Firstsource Solutions is a Mumbai-headquartered business process management company and an RP-Sanjiv Goenka Group company, listed on India's National Stock Exchange under the ticker FSL. It was founded in 2001 and describes itself as a global intelligence partner to enterprises across healthcare, banking and financial services, communications, media, technology, retail and utilities, with operations across the US, UK, India, the Philippines, Mexico, Romania, Trinidad and Tobago, South Africa and Australia.
Firstsource reported fiscal 2026 revenues of ₹95,564 million (US$1,082 million), up 19.7% year on year.
The company is one of the faster-growing mid-sized Indian BPM providers. It signed 17 large deals in fiscal 2026, and in the first quarter of fiscal 2027 it recorded its sixth consecutive quarter with four or more large deal wins. Its closing headcount reached 36,875 at the end of that quarter.
Its positioning has shifted from contact-centre and collections work towards what it calls UnBPO and, more recently, Intelligence That Operates, a proposition built around its Kairos operating system and partnerships with AI vendors such as Cresta. The bet is that buyers will pay for outcome-based, AI-run operations rather than seats, which plays to its heavy US healthcare and UK communications exposure, where processes are high-volume and rules-driven. The risk is execution: high attrition and a growing technology agenda need to coexist with a margin structure built on labour.
Services & Capabilities
Firstsource organises its offer around industry verticals, with healthcare the most prominent theme and customer experience the main horizontal.
- Healthcare: separate leadership for health plans and healthcare services and for healthcare providers, covering claims, revenue cycle management and patient financial services. Its CareSource case study describes scaling Medicaid claims operations, and a current US posting for a patient financial advocate in Weston, Florida shows the onshore element of this work.
- Customer experience and consulting: voice, chat and digital customer operations, led by a Head of CX and Consulting. The NOW TV story describes a move to digital CX.
- Collections: a dedicated collections practice with its own head.
- Banking, financial services, communications and media: grouped under a single leadership role alongside emerging geographies.
- Technology and AI services: AI delivery implementation and technical architecture roles in Chennai and Mumbai show the build-out of an engineering layer.
The service mix is narrower than that of a Genpact or a Concentrix, but deeper in two areas: US healthcare administration and UK consumer-facing industries such as telecoms, media and utilities. That depth explains its deal momentum, because healthcare payers and providers buy on domain knowledge and compliance record as much as on price.
The trade-off is concentration. A business weighted to US healthcare is exposed to changes in Medicaid funding and payer economics, and its UK communications and media work faces the same AI-driven deflation in contact-centre volume that affects Teleperformance and other customer experience providers.
Client Base & Market Position
Firstsource's published customer stories name clients across healthcare, education, financial services, media and logistics.
- CareSource: a Medicaid health plan whose claims operations Firstsource helped scale.
- Montage Health: boosted medical collections.
- GHX: a healthcare operations relationship of 17 years.
- NOW TV: transformed to a digital customer experience.
- ETS: launched a Global Capability Center in India with Firstsource's help.
- Planet Home Lending: a document management and exception resolution engagement focused on accuracy.
- Samuel Merritt University and Truckstop: a partnership-model redesign and a 10x operational efficiency improvement respectively.
Deal momentum: It signed 17 large deals in fiscal 2026, and in the first quarter of fiscal 2027 it signed four more and added twelve new logos, including three strategic accounts. Repeated large wins over six quarters show a consistent sales engine rather than a one-off spike.
Partnerships with clients' AI vendors: In February 2026 Firstsource partnered with Prosper AI on voice AI for healthcare revenue cycle management, and in August 2026 it partnered with Cresta on AI-powered customer experience transformation.
The client list shows a mid-market and upper-mid-market franchise: a long tail of specialist healthcare and financial clients rather than a handful of mega-accounts. The ETS engagement is notable because it shows Firstsource helping a client build its own captive centre in India, a model that competes with traditional outsourcing but keeps Firstsource in the relationship.
Delivery Infrastructure & Operations
Firstsource operates across the US, UK, India, the Philippines, Mexico, Romania, Trinidad and Tobago, South Africa and Australia. The spread gives it offshore capacity in India and the Philippines, nearshore options for US clients in Mexico and Trinidad and Tobago, and for UK clients in South Africa and Romania.
Workforce: Closing headcount stood at 36,205 at the end of fiscal 2026 and 36,875 at the end of the first quarter of fiscal 2027. Voluntary attrition was 27.5% in that quarter, a reminder that its contact-centre and back-office workforce turns over quickly.
India network: Current postings are concentrated in India: customer service associates and a senior associate in Bengaluru, a revenue management specialist in Hyderabad, an apprentice in Tiruchirappalli, AI delivery implementation in Chennai and technical architecture in the Mumbai Metropolitan Region. The spread across tier-one and smaller cities lets it balance cost and talent supply.
North America: In October 2025 Firstsource expanded into Canada with a new subsidiary, a move Nearshore Americas linked to the higher US H-1B visa fee. In January 2026 a subsidiary acquired full ownership of Telemedik for up to $3 million, a small bolt-on in healthcare.
Leadership of the network: The leadership team includes a Head of EMEA and a Head of CMT, BFS and Emerging Geos, which shows the international business is run on a regional basis alongside the vertical structure.
Its UK and South African presence is an advantage for British clients that want English-language nearshore delivery.
Ownership, Financials & Scale
Ownership: Firstsource Solutions Limited is an RP-Sanjiv Goenka Group company, listed on the NSE under the ticker FSL. Dr. Sanjiv Goenka is Chairman of the RPSG Group and of Firstsource Solutions, so the group's direction sits with its promoter. In March 2026 it allotted 64,162 equity shares under employee stock option plans.
Financials: Firstsource reported fiscal 2026 revenues of ₹95,564 million (US$1,082 million), up 19.7% year on year.
EBIT was ₹11,221 million, or 11.7% of revenues, up 27.4%. In the first quarter of fiscal 2027 revenues were ₹27,249 million (US$288 million), up 22.9% year on year, and EBIT was 12.4% of revenues, up 34.8%. In February 2026 it declared its highest-ever interim dividend of ₹5.50, the same month coverage reported that India's new labour code hit its third-quarter profit.
Guidance: For fiscal 2027 the company expects revenue growth of 10% to 13% in constant currency, with an EBIT margin of 12.25% to 12.75%.
Scale: Closing headcount was 36,875 at the end of the first quarter of fiscal 2027, the quarter to June 2026. Earlier records put the workforce at around 35,000.
Taken together, the figures describe a company growing revenue at nearly a fifth a year with expanding margins. The guidance for fiscal 2027 implies a slower but still double-digit pace, with continued margin improvement, as the company shifts more work to AI-led delivery.
People, Leadership & Culture
Leadership: Ritesh Idnani is Managing Director and CEO, and Dr. Sanjiv Goenka is Chairman of the RPSG Group and Firstsource Solutions. Shashwat Goenka is Vice-Chairman of the board, which reinforces promoter involvement. Dinesh Jain is Chief Financial Officer, Sohit Brahmawar is Chief Operating Officer and Hasit Trivedi is Chief Digital and AI Officer.
Vertical leadership: Matthew Barlow leads health plans and healthcare services and Scott Schrader leads healthcare provider services, a split that mirrors the importance of US healthcare. In January 2026 Firstsource named new AI-led healthcare leaders in North America. Ashish Chawla is Head of CX and Consulting, and Sundara Sukavanam heads the Enterprise Transformation Office.
Advisory board: It runs an advisory board of outside executives covering retail, consulting, banking, strategy and telecoms, including Sangeet Paul Choudary on strategy, which gives management outside sector perspective.
Talent movement: Over 24 months the platform recorded 73 senior arrivals and 16 departures, a strongly positive net flow. Arrivals came most often from Tech Mahindra, Cognizant, Sutherland, Ascensos, Concentrix and HCLTech, and departures went to Omega Healthcare, Teleperformance, Sutherland, Shearwater Health, Bill Gosling Outsourcing and WNS. The inflow from larger IT and CX firms supports its technology and healthcare push.
Culture: In September 2026 Firstsource was named among India's Best Workplaces for Women 2026 by Great Place to Work. Attrition remains the counterweight: voluntary attrition was 27.5% in the first quarter of fiscal 2027.
Technology & Innovation
Firstsource's technology strategy combines its own operating platform with partnerships with AI software vendors.
Kairos: In September 2026 Firstsource announced the launch of its Kairos operating system, which it describes as the system powering its Intelligence That Operates proposition. The move turns a services brand into a named platform, similar in intent to Genpact's and EXL's product layers.
AI partnerships: In August 2026 it partnered with Cresta, uniting Cresta's AI platform with Firstsource's systems integration and operations expertise for customer experience at scale. Ashish Chawla, its Head of CX and Consulting, said Intelligence That Operates is a technology thesis rather than a tagline. In February 2026 it partnered with Prosper AI on voice AI for healthcare revenue cycle management, and in June 2026 it reported results from a strategic partnership with AppliedAI.
Recognition: In September 2026 Firstsource was recognised among the best in the Services Eating Software category at the 2026 HFS SaS Awards, a category that rewards providers replacing software spend with AI-run services.
Leadership and hiring: A Chief Digital and AI Officer leads the agenda, and current openings for an AI delivery implementation manager in Chennai and a senior technical architect in Mumbai show it building delivery engineering in-house.
The model lets Firstsource pair best-of-breed AI tools with its process knowledge without carrying the cost of building every model itself. The risk is dependence on partners whose platforms are also available to competitors, so differentiation rests on Kairos and domain workflows.
Strategic Assessment
Strengths
- Growth and margins: Fiscal 2026 revenue up 19.7%, with EBIT up 27.4%.
- Deal engine: 17 large deals in fiscal 2026 and a sixth consecutive quarter of four or more large wins.
- Healthcare depth: Clients such as CareSource and a 17-year GHX relationship.
- Talent inflow: 73 senior arrivals against 16 departures in 24 months.
Risks and Vulnerabilities
- Attrition: Voluntary attrition of 27.5% in the first quarter of fiscal 2027.
- Concentration: Heavy exposure to US healthcare and UK communications and media.
- Partner dependence: AI capability built partly on vendors such as Cresta and Prosper AI that also serve competitors.
Opportunities
- AI-run operations: Kairos and the HFS Services Eating Software recognition position it for outcome-based work.
- Nearshore North America: The Canadian subsidiary and Mexico and Trinidad and Tobago operations.
- Guided growth: Fiscal 2027 guidance of 10% to 13% constant currency growth with margin expansion.
