Xchanging Solutions Ltd.

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dxc.comBSE: 532616NSE: XCHANGING

Market Cap₹ 677 Cr.

Current Price

High / Low₹ 103 / 48

Stock P/E11.1

Book Value₹ 37

Price to Book1.34

Dividend Yield3.29 %

ROCE18.0 %

ROE15.8 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Information Technology

Buy

IT is supported by a still-expanding services backdrop and a weaker rupee. Export of services grew 13.0% YoY (2026-06), services PMI was 54.1 (Aug/26), and the currency at 95.23 (Sep/26) is depreciated versus the previous 95.16, which helps INR translation of export revenues. FPI positioning is only neutral-to-soft with net 3-month flow of INR -5 crore to 2026-08-31, so the positive stance is primarily macro-driven.

Confidence

68%

View full sector analysis →

PROS

Company has consistently been profitable over the last 5 years
Company has been maintaining a healthy dividend payout of 37.5%
Company comfortably covers its interest (15.2x coverage)
Stock looks reasonably valued - P/E of 11.1 is below its historical median
Company generates healthy free cash flow
Offers a healthy dividend yield of 3.3%

CONS

Receivables are growing faster than sales - a possible quality concern
Company has delivered a poor profit growth of -1.0% over past five years
Company has delivered a poor sales growth of 0.7% over past five years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Information TechnologyITIT - Software

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	TCS	2312.00	16.80	836501.83	4.76	13420.00	4.69	72275.00	13.93	66.25	25.67
2.	INFY	1128.00	15.11	457768.62	4.26	7775.00	12.29	48211.00	14.03	42.84	23.66
3.	HCLTECH	1310.25	20.41	355557.97	4.12	4626.00	20.34	34579.00	13.94	31.20	19.87
4.	WIPRO	176.60	13.23	174910.92	6.23	3356.30	0.59	24478.60	10.59	18.49	18.93
5.	TECHM	1597.00	30.48	156527.36	3.19	1486.30	31.67	15711.90	17.68	23.04	17.43
6.	LTM	4516.00	25.61	133954.19	1.66	1468.60	17.06	11608.00	17.96	30.25	17.75
7.	OFSS	12050.00	30.75	104935.17	3.32	1415.50	120.52	3125.20	68.73	45.50	60.04
8.	PERSISTENT	5624.00	46.13	88718.60	0.71	483.04	13.67	4303.23	29.09	35.09	16.19
9.	COFORGE	1963.70	49.51	86987.61	0.80	531.70	49.19	5527.70	49.86	24.70	19.14
10.	MPHASIS	2457.05	24.55	46899.54	2.52	489.51	10.82	4384.05	17.46	23.31	18.15
11.	LTTS	3498.50	28.11	37111.23	1.66	3571.00	1029.71	29401.00	1014.73	27.70	18.65
12.	XCHANGING	60.77	11.13	677.00	3.29	15.12	9.80	53.64	7.30	18.02	33.54

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	44	43	42	44	44	44	46	51	50	53	49	51	54
	30	32	31	35	33	34	31	33	34	36	33	32	37
Operating Profit	14	12	11	10	11	11	14	17	16	17	16	19	17
OPM %	31.59%	26.86%	26.62%	22.18%	24.17%	24.47%	31.05%	34.19%	32.73%	32.21%	32.94%	37.17%	31.51%
	4	6	5	8	6	4	4	4	4	3	3	3	4
Interest	0	0	0	2	2	2	2	2	1	1	1	1	1
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
Profit before Tax	17	17	16	16	14	13	16	20	19	19	18	21	20
Tax %	151.43%	18.74%	122.68%	23.15%	26.59%	24.64%	11.60%	24.95%	26.87%	14.24%	26.66%	22.45%	26.10%
Net Profit	0	0	0	0	11	10	14	15	14	16	13	16	15
	-0.81	1.24	-0.32	1.11	0.95	0.88	1.30	1.32	1.24	1.46	1.18	1.46	1.36

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	307	186	184	182	196	174	174	174	185	203	207
	298	160	141	134	140	121	125	128	132	134	138
Operating Profit	9	26	43	48	55	53	50	47	53	69	69
OPM %	2.97%	14.01%	23.21%	26.43%	28.29%	30.62%	28.44%	26.81%	28.69%	33.77%	33.43%
	14	16	15	13	16	9	11	22	17	14	13
Interest	0	0	0	0	0	0	0	2	6	5	5
Depreciation	3	1	0	1	1	1	1	1	0	0	0
Profit before Tax	20	41	57	59	70	61	60	66	63	77	78
Tax %	7.86%	22.09%	17.76%	7.74%	10.38%	13.64%	24.66%	79.30%	21.81%	22.49%	22.38%
Net Profit	18	32	47	55	62	53	45	14	50	59	61
EPS	0.00	0.00	0.00	0.00	5.60	4.72	4.03	1.23	4.45	5.34	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2764.67%	89.87%	37.48%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 1%
3 Years:: 5%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: -1%
3 Years:: 10%

STOCK PRICE CAGR

10 Years:: 0%
5 Years:: -11%
3 Years:: -13%
1 Year:: -32%

RETURN ON EQUITY

10 Years:: 10%
5 Years:: 10%
3 Years:: 11%
Last Year:: 16%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	111	111	111	111	111	111	111	111	111	111
	239	272	322	385	444	502	565	243	247	285
	1	0	0	1	2	1	1	105	64	47
Trade Payables	55	35	31	32	23	16	15	18	18	15
	66	71	79	87	92	99	112	144	171	193
Total Liabilities	472	490	543	616	672	730	805	621	611	652
	161	159	159	161	160	161	160	159	158	158
	101	122	0	0	0	0	0	0	0	0
	0	0	0	0	0	0	0	11	12	17
Cash & Bank	52	79	259	327	392	440	515	308	301	312
	158	131	125	128	120	129	130	142	140	165
Total Assets	472	490	543	616	672	730	805	621	611	652

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	41	37	55	54	69	45	56	-12	49	41
Cash from Investing	10	5	11	14	8	8	10	35	14	13
Cash from Financing	-1	-1	-0	-1	-2	-1	-0	-232	-72	-50
	47	41	59	58	68	42	51	-209	-9	4

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	1.64	2.84	4.19	4.91	5.61	4.72	4.03	1.23	4.45	5.34
Book Value (₹)	31.41	34.43	38.89	44.53	49.88	55.07	60.70	31.77	32.20	35.55
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	34.00	4.00	2.00
Cash EPS (₹)	1.91	2.95	4.24	5.04	5.73	4.80	4.09	1.28	4.48	5.34
PROFITABILITY
Operating Margin %	7.50%	22.50%	31.11%	33.39%	36.43%	35.54%	34.58%	26.81%	28.69%	33.77%
Net Margin %	5.95%	17.02%	25.37%	30.01%	31.90%	30.17%	25.74%	7.85%	26.81%	29.30%
ROE %	5.35%	8.63%	11.44%	11.77%	11.87%	8.99%	6.96%	2.66%	13.91%	15.75%
ROCE %	5.84%	11.07%	13.91%	12.79%	13.30%	10.44%	9.26%	12.00%	15.46%	18.02%
	4.03%	6.58%	9.05%	9.44%	9.69%	7.50%	5.85%	1.92%	8.05%	9.41%
EFFICIENCY
Debtor Days	55	76	60	50	28	25	23	20	23	26
Inventory Days	0	0	0	0	0	0	0	0	0	0
Payable Days	0	0	0	0	0	0	0	0	0	0
	55	76	60	50	28	25	23	20	23	26
FINANCIAL HEALTH
Debt to Equity (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.29x	0.24x	0.18x
Interest Coverage (x)	133.27x	1016.25x	5681.00x	457.08x	268.96x	381.44x	597.00x	36.39x	10.97x	15.20x
	2.09x	2.66x	3.07x	3.67x	4.10x	4.95x	5.36x	2.87x	2.49x	2.67x
GROWTH
Revenue Growth %	9.94%	-39.50%	-0.97%	-1.00%	7.40%	-10.97%	0.09%	0.00%	6.01%	9.75%
Operating Profit Growth %	-46.44%	81.51%	36.97%	6.25%	17.17%	-13.14%	-2.63%	13.73%	2.14%	17.20%
Net Profit Growth %	-37.40%	73.09%	47.63%	17.11%	14.15%	-15.81%	-14.59%	-69.49%	261.90%	19.91%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-69.49%	261.90%	19.91%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	92.05x	19.30x	8.95x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	3.56x	2.67x	1.34x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	30.04%	4.66%	4.19%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	15.41x	10.59x	3.55x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	75.00	75.00	75.00	75.00	75.00	75.00	75.00	75.00	75.00
	0.09	0.08	0.07	0.01	0.09	0.00	0.01	0.11	0.03
	0.29	0.29	0.29	0.29	0.29	0.29	0.29	0.29	0.17
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Public	24.61	24.63	24.63	24.70	24.61	24.70	24.69	24.59	24.80

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-22

Copy of Newspaper Publication

2026-08-22 - Xchanging Solutions Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-21

General Updates

2026-08-21 - Xchanging Solutions Limited has informed the Exchange about Letter sent to the members of the Company - Web link of the Annual Report

2026-08-21

Shareholders meeting

2026-08-21 - Xchanging Solutions Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 15, 2026

2026-08-18

Copy of Newspaper Publication

2026-08-18 - Xchanging Solutions Limited has informed the Exchange about Copy of Newspaper Publication about Information related to 25th Annual General Meeting

2026-08-15

Updates

2026-08-15 - Xchanging Solutions Limited has informed the Exchange regarding 'Tax Deduction at Source ("TDS") On Final Dividend for The Financial Year Ended March 31, 2026'.

2026-08-14

Copy of Newspaper Publication

2026-08-14 - Xchanging Solutions Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-13

Outcome of Board Meeting

2026-08-13 - Xchanging Solutions Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-07-30

Address Change

2026-07-30 - Xchanging Solutions Limited has informed the Exchange regarding change in Registered Office of the company.

2026-07-14

Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-07-14 - Xchanging Solutions Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018