NSE: XTGLOBAL · BSE: 531225
XTGLOBAL INFOTECH LIMITED
Provides information technology services to clients in the United States and Europe, covering digital modernization for US state agencies, finance and accounting outsourcing, and a 'FAST Practice'. In FY26, consolidated revenue was ₹368.72 crore, with employee costs at 50.8% of revenue and no material input costs — the cost shape of a people-based services business. Consolidated revenue rose 56% year-on-year, reflecting the full consolidation of Network Objects Inc as a subsidiary from January 2025, in which the stake was raised to 51.33%. The FAST Practice reached a monthly billing run-rate of USD 200,000 with activity in Australian and US markets, while a first finance and accounting outsourcing deal in Ireland worth about 11,600 euros was signed as entry into the Irish market. The company is establishing new subsidiaries in Australia and the United Kingdom to support European expansion, and operates from Hyderabad with delivery from India centers. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Digital modernization and IT services, Finance and Accounting Outsourcing, FAST Practice, Network Objects Inc subsidiary. Asset-light IT services and business process outsourcing, with overseas delivery dominated by people costs.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 217 | 242 | 217 | 234 | 369 |
| EBITDA (ex other income) | 29 | 24 | 24 | 22 | 26 |
| margin % | 13.3 | 10.1 | 11.0 | 9.6 | 7.2 |
| Owners' profit | 20 | 17 | 11 | 9 | 11 |
| EPS, as reported (₹) | 1.61 | 1.25 | 0.86 | 0.66 | 0.84 |
| ROE % · ROCE % | 15.5 · 12.6 | 10.1 · 10.2 | 6.9 · 9.3 | 5.2 · 7.8 | 6.9 · 8.4 |
| Debt / equity (x) | 0.39 | 0.23 | 0.24 | 0.17 | 0.23 |
| Cash from operations | 24 | 9 | 2 | 17 | 6 |
| Capex | (22) | (12) | (2) | (1) | (7) |
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 | 49 | 49 | 87 | 92 | 94 | 92 | 90 | 93 |
| Profit before tax | 3 | 5 | 1 | 4 | 4 | 7 | 2 | 5 |
| Net profit | 3 | 4 | 1 | 4 | 3 | 4 | 4 | 4 |
| EPS (₹) | 0.20 | 0.28 | 0.02 | 0.22 | 0.20 | 0.22 | 0.20 | 0.23 |
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) | 29.9 | 15.0 | 49 of 65 | 25% |
| P/B | 1.6 | 2.6 | 20 of 65 | 70% |
| ROCE | 7.0 | 14.2 | 54 of 76 | 29% |
| ROE | 6.9 | 11.5 | 47 of 64 | 27% |
| Debt / Equity | 0.2 | 0.0 | 49 of 65 | 25% |
| EBITDA margin | 8.0 | 18.4 | 46 of 65 | 30% |
| Revenue growth | 1.1 | 10.6 | 45 of 63 | 29% |
| Profit growth | 4.3 | 6.7 | 33 of 62 | 48% |
| Market cap | 341 | 419 | 42 of 76 | 45% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · Quarterly RTA certificate under SEBI Regulation 74(5) filed | compliance | minimal | — | — |
| 1 Oct 2026 · Interim Dividend of ₹0.05 per share paid | corporate actions | medium | — | — |
| 1 Oct 2026 · Video recording of 38th AGM submitted to exchanges | investor communications | low | — | — |
| 30 Sept 2026 · AGM 2026: All 7 resolutions passed with near-unanimous support | board shareholder meetings | low | — | — |
| 29 Sept 2026 · XTGLOBAL board reshuffle: 2 independent directors exit, new chairperson appointed | management changes | medium | — | — |
| 29 Sept 2026 · Board changes at AGM: 2 new directors, 2 independent directors exit | management changes | medium | — | — |
| 29 Sept 2026 · XTGlobal Infotech re-appoints statutory auditors for 5 years | management changes | medium | — | — |
| 29 Sept 2026 · 38th AGM proceedings held; directors appointed, auditor reappointed | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 till Q2 results declaration | compliance | minimal | — | — |
| 7 Sept 2026 · 38th AGM notice published in newspapers, e-voting details announced | compliance | minimal | — | — |
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.