Xchanging Solutions Q2 FY27 Share Price & Earnings Call Analysis

₹57.95+5.12% today

Market cap: ₹646 Cr
P/E: 10.81
ROE: 15.76%
PEG: 1.10
Price to sales: 3.12
Debt to equity: 0.12
52W high / low: ₹92.5 / ₹47.8
Sales growth (5Y): 0.72%
EBITDA margin: 34.58%
Net profit margin: 29.30%
Promoter holding: 75.00%
Sales (last year): ₹207 Cr

All 12 ratios ↓

Incorporated in 2002, Xchanging Solutions Ltd is an Information Technology services provider[1]

Potential multibaggers · Q2 FY27

Potential multibaggers in IT - Software
on management's own guidance

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

IT - Software companies ranked on guidance

#	Company	Revenue guided	Margin guided	Market cap	P/E
1		40%+	Up 2%+	₹552 Cr	33.7
2		40%+	Flat	₹327 Cr	7.1
3	CapitalNumbers	20–40%	Up 2%+	₹180 Cr	9.2
4		20–40%	Up 2%+	₹142 Cr	10.2
5		20–40%	Up 0–2%	₹1,703 Cr	26.6
6		20–40%	Flat	₹4,000 Cr	78.1

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Financials of Xchanging Solutions

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Xchanging Solutions

Shareholding breakup across reporting periods.

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	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%	75.00%	75.00%	75.00%	75.00%
FIIs +	0.11%	0.23%	0.09%	0.08%	0.07%	0.01%	0.09%	0.00%	0.01%	0.11%	0.03%	0.00%
DIIs +	0.29%	0.29%	0.29%	0.29%	0.29%	0.29%	0.29%	0.29%	0.29%	0.29%	0.17%	0.00%
Public +	24.58%	24.47%	24.61%	24.62%	24.63%	24.70%	24.61%	24.69%	24.69%	24.60%	24.80%	24.99%
No. of Shareholders	59,457	71,437	72,997	74,629	77,197	81,445	81,416	79,663	77,624	75,079	73,508	72,264

Financials of Xchanging Solutions

Quarterly Results

Quarter-by-quarter operating performance

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Sales +	43	42	44	44	44	46	51	50	53	49	51	54	53
Expenses +	32	31	35	33	34	31	33	34	36	33	32	36	35
Operating Profit	12	11	10	11	11	14	17	16	17	16	19	18	18
OPM %	27%	27%	22%	24%	24%	31%	34%	33%	32%	33%	37%	34%	35%
Other Income +	6	5	8	6	4	4	4	4	3	3	3	4	4
Interest	0	0	2	2	2	2	2	1	1	1	1	1	1
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
Profit before tax	17	16	16	14	13	16	20	19	19	18	21	20	21
Tax %	19%	123%	23%	27%	25%	12%	25%	27%	14%	27%	22%	26%	28%
Net Profit +	14	-4	12	11	10	14	15	14	16	13	16	15	15
EPS in Rs	1.24	-0.32	1.11	0.95	0.88	1.30	1.32	1.24	1.46	1.18	1.46	1.36	1.36

Financials of Xchanging Solutions

Profit & Loss

Annual income statement trend

	Dec 2014	Dec 2015	Mar 2017 15m	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales +	287	279	307	186	184	182	196	174	174	174	185	203	207
Expenses +	286	252	298	160	141	134	140	121	125	128	132	134	135
Operating Profit	1	28	9	26	43	48	55	53	50	47	53	69	72
OPM %	0.2%	10%	3.0%	14%	23%	26%	28%	31%	28%	27%	29%	34%	35%
Other Income +	36	15	14	16	15	13	16	9	11	22	17	14	14
Interest	1	0	0	0	0	0	0	0	0	2	6	5	5
Depreciation	5	4	3	1	0	1	1	1	1	1	0	0	0
Profit before tax	32	39	20	41	57	59	70	61	60	66	63	77	80
Tax %	21%	24%	8%	22%	18%	8%	10%	14%	25%	79%	22%	22%
Net Profit +	25	29	18	32	47	55	62	53	45	14	50	59	60
EPS in Rs	2.25	2.62	1.64	2.84	4.19	4.91	5.60	4.72	4.03	1.23	4.45	5.34	5.36
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	2,765%	45%	37%

Financials of Xchanging Solutions

Balance Sheet

Capital structure and asset base

	Dec 2014	Dec 2015	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
Equity Capital	111	111	111	111	111	111	111	111	111	111	111	111	111
Reserves	193	222	239	272	322	385	444	502	565	243	247	285	303
Borrowings +	2	1	1	0	0	2	3	2	1	105	85	71	48
Other Liabilities +	103	78	101	84	80	75	67	61	66	64	60	56	47
Total Liabilities	409	412	452	468	513	573	625	676	743	523	504	523	510
Fixed Assets +	166	164	161	159	159	161	160	161	160	159	158	158	158
CWIP	0	0	0	0	0	0	0	0	0	0	0	0	0
Investments	0	0	101	122	0	0	0	0	0	0	0	0	0
Other Assets +	243	249	190	188	355	412	465	516	583	364	346	364	351
Total Assets	409	412	452	468	513	573	625	676	743	523	504	523	510

Financials of Xchanging Solutions

Cash Flows

Operating, investing and financing cash movement

	Dec 2014	Dec 2015	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity +	1	28	38	36	48	46	62	35	42	-12	49	41
Cash from Investing Activity +	4	6	8	6	14	24	5	15	34	37	16	20
Cash from Financing Activity +	0	-1	-1	-1	-0	-1	-2	-1	-0	-232	-72	-50
Net Cash Flow	5	33	45	42	62	69	65	49	75	-207	-8	11
Free Cash Flow	-4	26	38	37	48	45	61	35	42	-12	49	41
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit	485%	113%	451%	142%	128%	113%	124%	84%	113%	98%	113%	96%

Financials of Xchanging Solutions

Ratios

Working capital efficiency and return ratios

	Dec 2014	Dec 2015	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	85	60	55	61	57	41	17	31	16	24	24	30
Inventory Days
Days Payable
Cash Conversion Cycle	85	60	55	61	57	41	17	31	16	24	24	30
Working Capital Days	23	22	-17	-30	-44	-21	-65	-32	-56	-55	-86	-64
ROCE %	7%	12%	6%	11%	14%	13%	13%	10%	9%	12%	15%	18%

Momentum score · price trend

9 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

Period	Share price change	Better than … of 1,910 stocks
Last 12 months	−42.2%	9%
Last 6 months	−17.0%	25%
Last 3 months	−18.5%	23%

The price is 82.2% below its all-time high of ₹310.55 (2 Sept 2005). Stocks more than 20% below their peak have their score halved, so 18 became 9.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Xchanging Solutions: 0.4 × 9 + 0.4 × 25 + 0.2 × 23 = 18, halved to 9 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 2 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

What Xchanging Solutions's management said in earlier quarters

Q2 FY27 earnings call analysis →

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