# Firstsource Solutions share price today (Firstsource Solutions Ltd, NSE: FSL)

> Firstsource Solutions share price today: ₹290.40 at the NSE close on 4 November 2026, down 14.7% in a year. Firstsource Solutions (NSE: FSL) is worth ₹20,525 crore, trades at a P/E of 24.1 and has closed between ₹209.27 and ₹362.70 over the past 52 weeks. > Firstsource Solutions Ltd's earnings have grown faster than its share price. Earnings per share grew +13.4% in a year while the price moved −14.7%. FSL · IT Enabled Services · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/firstsource-solutions-ltd

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## Key numbers

- Business trend: Growing steadily, from the last 12 quarters
- Price: ₹290.40 (−14.7% in a year)
- P/E: 24.1× (higher than 72% of the last 11 years)
- Revenue (Sep 2026): ₹2,826 Cr (+22.2% on a year ago)
- Profit (Sep 2026): ₹232 Cr (+28.9% on a year ago)
- Operating margin: 17.0% (+1.0 points on a year ago)
- ROCE: 17%, FY26
- ROIC: 14.0%, against a 12.0% cost of capital: +2.0 points

The main question: yearly earnings per share moved +13.4% while the share price moved −14.7%. ## What is the Firstsource Solutions share price today? Firstsource Solutions Ltd's share price was ₹290.40 at the close on 4 November 2026. It has been moving sideways for 7 weeks. That is 5.6% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹209 and ₹363, and at that close it sat 53% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 15 weeks in a row. Over the last 11 years the share price moved +732% while the NIFTY 500 moved +251%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Firstsource Solutions this quarter? Three changes stood out: foreign funds (FIIs) cut their stake for 8 quarters in a row, revenue up on a year earlier for 12 quarters in a row (every quarter we can compare) and highest quarterly profit in 16 quarters. 1. Foreign funds (FIIs) cut their stake for 8 quarters in a row From 11.6% to 7.4% of the company by the September 2026 quarter. 2. Revenue up on a year earlier for 12 quarters in a row (every quarter we can compare) In the September 2026 quarter revenue was ₹2,826 crore, +22.2% on a year earlier. Why: Revenue rose because banking and financial services work grew strongly, helped by nine new customers. Next results: check whether the large contracts just won start bringing in money. From the earnings call on 29 Oct 2026. 3. Highest quarterly profit in 16 quarters Profit of ₹232 crore in the September 2026 quarter is the highest of the last 16 quarters. Why: Profit rose because the company kept staff costs low even as it added more people and gave pay rises, so more of each sale became profit. Next results: check whether profit margin holds as senior staff pay rises land and some gains are spent on new skills. From the earnings call on 29 Oct 2026. ## What are Firstsource Solutions' latest quarterly results? For July to September 2026 (the quarter ended 30 September 2026), Firstsource Solutions reported revenue of ₹2,826 crore, up 22.2% from ₹2,312 crore a year earlier, and a profit of ₹232 crore, up 28.9% from ₹180 crore. ### Firstsource Solutions results: July to September 2026 against a year earlier

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹2,826 crore | ₹2,312 crore | +22.2% |
| Profit | ₹232 crore | ₹180 crore | +28.9% |
| Earnings per share | ₹3.29 | ₹2.54 | +29.5% |
| Operating margin | 17.0% | 16.0% | +1.0 points |

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). Firstsource Solutions' management discussed these results on a call held on 29 October 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.)

## What is the Firstsource Solutions share price history? Firstsource Solutions closed at ₹290.40 on 4 November 2026, down 14.7% from ₹340.45 a year earlier (7 November 2025) and up 44.8% over five years. Its highest weekly close since March 2016 was ₹401.25 on 3 January 2025. ### Firstsource Solutions share price: then and now

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹292.90 | −0.9% |
| 1 month ago · 1 Oct 2026 | ₹250.40 | +16.0% |
| 6 months ago · 8 May 2026 | ₹274.26 | +5.9% |
| 1 year ago · 7 Nov 2025 | ₹340.45 | −14.7% |
| 3 years ago · 3 Nov 2023 | ₹160.60 | +80.8% |
| 5 years ago · 4 Nov 2021 | ₹200.55 | +44.8% |
| 10 years ago · 4 Nov 2016 | ₹37.65 | +671.3% |
| Earliest weekly close in our records · 11 Mar 2016 | ₹34.90 | +732.1% |
| Highest weekly close since March 2016 · 3 Jan 2025 | ₹401.25 | −27.6% |
| Lowest weekly close since March 2016 · 27 Mar 2020 | ₹27.45 | +957.9% |
| 52-week high (weekly close) · 14 Nov 2025 | ₹362.70 | −19.9% |
| 52-week low (weekly close) · 24 Apr 2026 | ₹209.27 | +38.8% |

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (563 weekly closes from 11 March 2016 to 4 November 2026.)

## What is the latest news on Firstsource Solutions? 4 Nov 2026: Firstsource Solutions closed at ₹290.40, down 0.9% on the week and up 16.0% on the month. 29 Oct 2026: Firstsource Solutions held its results call for July to September 2026. Management guided: FY27 constant-currency revenue growth 10.5% to 13% versus 10% to 13% earlier. ### Earlier

- Results for July to September 2026: Revenue up 22.2% and profit up 28.9% on a year earlier. - 20 Feb 2026: ex-date for an interim dividend of ₹5.50 a share. ## What dividend does Firstsource Solutions pay? Firstsource Solutions paid ₹5.50 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 1.89% at the ₹290.40 close on 4 November 2026. The last was an interim dividend of ₹5.50 a share, ex-date 20 February 2026. ### Firstsource Solutions dividends since 1 April 2021

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 20 Feb 2026 | ₹5.50 | Interim | same day |
| 21 Feb 2025 | ₹4 | Interim | same day |
| 16 Feb 2024 | ₹3.50 | Interim | same day |
| 17 Feb 2023 | ₹3.50 | Interim | same day |
| 17 Feb 2022 | ₹3.50 | Interim | 18 Feb 2022 |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. Firstsource Solutions Ltd paid out 57% of its profit as dividends in FY26, and it paid a dividend in 9 of its last 13 reported years. (From the NSE corporate-actions record, read 5 November 2026.)

## What did Firstsource Solutions management say on the latest results call? On the call for July to September 2026, held on 29 October 2026, Firstsource Solutions' management guided: FY27 constant-currency revenue growth 10.5% to 13% versus 10% to 13% earlier. > “Today, more than 50% of our revenues are already non-linear in nature, which we understand is an industry-leading metric.”
> Ritesh Idnani, on the call for July to September 2026

### What management guided

- FY27 EBIT margin 12.25% to 12.75%. - H2 revenue stronger than H1 broad-based across verticals. - EBIT margin 14% to 15% band over next 2 to 3 years via 50 to 75 basis points yearly. - Effective tax rate 22% to 24%. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijorifinance.com/insight/india/4695/Conference Call/CC-Oct26.pdf). (From the call for July to September 2026, 29 October 2026.)

## What to watch in Firstsource Solutions' next results? When Firstsource Solutions reports October to December 2026, these are the 3 checks that show whether the story is still on course. First: Advance banking hiring converts to revenue - per onboarding ahead of revenue commentary this quarter. - What to check (from the call)
- Advance banking hiring converts to revenue - per onboarding ahead of revenue commentary this quarter. - Healthcare returns to sequential growth - per payer timing behind plus logo and AI platform traction noted. - Margin lasts through senior hike absorption - per flagged range and optimization levers cited. ## Which stock lists is Firstsource Solutions on? Firstsource Solutions is on 3 of our India lists: Dividend stocks, Small & mid cap stocks and IT stocks. - [Dividend stocks Regular dividend yield (%): 1.89](https://www.sectoralpha.in/dividend-stocks-india)
- [Small & mid cap stocks Size rank in India: 355](https://www.sectoralpha.in/small-cap-stocks-india)
- [IT stocks Market value (₹ crore): 20532.241720723796](https://www.sectoralpha.in/sectors/it-stocks-india)

## Is Firstsource Solutions profitable? Firstsource Solutions Ltd earned ₹232 Cr of net profit in the Sep 2026 quarter, +28.9% on the same quarter a year earlier. Full-year FY26 profit was ₹674 Cr. Over 10 years profit has grown 10.0% a year on average. That is 8.2% of the quarter's revenue. The same quarter a year earlier earned ₹180 Cr. For the full year, FY26 profit was ₹674 Cr (+13.5% on the year before). Why profit moved: revenue changed +22.2% on a year earlier and the margin moved +1.0 percentage points. Sales did the work, and the margin was about flat. On average over the last four quarters, profit changed +7.3% and revenue +20.2%. Profit is growing slower than sales: rising costs are taking part of the growth. ## How much revenue does Firstsource Solutions make, and is it growing? Firstsource Solutions Ltd reported ₹2,826 Cr of revenue in the Sep 2026 quarter, +22.2% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 10 years it has grown 11.5% a year on average. The last full year, FY26, came in at ₹9,556 Cr. The last four reported quarters add to ₹10,577 Cr. FY26 revenue was ₹9,556 Cr, +19.7% on the year before. Recent pace: the last four quarters grew +20.2% on average, against 11.5% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +20.3%, against +23.1% a year over the last 8 quarters (stabilising); profit over the last 12 months grew +7.9%, against +16.1% a year (rolling over). ## How much of every ₹100 of sales does Firstsource Solutions keep? Firstsource Solutions Ltd's operating margin was 17.0% in the Sep 2026 quarter, 1.0 percentage points higher than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 13 years it has been between 12.0% and 17.0%. The latest quarter is within that range. Why the margin moved: operating margin changed +0.4 percentage points on the year while gross margin changed +0.0 points. So the gain came mostly from costs below the gross margin, such as staff and overheads, measured against sales. When margins are at a record, every ratio built on profit looks better than usual, so watch whether they hold. ## Is Firstsource Solutions' profit turning into cash? Over the last 3 years, 144% of Firstsource Solutions Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹1,214 Cr of operating cash against ₹674 Cr of profit. After ₹988 Cr of spending on assets, ₹226 Cr was left over as free cash. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 144% of profit came in as cash: the cash cycle got 18 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives. What to look at next: the bigger use of cash is spending on new assets, at 2.8× depreciation over three years. The next section checks what that spending is building. ## Where does Firstsource Solutions' cash go? Firstsource Solutions Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 79 days in FY26, up from 61 days in FY21. It spent ₹2,899 Cr on assets over the last 3 years. At FY26 sales of ₹9,556 Cr, each day of that cycle ties up about ₹26.2 Cr, so roughly ₹2,068 Cr is tied up in the business at any time. Spending on assets: ₹2,899 Cr over the last 3 years, against ₹1,021 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹30.0 Cr (FY26): assets paid for that are not earning yet. In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns. ## What is Firstsource Solutions' P/E ratio, and how does it compare with its own history? Firstsource Solutions Ltd's P/E is 24.1×, near the high end of its own history: higher than 72% of past readings. Its usual P/E (the middle reading) is 15.5×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Sep 2026 add up to ₹10.24. Why the multiple is where it is: over the past year earnings per share moved +13.4% while the price moved −14.7%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 5 years the price moved +7.7% a year; about +12.2% a year came from earnings growth and about −4.5 percentage points from the multiple (the market paying less); over 10 years the price moved +22.7% a year; about +10.9% a year came from earnings growth and about +11.8 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple. ## Is the Firstsource Solutions business getting better or worse? Firstsource Solutions Ltd's business is growing steadily. Revenue, profit and EPS growth have stayed positive throughout, and ROCE is steady at 19.0%. This is based on 12 quarters of 4 measures. Why it matters: steady growth with healthy returns is how a business compounds over time. ## How much does Firstsource Solutions earn on its capital? Firstsource Solutions Ltd earned a ROCE of 17% in FY26. That is up from a low of 9% in FY14. Its return on capital used (ROIC) is 2.0 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 7.1% net margin and 1.05× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 7.1% net margin × 1.05× asset turnover × 2.08× leverage (assets divided by equity) ≈ 15.5% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 14.0% − 12.0% = +2.0 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Positive but thin: it creates value with little room for error. ## Does Firstsource Solutions have too much debt? Firstsource Solutions Ltd has total debt of ₹2,921 Cr against shareholder equity of ₹4,878 Cr as of Sep 2026, so its debt is 0.60× its equity. Year by year, that ratio went from 0.60 in FY22 to 0.67 in FY26. Keep that borrowing in mind when reading the returns on this page. ## What is the Firstsource Solutions shareholding pattern? Domestic institutions raised their stake in Firstsource Solutions Ltd by 8.2 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 26.8% of the company. Foreign institutions moved −4.2 points over the same period, to 7.4%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Domestic institutions: +8.2 points over 8 quarters, to 26.8%; Foreign institutions: −4.2 points over 8 quarters, to 7.4%; Promoters: +0.0 points over 8 quarters, to 53.7%. Why the owners changed: foreign institutions moved −4.2 points and domestic institutions +8.2 points over 8 quarters, while promoters stayed about the same. One group of institutions took over shares from the other; it is not a change of mind by the people running the company. ## How far is Firstsource Solutions from balance-sheet trouble? For Firstsource Solutions Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Firstsource Solutions rank in its industry? 69.7 out of 100, rank 2 of 12 in IT Enabled Services, with 100% of the evidence available. Firstsource Solutions Ltd scores 69.7 out of 100 against the 12 companies it is compared with in IT Enabled Services, ranking 2. Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. The four parts add up to the total exactly: 23.1 + 17.4 + 11.1 + 18.1 = 69.7. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Firstsource Solutions compared with? Firstsource Solutions ranks 2 of 12 IT Enabled Services companies on the 4-Factor Sector Score, with 69.7 out of 100. 1. [Alldigi Tech Ltd](https://www.sectoralpha.in/stocks/alldigi-tech-ltd) ALLDIGI · turning · Most evidence points up · 85% evidence 72.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.6/35 · Revenue 6.1% · Profit 31.9% · Operating margin change 6 points · 100% evidence Capital efficiency 20.7/25 · ROCE 27.9% · Operating margin 30% · 100% evidence Valuation 15.5/20 · P/E 12.5× · PEG 0.62 · 100% evidence Relative strength 11.5/20 · Lead over its industry n/a · Lead over NIFTY 500 6.7% · 1 year -6% · 25% evidence · 1 of 12 weeks ahead Exact sum: 24.6 + 20.7 + 15.5 + 11.5 = 72.3 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. Firstsource Solutions Ltd this page FSL · losing its lead · Most evidence points up · 100% evidence 69.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.1/35 · Revenue 20.3% · Profit 7.9% · Operating margin change 1 points · 100% evidence Capital efficiency 17.4/25 · ROCE 16.8% · Operating margin 17% · 100% evidence Valuation 11.1/20 · P/E 24.3× · PEG 0.81 · 100% evidence Relative strength 18.1/20 · Lead over its industry 12.8% · Lead over NIFTY 500 12.2% · 1 year -17.2% · 100% evidence · 7 of 12 weeks ahead Exact sum: 23.1 + 17.4 + 11.1 + 18.1 = 69.7 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 3. [eClerx Services Ltd](https://www.sectoralpha.in/stocks/eclerx-services-ltd) ECLERX · quiet · Evidence leans up · 100% evidence 58.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.7/35 · Revenue 22.4% · Profit 18.2% · Operating margin change -3 points · 100% evidence Capital efficiency 20.9/25 · ROCE 34.4% · Operating margin 24% · 100% evidence Valuation 10.2/20 · P/E 20.2× · PEG 0.85 · 100% evidence Relative strength 5.2/20 · Lead over its industry -10.2% · Lead over NIFTY 500 -10.8% · 1 year -34.1% · 100% evidence · 10 of 12 weeks ahead Exact sum: 21.7 + 20.9 + 10.2 + 5.2 = 58 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [One Point One Solutions Ltd](https://www.sectoralpha.in/stocks/one-point-one-solutions-ltd) ONEPOINT · breaking out · Evidence leans up · 89% evidence 56.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.7/35 · Revenue 52.3% · Profit 32.4% · Operating margin change 1 points · 88% evidence Capital efficiency 10.6/25 · ROCE 9.6% · Operating margin 23% · 100% evidence Valuation 3.8/20 · P/E 41.5× · PEG 3.95 · 65% evidence Relative strength 20.0/20 · Lead over its industry 34.8% · Lead over NIFTY 500 34.8% · 1 year 54.9% · 100% evidence · 6 of 12 weeks ahead Exact sum: 21.7 + 10.6 + 3.8 + 20 = 56.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [IRIS Regtech Solutions Ltd](https://www.sectoralpha.in/stocks/iris-regtech-solutions-ltd) IRIS · Evidence leans up · 76% evidence 55.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 29.0/43.75 · Revenue 18.6% · Profit 100% · Operating margin change -6.1 points · 88% evidence Capital efficiency 7.8/31.25 · ROCE 10.6% · Operating margin -5.1% · 100% evidence Valuation 18.7/25 · P/E 37.8× · PEG 0.69 · 100% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 29 + 7.8 + 18.7 = 55.5 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: There is no relative-strength reading for this week, so the score is built from earnings, capital efficiency and valuation alone. 6. [Happiest Minds Technologies Ltd](https://www.sectoralpha.in/stocks/happiest-minds-technologies-ltd) HAPPSTMNDS · quiet · Evidence leans up · 81% evidence 54.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.0/35 · Revenue 11.5% · Profit 16.8% · Operating margin change 2 points · 88% evidence Capital efficiency 16.3/25 · ROCE 13.3% · Operating margin 19% · 100% evidence Valuation 13.9/20 · P/E 19.3× · PEG 1.4 · 100% evidence Relative strength 7.8/20 · Lead over its industry n/a · Lead over NIFTY 500 -20% · 1 year -42.3% · 25% evidence · 3 of 12 weeks ahead Exact sum: 16 + 16.3 + 13.9 + 7.8 = 54 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Aurum Proptech Ltd](https://www.sectoralpha.in/stocks/aurum-proptech-ltd) AURUM · quiet · Evidence leans up · 74% evidence 54.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.6/35 · Revenue 72.5% · Profit 100% · Operating margin change 4.1 points · 74% evidence Capital efficiency 7.5/25 · ROCE 1.3% · Operating margin 26% · 100% evidence Valuation 8.5/20 · P/E 124× · PEG n/a · 15% evidence Relative strength 11.4/20 · Lead over its industry 8.1% · Lead over NIFTY 500 8.4% · 1 year 17.4% · 100% evidence · 8 of 12 weeks ahead Exact sum: 26.6 + 7.5 + 8.5 + 11.4 = 54 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [Latent View Analytics Ltd](https://www.sectoralpha.in/stocks/latent-view-analytics-ltd) LATENTVIEW · quiet · Evidence leans up · 67% evidence 53.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 17.1/35 · Revenue 20.3% · Profit 5.2% · Operating margin change -2 points · 95% evidence Capital efficiency 15.8/25 · ROCE 15.8% · Operating margin 20% · 76% evidence Valuation 13.0/20 · P/E 21.8× · PEG n/a · 50% evidence Relative strength 7.5/20 · Lead over its industry n/a · Lead over NIFTY 500 -33.6% · 1 year -53.1% · 25% evidence · 0 of 12 weeks ahead Exact sum: 17.1 + 15.8 + 13 + 7.5 = 53.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [Route Mobile Ltd](https://www.sectoralpha.in/stocks/route-mobile-ltd) ROUTE · basing · Evidence leans down · 74% evidence 44.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 11.7/35 · Revenue 0.9% · Profit 99.5% · Operating margin change -2 points · 71% evidence Capital efficiency 14.7/25 · ROCE 17.4% · Operating margin 10% · 76% evidence Valuation 14.4/20 · P/E 7.9× · PEG n/a · 50% evidence Relative strength 4.1/20 · Lead over its industry -15% · Lead over NIFTY 500 -15.2% · 1 year -38.4% · 100% evidence · 0 of 12 weeks ahead Exact sum: 11.7 + 14.7 + 14.4 + 4.1 = 44.9 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 10. [Protean eGov Technologies Ltd](https://www.sectoralpha.in/stocks/protean-egov-technologies-ltd) PROTEAN · breaking out · Evidence leans down · 81% evidence 42.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 12.8/35 · Revenue 21.4% · Profit -13.3% · Operating margin change -2.8 points · 88% evidence Capital efficiency 10.8/25 · ROCE 12.7% · Operating margin 5% · 100% evidence Valuation 7.9/20 · P/E 29.9× · PEG 1.9 · 100% evidence Relative strength 11.2/20 · Lead over its industry n/a · Lead over NIFTY 500 6.5% · 1 year -25.5% · 25% evidence · 6 of 12 weeks ahead Exact sum: 12.8 + 10.8 + 7.9 + 11.2 = 42.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [RPSG Ventures Ltd](https://www.sectoralpha.in/stocks/rpsg-ventures-ltd) RPSGVENT · losing its lead · Evidence leans down · 68% evidence 41.1 out of 100 Growth Capital Valuation Relative
12. [Hinduja Global Solutions Ltd](https://www.sectoralpha.in/stocks/hinduja-global-solutions-ltd) HGS · quiet · Most evidence points down · 76% evidence 20.6 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [IT Enabled Services](https://www.sectoralpha.in/sectors/it-enabled-services), all 12 compared on one page. ## Which companies are close to Firstsource Solutions in size? Firstsource Solutions is the largest of 12 IT Enabled Services companies on Sector Alpha by market value (scores of 30 October 2026). It is the largest. Just below it: eClerx Services, Happiest Minds Technologies, Latent View Analytics, Route Mobile, RPSG Ventures and Protean eGov Technologies. ### IT Enabled Services companies close in size

1. Firstsource Solutions Ltd ₹20,709 crore
2. [eClerx Services Ltd](https://www.sectoralpha.in/stocks/eclerx-services-ltd) ₹14,641 crore
3. [Happiest Minds Technologies Ltd](https://www.sectoralpha.in/stocks/happiest-minds-technologies-ltd) ₹4,532 crore
4. [Latent View Analytics Ltd](https://www.sectoralpha.in/stocks/latent-view-analytics-ltd) ₹4,357 crore
5. [Route Mobile Ltd](https://www.sectoralpha.in/stocks/route-mobile-ltd) ₹2,764 crore
6. [RPSG Ventures Ltd](https://www.sectoralpha.in/stocks/rpsg-ventures-ltd) ₹2,661 crore
7. [Protean eGov Technologies Ltd](https://www.sectoralpha.in/stocks/protean-egov-technologies-ltd) ₹2,572 crore

[All 12 IT Enabled Services companies, largest first](https://www.sectoralpha.in/sectors/it-enabled-services#all-companies)

### Companies close in size in other industries

1. [ITI Ltd](https://www.sectoralpha.in/stocks/iti-ltd) ₹20,799 crore · Telecom Services
2. [Deepak Nitrite Ltd](https://www.sectoralpha.in/stocks/deepak-nitrite-ltd) ₹20,724 crore · Chemicals - Inorganic
3. Firstsource Solutions Ltd ₹20,709 crore
4. [Welspun Living Ltd](https://www.sectoralpha.in/stocks/welspun-living-ltd) ₹20,698 crore · Textiles - Home Textile
5. [Amber Enterprises India Ltd](https://www.sectoralpha.in/stocks/amber-enterprises-india-ltd) ₹20,685 crore · Consumer Electronics - EMS

## What else do people ask about Firstsource Solutions? ### What is Firstsource Solutions's share price today? Firstsource Solutions Ltd's share price is ₹290.40, −14.7% over the past year. The whole company is worth ₹20,525 Cr on the market. In the last 52 weeks it traded between ₹209 to ₹363; today it is 53% of the way up from the low, 5.6% above its 200-day average (as of 4 November 2026). ### What were Firstsource Solutions's latest quarterly results? Firstsource Solutions Ltd reported revenue of ₹2,826 Cr and net profit of ₹232 Cr for the Sep 2026 quarter. Revenue rose 22.2% and profit rose 28.9% compared with a year earlier. Earnings per share were ₹3.29. The operating margin was 17.0%, 1.0 percentage points higher than a year earlier (as of 4 November 2026). ### What is Firstsource Solutions's market cap? Firstsource Solutions Ltd's market capitalisation is ₹20,525 Cr at a share price of ₹290.40. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is Firstsource Solutions performing? Firstsource Solutions Ltd's share price has been moving sideways for 7 weeks. In its latest quarter, revenue rose 22.2% and profit rose 28.9% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 15 weeks running (as of 4 November 2026). ### Will Firstsource Solutions's share price go up? This page does not forecast Firstsource Solutions Ltd's share price. What it shows instead: the share price is ₹290.40, and it has been moving sideways for 7 weeks. Its P/E of 24.1× is higher than 72% of its own last 11 years (as of 4 November 2026). ### Who owns Firstsource Solutions? Promoters own 53.7% of Firstsource Solutions Ltd, foreign institutions 7.4%, domestic institutions 26.8% and the public 11.3% (latest quarter). The biggest change over the last two years: Domestic institutions raised their stake by 8.2 percentage points over 8 quarters (as of 4 November 2026). ### Does Firstsource Solutions have too much debt? Firstsource Solutions Ltd has a moderate amount of debt: its debt is 0.67× its equity, and its operating profit is 7 times its interest bill. FY26 borrowings were ₹2,922 Cr against equity of ₹4,385 Cr. Keep that borrowing in mind when reading the returns on this page (as of 4 November 2026). ### Where is Firstsource Solutions in its business cycle? Firstsource Solutions Ltd's FY26 operating margin was 17.0%, against a 13-year range of 12.0% to 17.0%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 17.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the Firstsource Solutions story? The main question: yearly earnings per share moved +13.4% while the share price moved −14.7%. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is Firstsource Solutions a stock worth studying right now? What the numbers show: Firstsource Solutions Ltd's earnings have grown faster than its share price. Earnings per share grew +13.4% in a year while the price moved −14.7%. The main open question: whether the price catches up with earnings that have already grown. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a Firstsource Solutions share price forecast for 2026? What management itself guided: FY27 constant-currency revenue growth 10.5% to 13% versus 10% to 13% earlier. ## Lists

- Dividend stocks: https://www.sectoralpha.in/dividend-stocks-india
- Small & mid cap stocks: https://www.sectoralpha.in/small-cap-stocks-india
- IT stocks: https://www.sectoralpha.in/sectors/it-stocks-india

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