Firstsource Solutions Ltd.
FSLServices filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
18 transcript(s)/analyst meet(s) served; 0 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 18 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| TRANSCRIPT | 20220511 | 2022-03-31 | yes | |
| TRANSCRIPT | 20220809 | 2022-06-30 | yes | |
| TRANSCRIPT | 20221109 | 2022-09-30 | yes | |
| TRANSCRIPT | 20230209 | 2022-12-31 | yes | |
| TRANSCRIPT | 20230510 | 2023-03-31 | yes | |
| TRANSCRIPT | 20230809 | 2023-06-30 | yes | |
| TRANSCRIPT | 20231109 | 2023-09-30 | yes | |
| TRANSCRIPT | 20240208 | 2023-12-31 | yes | |
| TRANSCRIPT | 20240504 | 2024-03-31 | yes | |
| TRANSCRIPT | 20250502 | 2024-03-31 | yes | |
| TRANSCRIPT | 20240801 | 2024-06-30 | yes | |
| TRANSCRIPT | 20250801 | 2024-06-30 | yes | |
| TRANSCRIPT | 20241030 | 2024-09-30 | yes | |
| TRANSCRIPT | 20250210 | 2024-12-31 | yes | |
| TRANSCRIPT | 20251106 | 2025-09-30 | yes | |
| TRANSCRIPT | 20260205 | 2025-12-31 | yes | |
| TRANSCRIPT | 20260512 | 2026-03-31 | yes | |
| TRANSCRIPT | 20260811 | 2026-06-30 | yes |
FSL
files the standard Schedule III statements. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | general |
| Scope served | consolidated |
| Panels on this page | 4 |
Market
No split, bonus or consolidation is on record for this company inside the period this price series covers, so the closes need no adjustment.
| Last close | 262.15 |
| 52-week range | 204.39 – 367.2 |
| Return 1M | -4.81% |
| Return 3M | 7.68% |
| Return 1Y | -26.54% |
| Return 3Y | 59.6% |
| Return 5Y | 32.5% |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Revenue from operations | 2,725.00 |
| Other income | 6.00 |
| Total income | 2,731.00 |
| Cost of materials consumed | 0.00 |
| Purchases of stock-in-trade | 0.00 |
| Changes in inventories | 0.00 |
| Employee benefit expense | 1,532.00 |
| Finance costs | 52.00 |
Ownership — 2026-06-30, and the change from 2026-03-31
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.54 | 0.00 |
| institutions foreign | 0.08 | -0.00 |
| institutions domestic | 0.25 | -0.00 |
| mutual funds | 0.18 | -0.00 |
| public | 0.45 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| TRANSCRIPT | 2026-06-30 | 18 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Quarterly results, as filed
| Line | 2022-09-30 | 2022-12-31 | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,488.00 | 1,505.00 | 1,557.00 | 1,529.00 | 1,540.00 | 1,597.00 | 1,670.00 | 1,791.00 | 1,925.00 | 2,102.00 | 2,161.00 | 2,218.00 | 2,312.00 | 2,443.00 | 2,583.00 | 2,725.00 |
| Other income | 49.00 | 62.00 | 13.00 | 2.00 | 17.00 | 15.00 | 3.00 | 2.00 | -3.00 | -2.00 | 2.00 | 7.00 | -1.00 | 4.00 | -2.00 | 6.00 |
| Total income | 1,538.00 | 1,567.00 | 1,569.00 | 1,531.00 | 1,557.00 | 1,612.00 | 1,673.00 | 1,793.00 | 1,923.00 | 2,100.00 | 2,164.00 | 2,224.00 | 2,311.00 | 2,447.00 | 2,582.00 | 2,731.00 |
| Cost of materials consumed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Purchases of stock-in-trade | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Changes in inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Employee benefit expense | 953.00 | 986.00 | 969.00 | 924.00 | 940.00 | 989.00 | 1,056.00 | 1,127.00 | 1,210.00 | 1,307.00 | 1,352.00 | 1,321.00 | 1,362.00 | 1,431.00 | 1,477.00 | 1,532.00 |
| Finance costs | 20.00 | 20.00 | 21.00 | 25.00 | 26.00 | 25.00 | 27.00 | 32.00 | 34.00 | 39.00 | 43.00 | 43.00 | 43.00 | 43.00 | 52.00 | 52.00 |
| Depreciation and amortisation | 66.00 | 69.00 | 64.00 | 61.00 | 65.00 | 66.00 | 67.00 | 73.00 | 79.00 | 84.00 | 91.00 | 97.00 | 110.00 | 111.00 | 116.00 | 115.00 |
| Other expenses | 344.00 | 309.00 | 344.00 | 365.00 | 371.00 | 370.00 | 364.00 | 394.00 | 428.00 | 478.00 | 477.00 | 550.00 | 574.00 | 609.00 | 676.00 | 742.00 |
| Total expenses | 1,383.00 | 1,384.00 | 1,398.00 | 1,376.00 | 1,403.00 | 1,451.00 | 1,514.00 | 1,626.00 | 1,752.00 | 1,908.00 | 1,962.00 | 2,011.00 | 2,089.00 | 2,195.00 | 2,321.00 | 2,440.00 |
| Profit before exceptional items and tax | 155.00 | 184.00 | 172.00 | 155.00 | 154.00 | 161.00 | 159.00 | 167.00 | 171.00 | 192.00 | 202.00 | 213.00 | 222.00 | 252.00 | 261.00 | 291.00 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 9.00 | 0.00 | 0.00 | 2.00 | -100.00 | 0.00 | -72.00 |
| Profit before tax | 155.00 | 184.00 | 172.00 | 155.00 | 154.00 | 161.00 | 159.00 | 167.00 | 171.00 | 201.00 | 202.00 | 213.00 | 224.00 | 152.00 | 261.00 | 219.00 |
| Current tax | 16.00 | 10.00 | 26.00 | 19.00 | 19.00 | 25.00 | 27.00 | 29.00 | 28.00 | 44.00 | 28.00 | 48.00 | 47.00 | 39.00 | 52.00 | 51.00 |
| Deferred tax | 10.00 | 15.00 | 5.00 | 10.00 | 9.00 | 7.00 | -1.00 | 3.00 | 4.00 | -4.00 | 13.00 | -4.00 | -3.00 | -7.00 | 3.00 | 2.00 |
| Tax expense | 26.00 | 26.00 | 31.00 | 29.00 | 28.00 | 32.00 | 26.00 | 32.00 | 33.00 | 40.00 | 41.00 | 44.00 | 45.00 | 31.00 | 55.00 | 53.00 |
| Profit for the period | 129.00 | 158.00 | 141.00 | 126.00 | 127.00 | 129.00 | 134.00 | 135.00 | 138.00 | 160.00 | 161.00 | 169.00 | 180.00 | 120.00 | 205.00 | 166.00 |
| Profit attributable to owners | 129.00 | 158.00 | 141.00 | 126.00 | 127.00 | 129.00 | 134.00 | 135.00 | 138.00 | 160.00 | 161.00 | 169.00 | 180.00 | 120.00 | 205.00 | 166.00 |
| Profit attributable to non-controlling interests | -0.00 | -0.00 | -0.00 | -0.00 | 0.00 | -0.00 | 0.00 | -0.00 | -0.00 | 0.00 | 0.00 | -0.00 | -0.00 | -0.00 | 0.00 | -0.00 |
| Other comprehensive income | 54.00 | 14.00 | -11.00 | 6.00 | 46.00 | -36.00 | 34.00 | 8.00 | -103.00 | 156.00 | -19.00 | -121.00 | 22.00 | -1.00 | 79.00 | 45.00 |
| Total comprehensive income | 183.00 | 172.00 | 130.00 | 132.00 | 172.00 | 93.00 | 168.00 | 144.00 | 36.00 | 316.00 | 142.00 | 48.00 | 201.00 | 120.00 | 285.00 | 211.00 |
| Earnings per share, basic | 1.90 | 2.32 | 2.07 | 1.85 | 1.85 | 1.88 | 1.94 | 1.97 | 2.01 | 2.33 | 2.33 | 2.45 | 2.60 | 1.74 | 2.97 | 2.40 |
| Earnings per share, diluted | 1.84 | 2.25 | 2.02 | 1.80 | 1.80 | 1.84 | 1.90 | 1.92 | 1.96 | 2.27 | 2.28 | 2.40 | 2.54 | 1.71 | 2.91 | 2.36 |
Annual results, as filed
| Line | 2019-03-31 | 2020-03-31 | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 3,826.00 | 4,099.00 | 5,078.00 | 5,921.00 | 6,022.00 | 6,336.00 | 7,980.00 | 9,556.00 |
| Other income | 4.00 | 9.00 | 1.00 | 1.00 | 131.00 | 37.00 | -1.00 | 7.00 |
| Total income | 3,830.00 | 4,107.00 | 5,079.00 | 5,922.00 | 6,153.00 | 6,373.00 | 7,979.00 | 9,564.00 |
| Cost of materials consumed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Purchases of stock-in-trade | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Changes in inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Employee benefit expense | 2,557.00 | 2,774.00 | 3,467.00 | 3,947.00 | 3,867.00 | 3,909.00 | 4,996.00 | 5,590.00 |
| Finance costs | 29.00 | 58.00 | 52.00 | 64.00 | 79.00 | 103.00 | 148.00 | 181.00 |
| Depreciation and amortisation | 74.00 | 185.00 | 206.00 | 249.00 | 263.00 | 260.00 | 327.00 | 434.00 |
| Other expenses | 734.00 | 696.00 | 807.00 | 1,015.00 | 1,328.00 | 1,470.00 | 1,777.00 | 2,410.00 |
| Total expenses | 3,394.00 | 3,713.00 | 4,532.00 | 5,275.00 | 5,538.00 | 5,743.00 | 7,248.00 | 8,616.00 |
| Profit before exceptional items and tax | 436.00 | 394.00 | 547.00 | 647.00 | 615.00 | 630.00 | 732.00 | 948.00 |
| Exceptional items | 0.00 | 0.00 | -115.00 | 0.00 | 0.00 | 0.00 | 9.00 | -98.00 |
| Profit before tax | 436.00 | 394.00 | 432.00 | 647.00 | 615.00 | 630.00 | 741.00 | 850.00 |
| Current tax | 34.00 | 28.00 | 62.00 | 74.00 | 66.00 | 90.00 | 129.00 | 187.00 |
| Deferred tax | 24.00 | 26.00 | 8.00 | 36.00 | 36.00 | 25.00 | 17.00 | -11.00 |
| Tax expense | 58.00 | 55.00 | 70.00 | 111.00 | 102.00 | 115.00 | 146.00 | 175.00 |
| Profit for the period | 378.00 | 340.00 | 362.00 | 537.00 | 514.00 | 515.00 | 594.00 | 674.00 |
| Profit attributable to owners | 378.00 | 340.00 | 362.00 | 537.00 | 514.00 | 515.00 | 594.00 | 674.00 |
| Profit attributable to non-controlling interests | -0.00 | -0.00 | -0.00 | -1.00 | -0.00 | -0.00 | -0.00 | -0.00 |
| Other comprehensive income | 97.00 | 119.00 | -88.00 | 81.00 | 128.00 | 50.00 | 43.00 | -21.00 |
| Total comprehensive income | 474.00 | 459.00 | 274.00 | 618.00 | 642.00 | 565.00 | 638.00 | 654.00 |
| Earnings per share, basic | 5.48 | 4.90 | 5.31 | 7.90 | 7.55 | 7.52 | 8.63 | 9.77 |
| Earnings per share, diluted | 5.45 | 4.89 | 5.13 | 7.62 | 7.32 | 7.34 | 8.42 | 9.56 |
Balance sheet, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Total assets | 5,687.00 | 5,664.00 | 6,002.00 | 6,083.00 | 7,399.00 | 7,922.00 | 8,321.00 | 9,320.00 |
| Non-current assets | 4,351.00 | 4,256.00 | 4,443.00 | 4,546.00 | 5,469.00 | 5,698.00 | 5,886.00 | 6,558.00 |
| Current assets | 1,336.00 | 1,408.00 | 1,559.00 | 1,537.00 | 1,930.00 | 2,224.00 | 2,435.00 | 2,762.00 |
| Property, plant and equipment | 196.00 | 174.00 | 156.00 | 164.00 | 223.00 | 276.00 | 311.00 | 310.00 |
| Capital work-in-progress | 8.00 | 3.00 | 7.00 | 17.00 | 74.00 | 49.00 | 9.00 | 30.00 |
| Goodwill | 2,916.00 | 2,945.00 | 2,976.00 | 2,988.00 | 3,614.00 | 3,680.00 | 3,824.00 | 4,266.00 |
| Other intangible assets | 104.00 | 102.00 | 82.00 | 65.00 | 168.00 | 125.00 | 79.00 | 135.00 |
| Inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Trade receivables | 893.00 | 1,038.00 | 1,147.00 | 1,161.00 | 1,470.00 | 1,686.00 | 1,774.00 | 2,079.00 |
| Cash and cash equivalents | 141.00 | 152.00 | 90.00 | 175.00 | 202.00 | 154.00 | 225.00 | 259.00 |
| Total equity and liabilities | 5,687.00 | 5,664.00 | 6,002.00 | 6,083.00 | 7,399.00 | 7,922.00 | 8,321.00 | 9,320.00 |
| Equity | 3,288.00 | 3,367.00 | 3,670.00 | 3,701.00 | 3,899.00 | 4,098.00 | 4,366.00 | 4,385.00 |
| Equity share capital | 697.00 | 697.00 | 697.00 | 697.00 | 697.00 | 697.00 | 697.00 | 697.00 |
| Other equity | 2,591.00 | 2,670.00 | 2,973.00 | 3,003.00 | 3,202.00 | 3,401.00 | 3,669.00 | 3,688.00 |
| Total liabilities | 2,399.00 | 2,297.00 | 2,332.00 | 2,382.00 | 3,500.00 | 3,824.00 | 3,955.00 | 4,935.00 |
| Non-current liabilities | 938.00 | 738.00 | 715.00 | 741.00 | 1,321.00 | 1,396.00 | 1,453.00 | 1,457.00 |
| Current liabilities | 1,461.00 | 1,560.00 | 1,617.00 | 1,641.00 | 2,179.00 | 2,429.00 | 2,502.00 | 3,479.00 |
| Borrowings, non-current | 214.00 | 139.00 | 62.00 | 4.00 | 340.00 | 342.00 | 355.00 | 190.00 |
| Borrowings, current | 638.00 | 688.00 | 820.00 | 808.00 | 1,091.00 | 1,191.00 | 1,022.00 | 1,748.00 |
| Trade payables | 169.00 | 231.00 | 250.00 | 306.00 | 339.00 | 398.00 | 459.00 | 558.00 |
Cash flow, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Net cash from operating activities | 381.00 | 795.00 | 156.00 | 645.00 | 221.00 | 701.00 | 593.00 | 1,214.00 |
| Net cash from investing activities | -5.00 | 16.00 | -94.00 | -58.00 | -623.00 | -746.00 | -73.00 | -452.00 |
| Net cash from financing activities | -318.00 | -743.00 | -124.00 | -564.00 | 429.00 | 23.00 | -452.00 | -667.00 |
| Purchase of property, plant and equipment | 28.00 | 54.00 | 30.00 | 85.00 | 153.00 | 241.00 | 71.00 | 196.00 |
| Net increase in cash | 59.00 | 69.00 | -62.00 | 23.00 | 28.00 | -21.00 | 71.00 | 104.00 |
| con:CFO.BEFORE_TAX | 417.00 | 861.00 | 185.00 | 717.00 | 281.00 | 823.00 | 661.00 | 1,404.00 |
| con:INTEREST_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INTEREST_PAID.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 36.00 | 66.00 | 30.00 | 72.00 | 60.00 | 122.00 | 69.00 | 190.00 |
| con:CF_OTHER.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_PURCHASED | 606.00 | 1,456.00 | 700.00 | 1,688.00 | 1,172.00 | 2,646.00 | 1,437.00 | 3,269.00 |
| con:INVESTMENTS_SOLD | 624.00 | 1,519.00 | 635.00 | 1,723.00 | 1,191.00 | 2,630.00 | 1,410.00 | 3,262.00 |
| con:PPE_DISPOSALS | 1.00 | 2.00 | 0.00 | 0.00 | 12.00 | 18.00 | 21.00 | 63.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 502.00 | 510.00 | 0.00 | 316.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 53.66 | 53.66 | 53.66 | 53.66 | 53.66 | 53.66 | 53.66 | 53.66 | 53.66 | 53.66 | 0.54 | 0.54 | 0.54 | 0.54 |
| Domestic institutions | 15.06 | 15.17 | 16.22 | 18.16 | 19.27 | 19.52 | 18.60 | 20.88 | 22.90 | 23.94 | 0.25 | 0.25 | 0.25 | 0.25 |
| Mutual funds | — | — | — | — | — | — | — | — | — | 17.09 | 0.18 | 0.18 | 0.18 | 0.18 |
| Insurance companies | 0.00 | 0.00 | 0.00 | 0.23 | 0.37 | 0.60 | 0.78 | 1.49 | 3.61 | 5.02 | 0.05 | 0.05 | 0.05 | 0.05 |
| Foreign institutions | 8.96 | 9.98 | 10.22 | 9.89 | 9.59 | 9.36 | 11.63 | 11.01 | 10.08 | 9.58 | 0.09 | 0.09 | 0.09 | 0.08 |
| Government | — | — | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Public | 44.11 | 44.28 | 44.34 | 44.90 | 45.00 | 45.03 | 45.22 | 45.25 | 45.23 | 45.45 | 0.45 | 0.46 | 0.45 | 0.45 |
| Non-institutional | 20.09 | 19.13 | 17.90 | 16.86 | 16.14 | 16.16 | 14.99 | 13.36 | 12.26 | 11.93 | 0.12 | 0.11 | 0.11 | 0.12 |
| Shares outstanding | 696990826 | 696990826 | 696990826 | 696990826 | 696990826 | 696990826 | 696990826 | 696990826 | 696990826 | 696990826 | 696990826 | 696990826 | 696990826 | 696990826 |
Related parties
Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.
| Counterparty | Relationship | Type | Amount in the period | Transactions |
|---|---|---|---|---|
| Firstsource Solutions UK Ltd (FSL UK) | Subsidiary | Any other transaction, Sale of goods or services | 3,774,419,000.00 | 5 |
| Firstsource Group USA Inc (FG USA) | Subsidiary | Any other transaction, Sale of goods or services | 1,847,294,000.00 | 5 |
| Firstsource Health Plans and Healthcare Services, LLC | Subsidiary | Any other transaction, Sale of goods or services | 1,654,466,000.00 | 4 |
| Sourcepoint Inc. | Subsidiary | Any other transaction, Sale of goods or services | 1,539,876,000.00 | 4 |
| Firstsource Advantage LLC (FAL) | Subsidiary | Any other transaction, Sale of goods or services | 798,742,000.00 | 4 |
| MedAssist Holding LLC (Medassist) | Subsidiary | Any other transaction, Sale of goods or services | 307,872,000.00 | 4 |
| RPSG Resources Private Ltd | Companies under common control | Any other transaction, Purchase of goods or services | 150,000,000.00 | 2 |
| The StoneHill Group, Inc | Subsidiary | Any other transaction, Sale of goods or services | 66,360,000.00 | 3 |
| Sourcepoint Fulfillment Services, Inc | Subsidiary | Any other transaction, Sale of goods or services | 45,196,000.00 | 3 |
| Dinesh Jain | Key Managerial Personnel | Remuneration | 41,644,000.00 | 1 |
| Ritesh Mohan Idnani | Key Managerial Personnel | Remuneration | 24,061,000.00 | 1 |
| American Recovery Service Incorporated | Subsidiary | Any other transaction, Sale of goods or services | 15,133,000.00 | 2 |
| One Advantage LLC (OAL) | Subsidiary | Any other transaction, Sale of goods or services | 7,487,000.00 | 3 |
| Firstsource Solutions Australia PTY Limited | Subsidiary | Investment | 2,777,000.00 | 1 |
| Pooja Nambiar | Key Managerial Personnel | Any other transaction | 2,240,000.00 | 1 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-08-11 | Q1FY27 | MR. DINESH JAIN, MR. RITESH IDNANI, | Read the call |
| 2026-05-12 | Q4FY26 | MR. DINESH JAIN, MR. RITESH IDNANI, | Read the call |
| 2026-02-05 | Q3FY26 | MR. DINESH JAIN, MR. RITESH IDNANI, | Read the call |
| 2025-11-06 | Q2FY26 | MR. DINESH JAIN, MR. RITESH IDNANI, | Read the call |
| 2025-08-01 | Q1FY25 | MR. DINESH JAIN, MR. RITESH IDNANI, | Read the call |
| 2025-05-02 | Q4FY24 | MR. DINESH JAIN, MR. PANKAJ KAPOOR, MR. RITESH IDNANI, | Read the call |
| 2025-02-10 | Q3FY25 | MR. DINESH JAIN, MR. PANKAJ KAPOOR, MR. RITESH IDNANI, | Read the call |
| 2024-10-30 | Q2FY25 | MR. DINESH JAIN, MR. PANKAJ KAPOOR, MR. RITESH IDNANI, | Read the call |
| 2024-08-01 | Q1FY25 | MR. DINESH JAIN, MR. PANKAJ KAPOOR, MR. RITESH IDNANI, | Read the call |
| 2024-05-04 | Q4FY24 | MR. DINESH JAIN, MR. PANKAJ KAPOOR, MR. RITESH IDNANI, | Read the call |
| 2024-02-08 | Q3FY24 | MR. DINESH JAIN, MR. PANKAJ KAPOOR, MR. RITESH IDNANI, | Read the call |
| 2023-11-09 | Q2FY24 | MR. DINESH JAIN, MR. PANKAJ KAPOOR, MR. RITESH IDNANI, | Read the call |
| 2023-08-09 | Q1FY24 | August 3, 2023 | Read the call |
| 2023-05-10 | Q4FY23 | Read the call | |
| 2023-02-09 | Q3FY23 | Read the call | |
| 2022-11-09 | Q2FY23 | Read the call | |
| 2022-08-09 | Q1FY23 | Read the call | |
| 2022-05-11 | Q4FY22 | Read the call |
What they said about it, quarter by quarter
| Topic | Q3FY23 | Q3FY24 | Q3FY25 | Q3FY26 | Q4FY22 | Q4FY23 | Q4FY24 | Q4FY26 |
|---|---|---|---|---|---|---|---|---|
| Capex | — | As a result of this and of course higher revenue, our cash flow from operations improved significantly in Q3. • We stepped our CAPEX during the quarte… | — | — | 855 million after adjusting for CAPEX of Rs.264 million. | We generated INR 7,634 million cash from operations and our free cash flow was INR 7,120 million after adjusting for capex of INR 514 million. © First… | We added new seating capacities in Hyderabad, Bangalore, Philippines and Australia in Q4. Our capex in FY25 was more than double that of FY24, as we p… | — |
| Capital allocation | We have taken some pretty hard actions across the cost structure that has crossed overheads, facilities, etc. We also had some impact from the margins… | Profit after tax came in at INR1,287 million or 8.1% of the revenue for the quarter. • As you will recall, we have other income of INR598 million in Q… | Diverse Our diverse portfolio grew 80% QoQ and 193% YoY in constant currency terms due to the full quarter impact of the Ascensos acquisition. | These numbers are inclusive of the Pastdue Credit acquisition, which we integrated during the quarter, and contributed to about 2% to our YoY growth i… | We have seen good traction for our post-close and the due diligence offering from the TSG acquisition. | Acquisition-related, there was no payout done because they have not achieved the target. | What the QBSS acquisition gives us is, actually three sets of things, number one, it gives us capabilities in the mid to back off back end of the reve… | These numbers are inclusive of the TeleMedik acquisition, which we integrated during the quarter and that contributed 1.3% to our YoY growth in consta… |
| Costs | Otherwise, the core collection business, digital collection and UK BFS had delivered strong growth and some of the cost pressures that we saw in UK fr… | — | In the UK, companies are facing significant cost pressure that has led to clients increasingly exploring offshore or nearshore delivery options. | — | Now, it is more about stepping back and seeing the labor market, the cost situation and inflation, I think this is prompting a little bit of step back… | — | This in some sense is driving up cost, and affecting the revenue provider organizations who are facing significant pressure on reimbursements from pay… | — |
| Debt and cash | The next question sir, was on the net debt side, so 9 months we have seen a good reduction, what are your thoughts going forward in FY24 and FY25, we … | Firstsource Solutions Limited February 07, 2024 • We also use some of the cash generation to retire both working capital debt as well as the long-term… | — | DSO was 67 days for the quarter versus 69 days in Q2. Tighter working capital days helped on improved cash conversion. | For full year FY22, our cash flow from operation was Rs. | Net debt stood at INR 6,159 million or $75 million which in compared to last year almost at 26% lower. | And we believe normally these are all working capital debt which we used to take for the support of the businesses. | Our net debt stood at INR16.3 billion as of 31st March 2026 versus the INR13.2 billion as of 31st March 2025. |
| Demand | Directionally, I would say that demand environment is good, some of the businesses like mortgage, collections and providers which faced headwinds in F… | Besides these mature service lines, we are also seeing significant demand coming from emerging services such as Trust and Safety and Data and Analytic… | This is the third straight quarter of at-least three large deal wins and despite that, our Q3 exit deal pipeline was among the highest ever. | Some of the deal wins include: • A leading on-demand manufacturing marketplace in the US, selected us to provide account servicing and customer experi… | We have renewed the sales focus and the pipeline is building nicely. | Most of the pipeline activity currently is around servicing and capital markets. | Despite that, we exited FY24 with a very robust and healthy deal pipeline, giving us confidence in sustaining the momentum over the coming quarters as… | What's different this year is the nature of our demand. |
| Guidance | Sir, just two questions, first is on the mortgage business, so any thoughts there on the kind of volumes you guys are seeing say over the last two mon… | I will then move to discuss our quarterly performance and outlook for FY24. The OneFirstsource framework defines our blueprint for the strategy refres… | Deal conversations have resumed actively over the last few weeks, and we expect closures on several of these deals in Q4. c. | I will come back to talk about our progress on the strategic priorities, as well as the outlook for FY26. Over to you, Dinesh. | For the year gone by, we achieved revenues of INR 795.2 million implying constant currency growth of 14.6% in line with the recent guidance. | These numbers are firmly in line with our recent guidance. | Vertical Standpoint Our focus on creating value for our clients even as we continue to work on scaling new sub segments in our chosen set of focused v… | Our revenue growth over the last two years has been materially faster than our headcount growth and we expect that gap to widen as agentic operations … |
| Margin | In fact, we do expect that our revenue for Q4 for mortgage will be lower than Q3. On the margin side of it, I think we made strong gains above the cos… | In constant currency, our revenue grew 3.4% quarter-on-quarter after staying flattish over the first half of FY24. This is in line with our previous c… | 2,333 million, up 37% over Q3 of last year, and translates to EBIT margin of 11.1%, same as normalized margin in Q2. We continue to keep our reported … | EBIT margin for the quarter was 11.9%, up 80 basis points and 40 basis points on a YoY and QoQ basis, respectively. | In reaction, our clients have been reducing origination capacity both in-house and with us and other partners and while we are actively aligning our c… | I'd like to reiterate that our margin performance in H1 was an aberration, and the corrective actions that we've taken have brought us back to a norma… | EBIT margin was 11%, up 160 basis points versus last year and again within our guided band of 11% to 11.5%. | EBIT margin for the quarter was 12.2%, up 100 basis points and 30 basis points on a year-on-year and quarter-on-quarter respectively. |
| People | — | This concerted effort resulted in a trailing 12-month double-digit reduction in our attrition in Q3 even as we doubled our hiring to over 1,800+ candi… | People On the people's front, we added 1,246 net hires in Q3, ending with a total headcount of 34,144 firstsourcers. | People On the people front, we close the quarter with a headcount of 36,689 Firstsourcers, which is a net increase of about 690 employees over the las… | What is the attrition rate for full year FY22? | — | We have had three consecutive quarters of headcount addition, and as in this business we don’t build a proactive bench. | On the people front, our strategy this quarter reflects the shift towards an agentic operating model where value is defined by the intelligence we ope… |
| Pricing | — | — | — | — | — | Today, when we humans chat with a customer, once generative AI is able to work within an enterprise boundary and work through sort of extracting data … | — | It's a governed autonomous collector with outcome accountability through a platform fee plus per interaction pricing, where higher value per interacti… |
| Revenue growth | So I think some part will be sustainable, some part depends on the revenue growth that may increase. | We are also doubling down on reinvigorating our sales engine to build the foundation required for achieving consistent revenue growth over the long te… | In U.S. dollar terms, the growth was 30% YoY and 8.4% QoQ at US$ 249 million. | Q3 marks the seventh straight quarter of double-digit YoY revenue growth. | In the past few calls, we talked about the talent supply challenges and their impact on revenue growth. | This implies a growth of 2.5% quarter-on-quarter in constant currency. | It helped us report yet another strong quarter with industry leading revenue growth that was broad based and well distributed across verticals and geo… | Q4 marks the eighth straight quarter of double-digit YoY revenue growth. |
What they said they would do
Sentences in which management set an expectation. Each names the speaker and the page of the transcript it came from.
| Date | Quarter | Who | What they said |
|---|---|---|---|
| 2023-11-09 | Q2FY24 | MR. RITESH IDNANI, | So one is we have indicated that from an EBIT margin standpoint, our guidance for H2 is 11% to 11.5% from an EBIT perspective. |
| 2024-02-08 | Q3FY24 | MR. DINESH JAIN | Adjusted for one-time charge in Q2FY24, our EBIT margin in 9 months was 11.2%. • Tax rate was 20% for the quarter and 19% for the 9 months which is within the range which we guided between 18 to 20%. |
| 2024-05-04 | Q4FY24 | MR. DINESH JAIN | This was within our guidance of 0.5% to 1.5% band. |
| 2024-05-04 | Q4FY24 | MR. DINESH JAIN | 6,962 million or 23.6% over FY23 and translated to EBIT margin of 11% adjusted for onetime charge which we had in Q2 FY24. Our EBIT margin for FY24 was 11.1% within the 11% to 11.5% range we guided previously. |
| 2024-05-04 | Q4FY24 | MR. RITESH IDNANI, | So, what I would say is that in the medium term which I would define as a three to four year time horizon, our expectation is that we should be able to get 50 to 75 basis points each year in the medium term itself in the next three to four years, so it’s not about and which would probably play out starting in the next 12 to 18 months itself, you will start seeing some of that playing out. |
| 2024-05-04 | Q4FY24 | MR. RITESH IDNANI, | And our current year guidance is also reflective of that and the fact that we do expect it to be between 11% to 12% from an EBIT standpoint. |
| 2024-08-01 | Q1FY25 | MR. RITESH IDNANI, | And as I have stated earlier also, that’s why we expect to still operate in the band of 11 to 12%, but starting next fiscal, we expect to see the margin uptake of 50 to 75 basis points every year. |
| 2024-08-01 | Q1FY25 | MR. RITESH IDNANI, | And it’s difficult for us to quantify each and every one of those variables, and that’s the reason why we have decided to stick to the guidance of 11.5% to 13.5%. |
| 2024-08-01 | Q1FY25 | MR. RITESH IDNANI, | Look, very simply put, we raised our guidance for constant currency growth to 11.5%-13.5%. |
| 2024-08-01 | Q1FY25 | MR. DINESH JAIN | Otherwise, we expect, that every quarter whatever the surplus cash remains, which we expect to be between, $10-12 million, which we generate every quarter, we should utilize to repay these borrowings, which is the norm which we have considered as of today. |
| 2024-10-30 | Q2FY25 | MR. RITESH IDNANI, | This includes about 5% contribution from Ascensos over the 7 months in FY25. For operating margins, we expect our normalized FY25 EBIT margin, excluding one-time charges related to the acquisitions, to be in the 11% to 11.5% band. |
| 2024-10-30 | Q2FY25 | MR. RITESH IDNANI, | And that's frankly what gave us confidence to raise the guidance to 14.5% to 15.5% organically, excluding the 5% contribution that we expect from Ascensos for the rest of the year. |