India's Most Valuable Companies 2021 edition · Source: Hurun India
Rank#247- Valuation
- ₹14,520 Cr
Market Cap
₹20,532 Cr
FSL · NSE
Share Price
₹293.10
+0.93% today
Revenue
₹9,556 Cr
FY 2025-26 · +19.8% YoY
EBITDA
₹1,506 Cr
Margin 15.8%
Net Profit
₹748 Cr
FY 2025-26 · +28.5% YoY
P/E (TTM)
25.2x
P/B 4.6x
ROE
17.6%
ROCE 16.3%
Debt / Equity
0.65
Interest cover 21.4x
About Firstsource Solutions Limited
Data last updated:
Firstsource Solutions Limited is a public limited company based in Mumbai, Maharashtra, India, a subsidiary of Rpsg Ventures Limited. It operates in the business process outsourcing sector. It was incorporated on 06 December 2001 and has been in existence for over 25 years.
Firstsource Solutions is part of the Nifty 500 and BSE 500 indices. Its director Sanjiv Goenka and family are #37 among India's richest people (2026).
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN L64202MH2001PLC134147. Its GSTIN is 27AAACI8904N1Z6 (Maharashtra). The company holds 18 GST registrations, of which 11 are active. It is a listed company as per MCA records. Its shares are listed on BSE: 532809 and NSE: FSL.
The company has an authorised share capital of ₹872 Cr and a paid-up capital of ₹696.99 Cr. It was formerly known as Icici Onesource Limited and Icici Infotech Upstream Limited. It is led by directors including Ritesh Mohan Idnani (Managing Director) and Utsav Parekh.
Its last annual general meeting (AGM) was held on 30 July 2025, and its latest financial statements are for the year ended 31 March 2026. The registered office is at Mumbai, Maharashtra.
As per the latest consolidated financials for FY 2025-26, the company reported a revenue of ₹9,556.39 Cr, a growth of 19.7% compared to the previous year. For the same year it recorded a net profit of ₹747.71 Cr (net margin 7.8%) and EBITDA of ₹1,506.45 Cr (EBITDA margin 15.8%). The net worth stands at ₹4,384.53 Cr (up 7% YoY). Total assets are valued at ₹7,653.57 Cr (up 13.4% YoY).
The company has about 14,601 employees on its provident fund (EPFO) records. Its group structure includes 1 subsidiary.
The company is associated with 1 brand: Firstsource. As per MCA filings, the company has satisfied charges of ₹1,960.1 Cr on record. Court records list 60 cases involving the company, including 22 filed by the company and 38 filed against it; 10 cases are pending. The company has 64 deals on record (51 market trades, 7 secondary share transfers, 4 funding rounds), with disclosed funding of ₹344.17 Cr; the latest was in April 2026. The company has 3 MSME Form 1 returns on record between 2019 and 2020, listing 65 overdue payments to 19 micro and small suppliers.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website firstsource.com.
Company details
CIN L64202MH2001PLC134147
Registration Number 134147
Incorporation Date 06 December 2001
ROC Mumbai
Listing Status Listed - Listed on NSE (FSL); Listed on BSE (532809)
Company Status Active
Date of Last AGM 30 July 2025
Date of Balance Sheet 31 March 2026
Parent Company Rpsg Ventures Limited
Compliance Status Active Compliant
Name history
Firstsource Solutions has undergone 2 name changes throughout its history. The company was previously known as Icici Onesource Limited, and Icici Infotech Upstream Limited. The current legal name is Firstsource Solutions Limited.
| Company Name | Status |
|---|---|
| Firstsource Solutions Limited | Current |
| Icici Onesource Limited | Previous |
| Icici Infotech Upstream Limited | Previous |
Recognitions & Rankings of Firstsource Solutions
India's Richest People 2026 edition · 1 director · Source: Hurun India
- #37 Sanjiv Goenka & family ₹68,800 Cr
Stock market indices
Nifty 500 BSE 500
Contact details
Firstsource Solutions Limited's registered office is in Mumbai, Maharashtra. Its website is firstsource.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered Address1st Floor Athena Towers, Mindspace Malad, Mumbai, Maharashtra, India – 400063
- IndustryBusiness Outsourcing, Business Process Outsourcing
To see the full contact details of Firstsource Solutions Limited, buy the company report.
Comprehensive company report
Firstsource Solutions Limited - one report that includes everything
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
₹799 ₹999 20% off excluding 18% GST
Secure checkout · GST invoice included
Brands
Firstsource Solutions operates one associated brand: Firstsource. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Firstsource is recognized as a global business process management partner. | firstsource.com |
Business activity
The main business activity of Firstsource Solutions is information and communication. In detail, this covers other information & communication service activities.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| J | Information and communication | J8 | Other information & communication service activities |
To see the full business activity and turnover split of Firstsource Solutions Limited, buy the company report.
Financials of Firstsource Solutions Limited
FY 2025-26 filings availableFirstsource Solutions Limited reported revenue of ₹9,556.39 Cr (up 19.7% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · ConsolidatedRevenue
₹9,556 Cr
+19.7% YoY
EBITDA
₹1,506 Cr
+21.1% YoY
Profit After Tax
₹748 Cr
+28.5% YoY
Net Worth
₹4,385 Cr
+7.0% YoY
Total Assets
₹7,654 Cr
+13.4% YoY
Total Debt
₹2,922 Cr
+13.7% YoY
Revenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 9,556 | 7,980 | 6,336 | 6,022 | 5,921 | 5,078 | 4,099 |
| Revenue growth | +19.8% | +26.0% | +5.2% | +1.7% | +16.6% | +23.9% | - |
| EBITDA | 1,506 | 1,244 | 1,002 | 858 | 982 | 724 | 654 |
| EBITDA margin | +15.8% | +15.6% | +15.8% | +14.2% | +16.6% | +14.3% | +16.0% |
| Profit before tax | 850 | 741 | 630 | 615 | 647 | 432 | 394 |
| Net profit | 748 | 582 | 514 | 510 | 535 | 457 | 335 |
| Net profit margin | +7.8% | +7.3% | +8.1% | +8.5% | +9.0% | +9.0% | +8.2% |
| EPS (₹) | 9.68 | 8.53 | 7.39 | 7.37 | 7.71 | 5.20 | 4.90 |
| Balance sheet | |||||||
| Total assets | 7,654 | 6,749 | 5,245 | 4,792 | 4,963 | 4,005 | 4,130 |
| Net worth | 4,385 | 4,098 | 3,700 | 3,367 | 3,033 | 2,799 | 2,765 |
| Total debt | 2,922 | 2,569 | 1,526 | 1,393 | 1,784 | 1,194 | 1,356 |
| Cash & bank | 269 | 167 | 188 | 156 | 89.83 | 137 | 191 |
| Net working capital | 1,234 | 1,154 | 822 | 596 | 653 | 371 | 721 |
| Cash flow | |||||||
| Cash from operations | 1,214 | 701 | 644 | 795 | 704 | 976 | 410 |
| Cash from investing | (443) | (744) | (57.37) | 17.08 | (594) | (344) | 9.76 |
| Cash from financing | (667) | 22.59 | (563) | (743) | (158) | (689) | (277) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,725 | 2,583 | 2,443 | 2,312 | 2,218 | 2,161 | 2,102 | 1,925 |
| Revenue growth (YoY) | +22.9% | +19.5% | +16.2% | +20.1% | +23.8% | - | - | - |
| Other income | 6.11 | (1.71) | 3.62 | 0.63 | 6.83 | 2.12 | 6.71 | (2.73) |
| EBITDA | 380 | 430 | 303 | 376 | 347 | 333 | 318 | 287 |
| EBITDA margin | +13.8% | +16.5% | +12.3% | +16.2% | +15.6% | +15.4% | +15.2% | +14.9% |
| Depreciation | 115 | 116 | 111 | 110 | 97.25 | 90.60 | 84.40 | 79.19 |
| Interest | 51.75 | 52.02 | 43.25 | 42.76 | 43.44 | 42.62 | 39.32 | 34.33 |
| Profit before tax | 219 | 261 | 152 | 224 | 213 | 202 | 201 | 171 |
| Tax | 53.42 | 55.36 | 31.35 | 44.82 | 43.90 | 41.02 | 40.35 | 32.82 |
| Net profit | 166 | 205 | 120 | 180 | 169 | 161 | 160 | 138 |
| EPS (₹) | 2.36 | 2.91 | 1.71 | 2.54 | 2.40 | 2.28 | 2.27 | 1.96 |
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 2,883 | 2,307 | 1,601 | 1,376 | 1,592 | 1,325 | 940 |
| Revenue growth | +25.0% | +44.1% | +16.4% | -13.6% | +20.2% | +40.9% | - |
| EBITDA | 771 | 607 | 453 | 381 | 531 | 492 | 268 |
| EBITDA margin | +26.7% | +26.3% | +28.3% | +27.7% | +33.4% | +37.2% | +28.5% |
| Profit before tax | 543 | 534 | 380 | 311 | 453 | 425 | 212 |
| Net profit | 506 | 358 | 316 | 244 | 385 | 365 | 177 |
| Net profit margin | +17.5% | +15.5% | +19.7% | +17.8% | +24.2% | +27.6% | +18.8% |
| EPS (₹) | 6.20 | 6.13 | 4.59 | 3.56 | 5.56 | 5.27 | 2.62 |
| Balance sheet | |||||||
| Total assets | 3,583 | 3,433 | 2,778 | 2,479 | 2,599 | 2,430 | 2,289 |
| Net worth | 2,295 | 2,576 | 2,411 | 2,304 | 2,320 | 2,172 | 2,065 |
| Total debt | 953 | 813 | 348 | 158 | 265 | 248 | 215 |
| Cash & bank | 44.92 | 28.89 | 51.80 | 21.48 | 25.94 | 15.64 | 46.09 |
| Net working capital | 655 | 661 | 669 | 585 | 542 | 426 | 429 |
| Cash flow | |||||||
| Cash from operations | 633 | 504 | 347 | 270 | 416 | 418 | 388 |
| Cash from investing | (33.28) | (342) | (26.42) | 47.35 | (50.51) | (146) | 78.31 |
| Cash from financing | (585) | (183) | (296) | (319) | (356) | (307) | (433) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 879 | 774 | 752 | 675 | 682 | 628 | 624 | 542 |
| Revenue growth (YoY) | +28.9% | +23.3% | +20.5% | +24.5% | +33.0% | - | - | - |
| Other income | 14.96 | 8.64 | 10.95 | 10.01 | 12.05 | 10.65 | 66.04 | 8.36 |
| Total expenses | 556 | 524 | 621 | 498 | 470 | 460 | 466 | 402 |
| EBITDA | 323 | 250 | 131 | 177 | 212 | 168 | 158 | 140 |
| EBITDA margin | +35.3% | +30.6% | +16.8% | +25.6% | +30.7% | +26.2% | +25.7% | +25.4% |
| Depreciation | 54.54 | 53.91 | 53.47 | 54.24 | 43.78 | 39.51 | 34.17 | 26.27 |
| Interest | 16.73 | 16.87 | 16.85 | 14.84 | 14.27 | 13.15 | 11.42 | 9.98 |
| Profit before tax | 267 | 188 | 71.43 | 118 | 166 | 126 | 178 | 112 |
| Tax | 59.76 | 47.59 | 12.63 | 19.73 | 31.17 | 33.14 | 30.08 | 20.44 |
Financial Statements
Figures in ₹ Cr; negatives in brackets. Updated 26 Oct 2026
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,725 | 2,583 | 2,443 | 2,312 | 2,218 | 2,161 | 2,102 | 1,925 |
| Revenue growth (YoY) | +22.9% | +19.5% | +16.2% | +20.1% | +23.8% | - | - | - |
| Other income | 6.11 | (1.71) | 3.62 | 0.63 | 6.83 | 2.12 | 6.71 | (2.73) |
| EBITDA | 380 | 430 | 303 | 376 | 347 | 333 | 318 | 287 |
| EBITDA margin | +13.8% | +16.5% | +12.3% | +16.2% | +15.6% | +15.4% | +15.2% | +14.9% |
| Depreciation | 115 | 116 | 111 | 110 | 97.25 | 90.60 | 84.40 | 79.19 |
| Interest | 51.75 | 52.02 | 43.25 | 42.76 | 43.44 | 42.62 | 39.32 | 34.33 |
| Profit before tax | 219 | 261 | 152 | 224 | 213 | 202 | 201 | 171 |
| Tax | 53.42 | 55.36 | 31.35 | 44.82 | 43.90 | 41.02 | 40.35 | 32.82 |
| Net profit | 166 | 205 | 120 | 180 | 169 | 161 | 160 | 138 |
| EPS (₹) | 2.36 | 2.91 | 1.71 | 2.54 | 2.40 | 2.28 | 2.27 | 1.96 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 9,556 | 7,980 | 6,336 | 6,022 | 5,921 | 5,078 | 4,099 |
| Revenue growth | +19.8% | +26.0% | +5.2% | +1.7% | +16.6% | +23.9% | - |
| Other income | 7.45 | 7.94 | 42.44 | 131 | 0.56 | 1.27 | 8.84 |
| Total expenses | 8,050 | 6,737 | 5,334 | 5,165 | 4,939 | 4,354 | 3,445 |
| Employee cost | 5,590 | 4,995 | 3,909 | 3,867 | 3,947 | 3,467 | 2,774 |
| EBITDA | 1,506 | 1,244 | 1,002 | 858 | 982 | 724 | 654 |
| EBITDA margin | +15.8% | +15.6% | +15.8% | +14.2% | +16.6% | +14.3% | +16.0% |
| Depreciation | 434 | 327 | 260 | 263 | 249 | 206 | 185 |
| Interest | 230 | 184 | 155 | 110 | 86.50 | 87.16 | 83.06 |
| Profit before tax | 850 | 741 | 630 | 615 | 647 | 432 | 394 |
| Tax | 175 | 146 | 115 | 102 | 111 | 70.16 | 54.53 |
| Net profit | 748 | 582 | 514 | 510 | 535 | 457 | 335 |
| Net profit margin | +7.8% | +7.3% | +8.1% | +8.5% | +9.0% | +9.0% | +8.2% |
| EPS (₹) | 9.68 | 8.53 | 7.39 | 7.37 | 7.71 | 5.20 | 4.90 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 697 | 697 | 697 | 697 | 697 | 696 | 694 |
| Reserves & surplus | 3,688 | 3,401 | 3,003 | 2,670 | 2,336 | 2,103 | 2,072 |
| Shareholders' funds (net worth) | 4,385 | 4,098 | 3,700 | 3,367 | 3,033 | 2,799 | 2,765 |
| Minority interest | 0.40 | 0.40 | 0.38 | 0.35 | 0.37 | 0.54 | 0.59 |
| Secured loans | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Unsecured loans | 2,922 | 2,569 | 1,526 | 1,393 | 1,784 | 1,194 | 1,356 |
| Total debt | 2,922 | 2,569 | 1,526 | 1,393 | 1,784 | 1,194 | 1,356 |
| Total liabilities | 7,654 | 6,749 | 5,245 | 4,792 | 4,963 | 4,005 | 4,130 |
| Assets | |||||||
| Gross block | 6,687 | 5,888 | 4,679 | 4,459 | 4,442 | 3,828 | 3,641 |
| Net block | 5,567 | 4,994 | 3,853 | 3,716 | 3,744 | 2,998 | 2,871 |
| Capital work in progress | 29.92 | 49.14 | 17.09 | 3.42 | 2.93 | 0.00 | 0.00 |
| Investments | 116 | 73.09 | 41.54 | 71.12 | 130 | 94.32 | 12.22 |
| Inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Sundry debtors | 2,079 | 1,686 | 1,161 | 1,038 | 961 | 843 | 557 |
| Cash & bank balances | 269 | 167 | 188 | 156 | 89.83 | 137 | 191 |
| Loans & advances | 364 | 309 | 155 | 155 | 252 | 168 | 357 |
| Total current assets | 2,712 | 2,162 | 1,505 | 1,349 | 1,303 | 1,149 | 1,104 |
| Total current liabilities | 1,478 | 1,008 | 683 | 753 | 650 | 778 | 383 |
| Net working capital | 1,234 | 1,154 | 822 | 596 | 653 | 371 | 721 |
| Total assets | 7,654 | 6,749 | 5,245 | 4,792 | 4,963 | 4,005 | 4,130 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 154 | 175 | 152 | 82.82 | 132 | 189 | 47.38 |
| Net cash from operating activities | 1,214 | 701 | 644 | 795 | 704 | 976 | 410 |
| Net cash from investing activities | (443) | (744) | (57.37) | 17.08 | (594) | (344) | 9.76 |
| Net cash from financing activities | (667) | 22.59 | (563) | (743) | (158) | (689) | (277) |
| Net change in cash | 104 | (20.56) | 23.23 | 68.72 | (48.80) | (57.61) | 143 |
| Closing cash | 269 | 167 | 188 | 156 | 89.83 | 137 | 191 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +19.8% | +26.0% | +5.2% | +1.7% | +16.6% | +23.9% | - |
| EBITDA growth | +21.1% | +24.1% | +16.8% | -12.7% | +35.7% | +10.8% | - |
| PBT growth | +14.7% | +17.6% | +2.4% | -4.9% | +49.9% | +9.6% | -9.6% |
| Net income growth | +28.5% | +13.1% | +0.8% | -4.6% | +17.2% | +36.4% | - |
| Revenue CAGR (3Y) | +16.6% | +10.5% | +7.7% | +13.7% | +15.7% | +12.8% | +4.9% |
| EBITDA CAGR (3Y) | +20.7% | +8.2% | +11.4% | +9.5% | +21.2% | +15.4% | +13.5% |
| Profitability & leverage | |||||||
| Net income margin | +7.1% | +7.5% | +8.1% | +8.5% | +9.1% | +7.1% | +8.3% |
| Return on capital employed | +16.3% | +15.4% | +15.6% | +14.9% | +16.4% | +15.6% | +12.9% |
| Return on net worth | +17.6% | +15.3% | +14.6% | +16.1% | +18.4% | +16.4% | +12.4% |
| Debt / equity | 0.65 | 0.53 | 0.41 | 0.50 | 0.51 | 0.46 | 0.35 |
| Long-term debt / equity | 0.24 | 0.22 | 0.16 | 0.23 | 0.25 | 0.18 | 0.08 |
| Interest cover | 21.45 | 20.07 | 20.83 | 18.54 | 11.80 | 16.84 | 17.73 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 1.52 | 1.51 | 1.39 | 1.35 | 1.43 | 1.36 | 1.25 |
| Inventory turnover | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Debtors turnover | 5.08 | 5.61 | 5.76 | 6.03 | 6.57 | 7.26 | 8.68 |
| EPS (₹) | 9.68 | 8.53 | 7.39 | 7.37 | 7.71 | 5.20 | 4.90 |
| Dividend per share (₹) | 5.50 | 4.00 | 3.50 | 3.50 | 3.50 | 3.00 | 2.50 |
| Book value per share (₹) | 62.91 | 58.79 | 53.09 | 48.31 | 43.51 | 40.21 | 39.86 |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 879 | 774 | 752 | 675 | 682 | 628 | 624 | 542 |
| Revenue growth (YoY) | +28.9% | +23.3% | +20.5% | +24.5% | +33.0% | - | - | - |
| Other income | 14.96 | 8.64 | 10.95 | 10.01 | 12.05 | 10.65 | 66.04 | 8.36 |
| Total expenses | 556 | 524 | 621 | 498 | 470 | 460 | 466 | 402 |
| EBITDA | 323 | 250 | 131 | 177 | 212 | 168 | 158 | 140 |
| EBITDA margin | +35.3% | +30.6% | +16.8% | +25.6% | +30.7% | +26.2% | +25.7% | +25.4% |
| Depreciation | 54.54 | 53.91 | 53.47 | 54.24 | 43.78 | 39.51 | 34.17 | 26.27 |
| Interest | 16.73 | 16.87 | 16.85 | 14.84 | 14.27 | 13.15 | 11.42 | 9.98 |
| Profit before tax | 267 | 188 | 71.43 | 118 | 166 | 126 | 178 | 112 |
| Tax | 59.76 | 47.59 | 12.63 | 19.73 | 31.17 | 33.14 | 30.08 | 20.44 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 2,883 | 2,307 | 1,601 | 1,376 | 1,592 | 1,325 | 940 |
| Revenue growth | +25.0% | +44.1% | +16.4% | -13.6% | +20.2% | +40.9% | - |
| Other income | 41.65 | 95.42 | 36.58 | 33.74 | 30.75 | 28.22 | 30.80 |
| Total expenses | 2,112 | 1,699 | 1,148 | 994 | 1,061 | 832 | 672 |
| Employee cost | 1,479 | 1,245 | 820 | 712 | 800 | 631 | 481 |
| EBITDA | 771 | 607 | 453 | 381 | 531 | 492 | 268 |
| EBITDA margin | +26.7% | +26.3% | +28.3% | +27.7% | +33.4% | +37.2% | +28.5% |
| Depreciation | 205 | 126 | 92.04 | 88.84 | 88.20 | 79.80 | 70.58 |
| Interest | 63.55 | 43.25 | 17.48 | 15.25 | 20.20 | 15.50 | 15.85 |
| Profit before tax | 543 | 534 | 380 | 311 | 453 | 425 | 212 |
| Tax | 111 | 107 | 60.20 | 62.72 | 65.77 | 58.68 | 29.97 |
| Net profit | 506 | 358 | 316 | 244 | 385 | 365 | 177 |
| Net profit margin | +17.5% | +15.5% | +19.7% | +17.8% | +24.2% | +27.6% | +18.8% |
| EPS (₹) | 6.20 | 6.13 | 4.59 | 3.56 | 5.56 | 5.27 | 2.62 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 697 | 697 | 697 | 697 | 697 | 696 | 694 |
| Reserves & surplus | 1,598 | 1,879 | 1,714 | 1,607 | 1,623 | 1,476 | 1,371 |
| Shareholders' funds (net worth) | 2,295 | 2,576 | 2,411 | 2,304 | 2,320 | 2,172 | 2,065 |
| Secured loans | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Unsecured loans | 953 | 813 | 348 | 158 | 265 | 248 | 215 |
| Total debt | 953 | 813 | 348 | 158 | 265 | 248 | 215 |
| Total liabilities | 3,583 | 3,433 | 2,778 | 2,479 | 2,599 | 2,430 | 2,289 |
| Assets | |||||||
| Gross block | 1,102 | 983 | 769 | 552 | 636 | 578 | 513 |
| Net block | 739 | 663 | 406 | 208 | 313 | 291 | 249 |
| Capital work in progress | 29.08 | 41.83 | 13.63 | 3.42 | 0.00 | 0.00 | 0.00 |
| Investments | 1,632 | 1,633 | 1,265 | 1,288 | 1,336 | 1,287 | 1,199 |
| Inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Sundry debtors | 1,199 | 895 | 729 | 637 | 537 | 535 | 374 |
| Cash & bank balances | 44.92 | 28.89 | 51.80 | 21.48 | 25.94 | 15.64 | 46.09 |
| Loans & advances | 120 | 105 | 67.07 | 66.19 | 129 | 73.11 | 85.80 |
| Total current assets | 1,364 | 1,028 | 848 | 725 | 691 | 624 | 505 |
| Total current liabilities | 709 | 368 | 180 | 140 | 149 | 198 | 76.55 |
| Net working capital | 655 | 661 | 669 | 585 | 542 | 426 | 429 |
| Total assets | 3,583 | 3,433 | 2,778 | 2,479 | 2,599 | 2,430 | 2,289 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 19.36 | 41.41 | 17.46 | 18.92 | 9.92 | 44.57 | 13.13 |
| Net cash from operating activities | 633 | 504 | 347 | 270 | 416 | 418 | 388 |
| Net cash from investing activities | (33.28) | (342) | (26.42) | 47.35 | (50.51) | (146) | 78.31 |
| Net cash from financing activities | (585) | (183) | (296) | (319) | (356) | (307) | (433) |
| Net change in cash | 14.87 | (22.06) | 23.95 | (1.46) | 9.00 | (34.65) | 32.97 |
| Closing cash | 44.92 | 28.89 | 51.80 | 21.48 | 25.94 | 15.64 | 46.09 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +25.0% | +44.1% | +16.4% | -13.6% | +20.2% | +40.9% | - |
| EBITDA growth | +26.8% | +34.2% | +18.7% | -28.2% | +7.8% | +84.0% | - |
| PBT growth | +1.8% | +40.5% | +22.1% | -31.4% | +6.6% | +100.6% | -4.9% |
| Net income growth | +41.3% | +13.3% | +29.2% | -36.6% | +5.5% | +106.5% | - |
| Revenue CAGR (3Y) | +28.0% | +13.2% | +6.5% | +13.5% | +27.5% | +15.4% | -0.0% |
| EBITDA CAGR (3Y) | +26.4% | +4.6% | -2.8% | +12.5% | +41.6% | +28.0% | +5.2% |
| Profitability & leverage | |||||||
| Net income margin | +15.0% | +18.5% | +20.0% | +18.1% | +24.4% | +27.7% | +19.4% |
| Return on capital employed | +19.9% | +16.7% | +15.1% | +12.9% | +18.8% | +18.7% | +9.9% |
| Return on net worth | +20.8% | +14.4% | +13.6% | +10.7% | +17.3% | +17.3% | +8.4% |
| Debt / equity | 0.36 | 0.23 | 0.11 | 0.09 | 0.11 | 0.11 | 0.05 |
| Long-term debt / equity | 0.19 | 0.15 | 0.08 | 0.07 | 0.09 | 0.09 | 0.04 |
| Interest cover | 11.25 | 8.98 | 4.84 | 5.21 | 4.56 | 3.76 | 8.04 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 2.76 | 2.63 | 2.42 | 2.32 | 2.62 | 2.43 | 2.29 |
| Inventory turnover | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Debtors turnover | 2.75 | 2.84 | 2.34 | 2.34 | 2.97 | 2.92 | 2.33 |
| EPS (₹) | 6.20 | 6.13 | 4.59 | 3.56 | 5.56 | 5.27 | 2.62 |
| Dividend per share (₹) | 5.50 | 4.00 | 3.50 | 3.50 | 3.50 | 3.00 | 2.50 |
| Book value per share (₹) | 32.93 | 36.96 | 34.59 | 33.06 | 33.28 | 31.20 | 29.77 |
To see the full year-wise statements and ratios of Firstsource Solutions Limited, buy the company report.
Board of directors of Firstsource Solutions Limited
Firstsource Solutions has 11 current directors and 26 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Utsav Parekh | Director | 02 Nov 2022 | 3 Years 11 Months | Current |
| Subrata Talukdar Also directs: Dhariwal Infrastructure Limited, Crescent Power Limited, Kolkata Games and Sports Private Limited and 3 more | Director | 05 Dec 2012 | 13 Years 10 Months | Current |
| Shashwat Goenka | Director | 05 Dec 2012 | 13 Years 10 Months | Current |
| Pradip Kumar Khaitan | Director | 14 Nov 2014 | 11 Years 11 Months | Current |
| Sanjiv Goenka | Director | 03 Dec 2012 | 13 Years 10 Months | Current |
| Vanita Uppal Also directs: Threesixty Garments Private Limited | Director | 05 May 2022 | 4 Years 5 Months | Current |
Showing 6 of 11 current directors. View all directors
Auditor
Firstsource Solutions Limited is audited by Deloitte Haskins & Sells LLP for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| Deloitte Haskins & Sells LLP | FY 2023 | 117366W/W-100018 |
Shareholding
Shareholding for the quarter ended Sep 2026: promoters hold 53.70%, foreign institutional investors hold 8.40%, domestic institutional investors hold 25.40% and retail and other public shareholders hold 12.50%.
Sep 2026
QUARTER
53.70% Promoters
25.40% DII (Domestic Institutional)
8.40% FII (Foreign Institutional)
12.50% Retail & Others
Promoter holding - history
Now 53.70% · Sep 2026High 53.70% · Dec 2025Low 53.70% · Dec 2025
Shareholding trend - last 6 quarters
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | |
|---|---|---|---|---|
| Promoters | 53.70% | 53.70% | 53.70% | 53.70% |
| Public | 46.30% | 46.30% | 46.30% | 46.30% |
Charges & borrowings
Open charges
None
Satisfied charges
₹1,960.1 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 18 Aug 2015 | 10590699 | Others | ₹150 Cr | Satisfied | |
| 22 Jul 2011 | 10306196 | Il & Fs Trust Company Limited | ₹1,734 Cr | Satisfied | |
| 08 Jan 2009 | 10137871 | 3I Infotech Trusteeship Services Limited | ₹6 Cr | Satisfied | |
| 22 Sep 2004 | 90350521 | Abn Amro Bank N.A | ₹1.1 Cr | Satisfied | |
| 08 Jun 2004 | 90350447 | Icici Bank Ltd. | ₹69 Cr | Satisfied |
To see the full charge records of Firstsource Solutions Limited, buy the company report.
Total charge records: 5 View all charges
Deals & funding
Firstsource Solutions Limited has 64 deals on record (51 market trades, 7 secondary share transfers, 4 funding rounds), with disclosed funding of ₹344.17 Cr; the latest was in April 2026.
Total deals
64
Market trades
51
Secondary share transfers
7
Funding rounds
4
Acquisition
1
Disclosed funding
₹344.17 Cr
Deals on record (5 of 64)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Apr 2026 | Market trade | ₹107.17 Cr | Buyer: NK Securities Research Private Limited Seller: NK Securities Research Private Limited |
| Aug 2024 | Market trade | ₹115.82 Cr | Buyer: Graviton Research Capital LLP Seller: Graviton Research Capital LLP |
| Aug 2024 | Market trade | ₹122.18 Cr | Buyer: Graviton Research Capital LLP Seller: Graviton Research Capital LLP |
| Aug 2024 | Market trade | ₹142.32 Cr | Buyer: Graviton Research Capital LLP Seller: Graviton Research Capital LLP |
| Aug 2024 | Market trade | ₹173.58 Cr | Buyer: Graviton Research Capital LLP Seller: Graviton Research Capital LLP |
To see the full deal history of Firstsource Solutions Limited, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Firstsource Solutions Limited has 60 court cases on record: 22 filed by Firstsource Solutions, 38 filed against it. 10 cases are pending and 50 are disposed.
Total cases
60
Filed by the company
22
Filed against the company
38
Pending
10
Disposed
50
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 40 | 21 | 5 |
| District courts | 18 | 15 | 5 |
| Supreme Court | 2 | 2 | 0 |
Cases on record (5 of 60)
| Court | Type of case | Party | Status |
|---|---|---|---|
| Bombay High Court | Court case (CARAP) | Filed against the company by Growthpal Technologies Pvt Ltd | Disposed |
| Bombay High Court | Court case (CHOL) | Filed by the company against Nirlon Ltd | Disposed |
| Bombay High Court | Interim or miscellaneous application | Filed by the company against Nirlon Ltd. | Disposed |
| Bombay High Court | Company petition | Filed by the company against First Ring India Pvt. Ltd (Transferer ) | Disposed |
| Bombay High Court | Appeal | Filed by the company against Firstring India Pvt. Ltd and Consumer Asset India Ltd With Icici Onesource Ltd. and 1 other | Disposed |
To see the full case history of Firstsource Solutions Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
Credit ratings & regulatory alerts
Firstsource Solutions Limited was last rated by Care on 20 Dec 2021.
| Rating agency | Rated on | Rating |
|---|---|---|
| Care | 20 Dec 2021 |
To see the full credit ratings and regulatory alerts of Firstsource Solutions Limited, buy the company report.
MSME payment delays
Firstsource Solutions Limited has 3 MSME Form 1 returns on record between 2019 and 2020, listing 65 overdue payments to 19 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (5 of 19)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Sigma Byte Computers Private Limited | |||
| Jabra Connect India Private Limited | |||
| Dhananjay Industrial Engineer Private Limited | |||
| Rac Infra Rental LLP | |||
| Plutus Ventures |
To see the full MSME payment records of Firstsource Solutions Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Group structure & subsidiaries
Firstsource Solutions has 1 subsidiary company and 1 associated company. This group structure data is as of FY 2023. The table lists each entity with its relationship and holding.
1
Subsidiary companies
1
Associated companies
Key subsidiaries
| Company Name | CIN | Shares held |
|---|---|---|
| Firstsource Process Management Services Limited | U72200KA2010PLC055713 |
To see the full group structure of Firstsource Solutions Limited, buy the company report.
Employees & EPFO
Firstsource Solutions Limited has a workforce of 14,601 employees on its EPFO records as of Apr 09, 2024, across 4 active EPFO establishments.
Employee count
14,601
Active EPFO establishments
4
Employee growth
3.09%
GST
Firstsource Solutions has 18 GST registrations: 11 active and 7 cancelled or inactive. The first 4 active GSTINs are listed below.
Total GSTINs
18
Active
11
Cancelled / inactive
7
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AAACI8904N1Z6 | Maharashtra | Active | 01 Jul 2017 |
| 27AAACI8904N2Z5 | Maharashtra | Active | 02 Jul 2017 |
| 24AAACI8904N1ZC | Gujarat | Active | 28 Jun 2017 |
| 23AAACI8904N1ZE | Madhya Pradesh | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Firstsource Solutions Limited, buy the company report.
Recent activity
Firstsource Solutions Limited has 61 board changes on record since 2002: 37 appointments and 24 cessations. The latest: Paras Kumar Chowdhary was appointed as Director on 05 Mar 2026.
Filing
Firstsource Solutions Limited has filed its annual Financial statements for the year ended 31 Mar 2026 with Roc Mumbai I.
Appointed
Paras Kumar Chowdhary was appointed as Director.
AGM
Firstsource Solutions Limited last Annual general meeting of members was held on 30 Jul 2025 as per latest MCA records.
Ceased
Anjani Agrawal ceased to be Director.
Appointed
Rajiv Kumar was appointed as Director.
Ceased
Pratip Chaudhuri ceased to be Director.
Appointed
Rekha Sethi was appointed as Director.
Appointed
Ritesh Mohan Idnani was appointed as Managing Director.
Appointed
Tharavanat Chandrasekharan Suseelkumar was appointed as Director.
Ceased
Vipul Khanna ceased to be Managing Director.
Ceased
Grace Elizabeth Koshie ceased to be Director.
Appointed
Utsav Parekh was appointed as Director.
64 earlier events are in the company report.
News
Frequently asked questions
Firstsource Solutions is an active public limited company based in Mumbai, Maharashtra, India. The company works in business process outsourcing, within the business outsourcing industry. It was incorporated on 06 December 2001 (25+ years old) and is registered under CIN L64202MH2001PLC134147. Listed on BSE: 532809 and NSE: FSL.
Firstsource Solutions reported revenue of ₹9,556.39 Cr for FY 2025-26 (up 19.7% YoY) based on consolidated financials.
Firstsource Solutions has 11 current directors:
- Ritesh Mohan Idnani - Managing Director
- Utsav Parekh - Director
- Subrata Talukdar - Director
- Shashwat Goenka - Director
- Pradip Kumar Khaitan - Director
- Sanjiv Goenka - Director
- Vanita Uppal - Director
- Rajiv Kumar - Director
- Tharavanat Chandrasekharan Suseelkumar - Director
- Rekha Sethi - Director
- Paras Kumar Chowdhary - Director
The latest financial statements of Firstsource Solutions on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 30 July 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Firstsource Solutions is 27AAACI8904N1Z6, registered in Maharashtra. The company has 18 GST registrations in all, of which 11 are active and 7 are cancelled or inactive. Other active GSTINs include 27AAACI8904N2Z5 (Maharashtra), 24AAACI8904N1ZC (Gujarat), 23AAACI8904N1ZE (Madhya Pradesh).
The CIN (Corporate Identification Number) of Firstsource Solutions is L64202MH2001PLC134147. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. Firstsource Solutions is a listed company as per MCA records. Its shares are listed on both BSE (code: 532809) and NSE (symbol: FSL).
Firstsource Solutions has 60 court cases on record: 22 filed by the company and 38 filed against it. 10 are pending. Most are in the high courts.
Firstsource Solutions was incorporated on 06 December 2001, making it 25+ years old. It is registered with the Registrar of Companies, Mumbai.
Firstsource Solutions has 64 deals on record (51 market trades, 7 secondary share transfers, 4 funding rounds), with disclosed funding of ₹344.17 Cr; the latest was in April 2026.
Paras Kumar Chowdhary was appointed as Director on 05 Mar 2026. Anjani Agrawal ceased to be Director on 11 May 2024. Rajiv Kumar was appointed as Director on 03 May 2024. Firstsource Solutions has 61 board changes on record in total.