Xchanging Solutions Ltd
NSE: XCHANGING · Computers - Software & Consulting · sector
₹55.71NSE close 2026-10-26
Key numbers
Market cap₹621 cr
Price₹55.71
52w high / low₹103 / ₹48
P/E10.2xSector median 17.5x
P/B1.6xSector median 2.7x
Book value₹35.5
Dividend yield3.59%Sector median 1.66%
ROE16.1%Sector median 14.4%
ROCE17.9%Sector median 15.3%
OPM34.0%Sector median 16.9%
Debt / equity0.18xSector median 0.04x
EV/EBITDA5.4xSector median 13.2x
Interest cover16.1x
Current ratio4.97x
Sales growth 3y+5.2%Sector median +10.8%
Profit growth 3y+9.8%Sector median +14.9%
PEG1.04x
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 80 companies in Computers - Software & Consulting (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹312 cr vs borrowings ₹71 cr (FY26): cash is higher (net cash).
- Operating profit covered interest 16.1x in the last 12 months.
- No promoter shares are pledged.
- Operating cash flow was below net profit in 5 of the last 5 years (FY26, FY25, FY24, FY23, FY22).
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 22% of net profit in the last 12 months.
- Dividend paid in 3 of the last 5 financial years.
- Price ₹55.71 on 2026-10-26: -45.9% from the 52-week high, +17.3% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹119.85 · low ₹53.13
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 44 | 46 | 51 | 50 | 53 | 49 | 51 | 54 |
| EBITDA | 11 | 14 | 17 | 16 | 17 | 16 | 19 | 18 |
| OPM % | 24.5% | 31.0% | 34.2% | 32.7% | 32.2% | 32.9% | 37.2% | 33.5% |
| Other income | 4 | 4 | 4 | 4 | 3 | 3 | 3 | 4 |
| Net profit | 10 | 14 | 15 | 14 | 16 | 13 | 16 | 15 |
| EPS (₹) | 0.88 | 1.30 | 1.32 | 1.24 | 1.46 | 1.18 | 1.46 | 1.36 |
| Revenue YoY | +18.8% | +7.0% | +1.1% | +7.3% | ||||
| Profit YoY | +65.6% | -9.0% | +10.9% | +9.8% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 174 | 174 | 174 | 185 | 203 | 207 |
| EBITDA | 53 | 50 | 47 | 53 | 69 | 70 |
| Net profit | 53 | 45 | 14 | 50 | 59 | 61 |
| EPS (₹) | 4.72 | 4.03 | 1.23 | 4.45 | 5.34 | 5.46 |
| Revenue growth | +0.1% | 0.0% | +6.0% | +9.7% | +8.2% | |
| Profit growth | -14.6% | -69.5% | +261.9% | +19.9% | +15.3% | |
| Dividend / share (₹) | – | – | 30.00 | 2.00 | 2.00 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +5.2% | +0.7% | +8.2% |
| Net profit | +9.8% | -1.0% | +15.3% |
| EPS | +9.8% | -1.0% | – |
| Share price | – | -27.9% (2y) | -33.5% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 676 | 354 | 359 | 396 |
| Borrowings | – | 0 | 104 | 85 | 71 |
| Cash & equivalents | – | 515 | 308 | 301 | 312 |
| Total assets | – | 743 | 523 | 504 | 523 |
| Fixed assets | – | 2 | 1 | 0 | 0 |
| Capital work in progress | – | – | – | 0 | – |
| Investments | – | 0 | 0 | 0 | 0 |
| Receivables | – | 8 | 11 | 12 | 17 |
| Inventory | – | 0 | 0 | 0 | 0 |
| Payables | – | 15 | 18 | 19 | 15 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 35 | 42 | -12 | 47 | 41 |
| Cash from investing | 8 | 10 | 35 | 14 | 13 |
| Cash from financing | -1 | -0 | -232 | -70 | -50 |
| Capex | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | 35 | 42 | -12 | 47 | 41 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 6.6% | 3.9% | 13.8% | 15.0% |
| ROCE % | – | 8.8% | 14.9% | 15.7% | 17.6% |
| Debtor days | – | 16 | 24 | 24 | 30 |
| Inventory days | – | 0 | 0 | 0 | 0 |
| Payable days | – | 32 | 38 | 38 | 28 |
| Cash conversion cycle (days) | – | -16 | -14 | -14 | 2 |
| Working capital days | – | 1,022 | 589 | 507 | 497 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 75.00% |
| FIIs | 0.00% |
| DIIs | 0.00% |
| of which Mutual funds | 0.00% |
| Public (non-institutions) | 24.99% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% |
| Promoter group | % |
|---|---|
| Xchanging (Mauritius) Limited | 52.07% |
| Xchanging Technology Services India PVT Ltd | 19.16% |
| DXC Technology India Private Limited | 3.77% |
| DXC US International Inc. | 0.00% |
| Lux 1 Holding Company, Inc. | 0.00% |
| DXC Luxembourg International S.à r.l. | 0.00% |
| DXC Lux 5 S.a.r.l. | 0.00% |
| DXC Luxembourg Holding S.à r.l. | 0.00% |
| DXC Lux 6 S.a.r.l. | 0.00% |
| DXC UK International Holdings Limited | 0.00% |
| DXC UK International Limited | 0.00% |
| DXC UK International Operations Limited | 0.00% |
| Xchanging Holdings Limited | 0.00% |
| Xchanging B.V. | 0.00% |
| DXC Technology New Asia Holdings Pte. Ltd. | 0.00% |
72,264 shareholders. Pledged: 0.00% of promoter shares.
Peers in Computers - Software & Consulting
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| TCS | ₹9,17,670 cr | 17.8x | 7.7x | 45.8% | 59.1% | 25.0% | +5.8% | 4.31% |
| INFY | ₹4,72,230 cr | 15.7x | 5.1x | 32.1% | 44.9% | 23.0% | +6.8% | 3.95% |
| HCLTECH | ₹3,84,716 cr | 20.9x | 5.0x | 24.9% | 31.9% | 19.9% | +8.7% | 3.80% |
| WIPRO | ₹1,87,403 cr | 14.8x | 2.4x | 16.0% | 19.6% | 19.3% | +0.8% | 6.18% |
| TECHM | ₹1,59,037 cr | 28.8x | 5.4x | 16.1% | 25.2% | 16.8% | +2.2% | 2.53% |
| LTM | ₹1,20,617 cr | 23.1x | 4.7x | 21.2% | 28.2% | 16.7% | +8.4% | 1.66% |
| PERSISTENT | ₹92,284 cr | 50.8x | 10.7x | 22.9% | 28.2% | 16.3% | +20.9% | 0.63% |
| COFORGE | ₹66,873 cr | 40.5x | 7.0x | 21.6% | 24.9% | 17.3% | +27.0% | 0.81% |
| MPHASIS | ₹48,819 cr | 25.5x | 4.5x | 18.8% | 22.3% | 18.4% | +4.8% | 2.23% |
| XCHANGING | ₹621 cr | 10.2x | 1.6x | 16.1% | 17.9% | 34.0% | +5.2% | 3.59% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-08-14 | Dividend | Dividend - Rs 2 Per Share |
| 2025-07-11 | Dividend | Dividend - Rs 2 Per Share |
| 2024-06-14 | Dividend | Dividend - Rs 2 Per Share & Special Dividend - Rs 2 Per Share |
| 2024-02-23 | Dividend | Interim Dividend - Rs 15 Per Share |
| 2023-07-28 | Dividend | Interim Dividend - Rs 15 Per Share |
| 2022-07-26 | Other | Annual General Meeting |
| 2021-09-17 | Other | Annual General Meeting |
| 2020-09-15 | Other | Annual General Meeting |
| 2019-08-05 | Other | Annual General Meeting |
| 2018-09-18 | Other | Annual General Meeting |
| 2017-09-05 | Other | Annual General Meeting |
| 2016-06-17 | Other | Annual General Meeting |
| 2015-05-08 | Other | Annual General Meeting |
| 2014-05-16 | Other | Annual General Meeting |
| 2013-05-13 | Other | Annual General Meeting |
| 2012-05-11 | Other | Annual General Meeting |
| 2011-05-11 | Other | Annual General Meeting |
| 2010-04-16 | Other | Annual General Meeting |
| 2009-06-09 | Other | Annual General Meeting |
| 2008-09-19 | Other | Annual General Meeting |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Information Technology: IT Software, IT Hardware & ITES
| Sector | Information Technology |
| Industry | Computers - Software & Consulting |
| Sub-industry | Computers - Software & Consulting |
| Symbol | XCHANGING |
| BSE code | 532616 |
| ISIN | INE692G01013 |
| Face value | ₹10.0 |
| Incorporated | 2002-02-01 |
| Website | www.dxc.com |
| Plants (India / abroad) | 0 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.