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Firstsource Solutions
SectorServices
Firstsource Solutions Limited is an Indian company providing IT-enabled business process management services across various industries. It operates in four segments: Banking and Financial Services, Healthcare, Communication Media and Technology, and Diverse Industries. The company offers technology-driven solutions for customer experience management, digital patient access, intelligent automation, and financial services. Firstsource serves global brands, including Fortune 500 and FTSE 100 companies, with operations in the US, UK, India, and the Philippines. The company has grown through acquisitions and partnerships, expanding its capabilities in areas such as revenue cycle management, customer management, and data analytics. Firstsource continues to invest in new technologies and services, including robotic process automation, digital solutions, and consulting practices.
In the news
SENSEX down 262 points, NIFTY50 at 23,296 amid AI slowdown debate
Firstsource Q1 profit drops 2.01% to ₹166 cr, revenue up 23.9%
Meesho Q4 results today: Stock jumps 36% in 30 days
Firstsource Solutions Q3 profit drops 24.94% to ₹120.33 crore
Firstsource Solutions declares record ₹5.50/share interim dividend
The Quarter story
The two most recent quarterly results, compared side-by-side.
Firstsource Solutions drives steady revenue growth and expanding operating margins, though rising attrition and short-term debt need monitoring.
EBIT grew from ₹2,498 Cr to ₹3,367 Cr from Q1 FY26 to Q1 FY27 — demonstrating consistent operating leverage
Attrition rose from 28.9% to 33.1% from Q1 FY26 to Q1 FY27 — signaling retention risks
Top 10 client revenue share fell from 42.6% to 39.2% from Q1 FY26 to Q1 FY27 — reducing key client dependency
Short-term borrowings climbed from ₹10,908 Cr to ₹20,163 Cr from Q1 FY26 to Q1 FY27 — increasing short-term leverage
Offshore and nearshore delivery share rose from 41.2% to 43.5% from Q1 FY26 to Q1 FY27 — boosting margin potential
Trade receivables grew from ₹15,935 Cr to ₹23,215 Cr from Q1 FY26 to Q1 FY27 — indicating slower cash collection
Women employees increased from 47.0% to 48.5% from Q1 FY26 to Q4 FY26 — advancing diversity goals
Operating expenses rose from ₹5,499 Cr to ₹7,420 Cr from Q1 FY26 to Q1 FY27 — outpacing revenue growth
Strategic logos dropped from 9 to 3 from Q1 FY26 to Q1 FY27 — indicating client churn
Company insights, generated from the most recent coverage.
Q1 FY27 EBIT margin up 110 bps YoY to 12.4%, the seventh straight quarter of expansion. Sequential margin improvement is now the core of the re-rating, ahead of top-line growth.
The ₹717 million exceptional charge was not operational — it covered a healthcare program termination plus a regulatory penalty indemnification. Adjusted PAT grew 31.2% YoY, so the flat reported profit understates earnings power.
Healthcare revenue declined QoQ in Q1 FY27. With the BPaaS wind-down already absorbed in guidance, the segment turning sequentially positive is the signal that the drag has fully bottomed.