3 Business Process Management Firm, Visa and Government Services Provider and Healthcare Technology Specialist Stocks With a Strong Future Roadmap: Firstsource Solutions, BLS International Services and Indegene

Firstsource Solutions, BLS International Services and Indegene: ROE of 12.8% to 27.9% and FY22 to FY26 revenue CAGR of 12.7% to 37.5%. Prices as of 28 Oct 2026.

Updated: 29 Oct 2026 • 12:48 pm

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3 Business Process Management Firm, Visa and Government Services Provider and Healthcare Technology Specialist Stocks With a Strong Future Roadmap: Firstsource Solutions, BLS International Services and Indegene

Quick Answer

The three business process and healthcare tech stocks to watch are Firstsource Solutions, BLS International Services and Indegene. Their return on equity ranges from 12.8% to 27.9%, and their revenue compound annual growth from FY22 to FY26 ranges from 12.7% to 37.5%. BLS International Services leads on both return on equity at 27.9% and revenue growth at 37.5% a year. Prices are based on the 28 October 2026 close, and this article is educational, not investment advice.

Business process and healthcare tech stocks let investors follow companies that serve a growing part of the Indian economy. Firstsource Solutions, BLS International Services and Indegene cover a business process management firm, a visa and government services provider and a healthcare technology specialist.

This list covers three business process and healthcare tech stocks with complete current figures: Firstsource Solutions, BLS International Services and Indegene. Every figure comes from the latest reported financials and the 28 October 2026 market close. Companies without complete current figures were left out.

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Table of Contents

What Are Business Process and Healthcare Tech Stocks?

Business process and healthcare tech stocks are listed companies that run customer service and back office work for banks and healthcare clients, provide visa, passport and consular services for governments, and help biopharma firms with commercial, medical and regulatory work. Their earnings depend on client volumes, contracts and service mix.

Business Process and Healthcare Tech Stocks at a Glance

Company	CMP (Rs)	Market Cap (Rs Cr)	P/E	Industry P/E	ROE (%)	D/E
Firstsource Solutions	307.95	19,489	29.1	17.5	17.1	0.67
BLS International Services	217.56	8,908	12.0	17.6	27.9	0.17
Indegene	598.95	14,454	36.0	59.2	12.8	0.05

On valuation, BLS International Services and Indegene trade at a P/E below the industry P/E, while Firstsource Solutions trades above it, which reflects the growth the market already expects. Readers comparing business process and healthcare tech stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain. With the Q2 FY27 results season close, investors in business process and healthcare tech stocks can use the coming numbers to test whether growth is holding.

Why Do Business Process and Healthcare Tech Stocks Have a Strong Roadmap in India?

Business process and healthcare tech stocks have a strong roadmap in India because global firms keep outsourcing service work to India, travel and visa demand is rising and life sciences companies need more digital support.

Outsourcing demand. Global clients move service work to India.
Travel demand. More people apply for visas and passports.
Life sciences focus. Drug makers need data and regulatory support.

Why Firstsource Solutions Features Among These Business Process and Healthcare Tech Stocks

Among the business process and healthcare tech stocks on this list, Firstsource Solutions, an RPG group company, is a business process management firm serving banks, healthcare payers and providers, and other clients, mainly in the United States and the United Kingdom.

The company has a return on equity of 17.1%, a debt to equity ratio of 0.67 and a market capitalisation of Rs 19,489 crore. The stock trades at a P/E of 29.1, above the industry P/E of 17.5.

Revenue rose from Rs 5,922 crore in FY22 to Rs 9,564 crore in FY26, a compound annual growth rate of 12.7%. Net profit grew from Rs 537 crore in FY22 to Rs 674 crore in FY26, which works out to a compound annual growth rate of 5.9%. In the June 2026 quarter, revenue grew 22.8% year on year to Rs 2,731 crore.

Roadmap: It is growing in healthcare and mortgage services, pursuing larger deals and using artificial intelligence to improve productivity. Longer contracts with large clients give it visibility on revenue.

What to watch: Follow contract wins in healthcare and the pace of new technology investments.

Why BLS International Services Features Among These Business Process and Healthcare Tech Stocks

Among the outsourcing and services shares on this list, BLS International Services provides visa, passport and consular outsourcing services for governments and also runs digital, e-governance and banking correspondent services.

Revenue rose from Rs 865 crore in FY22 to Rs 3,093 crore in FY26, a compound annual growth rate of 37.5%. Net profit grew from Rs 111 crore in FY22 to Rs 724 crore in FY26, which works out to a compound annual growth rate of 59.7%.

In the June 2026 quarter, revenue grew 24.1% year on year to Rs 913 crore, while net profit rose 11.4% to Rs 202 crore. The company has a return on equity of 27.9%, a debt to equity ratio of 0.17 and a market capitalisation of Rs 8,908 crore. The stock trades at a P/E of 12.0, below the industry P/E of 17.6.

Roadmap: The company is adding government mandates in many countries and widening its digital and citizen services. Rising international travel supports demand for visa and consular support.

What to watch: Follow new government mandates, travel demand and progress in digital services.

Why Indegene Features Among These Business Process and Healthcare Tech Stocks

Among the three companies on this list, Indegene is a Bengaluru-based healthcare technology and services company that helps biopharma and medical technology firms with commercial, medical and regulatory work using data and technology.

In the June 2026 quarter, revenue grew 39.5% year on year to Rs 1,092 crore. Revenue rose from Rs 1,690 crore in FY22 to Rs 3,582 crore in FY26, a compound annual growth rate of 20.7%.

Net profit grew from Rs 163 crore in FY22 to Rs 401 crore in FY26, which works out to a compound annual growth rate of 25.3%. The company has a return on equity of 12.8%, a debt to equity ratio of 0.05 and a market capitalisation of Rs 14,454 crore. The stock trades at a P/E of 36.0, below the industry P/E of 59.2.

Roadmap: The company is widening its digital and artificial intelligence services for life sciences clients and adding new customers across drug and device makers. Multi-year contracts with global clients support recurring revenue.

What to watch: Monitor client additions, platform adoption and growth in artificial intelligence services.

Firstsource Solutions vs BLS International Services vs Indegene on Key Financials

The table below sets the three business process and healthcare tech stocks side by side on revenue, profit and margin, using reported figures.

Company	FY22 Revenue (Rs Cr)	FY26 Revenue (Rs Cr)	Revenue CAGR (FY22-FY26)	FY26 Net Profit (Rs Cr)	FY26 Net Margin
Firstsource Solutions	5,922	9,564	12.7%	674	7.1%
BLS International Services	865	3,093	37.5%	724	23.4%
Indegene	1,690	3,582	20.7%	401	11.2%

BLS International Services posts the highest return on equity in this group at 27.9%. Firstsource Solutions has the largest FY26 revenue at Rs 9,564 crore, and BLS International Services shows the fastest revenue growth with a 37.5% compound annual rate. A useful habit with business process and healthcare tech stocks is to check each new quarterly result against the capacity plans the company described earlier.

The June 2026 quarter, the latest reported, gives a fresh read on momentum:

Company	Q1 FY26 Revenue (Rs Cr)	Q1 FY27 Revenue (Rs Cr)	Year-on-Year Growth
Firstsource Solutions	2,224	2,731	22.8%
BLS International Services	736	913	24.1%
Indegene	783	1,092	39.5%

Key Risks to Check Before Investing in Business Process and Healthcare Tech Stocks

Every theme carries risks that deserve a check before any decision. For these business process and healthcare tech stocks, the main points are: Long-term outsourcing and services shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.

Client concentration. A few large clients contribute a big share of revenue.
Currency moves. Export earnings move with the rupee.
Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them.

Treat this list as a starting point for research and not as a recommendation. Read the latest results presentation, check the management commentary on order books or capacity plans, and compare each company with its peers before you decide anything.

Use the Univest Stock Screener to filter business process and healthcare tech stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.

Final Thoughts on Business Process and Healthcare Tech Stocks

Business process and healthcare tech stocks reward investors who follow demand trends, order books and margins together. Firstsource Solutions, BLS International Services and Indegene each have a clear plan to grow. Based on the 28 October 2026 close, Firstsource Solutions trades at Rs 307.95, BLS International Services at Rs 217.56 and Indegene at Rs 598.95. Valuation matters as much as growth, so compare each company's P/E with its industry P/E before adding any of these business process and healthcare tech stocks to a watchlist.

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Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).

What are business process and healthcare tech stocks?

Ans. Business process and healthcare tech stocks are listed companies that run customer service and back office work for banks and healthcare clients, provide visa, passport and consular services for governments, and help biopharma firms with commercial, medical and regulatory work. Their earnings depend on client volumes, contracts and service mix. This list looks at three of them, Firstsource Solutions, BLS International Services and Indegene, using reported FY22 to FY26 financials and the 28 October 2026 closing prices.

Which business process and healthcare tech stocks are covered in this list?

Ans. This list covers Firstsource Solutions, BLS International Services and Indegene. Based on the 28 October 2026 close, Firstsource Solutions traded at Rs 307.95, BLS International Services at Rs 217.56 and Indegene at Rs 598.95. Their return on equity ranges from 12.8% to 27.9%, and their revenue compound annual growth from FY22 to FY26 ranges from 12.7% to 37.5%.

Why do business process and healthcare tech stocks have a strong future roadmap in India?

Ans. Business process and healthcare tech stocks have a strong roadmap in India because global firms keep outsourcing service work to India, travel and visa demand is rising and life sciences companies need more digital support. The main drivers are as follows. Outsourcing demand. Global clients move service work to India. Travel demand. More people apply for visas and passports. Life sciences focus. Drug makers need data and regulatory support. Together these factors give the companies on this list a visible path for growth over the coming years.

How has Firstsource Solutions performed financially?

Ans. Revenue rose from Rs 5,922 crore in FY22 to Rs 9,564 crore in FY26, a compound annual growth rate of 12.7%. Net profit grew from Rs 537 crore in FY22 to Rs 674 crore in FY26, which works out to a compound annual growth rate of 5.9%. In the June 2026 quarter, revenue grew 22.8% year on year to Rs 2,731 crore. The company has a return on equity of 17.1%, a debt to equity ratio of 0.67 and a market capitalisation of Rs 19,489 crore. The stock trades at a P/E of 29.1, above the industry P/E of 17.5. Looking ahead, it is growing in healthcare and mortgage services, pursuing larger deals and using artificial intelligence to improve productivity. Longer contracts with large clients give it visibility on revenue.

How has BLS International Services performed financially?

Ans. Revenue rose from Rs 865 crore in FY22 to Rs 3,093 crore in FY26, a compound annual growth rate of 37.5%. Net profit grew from Rs 111 crore in FY22 to Rs 724 crore in FY26, which works out to a compound annual growth rate of 59.7%. In the June 2026 quarter, revenue grew 24.1% year on year to Rs 913 crore, while net profit rose 11.4% to Rs 202 crore. The company has a return on equity of 27.9%, a debt to equity ratio of 0.17 and a market capitalisation of Rs 8,908 crore. The stock trades at a P/E of 12.0, below the industry P/E of 17.6. Looking ahead, the company is adding government mandates in many countries and widening its digital and citizen services. Rising international travel supports demand for visa and consular support.

How has Indegene performed financially?

Ans. Revenue rose from Rs 1,690 crore in FY22 to Rs 3,582 crore in FY26, a compound annual growth rate of 20.7%. Net profit grew from Rs 163 crore in FY22 to Rs 401 crore in FY26, which works out to a compound annual growth rate of 25.3%. In the June 2026 quarter, revenue grew 39.5% year on year to Rs 1,092 crore. The company has a return on equity of 12.8%, a debt to equity ratio of 0.05 and a market capitalisation of Rs 14,454 crore. The stock trades at a P/E of 36.0, below the industry P/E of 59.2. Looking ahead, the company is widening its digital and artificial intelligence services for life sciences clients and adding new customers across drug and device makers. Multi-year contracts with global clients support recurring revenue.

What risks should investors check before buying business process and healthcare tech stocks?

Ans. Investors should check a few risks before buying business process and healthcare tech stocks. Client concentration. A few large clients contribute a big share of revenue. Currency moves. Export earnings move with the rupee. Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them. Reading the latest results presentation and comparing each company with its peers helps judge how these risks apply to each stock.

Is this list of business process and healthcare tech stocks investment advice?

Ans. No. This article is educational and uses publicly available data as of the 28 October 2026 close. Please verify figures on NSE and BSE, read company filings and consult a SEBI registered adviser before investing. Univest is SEBI registered research analyst INH000013776.