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Xchanging Solutions Q2 FY27 results: net profit down 6.6% to ₹15.19 crore, revenue up 0.8%
Xchanging Solutions Limited reported Q2 FY27 consolidated revenue of ₹53.21 crore, up 0.8% from Q2 FY26, while net profit fell 6.6% to ₹15.19 crore. EBITDA rose 8.3% to ₹18.43 crore and its margin increased 2.4 percentage points to 34.6%, but a higher tax charge limited the increase in profit.
Key points
- Revenue was ₹53.21 crore in Q2 FY27, up 0.8% from ₹52.81 crore in Q2 FY26 but down 0.8% from ₹53.64 crore in Q1 FY27.
- EBITDA was ₹18.43 crore, up 8.3% year on year, and EBITDA margin rose to 34.6% from 32.2%.
- Net profit was ₹15.19 crore, down 6.6% from ₹16.26 crore in Q2 FY26, while profit before tax rose 10.7% to ₹20.99 crore.
- Basic EPS was ₹1.36, down 6.8% from ₹1.46 a year earlier and unchanged from Q1 FY27.
- For H1 FY27, revenue was ₹106.85 crore and net profit was ₹30.31 crore, up 3.9% and 0.9% respectively from H1 FY26.
How did Xchanging Solutions perform in Q2 FY27?
On a consolidated basis, Xchanging Solutions reported revenue of ₹53.21 crore for Q2 FY27, up ₹0.40 crore or 0.8% from ₹52.81 crore in Q2 FY26. Against Q1 FY27, revenue was lower by ₹0.43 crore or 0.8% from ₹53.64 crore. Total income was ₹56.86 crore, up 1.4% year on year but down 0.6% sequentially.
EBITDA rose ₹1.42 crore or 8.3% year on year to ₹18.43 crore, and margin increased 2.4 percentage points to 34.6%. Sequentially, EBITDA was up ₹0.44 crore or 2.4% from ₹17.99 crore, with margin up 1.1 percentage points from 33.5%.
Profit before tax was ₹20.99 crore, up 10.7% from ₹18.96 crore a year earlier and 2.6% from ₹20.46 crore in the previous quarter. Net profit was ₹15.19 crore, down ₹1.07 crore or 6.6% from ₹16.26 crore but up 0.5% from ₹15.12 crore. Basic EPS was ₹1.36, down from ₹1.46 year on year and unchanged sequentially. Standalone revenue was ₹9.24 crore, while standalone profit before tax was ₹4.32 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 53.21 | 53.64 | 52.81 | +0.8% | −0.8% |
| Other income | 3.65 | 3.56 | 3.29 | +10.9% | +2.5% |
| Total expenses | 35.87 | 36.74 | 37.14 | −3.4% | −2.4% |
| EBITDA | 18.43 | 17.99 | 17.01 | +8.3% | +2.4% |
| EBITDA margin | 34.6% | 33.5% | 32.2% | +2.4 pp | +1.1 pp |
| Profit before tax | 20.99 | 20.46 | 18.96 | +10.7% | +2.6% |
| Tax | 5.80 | 5.34 | 2.70 | +114.8% | +8.6% |
| Net profit | 15.19 | 15.12 | 16.26 | −6.6% | +0.5% |
| EPS (₹) | 1.36 | 1.36 | 1.46 | −6.8% | +0.0% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Xchanging Solutions' costs and profit?
Against Q2 FY26, total expenses fell ₹1.27 crore or 3.4% to ₹35.87 crore. Employee cost declined ₹1.28 crore or 8.0% to ₹14.75 crore, while finance costs fell ₹0.25 crore or 18.7% to ₹1.09 crore. Other expenses increased ₹0.26 crore or 1.3% to ₹20.03 crore, and there was no exceptional item in either quarter.
Other income increased ₹0.36 crore or 10.9% to ₹3.65 crore from ₹3.29 crore in Q2 FY26. Profit before tax consequently rose ₹2.03 crore or 10.7% to ₹20.99 crore, while tax expense increased ₹3.10 crore or 114.8% to ₹5.80 crore. The net result was a ₹1.07 crore or 6.6% decline in net profit to ₹15.19 crore.
Sequentially, total expenses decreased ₹0.87 crore or 2.4% to ₹35.87 crore. Employee cost fell ₹0.26 crore or 1.7% and other expenses fell ₹0.61 crore or 3.0%, while finance costs were unchanged. Other income rose ₹0.09 crore or 2.5% and tax expense rose ₹0.46 crore or 8.6%, leaving net profit ₹0.07 crore or 0.5% higher at ₹15.19 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 14.75 | 16.03 | −1.28 | −8.0% |
| Finance costs | 1.09 | 1.34 | −0.25 | −18.7% |
| Depreciation | 0 | 0 | 0 | |
| Other expenses | 20.03 | 19.77 | +0.26 | +1.3% |
| Total expenses | 35.87 | 37.14 | −1.27 | −3.4% |
| Other income | 3.65 | 3.29 | +0.36 | +10.9% |
| Tax | 5.80 | 2.70 | +3.10 | +114.8% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹106.85 crore, up ₹4.05 crore or 3.9% from ₹102.8 crore in H1 FY26. Total income rose 3.8% to ₹114.06 crore from ₹109.88 crore, while profit before tax increased ₹3.66 crore or 9.7% to ₹41.45 crore.
Net profit for H1 FY27 was ₹30.31 crore, up ₹0.28 crore or 0.9% from ₹30.03 crore in H1 FY26. Basic EPS rose from ₹2.7 to ₹2.72, an increase of ₹0.02 or 0.7%.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 106.85 | 102.80 | +3.9% |
| Profit before tax | 41.45 | 37.79 | +9.7% |
| Net profit | 30.31 | 30.03 | +0.9% |
| EPS (₹) | 2.72 | 2.70 | +0.7% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹509.88 crore, lower than ₹522.82 crore at 31 March 2026. Total equity increased to ₹414.57 crore from ₹396.06 crore, while borrowings fell to ₹47.91 crore from ₹71.11 crore and cash declined to ₹300.88 crore from ₹311.0 crore.
Trade receivables decreased to ₹11.95 crore from ₹16.57 crore at the previous balance-sheet date, while trade payables fell to ₹14.07 crore from ₹14.07 crore in the prior period. The company reported no inventories.
H1 FY27 operating cash flow was ₹29.58 crore, compared with ₹17.79 crore in H1 FY26. Investing cash flow was ₹7.82 crore against ₹6.79 crore, while financing cash outflow increased to ₹48.3 crore from ₹24.92 crore. No capital expenditure was reported in either half.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 509.88 | 522.82 |
| Total equity | 414.57 | 396.06 |
| Borrowings | 47.91 | 71.11 |
| Cash and equivalents | 300.88 | 311 |
| Inventories | 0 | 0 |
| Trade receivables | 11.95 | 16.57 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 29.58 | 17.79 |
| Cash from investing | 7.82 | 6.79 |
| Cash from financing | −48.30 | −24.92 |
| Capital expenditure | 0 | 0 |
Source: Company's results filing (XBRL).
How has Xchanging Solutions done over the last 8 quarters?
Revenue rose year on year in each of the last eight quarters. Across the quarterly series, revenue was highest at ₹53.64 crore in Q1 FY27 and lowest at ₹45.64 crore in Q3 FY25, before easing to ₹53.21 crore in Q2 FY27.
Net profit peaked at ₹16.26 crore in Q2 FY26 and bottomed at ₹13.18 crore in Q3 FY26. It was ₹15.19 crore in Q2 FY27, above Q1 FY27 but below the peak.
EBITDA margin reached its highest level at 37.2% in Q4 FY26 and its lowest at 31.0% in Q3 FY25. The margin was 34.6% in Q2 FY27, above Q1 FY27 and Q2 FY26.
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and six months ended 30 September 2026. The filing did not announce a dividend or a fund raise.
The board approved the appointment of Shashank Porwal as Company Secretary and Compliance Officer, with effect from 17 December 2026. Porwal will also serve as a Key Managerial Personnel, following a recommendation from the Nomination and Remuneration Committee.
How did Xchanging Solutions shares react?
After the filing appeared, the stock was down 2.0% after five minutes, 1.4% after 15 minutes and 1.8% after 30 minutes. By the close of the first session that could trade on the news, it was down 4.1% from the pre-results close of ₹58.0; by the next day's close, it was down 4.9% from that close.
Past results-day moves were mixed: the stock fell 1.3% on 13 August 2026, 0.3% on 21 May 2026 and 4.3% on 5 February 2026. It had earlier risen 8.9% on 30 October 2025, 3.8% on 8 August 2025 and 0.6% on 30 October 2024.
| After the filing | Stock | Computers - Software & Consulting median |
|---|---|---|
| 5 minutes | −2.0% | |
| 15 minutes | −1.4% | |
| 30 minutes | −1.8% | |
| Reaction day | −4.1% | −0.6% |
| Next day | −4.9% | +0.0% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 13 August 2026 | −1.3% |
| 21 May 2026 | −0.3% |
| 5 February 2026 | −4.3% |
| 30 October 2025 | +8.9% |
| 8 August 2025 | +3.8% |
| 21 May 2025 | −4.0% |
| 31 January 2025 | −3.7% |
| 30 October 2024 | +0.6% |
Source: MarketPing price-reaction measurement.
How did other Computers - Software & Consulting companies do?
Thirty-three other Computers - Software & Consulting companies that had filed for the quarter were compared with Xchanging Solutions as of 4 November 2026. Their median revenue growth was 13.6%, above Xchanging Solutions’ revenue growth of 0.8%.
Thirty-two peers grew revenue faster than Xchanging Solutions and one grew more slowly. Of the 32 peers for which profit was compared, 21 reported higher profit.
| Xchanging Solutions revenue growth (YoY) | +0.8% |
|---|---|
| Median of 33 other Computers - Software & Consulting companies | +13.6% |
| Companies with slower revenue growth than Xchanging Solutions | 1 of 33 |
| Companies with faster revenue growth than Xchanging Solutions | 32 of 33 |
| Companies whose net profit rose | 21 of 32 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Xchanging Solutions' revenue in Q2 FY27?
Revenue from operations was ₹53.21 crore, up 0.8% from ₹52.81 crore in Q2 FY26 (consolidated).
Did Xchanging Solutions make a profit in Q2 FY27?
Yes. Net profit was ₹15.19 crore, against a net profit of ₹16.26 crore in Q2 FY26.
What was Xchanging Solutions' EPS in Q2 FY27?
Basic earnings per share were ₹1.36, against ₹1.46 in Q2 FY26.
How did Xchanging Solutions shares react to the Q2 FY27 results?
On the reaction day the stock moved −4.1% from the previous close; the median Computers - Software & Consulting stock moved −0.6%.
When did Xchanging Solutions announce its Q2 FY27 results?
On 30 October 2026, in a filing to the BSE.
Sources
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
This is information, not investment advice. MarketPing does not recommend buying or selling any security.