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Business process outsourcing company (RP-Sanjiv Goenka Group) serving banking, healthcare and telecom clients globally.
Business process outsourcing company (RP-Sanjiv Goenka Group) serving banking, healthcare and telecom clients globally.
Paid under multi-year contracts on a per-transaction, per-seat or outcome basis to take over routine back-office and customer-service work, mostly for clients in the US and UK. The RP-Sanjiv Goenka Group controls it.
In one line: India's smaller Concentrix/TTEC for BPO services.
Moat: none (distribution). Established multi-vertical BPO relationships, but a commoditized, price-competitive services business.
Headquarters: Mumbai, India · Founded: 2001 · Employees: 36,205
Size Firstsource Solutions (FSL.NS) is an India Industrials company (Miscellaneous Commercial Services) with a market value of $2.16B, the 357th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹293.65 on 6 Nov 2026.
Performance Over six months the shares gained 24.9%, against +0.1% for the median peer and 0.0% for the India market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 20.3% over the last twelve months (peer median +12.7%); the operating margin is 12.2% (peer median 21.5%).
Valuation It trades at 22.0× forward earnings against a peer median of 20.2× (8th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 20% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is +7 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.2 points below its cost of capital (13.3% WACC).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹106B | ₹95.6B | ₹79.8B | ₹63.4B | ₹60.2B |
| Revenue growth | — | +20% | +26% | +5% | — |
| Gross profit | ₹12.9B | ₹31.1B | ₹19.6B | ₹15.7B | ₹12.9B |
| EBITDA | ₹17.5B | ₹16.1B | ₹12.5B | ₹10.0B | ₹8.65B |
| Net income | ₹7.24B | ₹6.74B | ₹5.94B | ₹5.15B | ₹5.14B |
| Free cash flow | ₹8.76B | ₹10.2B | ₹4.63B | ₹5.60B | ₹7.42B |
| Capital expenditure | ₹2.29B | ₹1.96B | ₹2.41B | ₹851M | ₹536M |
| Total debt | ₹29.2B | ₹29.2B | ₹25.7B | ₹15.3B | ₹13.9B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Firstsource Solutions FSL.NS | $2.16B | +25% | +20% | 12% | 22.0× | 20.3% |
| Concentrix CNXC | $1.85B | +25% | +3% | 8% | 2.6× | -11.9% |
| eClerx Services ECLERX.NS | $1.59B | 0% | +22% | 20% | 19.4× | 17.2% |
| Genpact G | $7.07B | +30% | +7% | 16% | 9.9× | -7.5% |
| ExlService EXLS | $6.51B | +39% | +16% | 14% | 17.0× | 9.4% |
| Teleperformance TEP.PA | $4.60B | +3% | -3% | 10% | 5.0× | -10.2% |
| Sagility SAGILITY.NS | $2.15B | +2% | +28% | 18% | 16.4× | 10.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FSL.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.3% | +0.5% | 5th highest of 21 |
| 6-month return | +24.9% | +0.1% | 4th highest of 21 |
| Distance from 52-week high | -21.0% | -28.1% | 8th highest of 21 |
| Revenue growth (TTM) | +20.3% | +12.7% | 8th highest of 19 |
| Operating margin | 12.2% | 21.5% | 8th lowest of 20 |
| Forward P/E | 22.0× | 20.2× | 8th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 20.3% | 4.2% | 5th most demanding of 17 |
| Growth delivered (Del g) | +13.5% | +19.5% | 8th lowest of 16 |
| Hurdle (Req g minus delivered) | +6.8 pp | -9.2 pp | 3rd most demanding of 16 |
| ROIC minus cost of capital | -0.2 pp | +2.4 pp | 5th lowest of 18 |
| EV / EBITDA | 13.1× | 10.9× | 4th most expensive of 9 |
| Net debt / EBITDA | 1.4× | -0.1× | 3rd most indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Firstsource Solutions FSL.NS | India | $2.16B | +25% | +20% | 12% | 22.0× | 20.3% | +13.5% |
| China Automotive Engineering Research Institute 601965.SS | China | $2.18B | -8% | +12% | 24% | 13.2× | -5.6% | +7.9% |
| Sagility SAGILITY.NS | India | $2.15B | +2% | +28% | 18% | 16.4× | 10.3% | +19.5% |
| Biocytogen Pharmaceuticals (Beijing) 688796.SS | China | $2.22B | -19% | +40% | 24% | 92.6× | 32.3% | +41.1% |
| TIC Solutions TIC | United States | $2.26B | +5% | +39% | -1% | n/a | 51.8% | n/a |
| Suzhou Nanomicro Technology 688690.SS | China | $2.31B | +17% | +26% | 25% | 57.1× | 35.3% | +35.2% |
| Sigurd Microelectronics 6257.TW | Taiwan | $2.33B | -19% | +12% | 22% | 14.0× | n/a | n/a |
| Ardentec 3264.TWO | Taiwan | $2.36B | -30% | +32% | 30% | 12.3× | 5.2% | +7.7% |
| V2X VVX | United States | $2.39B | +9% | +13% | 4% | 11.3× | -1.4% | +26.3% |
| Anhui XDLK Microsystem 688582.SS | China | $1.95B | -36% | -38% | 21% | 37.3× | 55.7% | +37.0% |
| Heron Neutron Medical 7799.TW | Taiwan | $1.94B | +15% | n/a | -5,071% | 380.6× | n/a | n/a |
| Shanghai GenTech 688596.SS | China | $2.42B | +56% | +4% | 2% | 76.5× | n/a | n/a |
| Xi'an Taijin New Energy & Materials Sci-Tech 688813.SS | China | $1.93B | -13% | n/a | n/a | n/a | n/a | n/a |
| S-1 012750.KS | South Korea | $2.45B | +14% | +1% | 7% | 21.8× | -1.2% | +5.4% |
| Jiangsu Guotai International 002091.SZ | China | $1.91B | -11% | +7% | 6% | 10.0× | -20.9% | +5.5% |
| Insperity NSP | United States | $1.90B | +53% | +2% | 0% | 19.9× | 19.5% | +9.7% |
| KWS SAAT SE & Co KGaA KWS.DE | Germany | $2.48B | -12% | -3% | 15% | 13.2× | -8.2% | +4.4% |
| Visional 4194.T | Japan | $2.51B | +32% | +24% | 25% | 20.2× | -2.4% | +28.2% |
| CECEP Environmental Protection 300140.SZ | China | $2.51B | -18% | -2% | 23% | n/a | -1.2% | +26.0% |
| International Gemological Institute IGIL.NS | India | $1.86B | +12% | +21% | 58% | 24.4× | 14.6% | +37.6% |
| Focus Technology 002315.SZ | China | $1.86B | -1% | +14% | 24% | 22.1× | 3.2% | +10.6% |