NSE: XCHANGING · BSE: 532616
XCHANGING SOLUTIONS LTD
Operates in IT software and consulting, sitting within the DXC Technology group with DXC Technology India Private Limited as promoter. For FY26, consolidated revenue was ₹202.92 crore, up 9.7% year-on-year, with net profit of ₹59.45 crore, up 19.9% year-on-year. The cost structure is people-driven: employee costs of ₹60.58 crore accounted for 29.9% of revenue and other operating expenses of ₹73.82 crore for 36.4%, with no material costs and negligible capex. Standalone results show FY26 profit after tax of ₹3,697 lakhs, up 88.7% year-on-year, which included ₹1,706 lakhs of dividend income from subsidiaries, indicating the standalone entity holds operating subsidiaries that contribute to consolidated revenue. The balance sheet carried low leverage at 0.18 debt-to-equity, consolidated cash and equivalents of ₹31,100 lakhs at FY26 year-end, and the Board recommended a ₹2 per share final dividend. AR · MarketPing reader · 2026-08-03
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 174 | 174 | 174 | 185 | 203 |
| EBITDA (ex other income) | 53 | 50 | 47 | 53 | 69 |
| margin % | 30.6 | 28.4 | 26.8 | 28.7 | 33.8 |
| Owners' profit | 0 | 45 | 14 | 50 | 59 |
| EPS, as reported (₹) | 4.72 | 4.03 | 1.23 | 4.45 | 5.34 |
| ROE % · ROCE % | 8.6 · 9.9 | 6.6 · 8.7 | 3.9 · 14.6 | 13.8 · 16.1 | 15.0 · 18.1 |
| Debt / equity (x) | 0.00 | 0.00 | 0.29 | 0.24 | 0.18 |
| Cash from operations | 35 | 42 | (12) | 47 | 41 |
| Capex | (0) | 0 | (0) | 0 | 0 |
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 | 44 | 46 | 51 | 50 | 53 | 49 | 51 | 54 |
| Profit before tax | 13 | 16 | 20 | 19 | 19 | 18 | 21 | 20 |
| Net profit | 10 | 14 | 15 | 14 | 16 | 13 | 16 | 15 |
| EPS (₹) | 0.88 | 1.30 | 1.32 | 1.24 | 1.46 | 1.18 | 1.46 | 1.36 |
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. % |
|---|---|---|---|---|---|---|---|---|
| TATA CONSULTANCY SERV LT | 8,87,298 | 17.8 | 8.18 | 12.2 | 45.6 | 53.9 | 10.2 | 26.9 |
| INFOSYS LIMITED | 4,55,550 | 15.2 | 4.88 | 9.6 | 31.6 | 38.6 | 12.2 | 25.7 |
| HCL TECHNOLOGIES LTD | 3,78,281 | 21.6 | 5.03 | 13.6 | 22.1 | 26.2 | 11.5 | 20.9 |
| WIPRO LTD | 1,82,720 | 14.6 | 2.07 | 8.7 | 15.0 | 17.1 | 8.4 | 22.9 |
| TECH MAHINDRA LIMITED | 1,74,293 | 30.7 | 5.79 | 19.5 | 16.0 | 18.8 | 8.5 | 16.8 |
| LTM LIMITED | 1,21,357 | 23.2 | 5.03 | 14.7 | 20.7 | 24.8 | 27.9 | 20.0 |
| PERSISTENT SYSTEMS LTD | 91,811 | 47.3 | 11.71 | 31.4 | 23.8 | 28.5 | 28.6 | 17.8 |
| COFORGE LIMITED | 86,606 | 39.8 | 8.95 | 30.9 | 18.0 | 17.2 | 28.6 | 18.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 10.4 | 15.0 | 14 of 65 | 80% |
| P/B | 1.6 | 2.6 | 19 of 65 | 72% |
| ROCE | 16.9 | 14.2 | 32 of 76 | 59% |
| ROE | 15.0 | 11.5 | 24 of 64 | 64% |
| Debt / Equity | 0.2 | 0.0 | 46 of 65 | 30% |
| EBITDA margin | 40.2 | 18.4 | 6 of 65 | 92% |
| Revenue growth | 7.3 | 10.6 | 40 of 63 | 37% |
| Profit growth | 9.8 | 6.7 | 30 of 62 | 53% |
| Market cap | 632 | 419 | 33 of 76 | 57% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 23 Oct 2026 · Company Secretary and Compliance Officer resigns effective December 16, 2026 | management changes | high | — | — |
| 9 Oct 2026 · Routine quarterly certificate on dematerialisation of shares | compliance | minimal | — | — |
| 24 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 16 Sept 2026 · 25th AGM results: all 7 resolutions passed with over 99.8% majority | compliance | minimal | — | — |
| 15 Sept 2026 · Xchanging Solutions 25th AGM: dividend, auditor change, MD re-appointment | board shareholder meetings | low | — | — |
| 22 Aug 2026 · Newspaper notice of 25th AGM and e-voting information published | compliance | minimal | — | — |
| 21 Aug 2026 · Xchanging Solutions files BRSR for FY 2025-26 to BSE and NSE | compliance | low | — | — |
| 21 Aug 2026 · Weblink shared for FY25-26 Annual Report, 25th AGM set for September 15, 2026 | board shareholder meetings | low | — | — |
| 21 Aug 2026 · Xchanging Solutions files FY26 Annual Report; standalone profit up 89 percent, dividend Rs 2/share | board shareholder meetings | medium | — | — |
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.