NSE: EXPLEOSOL · BSE: 533121
EXPLEO SOLUTIONS LIMITED
Provides IT services, classified under IT Enabled Services. The cost structure is heavily weighted to people: employee costs are 62.3% of revenue, with other operating expenses at 21.1%, depreciation at 2.6%, materials at just 1.3%, and capex at 0.3% — consistent with a labour-driven services business rather than a product or infrastructure-heavy one. The company employed 4,177 people as of the FY26 BRSR filing, of whom 35% were women. Revenue is heavily export-oriented: 84.48% of turnover comes from customers outside India, spread across 31 countries. FY26 revenue stood at Rs 1,107.963 crore with a net profit of Rs 123.982 crore and an EBITDA margin of 17.4307%. The business has set a target of Net Zero greenhouse gas emissions by 2030 and reported a 139.7 tCO2e emissions reduction in FY25. No segment-wise breakdown of revenue was disclosed in the facts provided. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. IT Services, Export revenue (84%). Labour-intensive, export-led IT services business with low capex and minimal materials.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 405 | 903 | 965 | 1,025 | 1,108 |
| EBITDA (ex other income) | 77 | 200 | 148 | 166 | 155 |
| margin % | 19.1 | 22.2 | 15.4 | 16.2 | 14.0 |
| Owners' profit | 54 | 134 | 90 | 103 | 140 |
| EPS, as reported (₹) | 52.58 | 86.27 | 58.27 | 66.52 | 79.89 |
| ROE % · ROCE % | 21.1 · 27.1 | 25.3 · 33.5 | 14.8 · 18.5 | 16.2 · 20.8 | 16.0 · 20.6 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 38 | 23 | 71 | 179 | 119 |
| Capex | (14) | (44) | (17) | (8) | (3) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 259 | 258 | 256 | 260 | 283 | 279 | 286 | 292 |
| Profit before tax | 44 | 28 | 36 | 28 | 51 | 32 | 51 | 44 |
| Net profit | 35 | 20 | 24 | 20 | 40 | 22 | 42 | 34 |
| EPS (₹) | 22.86 | 12.75 | 15.51 | 13.16 | 25.62 | 14.26 | 26.85 | 22.02 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| L&T TECHNOLOGY SER. LTD. | 43,370 | 32.9 | 6.68 | 20.0 | 19.7 | 21.1 | 15.1 | 19.6 |
| INVENTURUS KNOWLEDGE SO L | 28,839 | 37.0 | 10.30 | 26.2 | 25.8 | 27.7 | — | 33.6 |
| TATA TECHNOLOGIES LIMITED | 26,430 | 47.4 | 6.74 | 28.7 | 13.9 | 14.3 | — | 18.3 |
| NETWEB TECH INDIA LTD | 25,071 | 95.9 | 34.66 | — | 28.5 | 37.5 | — | 15.7 |
| SAGILITY LIMITED | 21,192 | 21.4 | 2.19 | 12.0 | 9.6 | 11.6 | — | 22.3 |
| AFFLE 3I LIMITED | 19,968 | 41.7 | 5.47 | 27.3 | 12.5 | 15.2 | 39.3 | 25.8 |
| BLACK BOX LIMITED | 14,418 | 61.8 | 11.20 | 28.7 | 16.9 | 9.5 | 6.2 | 8.4 |
| CYIENT LIMITED | 12,888 | 33.8 | 2.09 | 11.7 | 7.5 | 9.7 | 12.0 | 13.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 9.0 | 17.9 | 19 of 76 | 76% |
| P/B | 1.6 | 2.2 | 31 of 70 | 55% |
| ROCE | 20.3 | 9.6 | 17 of 86 | 81% |
| ROE | 16.0 | 9.2 | 17 of 70 | 77% |
| Debt / Equity | 0.0 | 0.0 | 1 of 70 | 74% |
| EBITDA margin | 16.9 | 13.0 | 27 of 69 | 62% |
| Revenue growth | 12.3 | 20.8 | 45 of 67 | 33% |
| Profit growth | 67.3 | 14.6 | 17 of 64 | 75% |
| Market cap | 1242 | 325 | 22 of 87 | 76% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · RTA Certificate - No Demat or Remat Requests in Q2 FY26-27 | compliance | minimal | — | — |
| 9 Oct 2026 · Expleo invests Rs 2.1 Cr in GIFT IFSC subsidiary; gets IFSCA nod | strategic transactions | medium | — | — |
| 30 Sept 2026 · Newspaper ad on postal ballot e-voting info filed | compliance | minimal | — | — |
| 30 Sept 2026 · Trading window closure from Oct 1, 2026 for Q2 results | compliance | minimal | — | — |
| 29 Sept 2026 · Postal ballot notice for related party loan limit of Rs 280 crore | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Newspaper publication of Postal Ballot notice | compliance | minimal | — | — |
| 25 Sept 2026 · Board approves draft postal ballot notice; e-voting from Oct 1 to Oct 30 | general | low | — | — |
| 3 Sept 2026 · Expleo Solutions says volume surge is market-driven, no undisclosed info | compliance | minimal | — | — |
| 2 Sept 2026 · NSE seeks clarification from Expleo Solutions on unusual trading volume | compliance | low | — | — |
| 27 Aug 2026 · Expleo Solutions AGM results: Rs 110 dividend approved, all resolutions passed | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.