XCHANGING
Xchanging Solutions financials
- Market cap
- ₹698 Cr
- Sector
- Information Technology
What Xchanging Solutions Limited does
Xchanging Solutions Limited, incorporated in 2002, is an Information Technology (IT) service provider based in Bengaluru with operations in India and an international presence through subsidiaries. It is a 75%-owned subsidiary of DXC Technology Company (NYSE-listed), held via Xchanging (Mauritius) Limited, Xchanging Technology Services India Private Limited and DXC Technology India Private Limited. The company's principal business is providing ITeS off-shore services to its wholly-owned US subsidiary, Xchanging Solutions (USA) Inc., under an ongoing arm's-length arrangement.
Segments
- ITeS offshore delivery
- Permanent employees
- 95
- Direct subsidiaries
- 2 (Xchanging Solutions (USA) Inc.; Xchanging Solutions Singapore Pte. Ltd.)
- Step-down subsidiaries
- 1 (Nexplicit Infotech India Private Limited, under liquidation)
- Delivery location
- Bengaluru, Karnataka
- Ultimate parent ownership
- 75% held by DXC Technology group entities
Quarterly results
Q1 FY27: revenue up 8.0%, net profit up 7.1% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 44 | 46 | 51 | 50 | 53 +20% | 49 +7% | 51 +0% | 54 +8% |
| EBITDA | 11 | 14 | 17 | 16 | 17 +55% | 16 +14% | 19 +12% | 18 +13% |
| Net profit | 10 | 14 | 15 | 14 | 16 +60% | 13 −7% | 16 +7% | 15 +7% |
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 −29.3% 1Y
1Y: ₹88.17 on 10 Sept 2025 → ₹62.34. High ₹95.46 (30 Oct 2025), low ₹47.79 (30 Mar 2026).
Financials, as filed
Revenue grew 5.3% a year over 3 years, FY23 to FY26. Operating margin widened to 33.5%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹174 Cr | ₹173 Cr | ₹185 Cr | ₹203 Cr |
| Operating profit | ₹50 Cr | ₹47 Cr | ₹53 Cr | ₹68 Cr |
| Operating margin | 28.7% | 27.2% | 28.6% | 33.5% |
| Interest | ₹0 Cr | ₹2 Cr | ₹8 Cr | ₹4 Cr |
| Depreciation | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Net profit | ₹45 Cr | ₹13 Cr | ₹50 Cr | ₹59 Cr |
| Net margin | 25.9% | 7.5% | 27.0% | 29.1% |
| Cash from operations | ₹42 Cr | ₹-12 Cr | ₹49 Cr | ₹41 Cr |
| Free cash flow | ₹42 Cr | ₹-12 Cr | ₹49 Cr | ₹41 Cr |
| ROCE | 9.0% | 12.0% | 15.0% | 18.0% |
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 ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹111 Cr | ₹111 Cr | ₹111 Cr | ₹111 Cr | ₹111 Cr | ₹111 Cr |
| Reserves | ₹444 Cr | ₹502 Cr | ₹565 Cr | ₹243 Cr | ₹256 Cr | ₹285 Cr |
| Borrowings | ₹3 Cr | ₹2 Cr | ₹1 Cr | ₹105 Cr | ₹89 Cr | ₹71 Cr |
| Other liabilities | ₹67 Cr | ₹61 Cr | ₹66 Cr | ₹64 Cr | ₹57 Cr | ₹56 Cr |
| Total liabilities | ₹625 Cr | ₹676 Cr | ₹743 Cr | ₹523 Cr | ₹513 Cr | ₹523 Cr |
| Fixed assets | ₹160 Cr | ₹161 Cr | ₹160 Cr | ₹159 Cr | ₹158 Cr | ₹158 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹465 Cr | ₹516 Cr | ₹583 Cr | ₹364 Cr | ₹354 Cr | ₹364 Cr |
| Total assets | ₹625 Cr | ₹676 Cr | ₹743 Cr | ₹523 Cr | ₹513 Cr | ₹523 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, the public added +0.19 pp while DIIs trimmed −0.12 pp. The shareholder count shrank 10% to 73,508.
- Promoters
- 75.0%
- FIIs
- 0.0%
- DIIs
- 0.2%
- Public
- 24.8%
Since Jun 2025
- Public +0.19 pp
- DIIs −0.12 pp
- FIIs −0.06 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 75.0%, FIIs 0.1%, DIIs 0.3%, Public 24.6%.Dec '23: Promoters 75.0%, FIIs 0.1%, DIIs 0.3%, Public 24.6%.Mar '24: Promoters 75.0%, FIIs 0.2%, DIIs 0.3%, Public 24.5%.Jun '24: Promoters 75.0%, FIIs 0.1%, DIIs 0.3%, Public 24.6%.Sep '24: Promoters 75.0%, FIIs 0.1%, DIIs 0.3%, Public 24.6%.Dec '24: Promoters 75.0%, FIIs 0.1%, DIIs 0.3%, Public 24.6%.Mar '25: Promoters 75.0%, FIIs 0.0%, DIIs 0.3%, Public 24.7%.Jun '25: Promoters 75.0%, FIIs 0.1%, DIIs 0.3%, Public 24.6%.Sep '25: Promoters 75.0%, DIIs 0.3%, Public 24.7%.Dec '25: Promoters 75.0%, FIIs 0.0%, DIIs 0.3%, Public 24.7%.Mar '26: Promoters 75.0%, FIIs 0.1%, DIIs 0.3%, Public 24.6%.Jun '26: Promoters 75.0%, FIIs 0.0%, DIIs 0.2%, Public 24.8%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Xchanging Solutions Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Xchanging (Mauritius) Limited | 52.07% | unchanged |
| Xchanging Technology Services India Pvt Ltd | 19.16% | unchanged |
| Dxc Technology India Private Limited | 3.77% | unchanged |
| DXC Luxembourg International S.à r.l. | 0.00% | unchanged |
| DXC Lux 5 S.a.r.l. | 0.00% | unchanged |
| DXC Luxembourg Holding S.à r.l. | 0.00% | unchanged |
| DXC Lux 6 S.a.r.l. | 0.00% | unchanged |
| DXC UK International Holdings Limited | 0.00% | unchanged |
| DXC UK International Limited | 0.00% | unchanged |
| DXC UK International Operations Limited | 0.00% | unchanged |
| Xchanging Holdings Limited | 0.00% | unchanged |
| Xchanging B.V. | 0.00% | 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.
Learn to analyse Xchanging Solutions Limited
Guides on how to read this kind of business and the numbers that matter.