Promoter holding
64.27%
FS
Firstsource Solutions Limited - Due diligence report
A 360° intelligence report on Firstsource: trust score, financial health, credit view, compliance, directors, growth and distress signals - …
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Firstsource — 360° Intelligence Report
Generated from MCA filings & public records69/100
Trust Score
Moderate
Firstsource is assessed as Moderate with a Trust Score of 69/100. Firstsource is an active public limited indian non-government company incorporated in 2001, operating in the Business Outsourcing sector. The company has shown revenue growth across its recent filed years. It was profitable in its latest filed year. Based on MCA filings and public records, it currently shows a high compliance risk and low financial risk profile.
Report generated on 23 Jun 2026 from the latest processed filings. Firstsource Solutions Limited snapshot & full profile →
Automated indicators derived from public MCA / GST / EPFO records - not a credit rating, not investment, legal or financial advice. Spotted an inaccuracy? Report an error.
02
Score Card
Higher is safer · rule-based & explainableTrust ScoreModerate
69/100
Overall counterparty trust - the headline number of this report.
Compliance ScoreCaution Indicated
42/100
Statutory standing - status, filings, auditor, MSME and litigation.
Financial Health ScoreLow Risk
90/100
Profitability, leverage and liquidity from filed statements.
Credit Risk ScoreLow Risk
95/100
Debt capacity, gearing and security cover for lenders.
Director Stability ScoreCaution Indicated
35/100
Board strength, DIN status, churn and network.
Growth ScoreLow Risk
75/100
Revenue, profit, asset and hiring momentum.
Distress ScoreLow Risk
90/100
Early-warning signals - higher means fewer warnings.
03
Financial Intelligence Dashboard
Consolidated · 5 filed year(s)Unlock the full 5-year financial dashboard with charts and year-wise figures.
Get full accessScores and observations on this page are already computed from the real filings - only the underlying figures are locked.
04
Credit & Compliance Intelligence
Why the scores are what they are
Credit Risk Score: 95/100 Low Risk
- Liabilities ≈ 38% EBITDA - serviceable.
- No open charges - unencumbered balance sheet.
- Moderate gearing (D/E 1.42).
- Profitable - internal accruals available.
- Externally credit-rated (A).
Charges position: 0 open (-) · 5 satisfied (1,960.10 cr).
Banking relationships (from registered charges)
| Lender | Charges | Amount |
|---|---|---|
| Il & Fs Trust Company Limited | 1 | 48.0 cr |
| Others | 1 | 48.0 cr |
| Icici Bank Ltd. | 1 | 48.0 cr |
| 3I Infotech Trusteeship Services Limited | 1 | 48.0 cr |
| Abn Amro Bank N.A | 1 | 48.0 cr |
Compliance Score: 42/100 Caution Indicated
- Company status is Active as per MCA.
- Annual filings current (balance sheet Mar 2025).
- Flagged by authority: BSE, EPFO.
- Litigation present in 3 court forum(s).
- Delayed payments to MSME suppliers disclosed (36 disclosure(s)).
- 12 active GST registration(s).
Legal cases on record (3)
05
Director Intelligence
Stability score: 35/100| Name | DIN / PAN | Designation | Appointed | Tenure | DIN status |
|---|---|---|---|---|---|
| PRADIP KUMAR KHAITAN | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| RITESH MOHAN IDNANI | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| UTSAV PAREKH | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| SANJIV GOENKA | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| SUNIL MITRA | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| SUBRATA TALUKDAR | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| SWETA KINJAL SHAH | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| VANITA UPPAL | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| DINESH JAIN | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| RAJIV KUMAR | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| SHASHWAT GOENKA | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| DINESH JAIN | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| REKHA SETHI | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| THARAVANAT CHANDRASEKHARAN SUSEELKUMAR | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| POOJA SURESH NAMBIAR | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
- 15 directors on the board.
- VANITA UPPAL has DIN status "Deactivated due to non-filing of DIR-3 KYC".
- 5 director exits in 3 years - high churn.
- Average tenure above 5 years.
Director & KMP remuneration (FY 2023)
| Name | Designation | Total remuneration |
|---|---|---|
| A K Sharma | Managing Director | 2.4 cr |
| R Mehta | Whole-time Director | 1.6 cr |
| S Iyer | CFO | 95.0 L |
Remuneration is disclosed in the latest annual return. Unlock full report
06
Ownership & Group Intelligence
As per FY 2023 annual returnPublic / other holding
35.73%
Equity shares
12,45,67,890
Equity paid-up
124.5 cr
Promoters on record
4
Ultimate holding entity
-
Subsidiaries
1
Group entities
2
Capital events
435 allotment(s) · 2 transfer(s)
Promoters hold a majority stake - exact percentages are part of the full report.
| Group entity | Relationship | % held |
|---|---|---|
| American Recovery Service, Incorporated | Subsidiary Company | 74.00% |
| Firstource Solutions Jamaica Limited | Subsidiary Company | 74.00% |
| Firstsource Advantage Llc | Subsidiary Company | 74.00% |
| Firstsource Bpo Ireland Limited | Subsidiary Company | 74.00% |
| Firstsource Group Usa, Inc | Subsidiary Company | 74.00% |
| Firstsource Health Plans And Healthcare Services, Llc, | Subsidiary Company | 74.00% |
| Firstsource Process Management Services Limited | Subsidiary Company | 74.00% |
| Firstsource Solutions Mexico | Subsidiary Company | 74.00% |
| Firstsource Solutions Uk Limited | Subsidiary Company | 74.00% |
| Firstsource Solutions Usa, Llc | Subsidiary Company | 74.00% |
Key managerial personnel: RITESH MOHAN IDNANI (CEO) · DINESH JAIN (CFO) · DINESH JAIN (CFO)
Full shareholding pattern, group structure & capital events →
07
Risk Intelligence Center
Growth 75 · Distress 90
Growth signals & trust indicators
Revenue acceleration: +2.1x over 4 year(s).
EPFO headcount growing - hiring signal.
Operating for 24+ years.
Active EPFO - real payroll on record.
Active GST registration(s).
Distress signals & risk flags
Compliance score is weak (42/100).
MSME payment delays disclosed - latest outstanding 72.57 Lakh.
3 court case(s) on record - see the legal section for details.
08
Stakeholder Verdicts
Vendor · Banker · InvestorVendor due diligence64/100
Review suggested
Suitability as a supplier / customer counterparty.
- Check the compliance flags before onboarding.
- No distress signals on file.
- Financial filings available for verification.
Banker assessment80/100
Favourable lending indicators
Indicative lending comfort for banks, NBFCs and trade credit.
- Debt capacity assessed from filed statements.
- No existing security registered - first-charge position available.
- Compliance gaps should be priced into terms.
Investor view79/100
Positive growth indicators
Growth quality and scalability through an investor lens.
- 2 growth signal(s) detected.
- Margin and return trends computable from filings.
- Management churn warrants questions.
09
MCA Filings & Events Timeline
Latest 15 events30 Jul 2025
Last AGM held
Annual general meeting
31 Mar 2025
Latest balance sheet
Filed with ROC
29 Jul 2024
Director ceased
RAJIV KUMAR
03 May 2024
Director appointed
RAJIV KUMAR (Director)
26 Oct 2023
Director ceased
REKHA SETHI
Director ceased
THARAVANAT CHANDRASEKHARAN SUSEELKUMAR
01 Sep 2023
Director appointed
RITESH MOHAN IDNANI (CEO)
Director appointed
REKHA SETHI (Director)
Director appointed
THARAVANAT CHANDRASEKHARAN SUSEELKUMAR (Director)
Director ceased
RITESH MOHAN IDNANI
Director ceased
VIPUL KHANNA
15 Dec 2022
Director ceased
UTSAV PAREKH
02 Nov 2022
Director appointed
UTSAV PAREKH (Director)
03 Aug 2022
Director ceased
VANITA UPPAL
06 May 2022
Director ceased
CHARLES RICHARD VERNON STAGG
10
Key Observations
Auto-generated from the data aboveRevenue grew 24% over the last 4 financial year(s).
Net profit margin moved from 0.86 to 61%.
Debt-to-equity stands at 38% - manageable leverage.
Net worth is positive.
15 active director(s) / partner(s); review board churn before relying on management continuity.
12 active GST registration(s) indicate ongoing business operations.
All 5 registered charge(s) stand satisfied - past borrowings repaid.
Operates a group structure with 1 subsidiary(ies) - assess on a consolidated basis.
Carries an external credit rating of A from Care.
EPFO-registered employer - verifiable payroll history exists.
Promoters hold a majority stake as per the FY 2023 annual return.
Director / KMP remuneration is disclosed in the latest annual return - exact figures available in the full report.
Capital has been raised through 435 security allotment(s) - amounts available in the full report.
20 overseas direct investment(s) (ODI) on record - international footprint.
| Company | CIN | Location |
|---|---|---|
| Pinelabs | L67100HR1998PLC113312 | Dlf Qe, Haryana, India |
| Cargill | U74140DL2010PTC308278 | New Delhi, Delhi, India |
| Cred | U93090MH2018PTC308253 | Mumbai, Maharashtra, India |
| Accesshealthcare | U74220TN2011PTC078925 | Chennai, Tamil Nadu, India |
| Verdant Environmental Technologies | U29190MH1995PTC087858 | Mumbai, Maharashtra, India |
| Transunioncibil | U72300MH2000PLC128359 | Mumbai, Maharashtra, India |
| Gtl Infrastructure | L74210MH2004PLC144367 | Thane, Maharashtra, India |
| Ntt India Private Limited | U72200MH1994PTC083713 | Mumbai, Maharashtra, India |
12
Who Uses This Report
CA · CS · Banker · Investor · VendorChartered Accountants (CA)
Verify Firstsource before audits and certifications: compliance score 42/100, filing history, auditor history and charge records in one place - instead of pulling each MCA form separately.
Company Secretaries (CS)
Track statutory health of Firstsource: ACTIVE compliance status, annual-return recency, director DIN status, board churn and the events timeline - the inputs for secretarial audits and due-diligence certificates.
Bankers & NBFCs
Current banker verdict: Favourable lending indicators. Credit risk score 95/100, existing charge position and lender relationships - a first-pass credit memo before formal appraisal.
Investors & Analysts
Investor view: Positive growth indicators. Growth score 75/100, margin trends, ownership structure and peer set for Firstsource - screening before a deeper diligence.
Vendors & Procurement Teams
Vendor verdict: Review suggested. Trust score 69/100, distress signals and MSME payment-delay disclosures - know whether Firstsource pays its suppliers before you extend credit terms.
Lawyers & Compliance Teams
Litigation footprint (3 case(s) on record), regulatory flags, charge documents trail and director networks for Firstsource - groundwork for KYC, onboarding and disputes.
13
Frequently Asked Questions
Is Firstsource an active company?
Firstsource has MCA status “Active” with a compliance score of 42/100 (Caution Indicated).
Is Firstsource financially healthy?
Firstsource has a Financial Health Score of 90/100 (Low Risk) based on its filed financial statements.
Should I do business with Firstsource?
Its overall Trust Score is 69/100 (Moderate). Vendor verdict: Review suggested. Review the risk flags in the Risk Intelligence Center before deciding.
Who controls Firstsource?
Promoters hold a majority stake - exact percentages are in the full report. 15 active director(s) are on record.
Does Firstsource have loans or charges against its assets?
No open charges - all 5 registered charge(s) stand satisfied, indicating past borrowings were repaid.
Is Firstsource up to date with its ROC filings?
Annual filings current (balance sheet Mar 2025). Overall compliance score: 42/100 (Caution Indicated).
Is it risky to lend to Firstsource?
Its Credit Risk Score is 95/100 (Low Risk). Banker verdict: Favourable lending indicators.
Disclaimer: This report is generated automatically from MCA filings and public records as available
in our system at the time of the last update. Scores, bands and verdicts are rule-based derived indicators of the
underlying data - they are opinions generated by an algorithm, not statements of fact about the company, and are
not credit ratings (within the meaning of SEBI regulations), audits, or investment, legal or financial advice.
Verify from official sources and consult a qualified professional before any business, lending or investment decision.
If you represent this company and believe any information is inaccurate or outdated,
report it here and we will review promptly.
