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]
ParentageThe company is a part of the RP-Sanjiv Goenka group with a turnover of US$4.4 Bn and an asset base of US$7.3+ Bn as of FY24. It operates across sectors, including power and natural resources, infrastructure, carbon black, retail, education, and media & entertainment, with a presence in 50+ countries and 100+ offices globally.[1][2]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Firstsour.Solu. | 337.15 | 55.65 | 23837.44 | 1.19 | 98.05 | 6.74 | 675.04 | 24.54 | 16.90 | 2608.82 | 27.38 | 428.35 | 98.05 | 9.07 | 11.27 | 0.32 |
| 2. | eClerx Services | 4772.10 | 36.97 | 22704.72 | 0.02 | 183.46 | 30.62 | 1004.85 | 20.80 | 27.97 | 3691.52 | 24.86 | 614.10 | 183.19 | 8.67 | 17.14 | 0.15 |
| 3. | RPSG Ventures | 742.05 | 389.21 | 2452.02 | 0.00 | -41.13 | 42.92 | 2668.26 | 23.20 | 11.33 | 10565.98 | 14.28 | 6.30 | -44.44 | 0.93 | 1.08 | 2.41 |
| 4. | Hinduja Global | 445.35 | – | 2094.44 | 0.00 | -26.99 | 56.89 | 1091.04 | 0.36 | 3.01 | 4372.38 | 5.97 | -58.42 | -19.53 | 0.26 | 0.91 | 0.24 |
| 5. | One Point One | 56.69 | 40.88 | 1490.50 | 0.00 | 9.85 | 17.54 | 70.87 | 13.43 | 13.02 | 272.61 | 22.07 | 36.46 | 9.85 | 3.50 | 7.34 | 0.13 |
| 6. | Alldigi Tech | 823.90 | 17.28 | 1249.86 | 3.64 | 17.62 | 49.70 | 147.42 | 12.17 | 31.36 | 576.89 | 24.30 | 72.33 | 17.62 | 5.07 | 17.54 | 0.33 |
| 7. | NSB BPO | 93.45 | 16.05 | 186.64 | 0.00 | 5.79 | 11.13 | 71.69 | 2.37 | 10.17 | 122.65 | 15.04 | 11.05 | 5.79 | – | 6.84 | 0.18 |
| – | Median: 8 Co. | 391.25 | 40.88 | 1792.47 | 0.0 | 7.82 | 36.77 | 411.23 | 17.12 | 12.99 | 1592.86 | 18.55 | 23.76 | 7.82 | 5.07 | 7.09 | 0.22 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 327 | 435 | 624 | 336 | 513 | 682 | 338 | 466 | 628 | 351 | 364 | 542 | 675 |
Expenses | 239 | 307 | 466 | 247 | 371 | 470 | 246 | 332 | 460 | 252 | 263 | 402 | 498 |
Operating Profit | 88 | 128 | 158 | 90 | 142 | 212 | 92 | 134 | 168 | 99 | 101 | 140 | 177 |
Other Income | 9 | 10 | 66 | 8 | 10 | 12 | 12 | 9 | 11 | 6 | 9 | 8 | 10 |
Profit before tax | 72 | 109 | 178 | 75 | 118 | 166 | 80 | 111 | 126 | 78 | 85 | 112 | 118 |
Tax % | 21% | 18% | 17% | 13% | 20% | 19% | 26% | 16% | 26% | 20% | 15% | 18% | 17% |
Net Profit | 57 | 90 | 148 | 65 | 95 | 135 | 59 | 93 | 92 | 63 | 72 | 92 | 98 |
EPS in Rs | 0.81 | 1.27 | 2.09 | 0.92 | 1.34 | 1.91 | 0.85 | 1.32 | 1.31 | 0.90 | 1.03 | 1.30 | 1.39 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 917 | 914 | 875 | 940 | 861 | 768 | 940 | 1,325 | 1,592 | 1,376 | 1,601 | 2,307 | 2,609 |
Expenses | 727 | 706 | 676 | 710 | 627 | 581 | 672 | 832 | 1,061 | 994 | 1,148 | 1,699 | 1,894 |
Operating Profit | 190 | 208 | 198 | 230 | 235 | 187 | 268 | 492 | 531 | 381 | 453 | 607 | 714 |
Other Income | 15 | 19 | 18 | 15 | 13 | 62 | 31 | 28 | 31 | 34 | 37 | 95 | 99 |
Interest | 18 | 21 | 9 | 7 | 7 | 2 | 16 | 16 | 20 | 15 | 17 | 43 | 54 |
Depreciation | 53 | 46 | 32 | 19 | 22 | 24 | 71 | 80 | 88 | 89 | 92 | 126 | 172 |
Profit before tax | 134 | 160 | 176 | 219 | 219 | 223 | 212 | 425 | 453 | 311 | 380 | 534 | 588 |
Net Profit | 134 | 164 | 151 | 188 | 192 | 199 | 182 | 367 | 388 | 248 | 320 | 427 | 474 |
EPS in Rs | 2.04 | 2.46 | 2.25 | 2.77 | 2.80 | 2.88 | 2.62 | 5.27 | 5.55 | 3.54 | 4.54 | 6.04 | 6.70 |
Dividend Payout % | 0% | 0% | 0% | 0% | 54% | 69% | 95% | 57% | 63% | 98% | 76% | 65% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 660 | 666 | 673 | 681 | 687 | 691 | 694 | 696 | 697 | 697 | 697 | 697 | 697 |
Reserves | 721 | 962 | 1,100 | 1,318 | 1,448 | 1,588 | 1,371 | 1,476 | 1,623 | 1,607 | 1,714 | 1,879 | 1,931 |
Borrowings | 194 | 235 | 193 | 186 | 16 | 11 | 215 | 248 | 265 | 158 | 348 | 813 | 838 |
Other Liabilities | 195 | 100 | 91 | 83 | 98 | 81 | 85 | 208 | 163 | 157 | 198 | 412 | 666 |
Total Liabilities | 1,769 | 1,963 | 2,056 | 2,268 | 2,249 | 2,372 | 2,366 | 2,629 | 2,748 | 2,619 | 2,957 | 3,800 | 4,132 |
Fixed Assets | 86 | 58 | 39 | 55 | 56 | 72 | 249 | 291 | 313 | 208 | 406 | 663 | 738 |
Gross Block | 517.03 | 534.25 | 430.77 | 451.71 | 326.21 | 308.12 | 513.48 | 577.51 | 635.70 | 552.41 | 769.26 | 983.24 | – |
Accumulated Depreciation | 431.43 | 475.77 | 391.81 | 396.24 | 270.29 | 236.54 | 264.79 | 286.15 | 323.02 | 344.37 | 363.65 | 320.16 | – |
CWIP | 0 | 0 | 1 | 2 | 0 | 0 | 0 | 0 | 0 | 3 | 14 | 42 | 6 |
Investments | 1,173 | 1,246 | 1,268 | 1,345 | 1,219 | 1,316 | 1,199 | 1,287 | 1,336 | 1,288 | 1,265 | 1,633 | 1,646 |
Other Assets | 510 | 658 | 748 | 866 | 974 | 984 | 918 | 1,051 | 1,099 | 1,119 | 1,273 | 1,463 | 1,741 |
Total Assets | 1,769 | 1,963 | 2,056 | 2,268 | 2,249 | 2,372 | 2,366 | 2,629 | 2,748 | 2,619 | 2,957 | 3,800 | 4,132 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | -17 | 51 | 77 | 78 | 41 | 222 | 388 | 418 | 416 | 270 | 347 | 504 |
Cash from Investing Activity | 0 | -51 | -21 | -105 | 124 | -106 | 78 | -146 | -51 | 47 | -26 | -342 |
Cash from Financing Activity | 20 | -3 | -45 | 6 | -166 | -117 | -433 | -307 | -356 | -319 | -296 | -183 |
Net Cash Flow | 3 | -3 | 10 | -21 | -1 | -1 | 33 | -35 | 9 | -1 | 24 | -22 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 74 | 93 | 133 | 144 | 239 | 206 | 145 | 147 | 123 | 169 | 166 | 142 |
Inventory Days | – | – | – | – | – | – | – | – | – | – | – | – |
Days Payable | – | – | – | – | – | – | – | – | – | – | – | – |
Cash Conversion Cycle | 74 | 93 | 133 | 144 | 239 | 206 | 145 | 147 | 123 | 169 | 166 | 142 |
Working Capital Days | -2 | 70 | 106 | 140 | 233 | 238 | 132 | 98 | 104 | 139 | 126 | 43 |
ROCE % | 10% | 10% | 9% | 11% | 10% | 10% | 10% | 19% | 19% | 13% | 15% | 17% |
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Stock Analysis
Firstsource Solutions Limited is a leading Business Process Management (BPM) company, part of the RP-Sanjiv Goenka Group. They offer bespoke services across Banking & Financial Services, Healthcare, Communications, Media & Technology, and other industries, driven by a 'Digital First, Digital Now' philosophy.
The acquisition of TeleMedik is a key growth trigger, aiming to enhance Firstsource's digital offerings and strengthen its position in the US healthcare sector by expanding clinical and utilization management capabilities. This strategic move aligns with the growing demand for digital solutions and value-based care models in the healthcare industry.
Currently no data available for Order Book.
Currently no data available for Key Red Flags.
Acquisition of TeleMedik completed on January 13, 2026.
Corporate Announcements
