11% | 11.05% | 11.71% | 11.33% |
| Others + | 1.44% | 1.35% | 1.32% | 1.12% | 1.09% | 1.11% | 0.89% | 0.88% | 0.83% | 0.95% | 0.85% | 0.73% |
| No. of Shareholders | 2,75,233 | 2,66,874 | 2,58,789 | 2,82,859 | 2,80,639 | 2,66,868 | 2,54,253 | 2,40,982 | 2,30,472 | 2,29,935 | 2,42,813 | 2,35,538 |
Financials of Firstsource Solutions Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,529 | 1,540 | 1,597 | 1,670 | 1,791 | 1,925 | 2,102 | 2,161 | 2,218 | 2,312 | 2,443 | 2,583 | 2,725 |
| Expenses + | 1,289 | 1,311 | 1,359 | 1,420 | 1,521 | 1,638 | 1,785 | 1,829 | 1,871 | 1,936 | 2,040 | 2,153 | 2,274 |
| Operating Profit | 240 | 229 | 237 | 250 | 270 | 287 | 318 | 333 | 347 | 376 | 403 | 430 | 451 |
| OPM % | 16% | 15% | 15% | 15% | 15% | 15% | 15% | 15% | 16% | 16% | 16% | 17% | 17% |
| Other Income + | 2 | 17 | 15 | 3 | 2 | -3 | 7 | 2 | 7 | 1 | -97 | -2 | -66 |
| Interest | 25 | 26 | 25 | 27 | 32 | 34 | 39 | 43 | 43 | 43 | 43 | 52 | 52 |
| Depreciation | 61 | 65 | 66 | 67 | 73 | 79 | 84 | 91 | 97 | 110 | 111 | 116 | 115 |
| Profit before tax | 155 | 154 | 161 | 159 | 167 | 171 | 201 | 202 | 213 | 224 | 152 | 261 | 219 |
| Tax % | 19% | 18% | 20% | 16% | 19% | 19% | 20% | 20% | 21% | 20% | 21% | 21% | 24% |
| Net Profit + | 126 | 127 | 129 | 134 | 135 | 138 | 160 | 161 | 169 | 180 | 120 | 205 | 166 |
| EPS in Rs | 1.79 | 1.80 | 1.83 | 1.90 | 1.92 | 1.96 | 2.27 | 2.27 | 2.39 | 2.54 | 1.70 | 2.90 | 2.35 |
Financials of Firstsource Solutions Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 3,035 | 3,217 | 3,556 | 3,535 | 3,826 | 4,099 | 5,078 | 5,921 | 6,022 | 6,336 | 7,980 | 9,556 | 10,064 |
| Expenses + | 2,645 | 2,819 | 3,109 | 3,064 | 3,274 | 3,445 | 4,239 | 4,939 | 5,165 | 5,329 | 6,737 | 7,952 | 8,403 |
| Operating Profit | 390 | 398 | 447 | 471 | 552 | 654 | 839 | 982 | 858 | 1,008 | 1,244 | 1,605 | 1,660 |
| OPM % | 13% | 12% | 13% | 13% | 14% | 16% | 17% | 17% | 14% | 16% | 16% | 17% | 16% |
| Other Income + | 7 | 9 | 3 | 5 | 4 | 9 | -114 | 1 | 131 | 37 | 8 | -91 | -163 |
| Interest | 80 | 61 | 54 | 53 | 46 | 83 | 87 | 86 | 110 | 155 | 184 | 230 | 190 |
| Depreciation | 72 | 61 | 59 | 66 | 74 | 185 | 206 | 249 | 263 | 260 | 327 | 434 | 451 |
| Profit before tax | 244 | 286 | 337 | 358 | 436 | 394 | 432 | 647 | 615 | 630 | 741 | 850 | 856 |
| Tax % | 4% | 9% | 17% | 9% | 13% | 14% | 16% | 17% | 16% | 18% | 20% | 21% | |
| Net Profit + | 234 | 261 | 279 | 327 | 378 | 340 | 362 | 537 | 514 | 515 | 594 | 674 | 671 |
| EPS in Rs | 3.52 | 3.87 | 4.11 | 4.76 | 5.47 | 4.90 | 5.20 | 7.69 | 7.33 | 7.31 | 8.41 | 9.54 | 9.49 |
| Dividend Payout % | 0% | 0% | 0% | 32% | 37% | 51% | 58% | 45% | 47% | 47% | 47% | 57% |
Financials of Firstsource Solutions Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 666 | 673 | 681 | 687 | 691 | 694 | 696 | 697 | 697 | 697 | 697 | 697 |
| Reserves | 1,422 | 1,104 | 1,347 | 1,665 | 2,030 | 2,072 | 2,103 | 2,336 | 2,670 | 3,003 | 3,401 | 3,688 |
| Borrowings + | 1,031 | 891 | 965 | 667 | 557 | 1,356 | 1,194 | 1,784 | 1,393 | 1,526 | 2,569 | 2,922 |
| Other Liabilities + | 306 | 286 | 316 | 352 | 352 | 393 | 789 | 796 | 785 | 702 | 1,091 | 1,825 |
| Total Liabilities | 3,427 | 2,954 | 3,309 | 3,371 | 3,630 | 4,514 | 4,783 | 5,613 | 5,545 | 5,929 | 7,758 | 9,131 |
| Fixed Assets + | 2,444 | 2,022 | 2,068 | 2,080 | 2,223 | 2,871 | 2,998 | 3,744 | 3,716 | 3,853 | 4,994 | 5,567 |
| CWIP | 8 | 2 | 4 | 2 | 2 | 0 | 0 | 3 | 3 | 17 | 49 | 30 |
| Investments | 73 | 85 | 163 | 34 | 134 | 12 | 94 | 130 | 71 | 42 | 73 | 116 |
| Other Assets + | 901 | 845 | 1,074 | 1,255 | 1,271 | 1,630 | 1,691 | 1,736 | 1,754 | 2,017 | 2,642 | 3,419 |
| Total Assets | 3,427 | 2,954 | 3,309 | 3,371 | 3,630 | 4,514 | 4,783 | 5,613 | 5,545 | 5,929 | 7,758 | 9,131 |
Financials of Firstsource Solutions Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 246 | 297 | 200 | 315 | 400 | 410 | 976 | 704 | 795 | 644 | 701 | 1,214 |
| Cash from Investing Activity + | -104 | -101 | -233 | 96 | -203 | 10 | -344 | -594 | 17 | -57 | -744 | -443 |
| Cash from Financing Activity + | -246 | -207 | 4 | -327 | -273 | -277 | -689 | -158 | -743 | -563 | 23 | -667 |
| Net Cash Flow | -105 | -11 | -30 | 84 | -76 | 143 | -58 | -49 | 69 | 23 | -21 | 104 |
| Free Cash Flow | 201 | 212 | 123 | 258 | 292 | 297 | 806 | 631 | 744 | 559 | 477 | 1,082 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 76% | 89% | 57% | 83% | 84% | 71% | 125% | 81% | 100% | 71% | 66% | 87% |
Financials of Firstsource Solutions Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 35 | 34 | 31 | 39 | 37 | 50 | 61 | 59 | 63 | 67 | 77 | 79 |
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 35 | 34 | 31 | 39 | 37 | 50 | 61 | 59 | 63 | 67 | 77 | 79 |
| Working Capital Days | -33 | -27 | -33 | -35 | -20 | -37 | -28 | -20 | -22 | -19 | -20 | -40 |
| ROCE % | 10% | 12% | 14% | 13% | 15% | 13% | 16% | 17% | 15% | 16% | 15% | 17% |
Guidance history
How Firstsource Solutions Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q4 FY26 call → | 10–20% | Up 0–2% | Planned | Planned | Rising |
| Q3 FY26 call → | 10–20% | Up 0–2% | — | — | Rising |
| Q2 FY26 call → | 10–20% | Up 0–2% | Planned | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
33 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −12.2% | 46% |
| Last 6 months | +43.2% | 87% |
| Last 3 months | +2.3% | 68% |
The price is 23.6% below its all-time high of ₹401.25 (3 Jan 2025). Stocks more than 20% below their peak have their score halved, so 67 became 33.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Firstsource Solutions Ltd: 0.4 × 46 + 0.4 × 87 + 0.2 × 68 = 67, halved to 33 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Firstsource Solutions Ltd's management said in earlier quarters
- Q2 FY27 earnings call analysis →
- Q1 FY27 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q2 FY26 earnings call analysis →
- Q4 FY25 earnings call →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
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