EXPLEOSOL

Expleo Solutions share price & financials

Price
₹810.45
Market cap
₹1.4k Cr
Sector
Information Technology
Calls analysed
3
Latest concall · Q4 FY26 · call held 14 May 2026

Expleo Solutions Q4 FY26

Operating Revenue 2,863 million +12%Adjusted EBITDA Margin 15.5% −1%Total Income 2,989 million +15%

What went well

  • Q4 FY26 Operating Revenue grew 11.9% YoY to INR 2,863 million, and Total Income grew 14.8% YoY to INR 2,989 million.
  • Europe emerged as the fastest-growing region, leading the company's growth.
  • Banking, Financial Services, and Insurance (BFSI) and Aerospace Defense sectors performed extremely well.

What to watch

  • Pressures on margin and revenue continue due to shrinking ticket sizes and shorter engagements driven by AI.
  • The company needs to proactively cannibalize its own revenue by infusing AI to stay relevant.
Read the full call →

What Expleo Solutions Limited does

Expleo Solutions is built on two service pillars: digital assurance (software testing and quality engineering) and product/R&D engineering. It serves clients across banking, financial services & insurance (BFSI), aerospace & defence, automotive, transportation, enterprise technology, retail and education, delivering from India-based centres and international branch offices. Revenue comes from long-term client engagements billed for testing, quality-assurance and engineering work, increasingly supplemented by AI-infused delivery, partner-led new-client acquisition, and an active acquisition pipeline to add complementary skills.

Segments

  • Technology / Digital Assurance
  • Engineering Services
Delivery employees
~3,600 (3,593 as of Mar-2026)
Active clients
201
India delivery locations
Chennai (registered office), Pune, Bengaluru, a sales-cum-delivery office in Mumbai, and a training centre in Coimbatore
International branch offices
Philippines, Belgium, Israel and Malaysia
Clients contributing over $1 million annually
14
Clients contributing $0.5-1 million annually
31
Founded 1998Headquarters Chennai, India Company website

Guidance record · Q4 FY26

what the last two calls moved 9 tracked 2 delivered 1 missed 6 open
  • FY26 Revenue Growth delivered said Q4 FY25 Promised: single-digit growth, hoping for double-digit Q4 FY26: Achieved 8.1% operating revenue growth for the full year FY26, in line with the 'high single-digit' guidance.
  • EBITDA Margin missed said Q4 FY25 Promised: 16% to 18% Q4 FY26: FY26 Adjusted EBITDA margin came in at 15.6%, missing the 16-18% range. Management has now guided for a lower 15-16% range for FY27.
  • M&A Execution delayed said Q2 FY26 Promised: Q1 of next year [Jan], we'll definitely make one decision Q4 FY26: No decision was made by Q1 CY26 (Q4 FY26). Management now expects to close a deal in the 'upcoming quarter' (Q1 FY27).

All 9 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 12.3%, net profit up 70.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue259 258 256 260 283 +9%279 +8%286 +12%292 +12%
EBITDA42 39 40 30 47 +12%46 +18%43 +8%42 +40%
Net profit35 20 24 20 40 +14%22 +10%42 +75%34 +70%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −10.5% 1Y

₹0.7k₹0.8k₹0.9k₹1.0k₹1.1kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 14 Nov 2025Q4 FY26 — 14 May 2026

1Y: ₹993.5 on 10 Sept 2025 → ₹889.5. High ₹1,118.5 (27 Nov 2025), low ₹646.9 (30 Mar 2026).

How the price took the results

close before → close after

Q4 FY26
+0.5%
14 May
Q2 FY26
+9.7%
14 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 7.1% a year over 3 years, FY23 to FY26. Operating margin narrowed to 15.0%.

Year endingFY23FY24FY25FY26
Revenue₹903 Cr₹964 Cr₹1.0k Cr₹1.1k Cr
Operating profit₹194 Cr₹139 Cr₹160 Cr₹166 Cr
Operating margin21.5%14.4%15.6%15.0%
Interest₹1 Cr₹4 Cr₹4 Cr₹3 Cr
Depreciation₹28 Cr₹33 Cr₹39 Cr₹28 Cr
Net profit₹131 Cr₹91 Cr₹103 Cr₹124 Cr
Net margin14.5%9.4%10.0%11.2%
Cash from operations₹23 Cr₹71 Cr₹179 Cr₹119 Cr
Free cash flow₹-20 Cr₹54 Cr₹172 Cr₹117 Cr
ROCE39.0%20.0%21.0%24.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹10 Cr₹16 Cr₹16 Cr₹16 Cr₹16 Cr₹16 Cr
Reserves₹192 Cr₹379 Cr₹515 Cr₹596 Cr₹688 Cr₹761 Cr
Borrowings₹7 Cr₹15 Cr₹26 Cr₹26 Cr₹20 Cr₹8 Cr
Other liabilities₹56 Cr₹185 Cr₹174 Cr₹128 Cr₹192 Cr₹145 Cr
Total liabilities₹264 Cr₹594 Cr₹730 Cr₹765 Cr₹916 Cr₹929 Cr
Fixed assets₹25 Cr₹108 Cr₹142 Cr₹131 Cr₹91 Cr₹73 Cr
Capital work in progress₹0 Cr₹6 Cr₹6 Cr₹5 Cr₹0 Cr₹0 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹15 Cr₹0 Cr₹0 Cr
Other assets₹239 Cr₹480 Cr₹582 Cr₹614 Cr₹825 Cr₹856 Cr
Total assets₹264 Cr₹594 Cr₹730 Cr₹765 Cr₹916 Cr₹929 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs trimmed −0.72 pp while the public added +0.68 pp. The shareholder count grew 4% to 29,683.

Promoters
71.0%
FIIs
0.1%
DIIs
0.1%
Public
28.7%

Since Jun 2025

  • DIIs −0.72 pp
  • Public +0.68 pp
  • FIIs +0.04 pp

How it drifted, 12 quarters

Over this window DIIs fell from 2.7% to 0.1% — −2.6 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 71.0%, DIIs 2.7%, Public 26.2%.Dec '23: Promoters 71.0%, FIIs 0.0%, DIIs 3.3%, Public 25.7%.Mar '24: Promoters 71.0%, FIIs 0.0%, DIIs 2.4%, Public 26.6%.Jun '24: Promoters 71.0%, FIIs 0.1%, DIIs 1.8%, Public 27.1%.Sep '24: Promoters 71.0%, FIIs 0.2%, DIIs 1.8%, Public 27.0%.Dec '24: Promoters 71.0%, FIIs 0.5%, DIIs 1.0%, Public 27.5%.Mar '25: Promoters 71.0%, FIIs 0.3%, DIIs 0.9%, Public 27.7%.Jun '25: Promoters 71.0%, FIIs 0.1%, DIIs 0.8%, Public 28.0%.Sep '25: Promoters 71.0%, FIIs 0.1%, DIIs 0.8%, Public 28.0%.Dec '25: Promoters 71.0%, FIIs 0.3%, DIIs 0.1%, Public 28.6%.Mar '26: Promoters 71.0%, FIIs 0.4%, DIIs 0.0%, Public 28.5%.Jun '26: Promoters 71.0%, FIIs 0.1%, DIIs 0.1%, Public 28.7%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Expleo Solutions Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Expleo Technology Germany Gmbh 71.05%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Expensive

To justify its price of ₹890, this stock must grow earnings at 3% every year for 7 years. Our analysis caps realistic growth at ~-5%. At that growth it is worth ₹557 — downside of 37%.

Growth the price implies
3.3% a year
for 7 years, fading to 4%
It has actually compounded at
-5.2% a year
net profit, FY23–FY26
The gap
0.1 pp
-37% downside if it only repeats history
Price today ₹889.5 Value at the reference growth ₹556.88

Change the assumptions yourself →

All earnings calls (3)

Read the Q4 FY26 call →

Learn to analyse Expleo Solutions Limited

Guides on how to read this kind of business and the numbers that matter.