A deep dive into Firstsource Solutions Ltd. (FSL) — examining the financials, valuation picture, and who owns the stock.
Firstsource Solutions Revenue Trend
Firstsource Solutions Ltd.'s top line grew 25.2% to ₹7,979 Cr in FY2025, compared to ₹6,373 Cr in FY2024.
Revenue compounded at 10.2% annually over 10 years for Firstsource Solutions Ltd.. That's a strong growth rate that comfortably outpaces inflation.
At ₹7,979 Cr in annual revenue, Firstsource Solutions Ltd. is one of the mid-sized players in the computers - software space.
Firstsource Solutions Ltd. has posted revenue growth for 7 consecutive years — that's a sustained trend, not a one-off.
| Year | Revenue | YoY % |
|---|---|---|
| FY2025 | ₹7,979 Cr | +25.2% |
| FY2024 | ₹6,373 Cr | +3.6% |
| FY2023 | ₹6,153 Cr | +3.9% |
| FY2022 | ₹5,922 Cr | +16.6% |
| FY2021 | ₹5,079 Cr | — |
View Firstsource Solutions Ltd.'s full 10-year revenue trend with CAGR analysis →
Firstsource Solutions Profitability
Firstsource Solutions Ltd. delivered net profit of ₹594 Cr in FY2025, a solid 15.5% jump from ₹515 Cr in FY2024.
Profitability per rupee of revenue dipped, with net margin at 7.4% against 8.1% in FY2024.
Diluted EPS came in at ₹8.42 for FY2025, up from ₹7.34 a year earlier.
Is Firstsource Solutions Undervalued
Running the numbers through the P/E Ratio model gives a fair value of ₹244 for Firstsource Solutions Ltd..
Firstsource Solutions Ltd. shares are currently trading at ₹267.45.
Craytheon also calculates intrinsic value using the EPS Growth and DCF models. The full breakdown with assumptions is available in the detailed analysis.
| Model | Est. Fair Value | vs. Current Price |
|---|---|---|
| P/E Ratio | ₹244 | 8.9% downside to fair value |
| EPS Growth | Upgrade | Upgrade |
| DCF | Upgrade | Upgrade |
See all valuation models for Firstsource Solutions Ltd. with detailed assumptions →
Firstsource Solutions Shareholding Pattern
No change in promoter stake — it has held at 53.7% for the past 4 quarters.
FII holding stands at 8.9%, down from 9.6% in the year-ago quarter.
As of March 2026, DIIs own 25.5% of the company — up from 23.9% a year earlier.
| Quarter | Promoter | FII | DII | Public |
|---|---|---|---|---|
| Mar 2026 | 53.7% | 8.9% | 25.5% | 11.0% |
| Dec 2025 | 53.7% | 9.2% | 25.2% | 11.1% |
| Sep 2025 | 53.7% | 9.2% | 24.6% | 11.6% |
| Jun 2025 | 53.7% | 9.6% | 23.9% | 11.9% |
Track quarterly shareholding changes for Firstsource Solutions Ltd. →
Firstsource Solutions Balance Sheet
Proportional view as of 3 Jun 2026. Hover blocks for details.
Assets
Liabilities & Equity
In FY2025, the total asset base came in at ₹79.22B, up 30.4% YoY from ₹60.76B.
Intangibles & Goodwill accounts for 48.0% of the total, ahead of Other Assets (23.7%) and Receivables (21.3%).
Capital structure: 51.7% equity, 32.4% debt, 15.8% operating liabilities. Over the year, debt is up 68.4% and equity is up 10.7%.
Balance sheet composition — FY 2025
| Category | Value |
|---|---|
| Cash & ST Investments | 2.16B |
| Receivables | 16.86B |
| Property, Plant & Equipment | 3.25B |
| Investments | 115.28M |
| Intangibles & Goodwill | 38.05B |
| Other Assets | 18.79B |
| Category | Value |
|---|---|
| Equity | 40.98B |
| Short-term Debt | 14.20B |
| Long-term Debt | 11.49B |
| Trade Payables | 3.98B |
| Other Liabilities | 8.57B |
Firstsource Solutions Stock Analysis
What should investors take away from Firstsource Solutions Ltd.'s (FSL) latest numbers? Here's the summary.
Revenue of ₹7,979 Cr in FY2025, up 25.2% year-over-year.
Long-term revenue has been compounding at 10.2% annually over 10 years.
The company is profitable, with a net margin of 7.4% and net income of ₹594 Cr.
The P/E Ratio model implies 8.9% downside to fair value from the current price. The remaining two models are worth cross-checking before drawing a conclusion — sign up to see the full analysis.
Unlock Full Analysis
For the complete 10-year financial history with interactive charts and growth analysis, explore Firstsource Solutions Ltd.'s detailed profile on Craytheon.