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 19.7% to ₹9,556 Cr in FY2026, compared to ₹7,980 Cr in FY2025.
Revenue compounded at 11.5% annually over 10 years for Firstsource Solutions Ltd.. That's a strong growth rate that comfortably outpaces inflation.
At ₹9,556 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 8 consecutive years — that's a sustained trend, not a one-off.
| Year | Revenue | YoY % |
|---|---|---|
| FY2026 | ₹9,556 Cr | +19.7% |
| FY2025 | ₹7,980 Cr | +25.9% |
| FY2024 | ₹6,336 Cr | +5.2% |
| FY2023 | ₹6,022 Cr | +1.7% |
| FY2022 | ₹5,921 Cr | — |
View Firstsource Solutions Ltd.'s full 10-year revenue trend with CAGR analysis →
Firstsource Solutions Profitability
Firstsource Solutions Ltd. delivered net profit of ₹674 Cr in FY2026, a solid 13.5% jump from ₹594 Cr in FY2025.
Margins stayed in a tight range, with net profit margin at 7.1% in FY2026.
Diluted EPS came in at ₹9.56 for FY2026, up from ₹8.42 a year earlier.
Is Firstsource Solutions Undervalued
Firstsource Solutions Ltd. shares are currently trading at ₹324.35.
Craytheon calculates intrinsic value using the P/E Ratio, DCF, and EPS Growth models. All three appear in the Valuation Models cards below.
Valuation Models
Firstsource Solutions Shareholding Pattern
No change in promoter stake — it has held at 53.7% for the past 4 quarters.
FII holding stands at 8.4%, down from 9.2% in the year-ago quarter.
As of June 2026, DIIs own 25.4% of the company — up from 24.6% a year earlier.
| Quarter | Promoter | FII | DII | Public |
|---|---|---|---|---|
| Jun 2026 | 53.7% | 8.4% | 25.4% | 11.7% |
| 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% |
Track quarterly shareholding changes for Firstsource Solutions Ltd. →
Firstsource Solutions Balance Sheet
Proportional view as of 3 Aug 2026. Hover blocks for details.
Assets
Liabilities & Equity
In FY2026, the total asset base came in at ₹93.20B, up 17.6% YoY from ₹79.22B.
Intangibles & Goodwill accounts for 47.2% of the total, ahead of Other Assets (22.8%) and Receivables (22.3%).
Capital structure: 47.0% equity, 31.4% debt, 21.6% operating liabilities. Over the year, debt is up 13.7% and equity is up 7.0%.
Balance sheet composition — FY 2026
| Category | Value |
|---|---|
| Cash & ST Investments | 3.09B |
| Receivables | 20.79B |
| Property, Plant & Equipment | 3.40B |
| Investments | 657.73M |
| Intangibles & Goodwill | 44.01B |
| Other Assets | 21.26B |
| Category | Value |
|---|---|
| Equity | 43.85B |
| Short-term Debt | 20.01B |
| Long-term Debt | 9.21B |
| Trade Payables | 5.58B |
| Other Liabilities | 14.55B |
Firstsource Solutions Stock Analysis
What should investors take away from Firstsource Solutions Ltd.'s (FSL) latest numbers? Here's the summary.
Revenue of ₹9,556 Cr in FY2026, up 19.7% year-over-year.
Long-term revenue has been compounding at 11.5% annually over 10 years.
The company is profitable, with a net margin of 7.1% and net income of ₹674 Cr.
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.