Xchanging Solutions Limited XCHANGING NSETECH

Technology · Information Technology Services · India

https://dxc.com/in/en/about-us/xchanging-solutions-limited-investor-relations

Xchanging Solutions Limited provides information technology services in India, Europe, the United States, Singapore, and internationally. It provides consulting, data and analytics, and design and engineering; application services, such as application modernization, enterprise application and SaaS, modern applications development, managed applications, testing and digital assurance, and DXC software and cloud Right application; cloud infrastructure services, including cloud advisory and migration, platforms, public, private, hybrid, and multicloud; and information technology outsourcing services comprising business continuity, compute and data center, mainframe, network, and storage and back up. The company offers insurance business process as a service; insurance software; banking BPO solutions; finance and accounting; asset management; intelligent collaboration; modern device management; and support services. In addition, it provides security services, which include cyber risk and compliance, cyber transformation and operations, digital identity, and infrastructure, app, and data protection. The company offers its services to aerospace and defense; automotive; banking and capital markets; consumer and retail; energy, utilities, oil, and gas; healthcare; insurance; life sciences; manufacturing; public sector; technology, media, and telecommunication; and travel, transportation, and hospitality industries. The company was formerly known as Cambridge Solutions Limited and changed its name to Xchanging Solutions Limited in June 2012. Xchanging Solutions Limited was incorporated in 2002 and is headquartered in Bengaluru, India. Xchanging Solutions Limited operates as a subsidiary of Xchanging Mauritius Limited.

Market & Price

Market Cap

₹725.80 Cr

Current Price

₹65.15

High / Low (52W)

₹99.50 / ₹47.79

Beta

0.64

Valuation

Stock P/E

12.20

Industry PE

25.13

Forward P/E

PEG Ratio

Book Value

₹32.95

Price to Book

1.98

P/S

3.58

EV/EBITDA

7.07

Dividend Yield

3.07%

Profitability & Returns

ROCE

18.11%

ROE

15.75%

ROA

8.34%

Profit Margin

29.30%

Op Margin

37.17%

EPS (Latest Qtr)

₹1.46

EPS (TTM)

₹5.34

Balance Sheet & Liquidity

Debt/Equity

0.18

Quick Ratio

4.72

Current Ratio

4.97

Debt

₹71.11 Cr

Total Assets

₹522.82 Cr

Current Assets

₹345.74 Cr

Working Capital

₹276.24 Cr

Ownership

Promoter Holding

75.00%

Chg in Prom Hold

FII / Inst Holding

0.00%

Chg in FII Hold

Financial Snapshot

Enterprise Value

₹484.07 Cr

Total Revenue (TTM)

₹202.92 Cr

EBITDA

₹68.52 Cr

Free Cash Flow

₹29.48 Cr

Operating Cash Flow

₹41.15 Cr

Shares Outstanding

₹11.14 Cr

Gross Margin

40.24%

Payout Ratio

37.45%

Growth (CAGR)

Revenue 5Y

5.17%

Profit 5Y

9.81%

Revenue (YoY)

1.10%

Earnings (YoY)

10.60%

PROS

Excellent profit margin of 29.3%.
Attractive dividend yield of 3.07%.
Generates positive free cash flow.

CONS

Trading 34.5% below its 52-week high.
In a downtrend (50-DMA below 200-DMA).

* The pros and cons are auto-generated from financial metrics.

Price Chart

NSE TradingView Screener.in

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Technology).

#	Name	CMP ₹	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	XCHANGING Xchanging Solutions Limited NSETECH	65.15	12.20	₹725.80 Cr	3.07%	18.11%	15.75%	5.17%	9.81%
2	TCS Tata Consultancy Services Limited NIFTY50NSEAITECH	2,258.90	16.61	₹8.17 L Cr	5.49%	54.93%	48.40%	5.80%	5.30%
3	INFY Infosys Limited NIFTY50NSEAITECH	1,160.90	15.01	₹4.70 L Cr	4.31%	41.66%	31.44%	3.44%	3.58%
4	HCLTECH HCL Technologies Limited NIFTY50NSEAITECH	1,183.80	19.31	₹3.20 L Cr	8.11%	27.21%	23.36%	8.65%	3.87%
5	WIPRO Wipro Limited NIFTY50NSEAITECH	204.25	16.26	₹2.14 L Cr	8.32%	18.42%	15.49%	4.05%	2.44%
6	TECHM Tech Mahindra Limited NIFTY50NSEAITECH	1,483.90	27.40	₹1.31 L Cr	3.44%	20.60%	16.61%	2.16%	-0.14%
7	LTM LTM Limited NSETECH	4,061.60	24.04	₹1.20 L Cr	1.85%	25.39%	21.29%	8.43%	4.41%
8	LGEINDIA LG ELECTRONICS INDIA LTD NIFTY_MIDNSETECH	1,523.90	61.35	₹1.03 L Cr	-	27.64%	24.72%	0.98%	-
9	WAAREEENER WAAREE ENERGIES LIMITED NIFTY_MIDNSETECH	3,140.80	27.70	₹90,345.53 Cr	0.13%	24.21%	31.57%	71.63%	191.18%

Quarterly Results

Figures in INR.

Metric	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Dec 2025	Mar 2026
Revenue	44.46 Cr	45.64 Cr	50.74 Cr	49.99 Cr	48.82 Cr	51.30 Cr
Cost of Revenue	30.52 Cr	28.58 Cr	30.20 Cr	30.21 Cr	29.66 Cr	29.31 Cr
Gross Profit	13.94 Cr	17.06 Cr	20.54 Cr	19.78 Cr	19.16 Cr	21.99 Cr
Operating Expenses	3.17 Cr	2.93 Cr	3.21 Cr	3.43 Cr	3.08 Cr	2.92 Cr
Operating Income	10.77 Cr	14.13 Cr	17.33 Cr	16.35 Cr	16.08 Cr	19.07 Cr
EBITDA	14.76 Cr	18.04 Cr	21.04 Cr	20.15 Cr	19.33 Cr	22.33 Cr
Interest Expense	1.62 Cr	1.62 Cr	1.50 Cr	1.31 Cr	1.36 Cr	1.39 Cr
Pretax Income	13.03 Cr	16.38 Cr	19.52 Cr	18.83 Cr	17.97 Cr	20.94 Cr
Tax Provision	3.21 Cr	1.90 Cr	4.87 Cr	5.06 Cr	4.79 Cr	4.70 Cr
Net Income	9.82 Cr	14.48 Cr	14.65 Cr	13.77 Cr	13.18 Cr	16.24 Cr
Diluted EPS	0.88	1.30	1.32	1.24	1.18	1.46

Profit & Loss (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue	-	174.42 Cr	174.42 Cr	184.90 Cr	202.92 Cr
Cost of Revenue	-	115.92 Cr	119.82 Cr	119.48 Cr	121.26 Cr
Gross Profit	-	58.50 Cr	54.60 Cr	65.42 Cr	81.66 Cr
Operating Expenses	-	9.40 Cr	5.87 Cr	12.66 Cr	13.15 Cr
Operating Income	-	49.10 Cr	48.73 Cr	52.76 Cr	68.51 Cr
EBITDA	-	60.31 Cr	68.59 Cr	70.06 Cr	82.11 Cr
Interest Expense	-	10.00 L	1.87 Cr	6.36 Cr	5.40 Cr
Pretax Income	-	59.60 Cr	66.18 Cr	63.41 Cr	76.70 Cr
Tax Provision	-	14.70 Cr	52.48 Cr	13.83 Cr	17.25 Cr
Net Income	-	44.90 Cr	13.70 Cr	49.58 Cr	59.45 Cr
Diluted EPS	-	4.03	1.23	4.45	5.34

Compounded Sales Growth

5 Years:	5.17%
1 Year:	1.10%

Compounded Profit Growth

5 Years:	9.81%
1 Year:	10.60%

Stock Price Performance

1 Year:	-31.14%
6 Months:	-24.38%
3 Months:	-2.75%
1 Month:	-2.03%

Balance Sheet (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Total Assets	-	743.16 Cr	523.06 Cr	504.24 Cr	522.82 Cr
Current Assets	-	542.87 Cr	337.05 Cr	328.77 Cr	345.74 Cr
Cash & Equivalents	-	514.86 Cr	307.69 Cr	299.94 Cr	311.00 Cr
Inventory	-	-	-	-	-
Receivables	-	7.54 Cr	11.44 Cr	12.25 Cr	16.57 Cr
Total Liabilities	-	66.94 Cr	169.12 Cr	145.57 Cr	126.76 Cr
Current Liabilities	-	54.61 Cr	55.37 Cr	71.95 Cr	69.50 Cr
Long Term Debt	-	0	104.26 Cr	64.10 Cr	47.41 Cr
Total Debt	-	1.34 Cr	105.26 Cr	85.47 Cr	71.11 Cr
Total Equity	-	676.22 Cr	353.94 Cr	358.67 Cr	396.06 Cr
Shares Outstanding	-	11.14 Cr	11.14 Cr	11.14 Cr	11.14 Cr

Cash Flows (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow	-	42.03 Cr	-12.06 Cr	48.85 Cr	41.15 Cr
Investing Cash Flow	-	9.66 Cr	35.48 Cr	14.44 Cr	12.90 Cr
Financing Cash Flow	-	-48.00 L	-232.17 Cr	-72.42 Cr	-49.68 Cr
Capital Expenditure	-9.00 L	-	-2.00 L	-	-
Free Cash Flow	-	42.03 Cr	-12.08 Cr	48.85 Cr	41.15 Cr
Net Change in Cash	-	51.21 Cr	-208.75 Cr	-9.13 Cr	4.37 Cr

Ratios (Annual)

Figures in %.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Gross Margin %	-	33.5%	31.3%	35.4%	40.2%
Operating Margin %	-	28.2%	27.9%	28.5%	33.8%
Net Margin %	-	25.7%	7.9%	26.8%	29.3%
ROE %	-	6.6%	3.9%	13.8%	15.0%
ROCE %	-	7.1%	10.4%	12.2%	15.1%

Shareholding Pattern

Insiders

75.00%

Institutions

0.00%

Public Float

0.00%

Analyst View

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