Key Metrics of Firstsource Solutions Limited
About Firstsource Solutions Limited
Sectors
Company details
- Registered office
- 1st Floor, Athena Towers, Mindspace Malad , Goregaon East, Mumbai, In-mh, 400063
- Listed
- NSE: FSL · ₹290.40
Operational Areas of Firstsource Solutions Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 16 Dec 2025 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹401 Cr | View |
| 17 Dec 2024 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹401 Cr | View |
| 18 Dec 2023 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹401 Cr | View |
| 19 Dec 2022 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹351 Cr | View |
| 20 Dec 2021 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹802 Cr | View |
| 21 Dec 2020 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹802 Cr | View |
| 24 Apr 2020 | CARE | Other | — | — | — | — | View |
| 06 Apr 2020 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹338 Cr | View |
| 02 Apr 2019 | CARE | Revised (from A) | A+ | A1+ | Stable | ₹560 Cr | View |
Credit strengths (CARE, Dec 2025)
+ Established track record with experienced management
FSL was promoted by ICICI Bank Limited in 2001. In FY12 (FY refers to April 01 to March 31), Spen Liq Private Limited, a whol ly owned subsidiary of CESC Limited (part of the RP Sanjiv Goenka Group), acquired 56.82% stake in FSL to become the majority shareholder. Following restructuring in the RP Sanjiv Goenka Group, majority ownership of 53.66% in FSL now vests with the Group as on September 30, 2025. With a long -standing presence in international markets, FSL has established a strong footing
+ Steady profitability and operational performance
In the last three years (FY22 -FY25), (TOI) increased at a CAGR of ~10% from ₹5,921 crore in FY22 to ₹7,974 crore in FY25. The growth was driven by higher business from the existing client base and inorganic growth. In FY25, FSL added 43 new clients, including 12 strategic accounts with potential to generate over $5 million in annual revenue. In FY25, FSL derived ~68% of its revenue from the North American (largely USA) market and ~32% from the EMEA (Europe, Middle East and Africa) (largely UK)
+ Global delivery capabilities
FSL has presence across geographies and services its clients through its global delivery centres. As on March 31, 202 5, the company along with its 3 3 subsidiaries has 51 global delivery centers of which 16 are in India, 17 in the North America, 13 in the EMEA, 4 in the Philippines and 1 in Australia. The global delivery capability enables FSL to deliver wide range of services a nd gives the company proximity to its clients. The presence of its delivery centres across various geographies enable
Credit challenges
− Customer concentration risk
In FY25, FSL derived 31% of its total revenue from its top five clients, down from 36% in FY24. While this indicates reduced concentration, the company remains exposed to customer concentration risk. Any non -renewal of major contracts could significantly impact revenues. However, this risk is mitigated by FSL’s long -standing relationships with these clients and its proven ability to secure repeat business over the years.
− Increasing industry competition
The Indian IT-enabled services (ITeS) and BPM sector is undergoing rapid transformation, driven by AI adoption, cloud -first strategies, and digital modernization. Competition remains intense as global IT majors (TCS, Infosys, Accenture, Wipro), pure - play BPM providers (Genpact, WNS, Hinduja Global Solutions), and emerging niche players vie for market share. Additionally, Global Capability Centers (GCCs) and captive shared service models are expanding aggressively, offering enterprises greater
− Foreign exchange fluctuation risk
Since over 99% of revenue is derived from client in USA, UK, and Asia Pacific region, FSL is exposed to foreign exchange fluc tuation risk on cross-currency exposure (revenues and cost in different currencies) where the company caters to international custo mers from the delivery centres in India (primarily). The company has a policy to hedge its exposure on a 12 -month rolling basis through forward cover contracts and options. However, the company is still exposed to foreign exchange fluctuatio
Could lead to an upgrade
• Total debt (excl. lease) by gross cash accruals (TD/GCA) below 1.0x on a sustained basis. • Current ratio greater than 1.50x on a sustained basis.
Could lead to a downgrade
• Deterioration in total debt/profit before interest, lease rentals, depreciation, and taxation (PBILDT) beyond 2.50x or total debt (excl. Lease)/PBILDT beyond 1.75x on a sustained basis. • Any large-sized debt-funded capex, mergers or acquisitions or unrelated diversification resulting in overall gearing over 0.75x on a sustained basis.
Agency-reported financials (CARE, 16 Dec 2025)
| Metric | March 31, 2024 | March 31, 2025 | H1FY26 |
|---|---|---|---|
| Total operating income | ₹6,338 Cr | ₹7,974 Cr | ₹4,535 Cr |
| PBILDT | ₹996 Cr | ₹1,237 Cr | ₹728 Cr |
| PAT | ₹515 Cr | ₹594 Cr | ₹348 Cr |
| Overall gearing (times) | 0.42× | 0.63× | — |
| Interest coverage (times) | 7.04× | 4.61× | 8.46× |
| Revenue growth (YoY) | — | 25.8% | — |
| EBITDA margin | 15.7% | 15.5% | 16.1% |
| Implied interest cost (EBITDA ÷ coverage) | ₹141 Cr | ₹268 Cr | ₹86.05 Cr |
| PAT margin | 8.1% | 7.4% | 7.7% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long term Short term bank facilities | Working capital & bank lines | — | ₹351 Cr | — | A+ / A1+ (Stable) | Reaffirmed | CARE |
| Commercial Paper | Commercial paper | — | ₹50.0 Cr | — | A1+ | Reaffirmed | CARE |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | — | Withdrawn |
| Commercial Paper (Standalone) | ₹50.0 Cr | CARE A1+ |
| LT/ST | ₹351 Cr | CARE A+; Stable / CARE A1+ |
Lenders
| Fund-based/Non-fund-based | LT/ST | Axis Bank Ltd. |
| Fund-based/Non-fund-based | LT/ST | DBS Bank Limited |
| Fund-based/Non-fund-based | LT/ST | HSBC Ltd. |
| Fund-based/Non-fund-based | LT/ST | Standard Chartered Bank |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 83% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 83% chance the next rating action is stable or better
- Current rating A+ (investment grade)
- Interest coverage 8.46×
- Working-capital limits 36% utilised on average
Rated limits by facility
Timeline
From the report
Liquidity: Adequate Liquidity profile remains adequate with cash and liquid investments of ₹232 crore as on September 30, 2025.
From the report
On the other hand, FSL has no long-term debt repayments for FY26.
From the report
Last 12-month ending October 31, 2025, average utilisation of fund-based and non-fund-based limits are at a comfortable level being 36% and 1%, respectively.
From the report
Cash and liquid investments have consistently exceeded ₹200 crore in the last three fiscal years, with annual operating cas h accruals above ₹750 crore.
From the report
Management has indicated plans to achieve a net debt-free position (excluding lease liabilities) within the nexttwo years, suggesting a gradual improvement in overall gearing over the next two fiscals.
From the report
In Q1FY25, the company has acquired QBSS for cash consideration amounting to ₹327 crore.
From the report
Management has indicated plans to achieve a net debt-free position within the next two fiscals, suggesting a gradual reduction in debt levels over time.
From the report
Liquidity: Adequate Liquidity profile remains adequate with cash and liquid investments of ₹215.8 crore as on September 30, 2024.
From the report
Last 12-month average utilisation of fund-based and non-fund-based limits are at a comfortable level being 19% and 0.98%, respectively.
From the report
In addition, the company has consistently maintained cash and liquid investments above ₹200 crore over the last three fiscals.
From the report
For FY24 (P), the company has minimal debt repayments of ₹160 crore as against adjusted gross cash accruals of ₹662 crore.
From the report
Liquidity: Adequate Liquidity profile remains adequate with cash and liquid investments of ₹220.44 crore as on September 30, 2023.
From the report
Outlook: Stable/ A Reaffirmed Facilities (Enhanced from 311.00) One Plus ) Short Term Bank Facilities - - Withdrawn 351.00 Total Bank Facilities (₹ Three Hundred Fifty-One Crore Only) CARE A1+ Commercial Paper@ 50.00 Reaffirmed (A One Plus ) 50.00 Total Short Term Instruments (₹ Fifty Crore Only) Details of instruments/facilities in Annexure-1. @Carved out of sanctioned working capital limits Detailed rationale and key rating drivers The reaffirmation of ratings assigned to the bank facilities/instrument of Firstsource Solutions Limited (FSL) derive strength from the company’s strong parentage
From the report
Liquidity: Strong Liquidity profile remains strong with cash and cash equivalents at Rs.144 crore as on September 30, 2022.
From the report
Additionally, current investments worth Rs. 103.2 crores has been parked in the mutual funds, bringing total liquid investments close to Rs. 247.2 crores.
From the report
On standalone basis, the liquid investments are close to Rs. 118.4 crores.
From the report
Fifty Crore Only) Details of instruments/facilities in Annexure-1 @ Carved out of sanctioned working capital limits Detailed Rationale & Key Rating Drivers The reaffirmation of ratings assigned to the bank facilities/instrument of Firstource Solutions Limited (FSL) derive strength from the company’s strong parentage, being part of RP-Sanjiv Goenka group, experience of the management in the business process management (BPM) industry, well diversified revenue profile spread across multiple verticals and its strong brand recall and established position in the overseas markets.
From the report
Liquidity: Strong Liquidity profile remains strong with free cash balance and investment at Rs.218 crore as on September 30, 2021.
From the report
FSL has Rs.390 crore of sanctioned fund-based limits in India which remain utilized to the extent of 7% for the past twelve months ending November 2021.
From the report
FSL global sanctioned limits also remain utilized to the extent of 7-10% for the past twelve months ending November 2021.
From the report
Fifty Crore Only) *carved out of sanctioned working capital limits Details of instruments/facilities in Annexure-1 Detailed Rationale & Key Rating Drivers The reaffirmation of ratings assigned to the bank facilities/instrument of Firstource Solutions Limited (FSL) derive strength from the company’s strong parentage, being part of RP-Sanjiv Goenka group, experience of the management in the business process management (BPM) industry, well diversified revenue profile spread across multiple verticals and its strong client base with a global footprint.
From the report
FSL also has free cash and bank balances of Rs.235 crore as on September 30, 2020 which provides additional liquidity back-up.
From the report
Liquidity Analysis: Strong Liquidity is marked by strong Gross Cash accruals of Rs.476 crore during FY19 against negligible repayment obligations and liquid investments (in Mutual Funds) to the tune of Rs.122 crore as on March 31, 2019.
From the report
FSL also has free cash and bank balances of Rs.168.6 crore as on March 31, 2019 which provides additional liquidity back-up.
From the report
Gross cash & cash equivalent stand at Rs.291 crore as on March 31, 2019.
From the report
Facilities Outlook:Stable/A One plus) Short term Bank Facilities – 40.0 CARE A1+ Reaffirmed Non Fund Based Facilities (reduced from 132) (A One plus) Total 338.0 (Rupees Three Hundred and Thirty Eight Crore only) CARE A1+ Commercial Paper* 50.00 Reaffirmed (A One plus) *carved out of sanctioned working capital limits Details of instruments/facilities in Annexure-1 Detailed Rationale & Key Rating Drivers The rating assigned to the bank facilities of Firstource Solutions Limited (FSL) continues to derive strength from the company’s strong parentage, being part of RP-Sanjiv Goenka group, experien
From the report
Liquidity Analysis: Strong Liquidity is marked by strong Gross Cash accruals of Rs.476 crore during FY19 against negligible repayment obligations.
From the report
FSL also has free cash and bank balances of Rs.168.6 crore as on March 31, 2019 which provides additional liquidity back-up.
From the report
Gross cash & cash equivalent stand at Rs.291 crore as on March 31, 2019which includes free cash and bank balances of Rs.168.6 crore, and liquid investments (in Mutual Funds) to the tune of Rs.122 crore.
From the report
Outlook: Stable]/CARE Facilities A 1 A1+ [A One plus] 132.00 Short-term Bank Facilities CARE A1+ [A One plus] Revised from CARE A 1 279.50 (Rupees Two Hundred Total Facilities Seventy Nine crore and Fifty lakh only) Commercial Paper* 50.00 CARE A1+ (A One plus) Revised from CARE A 1 *Carved out of sanctioned working capital limits Details of instruments/facilities in Annexure-1 Detailed Rationale & Key Rating Drivers The upgrade in the ratings assigned to the bank facilities/instruments of Firstsource Solutions Limited (FSL) reflects continuous reduction in debt resulting in improvement in ove
From the report
FSL also had free cash and bank balances of Rs.99.88 crore as on December 31, 2018 which provides additional liquidity back-up.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Firstsource Solutions Limited
Top competitors by location
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|---|---|---|---|---|
 Allcargo Logistics |
Courier, Express & Freight · Logistics & Supply Chain | allcargologistics.com | — | Mumbai, India |
| QUESS CORP LIMITED | Discovered Companies · Other Industries | — | — | Bangalore, Karnataka, India |
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 Mahindra Logistics |
Courier, Express & Freight · Logistics & Supply Chain | mahindralogistics.com | — | Mumbai, India |
 Blue Dart Express |
Outlets operated by Blue Dart Express. | bluedart.com | 1983 | Mumbai, India |
 Transport Corporation of India |
Courier, Express & Freight · Logistics & Supply Chain | tcil.com | — | Secunderabad, India |
| MSTC LIMITED | TMT Bars & Secondary Steel · Steel, Metals & Pipes | — | — | Kolkata, West Bengal, India |
| JITF INFRALOGISTICS LIMITED | Sportswear & Sports Goods · Apparel, Textiles & Footwear | — | — | Chhattisgarh, India |
 VRL Logistics |
Courier, Express & Freight · Logistics & Supply Chain | vrlgroup.in | — | Hubli, India |
| WEWORK INDIA MANAGEMENT LIMITED | Discovered Companies · Other Industries | — | — | Karnataka, India |
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Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.