FSL · Services
Firstsource Solutions Ltd. reported revenue of ₹2,826 cr for July to September 2026, +22.2% on the year and +3.7% on the quarter. That is in line with how this quarter has grown in recent years (+22.6% on average). It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹10,577 cr, +20.3% on the four before.
Operating profit (EBITDA) was ₹471 cr, a margin of 16.7%, +40 bps on the year and +12 bps on the quarter. It is the widest margin of the last 8 quarters (range 15.1% to 16.7%). Operating costs grew +21.6% against revenue growth of +22.2%, so more of each rupee of sales reached operating profit.
Net profit was ₹232 cr, +28.9% on the year and +39.8% on the quarter, with earnings per share of ₹3.29. Profit before other income, one-offs and tax grew faster, at +35.0%; other income, one-offs or tax held the headline back. The tax rate of 22% is in line with its recent average. Profit over the last four quarters totals ₹723 cr, +7.9% on the four before.
Of the 11 companies in Services that have reported Q2 FY27 so far, Firstsource Solutions Ltd. ranks 5th on revenue growth; the sector median is +19.1%. Its margin moved +40 bps on the year against a sector median of +84 bps.
On earnings per share of ₹10.24 over the last four quarters, the stock at ₹298.20 trades at 29.1 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,597 cr | ₹1,670 cr | ₹1,791 cr | ₹1,925 cr | ₹2,102 cr | ₹2,161 cr | ₹2,218 cr | ₹2,312 cr | ₹2,443 cr | ₹2,583 cr | ₹2,725 cr | ₹2,826 cr |
| YoY | — | — | +17% | +25% | +32% | +29% | +24% | +20% | +16% | +20% | +23% | +22% |
| EBITDA margin | 14.8% | 15.0% | 15.1% | 14.9% | 15.1% | 15.4% | 15.6% | 16.3% | 16.5% | 16.6% | 16.6% | 16.7% |
| Other income, % of PBT | 9% | 2% | 1% | −2% | 3% | 1% | 3% | 0% | −64% | −1% | −30% | −1% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 20% | 16% | 19% | 19% | 20% | 20% | 21% | 20% | 21% | 21% | 24% | 22% |
| Net profit | ₹129 cr | ₹134 cr | ₹135 cr | ₹138 cr | ₹160 cr | ₹161 cr | ₹169 cr | ₹180 cr | ₹120 cr | ₹205 cr | ₹166 cr | ₹232 cr |
| YoY | — | — | +7% | +9% | +24% | +20% | +25% | +30% | −25% | +27% | −2% | +29% |
| Core profit YoY | — | — | +8% | +27% | +33% | +28% | +25% | +28% | +28% | +31% | +38% | +35% |
| EPS | ₹1.83 | ₹1.90 | ₹1.92 | ₹1.96 | ₹2.27 | ₹2.27 | ₹2.39 | ₹2.54 | ₹1.70 | ₹2.90 | ₹2.35 | ₹3.29 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Firstsource Solutions Ltd. reported revenue of ₹2,826 cr (+22.2% on the year) and net profit of ₹232 cr (+28.9% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +35.0% on the year, against +28.9% for reported profit.
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