Xchanging Solutions Limited (XCHANGING)

Loading page…

Xchanging Solutions Limited (XCHANGING) · mywealthgrid

About

Xchanging Solutions Limited is a mid-cap software and consulting company in India's information technology sector, with a market capitalization of ₹711.62 crore. Operating in the computers-software-and-consulting segment, it trades at a P/E of 11.7x with strong financial metrics including ROE of 15.75% and operating margins of 33.77%. The company has distributed dividends consistently over 2024–2026.

Face value: ₹10

Market cap

₹665 Cr

P/E

10.9×

P/B

1.7×

Dividend yield

3.3%

ROE

15.8%

ROCE

18.5%

Debt / equity

0.18

OPM

33.8%

EPS (TTM)

₹5.5

Book value

₹35.6

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Stock declined 24% over 12 months despite operating margins of 33.77% and ROE of 15.75% — verify what business, competitive, or market conditions have deteriorated
Operating margins volatile between 17.51% and 37.17% across recent quarters — verify whether this reflects cyclical operations or inconsistent execution
Promoter shareholding concentrated at 75% with minimal institutional participation (FII 0.03%, DII 0.18%) — confirm capital allocation priorities and growth capex plans
Dual reporting of standalone and consolidated figures suggests unclear business structure — verify which represents the true operating entity and consolidated group

Generated analysis · source review pending

Growth drivers

Return on equity of 15.75% demonstrates capital efficiency — verify if company can deploy additional capital at similar returns through new service lines or geographies
Operating margins sustained between 33–37% in most recent quarters provide operating cash for reinvestment — verify growth capex plans and whether margins reflect durable competitive positioning
Consistent dividend distributions across 2025–2026 indicate operating cash generation — verify capital allocation between dividends and reinvestment for organic growth

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹59.7-0.8%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 33.8%
+Comfortable interest coverage of 15.2×
+Dividend yield of 3.3%
+Dividend payout of 36.6% of profit
+High promoter holding of 75% with no pledge

Cons

−Low return on equity of 10.8% (3-yr avg)
−Profit declined 1% a year over the last 5 years
−Modest revenue growth of 0.7% a year over the last 5 years

Research score

Structured signal from quality, growth, valuation and momentum.

66/100

Business quality: 75
Growth

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Loading peers…

Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	182	196	174	174	174	185	203
	134	140	121	125	128	132	134
	48	55	53	50	47	53	69
OPM %	26.4%	28.3%	30.6%	28.4%	26.8%	28.7%	33.8%
Depreciation	1	1	1	1	1	0	0
Interest	0	0	0	0	2	6	5
	13	16	9	11	22	17	14
Profit before tax	59	70	61	60	66	63	77
Tax	5	7	8	15	52	14	17
Tax %	7.7%	10.4%	13.6%	24.7%	79.3%	21.8%	22.5%
	55	62	53	45	14	50	59
PAT margin %	30%	31.9%	30.2%	25.7%	7.9%	26.8%	29.3%
EPS (₹)	4.9	5.6	4.7	4	1.2	4.5	5.3
EPS adjusted (₹)	—	5.6	4.7	4	1.2	4.5	5.3
	0%	0%	0%	0%	2,764.2%	44.9%	37.5%
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	111	111	111	111	111	111
Reserves	444	502	565	243	247	285
	0	0	0	104	85	71
	69	60	67	65	60	56
Total equity & liabilities	625	673	743	523	504	523
	160	161	160	159	158	158
CWIP	—	—	—	—	0	—
Investments	0	0	0	0	0	0
	465	513	583	364	346	364
Total assets	625	673	743	523	504	523

Loading financials…

Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—
EBITDA margin %	26.4%	28.3%	30.6%	28.4%	26.8%	28.7%	33.8%
EBIT margin %	25.6%	27.6%	30.1%	28.1%	26.5%	28.5%	33.8%
PAT margin %	30%	31.9%	30.2%	25.7%	7.9%	26.8%	29.3%
Working capital
Receivable days	—	17	31	16	24	24	30
Inventory days	—	0	0	0	0	0	0
Payable days	—	60	49	45	52	53	42
NWC days	—	-42	-18	-29	-28	-29	-12
Leverage
Current ratio	—	6.62	8.87	9.94	6.09	4.57	4.97
Debt to EBITDA	—	0	0	0	2.23	1.61	1.04
Debt to equity	—	0	0	0	0.29	0.24	0.18
Interest coverage	457.1	269	381.4	597	36.4	11	15.2
Asset turnover	—	0.31	0.26	0.23	0.33	0.37	0.39
Return ratios
Return on assets %	—	10%	7.8%	6%	2.6%	9.8%	11.4%
Return on capital employed %	—	12.5%	10.3%	9.1%	11.8%	15.5%	18.5%
Return on equity %	—	11.2%	8.6%	6.6%	3.9%	13.8%	15%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

Loading ratios…

Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	75%	75%	75%	75%	75%	75%	75%	75%	75%	75%	75%	75%
	0.11%	0.11%	0.23%	0.09%	0.08%	0.07%	0.01%	0.09%	0%	0.01%	0.11%	0.03%
	0.3%	0.3%	0.3%	0.3%	0.3%	0.3%	0.3%	0.3%	0.3%	0.3%	0.3%	0.18%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	24.59%	24.59%	24.47%	24.61%	24.62%	24.63%	24.69%	24.61%	24.7%	24.69%	24.59%	24.79%
No. of shareholders	—	—	—	—	—	—	—	—	79,663	77,624	75,079	73,508

Promoter holding up 0 percentage points since Sep 2023.

30 deals · 10 Jul 2023 – 30 Oct 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
30 Oct 2025	SILVERLEAF CAPITAL SERVICES PRIVATE LIMITED	Bulk	NSE	Sell	8,08,637	₹97.22	₹7.86 Cr
30 Oct 2025	SILVERLEAF CAPITAL SERVICES PRIVATE LIMITED	Bulk	NSE	Buy	8,08,637	₹97.11	₹7.85 Cr
26 Aug 2024	MAGPRO SECURITIES PRIVATE LIMITED	Bulk	BSE	Sell	6,27,583	₹132.18	₹8.30 Cr
26 Aug 2024	MAGPRO SECURITIES PRIVATE LIMITED	Bulk	BSE	Buy	6,16,983	₹131.42	₹8.11 Cr
26 Aug 2024	QE SECURITIES LLP	Bulk	BSE	Buy	5,62,120	₹132.14	₹7.43 Cr
26 Aug 2024	QE SECURITIES LLP	Bulk	BSE	Sell	5,47,888	₹131.40	₹7.20 Cr
15 Feb 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	6,42,880	₹158.03	₹10.16 Cr
15 Feb 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	6,42,880	₹158.37	₹10.18 Cr
7 Feb 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	9,42,291	₹142.72	₹13.45 Cr
7 Feb 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	9,42,291	₹142.64	₹13.44 Cr

1–10 of 30

1 / 3

Mr. Swaminathan SwaminathanExecutive Director-Chairperson-CEO-MD
Mr. Shrenik Kumar ChampalalExecutive Director
Mrs. Nonavinakeri Srinivasaiyengar RamaNon-Executive - Independent Director
Mr. Kartik Ganapathy IyerNon-Executive - Non Independent Director
Mr. Pankaj VaishNon-Executive - Independent Director
Mrs. Padmaja Priyadarshini B NNon-Executive - Independent Director
Mrs. Radhika KhuranaCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

Loading shareholding…

F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

Loading f&o…

Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Xchanging Solutions Limited. Portfolios are published monthly by each AMC; coverage is still partial.

Loading fund holders…

Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Documents link to external sources (exchange filings, company investor pages).

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

6

Final dividend14 Aug 2026 · ex-date₹2
Final dividend11 Jul 2025 · ex-date₹2
Final dividend14 Jun 2024 · ex-date₹2
Special dividend14 Jun 2024 · ex-date₹2
Interim dividend23 Feb 2024 · ex-date₹15
Interim dividend28 Jul 2023 · ex-date₹15

1

Board meeting to consider results13 Aug 2026

Loading events…

Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

13 announcementsExport CSV

16 Sept 2026, 5:42 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

Loading announcements…

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—
EBITDA margin %	26.4%	28.3%	30.6%	28.4%	26.8%	28.7%	33.8%
EBIT margin %	25.6%	27.6%	30.1%	28.1%	26.5%	28.5%	33.8%
PAT margin %	30%	31.9%	30.2%	25.7%	7.9%	26.8%	29.3%
Working capital
Receivable days	—	17	31	16	24	24	30
Inventory days	—	0	0	0	0	0	0
Payable days	—	60	49	45	52	53	42
NWC days	—	-42	-18	-29	-28	-29	-12
Leverage
Current ratio	—	6.62	8.87	9.94	6.09	4.57	4.97
Debt to EBITDA	—	0	0	0	2.23	1.61	1.04
Debt to equity	—	0	0	0	0.29	0.24	0.18
Interest coverage	457.1	269	381.4	597	36.4	11	15.2
Asset turnover	—	0.31	0.26	0.23	0.33	0.37	0.39
Return ratios
Return on assets %	—	10%	7.8%	6%	2.6%	9.8%	11.4%
Return on capital employed %	—	12.5%	10.3%	9.1%	11.8%	15.5%	18.5%
Return on equity %	—	11.2%	8.6%	6.6%	3.9%	13.8%	15%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Persistent Systems LimitedPERSISTENTPERSISTENT	₹84,691 Cr	₹84,691 Cr	₹15,718 Cr	₹2,881 Cr	19%	₹1,923 Cr	12.7%	34.2%	26.3%	48
Coforge LimitedCOFORGECOFORGE	₹80,837 Cr	₹81,237 Cr	₹18,152 Cr	₹3,397 Cr	17.9%	₹1,717 Cr	10.6%	22.2%	19.7%	88
Mphasis LimitedMPHASISMPHASIS	₹42,956 Cr	₹44,749 Cr	₹16,531 Cr	₹3,071 Cr	18.8%	₹1,910 Cr	11.7%	24.7%	18.3%	58
Hexaware Technologies LimitedHEXTHEXT	₹29,966 Cr	₹29,966 Cr	₹14,420 Cr	₹2,155 Cr	14.2%	₹1,344 Cr	10.2%	—	—	—
Tata Elxsi LimitedTATAELXSITATAELXSI	₹19,268 Cr	₹19,268 Cr	₹3,886 Cr	₹876 Cr	22.5%	₹655 Cr	16.7%	29.9%	21.3%	-54
Fractal Analytics LimitedFRACTALFRACTAL	₹12,510 Cr	₹12,796 Cr	₹3,300 Cr	₹508 Cr	15.4%	₹292 Cr	8.7%	15.3%	11.8%	61
Rategain Travel Technologies LimitedRATEGAINRATEGAIN	₹9,953 Cr	₹10,875 Cr	₹2,336 Cr	₹459 Cr	18.5%	₹242 Cr	10.7%	13.8%	10.5%	36
Zensar Technologies LimitedZENSARTECHZENSARTECH	₹9,881 Cr	₹9,881 Cr	₹5,811 Cr	₹926 Cr	16.1%	₹776 Cr	13.6%	23%	17.6%	31
ASM Technologies LtdASMTECASMTEC	₹9,641 Cr	₹9,754 Cr	₹529 Cr	₹101 Cr	19.1%	₹26 Cr	11.5%	33.3%	25.7%	202
Intellect Design Arena LimitedINTELLECTINTELLECT	₹8,566 Cr	₹8,566 Cr	₹3,182 Cr	₹603 Cr	19.1%	₹351 Cr	11.3%	15.6%	11.6%	46
Birlasoft LimitedBSOFTBSOFT	₹7,542 Cr	₹7,551 Cr	₹5,404 Cr	₹930 Cr	16.3%	₹573 Cr	9.8%	21.2%	13.7%	63
Sonata Software LimitedSONATSOFTWSONATSOFTW	₹7,124 Cr	₹7,692 Cr	₹11,015 Cr	₹752 Cr	6.9%	₹463 Cr	4.3%	32.4%	25.7%	-19

Date	Category	Subject	Filing
16 Sept 2026, 5:42 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
15 Sept 2026, 5:01 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
22 Aug 2026, 10:38 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
21 Aug 2026, 10:34 pm	Others Business Responsibility and Sustainability Reporting (BRSR)	Business Responsibility and Sustainability Reporting (BRSR)	PDF
21 Aug 2026, 10:32 pm	Company Update General	Letter Sent To The Members Of The Company - Web Link Of The Annual Report	PDF
21 Aug 2026, 10:27 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF
21 Aug 2026, 10:23 pm	AGM/EGM AGM	25Th Annual General Meeting To Be Held On September 15, 2026	PDF
18 Aug 2026, 9:05 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	62	35	42	-12	47	41
	8	8	10	35	14	13
	-2	-1	-0	-232	-70	-50
Net cash flow	68	42	51	-209	-9	4
Free cash flow	61	35	42	-12	47	41
CFO / Operating profit %	111.9%	65.5%	84.7%	-25.8%	88.1%	60.1%

Xchanging Solutions Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

6

1

Announcements

6

1

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Compounded sales growth

Compounded profit growth

Return on equity

Xchanging Solutions Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

Dividends6

Board meetings1

Announcements

Dividends6

Board meetings1

Ratio timeline

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

6

1

6

1