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 72,085 135,927 235,099 141,499 185,094 - -
Change - -15.51% 88.56% 72.96% -39.81% 30.81% - -
Enterprise Value (EV) 1 92,689 77,600 141,865 252,791 157,679 198,565 195,143 190,947
Change - -16.28% 82.82% 78.19% -37.62% 25.93% -1.72% -2.15%
P/E 16.4x 14.4x 26.9x 40.4x 21.4x 20.6x 16.7x 14x
PBR 2.91x 2.18x 3.72x 5.79x 3.25x 3.88x 3.46x 3.12x
PEG - -3.66x 98.45x 2.7x 1.6x 0.6x 0.7x 0.7x
Capitalization / Revenue 1.45x 1.2x 2.15x 2.95x 1.48x 1.64x 1.48x 1.32x
EV / Revenue 1.58x 1.3x 2.24x 3.17x 1.65x 1.76x 1.56x 1.36x
EV / EBITDA 9.66x 10.3x 14.8x 20.8x 10.1x 10.5x 9.24x 7.99x
EV / EBIT 13x 15.8x 20.4x 28.7x 14.1x 14.1x 12.2x 10.3x
EV / FCF 15x 10.5x 25.3x 55x 15.5x 23.1x 17.7x 15.8x
FCF Yield 6.67% 9.55% 3.95% 1.82% 6.46% 4.32% 5.65% 6.31%
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% - - 2.28% 2.59% 2.93%
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 2 125.05 105.50 197.65 340.25 204.39 267.85 267.85 267.85
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.($)
36.2x6.61x23.5x0.97% 79.66B
37.69x1.26x13.51x0.99% 16.75B
20.44x2.08x10.26x3.6% 14.11B
25.53x2.85x12.2x2.92% 12.02B
24.07x3.38x13.02x2.39% 7.72B
16.07x0.67x9.47x1.34% 7.12B
9.55x1.13x6.03x2.2% 5.69B
77.4x - - - 5.25B
20.61x2.22x10.48x-.--% 5.31B
Average 29.73x 2.52x 12.31x 1.8% 17.07B
Weighted average by Cap. 32.42x 4.45x 17.84x 1.49%

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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  5. Valuation Firstsource Solutions Limited