XCHANGINGInformation Technology

Xchanging Solutions Limited

Computers - Software & Consulting · ISIN INE692G01013 · BSE 532616 · NSE EQ · FV ₹10
Last price
₹58
+5.12%today
What this company does

Xchanging Solutions Limited operates in Computers - Software & Consulting, part of the Information Technology sector. It booked ₹53 cr of revenue in its latest quarter (Q2 FY27) and kept 28.5% of sales as profit.

In the report:
71out of 100
Equitytale Health Score
Solid

Healthier than 71% of companies in Information Technology, on all six measures of filed financials. Each measure is ranked against the 43–127 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
48

At close. Not part of the score.

Profitability & returns70

How much profit it earns on the money it employs

Balance sheet64

How much it owes, and whether earnings cover the interest

Cash quality55

Whether reported profit actually arrives as cash

Growth & consistency52

Whether sales and profit have grown, and how steadily

Valuation95

What today's price implies, against our models or its peers

Governance & risk100

How much of the promoters' stake is pledged, and how much they hold · highest in its sector on what we could measure

Is this company doing well?
not investment advice
Strengths
✓ Makes a profit
✓ Strong 29% net margin
✓ Promoters hold 75%
✓ No promoter shares pledged
✓ Turns profit into real cash
Watch-outs
! Profit down 7% vs last year

What if I invest in XCHANGING?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 4% a year, it would become
₹14.72 lakh

The slider starts at 4%, taken from this company's own free-cash-flow trend. That is history, not a forecast — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹58▲ +5.12%
latest close · 2026-11-03
1-year return
-53.9%
52-wk low ₹5352-wk high ₹132
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio10.7Low
LowAverageHigh
P/B ratio1.56Moderate
Below bookModerateHigh
EV / EBITDA4.4Low
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity14.7%Fair
WeakFairStrong ▸15%
Return on capital19.0%Strong
WeakFairStrong
Net margin28.5%Strong
ThinDecentStrong
EBITDA margin41.5%Healthy
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.12Comfortable
LowModerateHigh ▸1
Interest cover20.3×Strong
RiskyOkayStrong ▸5×
Current ratio7.21Ample
Tight ◂1HealthyAmple
More figures
Market cap
₹646 cr
Book value
₹37
EPS
₹1.36
latest quarter
Net debt
₹-253 cr
more cash than debt
Enterprise value
₹393 cr
EBITDA
₹88 cr
annualised
EBIT
₹88 cr
annualised
Operating margin
41.5%
Return on assets
11.9%
Earnings yield
9.39%
P/S
3.03
Sales / share
₹19.1
Tax rate
27.6%
Face value
₹10
Shares
11.1 cr
Working capital
₹286 cr
Current assets
₹332 cr
Current liabilities
₹46 cr
Delivery %
59.4%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-11-03.

Worth vs price · from the FY 2025 report & filings
not investment advice
Priced about rightMedium confidence
Median of 2 models ₹67 vs market price ₹58 — price is 14% below it
Safety cushion+13.6%(target ≥ +20%)
Models span ₹55–₹79, midpoint ₹67
Model ₹67
Price ₹58
Cheap sideExpensive side

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q2 FY27 (consolidated)
Revenue from Operations₹53 cr
Other Income₹4 cr
Total Income₹57 cr
Cost of Materials₹0 cr
Purchases of Stock-in-Trade₹0 cr
Employee Benefit Expense₹15 cr
Finance Costs₹1 cr
Depreciation & Amortisation₹0 cr
Other Expenses₹20 cr
Total Expenses₹36 cr
Profit before Tax₹21 cr
Tax Expense₹6 cr
Net Profit₹15 cr
Net margin on total income26.7%
Where the money goes · Q2 FY27
% of total income
Employee benefit expense₹15 cr25.9%
Finance costs₹1 cr1.9%
Other expenses₹20 cr35.2%
Tax expense₹6 cr10.2%
Profit for the period₹15 cr26.7%
Total income ₹57 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ4 FY26Q1 FY27Q2 FY27
Revenue51 cr54 cr53 cr
Total income55 cr57 cr57 cr
Expenses34 cr37 cr36 cr
Profit before tax21 cr20 cr21 cr
Tax5 cr5 cr6 cr
Net profit (owners' share)16 cr15 cr15 cr
Net margin (owners' share, on revenue)31.7%28.2%28.5%
EPS (₹)1.461.361.36
YoY (latest quarter): total income +1.4% · net profit -6.6%
Balance sheet & cash flow · as of Sep 2026
Low debt
Total assets
₹510 cr
Shareholder equity
₹415 cr
parent shareholders
Total debt
₹48 cr
Cash
₹301 cr
Cash flow · H1 FY27
Operating
₹30 cr
Investing
₹8 cr
Financing
₹-48 cr
Peer comparison
Computers - Software & Consulting · by market value
CompanyPriceMarket capP/E
Tata Consultancy Services Limited₹2,499₹9.05 L cr16.3
Infosys Limited₹1,148₹4.65 L cr14.9
HCL Technologies Limited₹1,439₹3.91 L cr19.0
Wipro Limited₹198₹1.96 L cr15.3
Tech Mahindra Limited₹1,789₹1.59 L cr25.0
LTM Limited₹4,213₹1.25 L cr22.3
Persistent Systems Limited₹6,097₹96,180 cr68.0
Coforge Limited₹2,061₹91,190 cr41.8
MphasiS Limited₹2,535₹48,394 cr24.7
Same industry · latest reported numbers · not a recommendation.
Corporate actions
Dividend yield
3.45%
trailing 12 months
Dividend / share (TTM)
₹2
Last dividend
₹2
ex 14 Aug 2026
ActionDetailEx-date
Dividend₹2 / share14 Aug 2026
Dividend₹2 / share11 Jul 2025
Dividend₹2 / share14 Jun 2024
Dividend₹15 / share23 Feb 2024
Dividend₹15 / share28 Jul 2023
Who owns it · 2026-09-30
No pledge
Promoter
75.0%
FII / Foreign
0.0%
DII / Domestic
0.0%
Retail / others
25.0%
Smart-money activity
Insider trades
SoldXchanging Technology Services India Private Limited · Promoter Group1.76 cr · ₹79.4 cr10 Jun 19
BoughtXchanging Technology Services India Private Limited · Promoter Group40,000 · ₹22.1 L13 Jun 18
BoughtXchanging Technology Services India Private Limited · Promoter Group1.34 cr · ₹73.8 cr11 Jun 18
Bulk / block deals
SoldSILVERLEAF CAPITAL SERVICES PRIVATE LIMITED · NSE8.09 L @ ₹97.2230 Oct 25
BoughtSILVERLEAF CAPITAL SERVICES PRIVATE LIMITED · NSE8.09 L @ ₹97.1130 Oct 25
SoldGRAVITON RESEARCH CAPITAL LLP · NSE6.43 L @ ₹158.3715 Feb 24
Stake changes
SoldXchanging Technology Services India Private Limited · promoter→ 19.16% · 1.76 cr11 Jun 19
BoughtXchanging Technology Services India Private Ltd along with PAC · promoter→ 90.80% · 1.34 cr13 Jun 18
BoughtXchanging (Mauritius) Limited alongwith PAC · promoter→ 78.77%31 Mar 17
What shareholders were asked to approve

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Yearly shareholder meeting · 15 Sep 2026
See the official result
1
Adoption of Audited Standalone and Consolidated Financial Statements
Backed by 100% of shareholders other than promotersneeded 50%
2.04 L votes for, 254 against · 0% of mutual funds and other big investors said no
2
Declaration of Final Dividend
Backed by 100% of shareholders other than promotersneeded 50%
2.04 L votes for, 254 against · 0% of mutual funds and other big investors said no
3
Appointment of Director in place of Mr. Swaminathan Swaminathan (DIN: 10976726), who retires by rotation and, being eligible, offers himself for re-appointment
Backed by 100% of shareholders other than promotersneeded 50%
2.04 L votes for, 254 against · 0% of mutual funds and other big investors said no
4
Appointment of Walker Chandiok & Co. LLP, as Statutory Auditors of the Company
Backed by 100% of shareholders other than promotersneeded 50%
2.04 L votes for, 254 against · 0% of mutual funds and other big investors said no

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 19 named members
owning 75.0% between them · as of 2026-09-30
XCHANGING (MAURITIUS) LIMITED52.07%
XCHANGING TECHNOLOGY SERVICES INDIA PVT LTD19.16%
DXC TECHNOLOGY INDIA PRIVATE LIMITED3.77%
Computer Sciences Corporation, USAno shares
DXC Lux 5 S.a.r.l.no shares
DXC Lux 6 S.a.r.l.no shares
DXC Luxembourg Holding S.à r.l.no shares
DXC Luxembourg International S.à r.l.no shares
Business done with them
FY2026 · 4 of the group
The company paid ₹43 cr to companies in the promoter group last year — about 21.1% of its ₹203 cr revenue and received ₹6 cr back from them.
XCHANGING TECHNOLOGY SERVICES INDIA PRIVATE LIMITED
Paid them for services · Revenue, Purchase of services, Dividend paid, Expenses paid on behalf of the related party,Trade Receivables, Trade Payables
also owns 19.16% of the company
₹26 cr
company paid
Xchanging (Mauritius) Limited
Other payments to them · Dividend paid, Revenue, Trade Receivables
also owns 52.07% of the company
₹12 cr
company paid
XCHANGING TECHNOLOGY SERVICES INDIA PRIVATE LIMITED
Other payments to them · Revenue, Purchase of services, Dividend paid, Expenses paid on behalf of the related party,Trade Receivables, Trade Payables
also owns 19.16% of the company
₹4 cr
company paid
DXC TECHNOLOGY INDIA PRIVATE LIMITED
Provided services to them · Revenue, Purchase of services, Dividend paid, Expenses paid on behalf of the Company, Trade Receivables, Trade Payables
also owns 3.77% of the company
₹3 cr
company received
XCHANGING TECHNOLOGY SERVICES INDIA PRIVATE LIMITED
Provided services to them · Revenue, Purchase of services, Dividend paid, Expenses paid on behalf of the related party,Trade Receivables, Trade Payables
also owns 19.16% of the company
₹2 cr
company received
DXC Technology Singapore Pte. Ltd
Provided services to them · Revenue, Trade Payables, Trade Receivables
₹1 cr
company received
DXC TECHNOLOGY INDIA PRIVATE LIMITED
Other payments to them · Revenue, Purchase of services, Dividend paid, Expenses paid on behalf of the Company, Trade Receivables, Trade Payables
also owns 3.77% of the company
₹84 L
company paid
DXC TECHNOLOGY INDIA PRIVATE LIMITED
Paid them for services · Revenue, Purchase of services, Dividend paid, Expenses paid on behalf of the Company, Trade Receivables, Trade Payables
also owns 3.77% of the company
₹26 L
company paid
Xchanging (Mauritius) Limited
Provided services to them · Dividend paid, Revenue, Trade Receivables
also owns 52.07% of the company
₹18 L
company received
DXC Technology Singapore Pte. Ltd
Paid them for services · Revenue, Trade Payables, Trade Receivables
₹17 L
company paid
DXC TECHNOLOGY INDIA PRIVATE LIMITED
Settlement Of Liabilities On Behalf Of Entity By Related Party · Revenue, Purchase of services, Dividend paid, Expenses paid on behalf of the Company, Trade Receivables, Trade Payables
also owns 3.77% of the company
₹11 L
company received
XCHANGING TECHNOLOGY SERVICES INDIA PRIVATE LIMITED
Other income from them · Revenue, Purchase of services, Dividend paid, Expenses paid on behalf of the related party,Trade Receivables, Trade Payables
also owns 19.16% of the company
₹4 L
company received
DXC TECHNOLOGY INDIA PRIVATE LIMITED
Settlement Of Liabilities By Entity On Behalf Of Related Party · Revenue, Purchase of services, Dividend paid, Expenses paid on behalf of the Company, Trade Receivables, Trade Payables
also owns 3.77% of the company
₹1 L
company paid
XCHANGING TECHNOLOGY SERVICES INDIA PRIVATE LIMITED
Settlement Of Liabilities By Entity On Behalf Of Related Party · Revenue, Purchase of services, Dividend paid, Expenses paid on behalf of the related party,Trade Receivables, Trade Payables
also owns 19.16% of the company
₹1 L
company paid

The company also transacted with 29 other related parties — subsidiaries, joint ventures, directors and others — that we could not match by name to the promoter list above. Some may still be connected to the family; we only count the ones the filings let us match with certainty.

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.