Firstsource Solutions shares zoom 18% on heavy volumes; brokerages upbeat

Given the strong pipeline and healthy guidance, analysts at ICICI Securities upgraded Firstsource Solutions (FSL) to 'Buy', with a revised target price of ₹290.

Firstsource Solutions (FSL) share price today: Shares of Firstsource Solutions (FSL) have moved higher by 18 per cent to ₹278 on the BSE in Friday’s intra-day trade amid heavy volumes on a healthy outlook.

 

At 12:48 PM, FSL shares were quoting 17 per cent higher at ₹274.65, as compared to a 0.73 per cent decline in the BSE Sensex. The average trading volumes jumped over 10-fold, with a combined 66.92 million shares, representing 9.6 per cent of the total equity, changing hands on the NSE and BSE.

 

The stock price of FSL had hit a 52-week low of ₹200.60 on March 2, 2026. It touched a 52-week high of ₹403.80 on June 25, 2025.

 

 

FSL Q4 results FY26

 

Firstsource Solutions (FSL), an RP-Sanjiv Goenka Group company, is a global intelligence partner to enterprises across healthcare, banking and financial services, communications, media, technology, retail, and utilities.

 

FSL’s revenue grew 3.0 per cent quarter-on-quarter (Q-o-Q) on constant currency (CC) against analysts' estimate of 5.8 per cent, largely due to a delay in the UK collections deal ramp (due to regulatory approvals) and a delay in ramp at payer clients (due to medicare payment ramp). Ebit margin came in at 12.2 per cent against the estimate of 12.4 per cent, analysts at JM Financial Institutional Equities said.

 

The management expressed high visibility to the lower end of guidance with pipeline conversion offering upside. Growth is expected to be evenly distributed across quarters. On an organic basis, FY26 CC growth was 12.1 per cent year-on-year (Y-o-Y) excluding both PDC and TeleMedik. Excluding consolidation of Ascensos (~5 months contribution), organic CC growth was 9.8 per cent. 

 

Management reiterated a medium-term aspiration of 14–15 per cent Ebit margins over 3–4 years. Margin expansion levers include offshore/nearshore mix, AI-led productivity gains and operating leverage.  Check here: Top Losers Today  | Top Gainers Today

 

Brokerages upgrade FSL to ‘Buy’  Given the strong pipeline and healthy guidance, analysts at ICICI Securities upgraded FSL to 'Buy' and revised the target price to ₹290, valuing it at 18x P/E on FY28E EPS.

 

FSL reported Ebit margins expansion in both Q4 and FY26, supported by operational efficiencies and improved business mix. Management has guided for further margin expansion to 12.25–12.75 per cent in FY27, aided by operating leverage and AI-driven productivity gains. Additionally, the Telemedik acquisition strengthens FSL’s nearshore healthcare capabilities in Puerto Rico and enhances its payer-provider positioning, while management remains open to further acquisitions to expand capabilities and support long-term growth, the brokerage firm said in its Q4 results update. 

 

FSL is witnessing increasing demand for AI-led transformation, workflow orchestration and outcome-based delivery models under its “Intelligence that Operates” strategy. Management highlighted that enterprises are increasingly seeking partners capable of combining domain expertise, AI agents & operational accountability, positioning FSL favourably in the evolving outsourcing landscape. FSL is already embedding AI across customer lifecycle management, collections & healthcare operations, which is driving higher wallet share opportunities and strengthening strategic client relationships across BFSI and healthcare verticals, ICICI Securities said.

 

Revenue headwinds in Q4 are now behind and will likely aid revenue growth in FY27. Investors will focus on Y-o-Y growth acceleration – Firstsource FY27 organic CC revenue guidance at 8 per cent to 11 per cent vs 9.8 per cent delivered in FY26. Healthcare softness to be monitored for peers, analysts at JM Financial Institutional Securities said, with a ‘Buy’ rating and target price of ₹290 per share. 

 

“We are revising FY27-28E EPS by 1 per cent-3 per cent, incorporating Q4 results. We maintain our target multiple of 18x, roll forward to FY28E EPS (vs Sep’ 27E earlier). We revise our target to ₹290 (from ₹260). Valuations are at 18x FY27E EPS. Maintain Buy,” the brokerage firm said.

 

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