Company Valuation: Firstsource Solutions Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 85,320 72,085 135,927 235,099 141,499 188,963 - -
Change - -15.51% 88.56% 72.96% -39.81% 33.54% - -
Enterprise Value (EV) 1 92,689 77,600 141,865 252,791 157,679 202,434 199,013 194,817
Change - -16.28% 82.82% 78.19% -37.62% 28.38% -1.69% -2.11%
P/E 16.4x 14.4x 26.9x 40.4x 21.4x 21x 17.1x 14.3x
PBR 2.91x 2.18x 3.72x 5.79x 3.25x 3.96x 3.54x 3.18x
PEG - -3.66x 98.45x 2.7x 1.6x 0.6x 0.7x 0.8x
Capitalization / Revenue 1.45x 1.2x 2.15x 2.95x 1.48x 1.68x 1.51x 1.35x
EV / Revenue 1.58x 1.3x 2.24x 3.17x 1.65x 1.79x 1.59x 1.39x
EV / EBITDA 9.66x 10.3x 14.8x 20.8x 10.1x 10.7x 9.42x 8.15x
EV / EBIT 13x 15.8x 20.4x 28.7x 14.1x 14.4x 12.4x 10.5x
EV / FCF 15x 10.5x 25.3x 55x 15.5x 23.6x 18.1x 16.2x
FCF Yield 6.67% 9.55% 3.95% 1.82% 6.46% 4.24% 5.54% 6.19%
Dividend per Share 2 3.5 3.5 3.5 - - 6.094 6.93 7.849
Rate of return 2.8% 3.32% 1.77% - - 2.23% 2.53% 2.87%
EPS 2 7.62 7.32 7.34 8.42 9.56 13 16.02 19.06
Distribution rate 45.9% 47.8% 47.7% - - 46.9% 43.3% 41.2%
Net sales 1 58,657 59,859 63,325 79,803 95,564 112,802 124,981 140,474
EBITDA 1 9,599 7,537 9,564 12,164 15,562 18,859 21,122 23,889
EBIT 1 7,105 4,906 6,962 8,806 11,221 14,063 15,990 18,541
Net income 1 5,374 5,137 5,147 5,945 6,744 9,217 11,233 13,333
Net Debt 1 7,369 5,515 5,938 17,692 16,180 13,471 10,050 5,853
Reference price 2 125.05 105.50 197.65 340.25 204.39 273.45 273.45 273.45
Nbr of stocks (in thousands) 682,288 683,270 687,714 690,960 692,297 691,035 - -
Announcement Date 05/05/22 04/05/23 03/05/24 28/04/25 06/05/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
35.99x6.57x23.34x0.95% 79.19B
37.76x1.26x13.54x0.99% 16.78B
20.02x2.05x10.08x3.68% 13.86B
25.51x2.85x12.19x2.93% 12.04B
24.05x3.37x13.01x2.39% 7.71B
15.54x0.65x9.23x1.38% 6.9B
9.62x1.14x6.07x2.18% 5.74B
20.68x2.23x10.52x-.--% 5.33B
79.4x - - - 5.38B
Average 29.84x 2.52x 12.25x 1.81% 16.99B
Weighted average by Cap. 32.39x 4.43x 17.74x 1.48%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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