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 72,085 135,927 235,099 141,499 182,986 - -
Change - -15.51% 88.56% 72.96% -39.81% 29.32% - -
Enterprise Value (EV) 1 92,689 77,600 141,865 252,791 157,679 196,457 193,036 188,839
Change - -16.28% 82.82% 78.19% -37.62% 24.59% -1.74% -2.17%
P/E 16.4x 14.4x 26.9x 40.4x 21.4x 20.3x 16.6x 14x
PBR 2.91x 2.18x 3.72x 5.79x 3.25x 3.81x 3.37x 2.99x
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 1.62x 1.47x 1.31x
EV / Revenue 1.58x 1.3x 2.24x 3.17x 1.65x 1.74x 1.55x 1.35x
EV / EBITDA 9.66x 10.3x 14.8x 20.8x 10.1x 10.4x 9.17x 7.99x
EV / EBIT 13x 15.8x 20.4x 28.7x 14.1x 13.9x 12.1x 10.3x
EV / FCF 15x 10.5x 25.3x 55x 15.5x 23.6x 17.9x 16.6x
FCF Yield 6.67% 9.55% 3.95% 1.82% 6.46% 4.24% 5.58% 6.04%
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% - - 2.3% 2.62% 2.96%
EPS 2 7.62 7.32 7.34 8.42 9.56 13.02 15.93 18.86
Distribution rate 45.9% 47.8% 47.7% - - 46.8% 43.5% 41.6%
Net sales 1 58,657 59,859 63,325 79,803 95,564 112,804 124,692 139,506
EBITDA 1 9,599 7,537 9,564 12,164 15,562 18,879 21,048 23,640
EBIT 1 7,105 4,906 6,962 8,806 11,221 14,088 15,929 18,331
Net income 1 5,374 5,137 5,147 5,945 6,744 9,133 11,200 13,235
Net Debt 1 7,369 5,515 5,938 17,692 16,180 13,471 10,050 5,853
Reference price 2 125.05 105.50 197.65 340.25 204.39 264.80 264.80 264.80
Nbr of stocks (in thousands) 682,288 683,270 687,714 690,960 692,297 691,035 - -
Announcement Date 5/5/22 4/5/23 3/5/24 28/4/25 6/5/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
20.33x1.74x10.41x2.3% 1.92B
36.76x6.7x23.8x0.93% 80.75B
39.25x1.3x14.01x0.95% 17.44B
20.05x2.05x10.11x3.67% 14.07B
25.42x2.84x12.15x2.94% 12.16B
25.04x3.49x13.44x2.31% 8.08B
15.43x0.66x9.25x1.39% 7.01B
10.71x1.26x6.7x1.96% 6.38B
22.41x2.42x11.39x-.--% 5.77B
18.7x0.4x9.32x3.99% 5.3B
Average 23.41x 2.29x 12.06x 2.04% 15.89B
Weighted average by Cap. 30.78x 4.33x 17.67x 1.55%

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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