Stock FSL FIRSTSOURCE SOLUTIONS LIMITED
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Financials Firstsource Solutions Limited Bombay S.E.

Equities

FSL

INE684F01012

Business Support Services

Market Closed - Bombay S.E.
Other stock markets
 11:00:48 10/05/2024 BST 		5-day change 1st Jan Change
185.7 INR +0.13% Intraday chart for Firstsource Solutions Limited -10.59% +0.49%
05-07 Corporate Earnings Leave Equity Markets Mixed MT
05-07 Corporate Earnings Leave Equity Markets Mixed MT

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 32,446 19,046 78,926 85,320 72,085 127,926 - -
Enterprise Value (EV) 1 36,214 19,046 82,766 92,689 77,600 135,927 132,789 129,731
P/E ratio 8.57 x 5.61 x 22.2 x 16.4 x 14.4 x 26.9 x 20.8 x 17.1 x
Yield 4.26% 9.11% 2.63% 2.8% 3.32% 2.18% 2.27% 2.57%
Capitalization / Revenue 0.85 x 0.46 x 1.57 x 1.45 x 1.2 x 2.15 x 1.78 x 1.58 x
EV / Revenue 0.95 x 0.46 x 1.64 x 1.58 x 1.3 x 2.15 x 1.85 x 1.6 x
EV / EBITDA 6.76 x 3.03 x 10.3 x 9.66 x 10.3 x 14.2 x 11.9 x 9.98 x
EV / FCF 13.1 x 6.03 x 10.3 x 15 x 10.5 x 22.9 x 19.6 x 16.9 x
FCF Yield 7.63% 16.6% 9.7% 6.67% 9.55% 4.37% 5.1% 5.93%
Price to Book 1.19 x - - 2.91 x 2.18 x 3.78 x 3.21 x 2.9 x
Nbr of stocks (in thousands) 691,065 693,827 692,943 682,288 683,270 688,328 - -
Reference price 2 46.95 27.45 113.9 125.0 105.5 185.8 185.8 185.8
Announcement Date 06/05/19 26/05/20 11/05/21 05/05/22 04/05/23 03/05/24 - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 38,263 40,986 50,327 58,657 59,859 63,325 71,895 80,885
EBITDA 1 5,355 6,289 8,042 9,599 7,537 9,564 11,205 12,997
EBIT 1 4,610 4,437 5,979 7,105 4,906 6,962 8,272 9,794
Operating Margin 12.05% 10.83% 11.88% 12.11% 8.2% 10.99% 11.51% 12.11%
Earnings before Tax (EBT) 1 4,359 3,942 4,318 6,471 6,152 6,297 7,692 9,397
Net income 1 3,778 3,397 3,617 5,374 5,137 5,147 6,267 7,621
Net margin 9.87% 8.29% 7.19% 9.16% 8.58% 8.13% 8.72% 9.42%
EPS 2 5.480 4.890 5.130 7.620 7.320 7.340 8.943 10.89
Free Cash Flow 1 2,763 3,156 8,025 6,185 7,414 5,774 6,772 7,687
FCF margin 7.22% 7.7% 15.95% 10.54% 12.39% 9.15% 9.42% 9.5%
FCF Conversion (EBITDA) 51.6% 50.19% 99.78% 64.44% 98.37% 60.12% 60.43% 59.15%
FCF Conversion (Net income) 73.14% 92.92% 221.87% 115.1% 144.32% 111.29% 108.06% 100.87%
Dividend per Share 2 2.000 2.500 3.000 3.500 3.500 4.050 4.222 4.769
Announcement Date 06/05/19 26/05/20 11/05/21 05/05/22 04/05/23 03/05/24 - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 13,652 14,496 14,780 14,182 14,456 15,239 14,524 14,735 15,033 15,566 15,267 15,536 15,725 16,414 17,198
EBITDA 1 2,103 2,342 2,383 2,388 2,379 2,448 1,810 1,917 2,097 2,437 2,402 2,439 2,379 2,526 -
EBIT 1 1,590 1,809 1,800 1,791 1,762 1,751 1,171 1,254 1,409 1,795 1,789 1,802 1,681 1,821 1,978
Operating Margin 11.65% 12.48% 12.18% 12.63% 12.19% 11.49% 8.06% 8.51% 9.38% 11.53% 11.72% 11.6% 10.69% 11.09% 11.5%
Earnings before Tax (EBT) 1 1,476 553.4 - 1,644 - - 1,048 1,549 1,837 1,719 1,553 1,639 1,489 1,662 -
Net income 1 1,210 466.8 - 1,350 1,355 1,324 850.9 1,294 1,579 1,413 1,260 1,331 1,222 1,365 1,456
Net margin 8.87% 3.22% - 9.52% 9.37% 8.69% 5.86% 8.78% 10.51% 9.08% 8.25% 8.57% 7.77% 8.32% 8.47%
EPS 2 1.720 0.6600 - - 1.920 1.880 1.210 1.840 2.250 2.020 1.800 1.900 1.760 1.957 2.100
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 09/02/21 11/05/21 29/07/21 10/11/21 04/02/22 05/05/22 03/08/22 02/11/22 02/02/23 04/05/23 02/08/23 - - - -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 3,768 - 3,839 7,369 5,515 4,081 4,863 1,806
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 0.7037 x - 0.4774 x 0.7678 x 0.7317 x 0.4249 x 0.434 x 0.1389 x
Free Cash Flow 1 2,763 3,156 8,025 6,185 7,414 5,774 6,772 7,687
ROE (net income / shareholders' equity) 14.9% 12.4% 13% 18.4% 16.1% 14.8% 16.4% 18.3%
ROA (Net income/ Total Assets) - - - - - - - -
Assets 1 - - - - - - - -
Book Value Per Share 2 39.40 - - 43.00 48.30 49.20 57.80 64.00
Cash Flow per Share - - - - - - - -
Capex 1 1,088 946 1,731 850 536 1,625 2,172 2,055
Capex / Sales 2.84% 2.31% 3.44% 1.45% 0.9% 2.58% 3.02% 2.54%
Announcement Date 06/05/19 26/05/20 11/05/21 05/05/22 04/05/23 03/05/24 - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Firstsource Solutions Limited

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
9
Last Close Price
185.8 INR
Average target price
231.1 INR
Spread / Average Target
+24.35%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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