Firstsource Solutions Reports No Share Transfer Requests in Q4 FY26 SEBI Filing

Firstsource Solutions Limited has submitted its quarterly regulatory certificate to stock exchanges, confirming zero share transfer activity during the fourth quarter of fiscal year 2026.

Regulatory Compliance Filing

The company filed its certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations 2018 for the quarter ended March 31, 2026. The filing was addressed to both major Indian stock exchanges where the company is listed.

Exchange Details:	Information
NSE Scrip Code:	FSL
BSE Scrip Code:	532809
ISIN:	INE684F01012
Filing Date:	April 2, 2026

Share Transfer Activity Report

According to the certificate, 3i Infotech Limited, serving as the company's Registrar to an Issue and Share Transfer Agent, reported no activity during the quarter. The filing specifically states that no requests were received for shares to be dematerialized or rematerialized throughout the entire quarter.

Quarter Activity Summary:	Details
Reporting Period:	Quarter ended March 31, 2026
Dematerialization Requests:	Zero
Rematerialization Requests:	Zero
Registrar:	3i Infotech Limited

Corporate Information

The certificate was signed by Pooja Nambiar, Company Secretary of Firstsource Solutions Limited. The company maintains its registered office at Athena Towers, Mindspace Malad, Goregaon (W), Mumbai, and operates under CIN L64202MH2001PLC134147.

This quarterly filing represents standard regulatory compliance, ensuring transparency in share transfer activities as mandated by SEBI regulations for listed companies.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.61%	-3.53%	+2.87%	-33.66%	-35.56%	+81.28%

Firstsource Solutions has received a maintained Buy rating from Nomura with a target price of Rs 330, despite the brokerage making downward revisions to its earnings estimates for the coming years.

Rating and Target Price

Nomura has kept its positive stance on the IT services company, setting a target price of Rs 330. The brokerage believes the stock offers attractive valuation at 13x FY28F EPS, which supports their bullish outlook despite some near-term estimate adjustments.

Earnings Estimate Revisions

The brokerage has made cuts to its EPS estimates for the forecast period, with reductions ranging from 2-11% for FY26-28F. Despite these downward revisions, Nomura's analysts believe the long-term growth prospects and valuation metrics justify maintaining their Buy recommendation.

Growth and Margin Outlook

Parameter	Projection
Revenue Growth	Double-digit medium-term
EBIT Margins	11.7-12.6%
Valuation Multiple	13x FY28F EPS

Nomura expects Firstsource Solutions to deliver double-digit medium-term revenue growth, supported by margin expansion initiatives. The projected EBIT margins of 11.7-12.6% indicate the company's focus on operational efficiency and profitability improvement.

Investment Rationale

The brokerage's positive recommendation is anchored on several key factors that are expected to drive the company's performance. The combination of anticipated revenue growth momentum and margin expansion prospects forms the foundation of Nomura's bullish thesis, even as they acknowledge some near-term earnings pressure through their estimate cuts.