Xchanging Solutions Ltd.

•

dxc.comBSE: 532616NSE: XCHANGING

Market Cap₹ 677 Cr.

Current Price

High / Low₹ 103 / 48

Stock P/E18.7

Book Value₹ 28

Price to Book1.75

Dividend Yield3.29 %

ROCE13.6 %

ROE12.4 %

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 is almost debt free
Company has a healthy return on capital (ROCE) of 52.7%
Company has a good return on equity (ROE) track record: 3 Years ROE 47.3%
Company has been maintaining a healthy dividend payout of 60.3%
Company generates healthy free cash flow
Offers a healthy dividend yield of 3.3%

CONS

A large part of profit comes from other income (73.6% of PBT)
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.04x)
Operating margins have contracted to 26.0% from 51.1%
Company has delivered a poor sales growth of 0.0% 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

Standalone Figures in Rs. Crores / View Consolidated

	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
	9	9	9	11	9	9	9	12	11	12	10	9	9
	6	6	7	9	8	8	7	8	8	9	8	6	7
Operating Profit	3	2	2	2	2	1	1	3	3	3	2	3	2
OPM %	35.36%	26.92%	20.80%	18.37%	18.46%	12.18%	15.64%	29.63%	29.30%	26.59%	17.51%	30.66%	22.09%
	186	5	199	8	5	4	4	3	3	20	3	3	3
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
Profit before Tax	189	7	201	9	7	5	5	7	7	23	5	6	6
Tax %	10.39%	28.43%	8.14%	25.66%	27.84%	30.70%	-26.87%	27.93%	28.09%	-2.97%	29.18%	15.68%	28.83%
Net Profit	170	5	185	7	5	3	6	5	5	24	3	5	4
	15.23	0.46	16.59	0.63	0.46	0.29	0.56	0.45	0.42	2.15	0.31	0.43	0.35

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	99	56	52	43	41	44	38	37	39	41	40
	113	52	39	31	32	28	28	28	31	30	30
Operating Profit	-14	4	13	12	9	16	10	9	8	11	10
OPM %	-14.14%	6.33%	24.35%	27.00%	21.50%	35.42%	26.50%	25.03%	19.72%	26.04%	24.22%
	11	10	12	16	15	8	9	398	16	30	30
Interest	0	0	0	0	0	0	0	0	0	0	0
Depreciation	3	1	0	1	1	1	1	1	0	0	0
Profit before Tax	-6	13	24	26	22	23	19	407	24	40	39
Tax %	-7.57%	56.71%	32.25%	13.82%	17.97%	2.72%	21.82%	9.95%	16.96%	8.60%	8.21%
Net Profit	-7	6	16	23	18	22	15	366	20	37	36
EPS	0.00	0.00	0.00	0.00	1.63	1.99	1.32	32.90	1.76	3.32	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	103.35%	227.47%	60.26%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 0%
3 Years:: 3%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 15%
3 Years:: 36%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:: 18%
5 Years:: 31%
3 Years:: 47%
Last Year:: 12%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	70	76	93	116	134	156	170	203	178	193
	1	0	0	1	2	1	1	1	0	0
Trade Payables	16	14	8	6	5	5	5	6	4	4
	59	63	71	74	77	77	81	119	125	128
Total Liabilities	258	265	283	309	330	351	368	440	419	436
	2	0	0	2	2	2	2	1	0	0
	153	173	52	52	52	52	52	52	52	52
	0	0	0	0	0	0	0	4	6	3
Cash & Bank	3	6	144	165	185	202	220	265	247	259
	100	85	87	89	91	95	95	118	115	122
Total Assets	258	265	283	309	330	351	368	440	419	436

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	13	16	14	11	17	17	12	-33	12	5
Cash from Investing	10	9	8	17	8	7	9	412	14	30
Cash from Financing	-1	-1	-0	-1	-1	-1	-0	-335	-45	-22
	20	22	17	22	19	18	18	45	-18	12

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	-0.60	0.50	1.48	2.04	1.63	1.99	1.32	32.90	1.76	3.32
Book Value (₹)	16.32	16.85	18.35	20.39	22.02	24.00	25.30	28.22	26.01	27.34
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 (₹)	-0.35	0.60	1.51	2.11	1.71	2.07	1.37	32.95	1.78	3.32
PROFITABILITY
Operating Margin %	-3.29%	25.07%	47.45%	63.72%	56.92%	54.41%	51.14%	25.03%	19.72%	26.04%
Net Margin %	-6.75%	10.03%	31.65%	53.14%	44.45%	50.60%	38.55%	995.11%	50.63%	90.06%
ROE %	-3.61%	3.04%	8.40%	10.52%	7.71%	8.66%	5.35%	122.96%	6.49%	12.44%
ROCE %	-3.25%	7.02%	12.40%	12.25%	9.50%	8.96%	6.88%	136.58%	7.82%	13.62%
	-2.57%	2.15%	6.01%	7.67%	5.71%	6.52%	4.08%	90.66%	4.56%	8.65%
EFFICIENCY
Debtor Days	100	101	73	73	58	42	41	38	46	39
Inventory Days	0	0	0	0	0	0	0	0	0	0
Payable Days	0	0	0	0	0	0	0	0	0	0
	100	101	73	73	58	42	41	38	46	39
FINANCIAL HEALTH
Debt to Equity (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
Interest Coverage (x)	-40.40x	325.00x	2432.00x	240.36x	89.80x	143.56x	188.90x	4071.00x	590.75x	2023.50x
	2.02x	2.15x	2.34x	2.79x	2.75x	3.21x	3.28x	2.89x	2.78x	2.86x
GROWTH
Revenue Growth %	-18.10%	-43.52%	-6.97%	-17.93%	-4.05%	7.03%	-13.09%	-3.36%	5.05%	6.10%
Operating Profit Growth %	-112.00%	530.06%	76.11%	10.21%	-14.30%	2.32%	-18.32%	402.77%	-75.59%	69.23%
Net Profit Growth %	-148.97%	183.98%	193.58%	37.77%	-19.74%	21.86%	-33.80%	2394.89%	-94.65%	88.72%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2394.84%	-94.65%	88.72%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	3.44x	48.84x	14.39x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	4.01x	3.30x	1.75x
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	10.17x	29.69x	6.74x

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

News

Recent coverage and analyst commentary for XCHANGING

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Xchanging Solutions Ltd.

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Free 5nance Account

Name

TCS

2312.00

16.80

836501.83

4.76

13420.00

4.69

72275.00

13.93

66.25

25.67

INFY

1128.00

15.11

457768.62

4.26

7775.00

12.29

48211.00

14.03

42.84

23.66

HCLTECH

1310.25

20.41

355557.97

4.12

4626.00

20.34

34579.00

13.94

31.20

19.87

WIPRO

176.60

13.23

174910.92

6.23

3356.30

0.59

24478.60

10.59

18.49

18.93

TECHM

1597.00

30.48

156527.36

3.19

1486.30

31.67

15711.90

17.68

23.04

17.43

LTM

4516.00

25.61

133954.19

1.66

1468.60

17.06

11608.00

17.96

30.25

17.75

OFSS

12050.00

30.75

104935.17

3.32

1415.50

120.52

3125.20

68.73

45.50

60.04

PERSISTENT

5624.00

46.13

88718.60

0.71

483.04

13.67

4303.23

29.09

35.09

16.19

COFORGE

1963.70

49.51

86987.61

0.80

531.70

49.19

5527.70

49.86

24.70

19.14

MPHASIS

2457.05

24.55

46899.54

2.52

489.51

10.82

4384.05

17.46

23.31

18.15

LTTS

3498.50

28.11

37111.23

1.66

3571.00

1029.71

29401.00

1014.73

27.70

18.65

XCHANGING

60.77

11.13

677.00

3.29

15.12

9.80

53.64

7.30

18.02

33.54

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

Operating Profit

OPM %

35.36%

26.92%

20.80%

18.37%

18.46%

12.18%

15.64%

29.63%

29.30%

26.59%

17.51%

30.66%

22.09%

186

199

Interest

Depreciation

Profit before Tax

189

201

Tax %

10.39%

28.43%

8.14%

25.66%

27.84%

30.70%

-26.87%

27.93%

28.09%

-2.97%

29.18%

15.68%

28.83%

Net Profit

170

185

15.23

0.46

16.59

0.63

0.46

0.29

0.56

0.45

0.42

2.15

0.31

0.43

0.35

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

113

Operating Profit

-14

OPM %

-14.14%

6.33%

24.35%

27.00%

21.50%

35.42%

26.50%

25.03%

19.72%

26.04%

24.22%

398

Interest

Depreciation

Profit before Tax

-6

407

Tax %

-7.57%

56.71%

32.25%

13.82%

17.97%

2.72%

21.82%

9.95%

16.96%

8.60%

8.21%

Net Profit

-7

366

EPS

0.00

1.63

1.99

1.32

32.90

1.76

3.32

—

Dividend Payout %

0.00%

103.35%

227.47%

60.26%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

111

116

134

156

170

203

178

193

Trade Payables

119

125

128

Total Liabilities

258

265

283

309

330

351

368

440

419

436

153

173

Cash & Bank

144

165

185

202

220

265

247

259

100

118

115

122

Total Assets

258

265

283

309

330

351

368

440

419

436

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-33

Cash from Investing

412

Cash from Financing

-1

-0

-1

-0

-335

-45

-22

-18

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

PER SHARE

EPS (₹)

-0.60

0.50

1.48

2.04

1.63

1.99

1.32

32.90

1.76

3.32

Book Value (₹)

16.32

16.85

18.35

20.39

22.02

24.00

25.30

28.22

26.01

27.34

Dividend per Share (₹)

0.00

34.00

4.00

2.00

Cash EPS (₹)

-0.35

0.60

1.51

2.11

1.71

2.07

1.37

32.95

1.78

3.32

PROFITABILITY

Operating Margin %

-3.29%

25.07%

47.45%

63.72%

56.92%

54.41%

51.14%

25.03%

19.72%

26.04%

Net Margin %

-6.75%

10.03%

31.65%

53.14%

44.45%

50.60%

38.55%

995.11%

50.63%

90.06%

ROE %

-3.61%

3.04%

8.40%

10.52%

7.71%

8.66%

5.35%

122.96%

6.49%

12.44%

ROCE %

-3.25%

7.02%

12.40%

12.25%

9.50%

8.96%

6.88%

136.58%

7.82%

13.62%

-2.57%

2.15%

6.01%

7.67%

5.71%

6.52%

4.08%

90.66%

4.56%

8.65%

EFFICIENCY

Debtor Days

100

101

Inventory Days

Payable Days

100

101

FINANCIAL HEALTH

Debt to Equity (x)

0.00x

Interest Coverage (x)

-40.40x

325.00x

2432.00x

240.36x

89.80x

143.56x

188.90x

4071.00x

590.75x

2023.50x

2.02x

2.15x

2.34x

2.79x

2.75x

3.21x

3.28x

2.89x

2.78x

2.86x

GROWTH

Revenue Growth %

-18.10%

-43.52%

-6.97%

-17.93%

-4.05%

7.03%

-13.09%

-3.36%

5.05%

6.10%

Operating Profit Growth %

-112.00%

530.06%

76.11%

10.21%

-14.30%

2.32%

-18.32%

402.77%

-75.59%

69.23%

Net Profit Growth %

-148.97%

183.98%

193.58%

37.77%

-19.74%

21.86%

-33.80%

2394.89%

-94.65%

88.72%

0.00%

2394.84%

-94.65%

88.72%

VALUATION

P/E (x)

0.00x

3.44x

48.84x

14.39x

P/B (x)

0.00x

4.01x

3.30x

1.75x

Dividend Yield %

0.00%

30.04%

4.66%

4.19%

0.00x

10.17x

29.69x

6.74x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

75.00

0.09

0.08

0.07

0.01

0.09

0.00

0.01

0.11

0.03

0.29

0.17

Government

0.00

Public

24.61

24.63

24.70

24.61

24.70

24.69

24.59

24.80

Xchanging Solutions Ltd.

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Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

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Xchanging Solutions Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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