Xchanging Solutions Ltd

XCHANGING

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Market Cap

₹ 924 Cr

P/E

15.62

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

UNDERVALUED

Growth

SLUGGISH

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Xchanging Solutions Limited is a business process outsourcing (BPO) and information technology (IT) services provider with a significant international presence through subsidiaries in the USA, Singapore, and Australia.

The company operates under two main segments: Information Technology Outsourcing (ITO) and BPO, offering services like application implementation, custom development, testing, maintenance, and support.

Xchanging Solutions is majority-owned by DXC Technology, a Fortune 500 global IT services leader, indicating strong backing and resource capabilities.

Their services cater to various sectors such as banking, financial services, insurance, manufacturing, and government, highlighting a diversified client base.

The company supports global enterprises in modernizing IT, optimizing data architectures, and ensuring cloud security, essential for maintaining competitiveness and operational efficiency.

Sector

IT - Software

Industry

Computers - Software - Medium / Small

Market Cap

924 Cr

Volatility

Moderate Risk

P/E Ratio

15.6

Industry P/E

38.4

PEG Ratio

0.1

P/B Ratio

2.5

52W High

120.00

52W Low

79.21

Sales CAGR

6.01%

-4.09%

-1.95%

10Y

—

Profit CAGR

261.90%

-4.07%

-2.90%

10Y

—

ROE

TTM

16.12%

7.79%

8.73%

10Y

—

ROCE

TTM

17.44%

12.43%

11.86%

10Y

—

Technicals

‌

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SILVERTUC	828.00	1,055 Cr	40.63	7.28	0.06	17.91	19.07	9.29
KELLTONTEC	18.58	981 Cr	11.26	1.37	0.00	12.11	14.37	9.26
VEEFIN	380.30	937 Cr	71.43	2.05	0.00	3.30	4.93	2.39
XCHANGING	82.70	924 Cr	15.62	2.52	2.41	16.12	17.44	11.53
INNOVANA	445.00	915 Cr	18.78	3.52	0.00	18.74	20.41	13.23
ADSL	157.55	888 Cr	22.22	1.46	0.95	6.56	10.36	4.06
SAHANA	973.75	861 Cr	24.26	4.89	0.00	31.27	35.24	18.36

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	44	43	42	44	44	44	46	51	50	53
Expenses	30	32	31	35	33	34	31	33	34	36
Operating Profit	14	12	11	9.86	11	11	14	17	16	17
OPM %	31.59	26.86	26.62	22.18	24.17	24.47	31.05	34.19	32.73	32.21
Other Income	3.64	5.57	4.62	8.00	5.57	3.88	3.87	3.69	3.79	3.29
Interest	0.02	0.02	0.20	1.63	1.62	1.62	1.62	1.50	1.31	1.34
Depreciation	0.15	0.15	0.12	0.12	0.12	0.11	0.04	0.02	0.01	0.00
Profit Before Tax	17	17	16	16	14	13	16	20	19	19
Tax %	151.43	18.74	122.68	23.15	26.59	24.64	11.60	24.95	26.87	14.24
Net Profit	-8.97	14	-3.54	12	11	9.82	14	15	14	16
EPS in Rs	-0.81	1.24	-0.32	1.11	0.95	0.88	1.30	1.32	1.24	1.46

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	307	186	184	182	196	174	174	174	185	191
Expenses	298	160	141	134	140	121	125	128	132	132
Operating Profit	9.14	26	43	48	55	53	50	47	53	59
OPM %	2.97	14.01	23.21	26.43	28.29	30.62	28.44	26.81	28.69	30.79
Other Income	14	16	15	13	16	8.57	11	22	17	15
Interest	0.15	0.04	0.01	0.13	0.26	0.16	0.10	1.87	6.36	6.05
Depreciation	3.05	1.17	0.47	1.44	1.38	0.91	0.61	0.54	0.29	0.18
Profit Before Tax	20	41	57	59	70	61	60	66	63	68
Tax %	7.86	22.09	17.76	7.74	10.38	13.64	24.66	79.30	21.81	22.20
Net Profit	18	32	47	55	62	53	45	14	50	53
EPS in Rs	—	—	4.20	4.91	5.61	4.71	4.03	1.22	4.45	5.32
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1,544.72	44.94	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Dec 2015	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	111	111	111	111	111	111	111	111	111	111
Reserves	222	239	272	322	385	444	502	565	243	247
Borrowings	0.91	0.46	0.03	0.00	2.31	2.65	1.72	1.34	105	85
Other Liabilities	78	101	84	80	75	67	61	66	64	60
Total Liabilities	412	452	468	513	573	625	676	743	523	504
Fixed Assets	164	161	159	159	161	160	161	160	159	158
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.00	101	122	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	249	190	188	355	412	465	516	583	364	346
Total Assets	412	452	468	513	573	625	676	743	523	504

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Dec 2015	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	28	38	36	48	46	62	35	42	-12	47
Cash from Investing Activity	5.38	9.73	6.32	14	24	5.10	7.87	9.66	35	14
Cash from Financing Activity	-0.87	-0.78	-0.74	-0.09	-1.23	-1.82	-1.07	-0.48	-232	-70
Net Cash Flow	32	47	42	62	69	65	42	51	-209	-9.13

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%
FIIs	0.11%	0.06%	0.04%	0.11%	0.11%	0.23%	0.09%	0.08%	0.07%	0.01%	0.09%	0.00%
DIIs	0.33%	0.33%	0.31%	0.30%	0.30%	0.30%	0.30%	0.30%	0.30%	0.30%	0.30%	0.30%
Public	24.56%	24.62%	24.66%	24.59%	24.59%	24.47%	24.61%	24.63%	24.63%	24.69%	24.61%	24.70%
Total Shareholders	56,672	54,834	52,695	57,671	59,457	71,437	72,997	74,629	77,197	81,445	81,416	79,663

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Aug 26, 2024	Qe securities llp	Bulk	Buy	132.14	7.43 Cr	5,62,120	0.50
Aug 26, 2024	Magpro securities private lim...	Bulk	Sell	132.18	8.30 Cr	6,27,583	0.56
Aug 26, 2024	Qe securities llp	Bulk	Sell	131.40	7.20 Cr	5,47,888	0.49
Aug 26, 2024	Magpro securities private lim...	Bulk	Buy	131.42	8.11 Cr	6,16,983	0.55
Jul 11, 2023	Qe securities	Bulk	Sell	115.00	8.47 Cr	7,36,240	0.66
Jul 11, 2023	Qe securities	Bulk	Buy	114.91	8.34 Cr	7,25,588	0.65
Jul 10, 2023	Qe securities	Bulk	Buy	99.45	5.33 Cr	5,35,618	0.48
Jul 10, 2023	Bonanza commodity brokers pri...	Bulk	Buy	98.82	2.66 Cr	2,69,400	0.24
Jul 10, 2023	Bonanza commodity brokers pri...	Bulk	Sell	94.23	5.28 Cr	5,60,567	0.50
Jul 10, 2023	Qe securities	Bulk	Sell	100.15	6.79 Cr	6,77,926	0.60

Projection

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Presentations

Investor Presentation

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Investor Presentation

Q4 FY19

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Oscillators

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Bullish

Bearish

Neutral

Bullish

Overall

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Bearish

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Bullish

Moving Averages

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Financial Statements

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Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	44	43	42	44	44	44	46	51	50	53
Expenses	30	32	31	35	33	34	31	33	34	36
Operating Profit	14	12	11	9.86	11	11	14	17	16	17
OPM %	31.59	26.86	26.62	22.18	24.17	24.47	31.05	34.19	32.73	32.21
Other Income	3.64	5.57	4.62	8.00	5.57	3.88	3.87	3.69	3.79	3.29
Interest	0.02	0.02	0.20	1.63	1.62	1.62	1.62	1.50	1.31	1.34
Depreciation	0.15	0.15	0.12	0.12	0.12	0.11	0.04	0.02	0.01	0.00
Profit Before Tax	17	17	16	16	14	13	16	20	19	19
Tax %	151.43	18.74	122.68	23.15	26.59	24.64	11.60	24.95	26.87	14.24
Net Profit	-8.97	14	-3.54	12	11	9.82	14	15	14	16
EPS in Rs	-0.81	1.24	-0.32	1.11	0.95	0.88	1.30	1.32	1.24	1.46

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	307	186	184	182	196	174	174	174	185	191
Expenses	298	160	141	134	140	121	125	128	132	132
Operating Profit	9.14	26	43	48	55	53	50	47	53	59
OPM %	2.97	14.01	23.21	26.43	28.29	30.62	28.44	26.81	28.69	30.79
Other Income	14	16	15	13	16	8.57	11	22	17	15
Interest	0.15	0.04	0.01	0.13	0.26	0.16	0.10	1.87	6.36	6.05
Depreciation	3.05	1.17	0.47	1.44	1.38	0.91	0.61	0.54	0.29	0.18
Profit Before Tax	20	41	57	59	70	61	60	66	63	68
Tax %	7.86	22.09	17.76	7.74	10.38	13.64	24.66	79.30	21.81	22.20
Net Profit	18	32	47	55	62	53	45	14	50	53
EPS in Rs	—	—	4.20	4.91	5.61	4.71	4.03	1.22	4.45	5.32
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1,544.72	44.94	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Dec 2015	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	111	111	111	111	111	111	111	111	111	111
Reserves	222	239	272	322	385	444	502	565	243	247
Borrowings	0.91	0.46	0.03	0.00	2.31	2.65	1.72	1.34	105	85
Other Liabilities	78	101	84	80	75	67	61	66	64	60
Total Liabilities	412	452	468	513	573	625	676	743	523	504
Fixed Assets	164	161	159	159	161	160	161	160	159	158
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.00	101	122	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	249	190	188	355	412	465	516	583	364	346
Total Assets	412	452	468	513	573	625	676	743	523	504

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Dec 2015	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	28	38	36	48	46	62	35	42	-12	47
Cash from Investing Activity	5.38	9.73	6.32	14	24	5.10	7.87	9.66	35	14
Cash from Financing Activity	-0.87	-0.78	-0.74	-0.09	-1.23	-1.82	-1.07	-0.48	-232	-70
Net Cash Flow	32	47	42	62	69	65	42	51	-209	-9.13

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SILVERTUC	828.00	1,055 Cr	40.63	7.28	0.06	17.91	19.07	9.29
KELLTONTEC	18.58	981 Cr	11.26	1.37	0.00	12.11	14.37	9.26
VEEFIN	380.30	937 Cr	71.43	2.05	0.00	3.30	4.93	2.39
XCHANGING	82.70	924 Cr	15.62	2.52	2.41	16.12	17.44	11.53
INNOVANA	445.00	915 Cr	18.78	3.52	0.00	18.74	20.41	13.23
ADSL	157.55	888 Cr	22.22	1.46	0.95	6.56	10.36	4.06
SAHANA	973.75	861 Cr	24.26	4.89	0.00	31.27	35.24	18.36

Overview

Detailed Summary

Xchanging Solutions is majority-owned by DXC Technology, a Fortune 500 global IT services leader, indicating strong backing and resource capabilities.

Their services cater to various sectors such as banking, financial services, insurance, manufacturing, and government, highlighting a diversified client base.

The company supports global enterprises in modernizing IT, optimizing data architectures, and ensuring cloud security, essential for maintaining competitiveness and operational efficiency.

Sector

IT - Software

Industry

Computers - Software - Medium / Small

Market Cap

924 Cr

Volatility

Moderate Risk

P/E Ratio

15.6

Industry P/E

38.4

PEG Ratio

0.1

P/B Ratio

2.5

52W High

120.00

52W Low

79.21

Sales CAGR

6.01%

-4.09%

-1.95%

10Y

—

Profit CAGR

261.90%

-4.07%

-2.90%

10Y

—

ROE

TTM

16.12%

7.79%

8.73%

10Y

—

ROCE

TTM

17.44%

12.43%

11.86%

10Y

—