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 1,35,927 2,35,099 1,41,499 1,73,035 - -
Change - -15.51% 88.56% 72.96% -39.81% 22.29% - -
Enterprise Value (EV) 1 92,689 77,600 1,41,865 2,52,791 1,57,679 1,86,510 1,83,069 1,78,838
Change - -16.28% 82.82% 78.19% -37.62% 18.28% -1.85% -2.31%
P/E 16.4x 14.4x 26.9x 40.4x 21.4x 19x 15.5x 13x
PBR 2.91x 2.18x 3.72x 5.79x 3.25x 3.61x 3.24x 2.91x
PEG - -3.66x 98.45x 2.7x 1.6x 0.5x 0.7x 0.7x
Capitalization / Revenue 1.45x 1.2x 2.15x 2.95x 1.48x 1.53x 1.38x 1.23x
EV / Revenue 1.58x 1.3x 2.24x 3.17x 1.65x 1.65x 1.46x 1.27x
EV / EBITDA 9.66x 10.3x 14.8x 20.8x 10.1x 9.86x 8.61x 7.46x
EV / EBIT 13x 15.8x 20.4x 28.7x 14.1x 13.2x 11.4x 9.63x
EV / FCF 15x 10.5x 25.3x 55x 15.5x 21.7x 16.6x 14.8x
FCF Yield 6.67% 9.55% 3.95% 1.82% 6.46% 4.6% 6.02% 6.75%
Dividend per Share 2 3.5 3.5 3.5 - 5.5 6.094 6.93 7.849
Rate of return 2.8% 3.32% 1.77% - 2.69% 2.43% 2.77% 3.13%
EPS 2 7.62 7.32 7.34 8.42 9.56 13.2 16.16 19.32
Distribution rate 45.9% 47.8% 47.7% - 57.5% 46.2% 42.9% 40.6%
Net sales 1 58,657 59,859 63,325 79,803 95,564 1,13,335 1,25,688 1,40,934
EBITDA 1 9,599 7,537 9,564 12,164 15,562 18,924 21,252 23,978
EBIT 1 7,105 4,906 6,962 8,806 11,221 14,136 16,106 18,565
Net income 1 5,374 5,137 5,147 5,945 6,744 9,323 11,324 13,508
Net Debt 1 7,369 5,515 5,938 17,692 16,180 13,475 10,034 5,803
Reference price 2 125.05 105.50 197.65 340.25 204.39 250.40 250.40 250.40
Nbr of stocks (in thousands) 6,82,288 6,83,270 6,87,714 6,90,960 6,92,297 6,91,035 - -
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.($)
18.97x1.65x9.86x2.43% 180Cr
28.79x14.68x20.86x0.75% 66TCr
35.02x6.42x22.78x1.03% 7.71TCr
23.5x4.6x10.13x0.72% 6.73TCr
-106.62x24.05x57.83x-.--% 6.66TCr
10.38x1.38x7.12x1.06% 4.52TCr
45.17x1.67x9.32x-.--% 4.49TCr
19.68x3.36x8.01x1.61% 3.16TCr
19.79x6.06x11.56x-.--% 2.59TCr
9.41x2.53x6.09x-.--% 2.36TCr
Average 10.41x 6.64x 16.36x 0.76% 10.46TCr
Weighted average by Cap. 19.25x 12.03x 20.60x 0.69%

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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