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Xchanging Solutions Limited (XCHANGING)

₹60.85 +1.59% last close, 16 Oct

📊 NSE: XCHANGING 🏢 Computers - Software - Medium / Small 📢 Latest filing: 16 Sep 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Xchanging Solutions' revenue was ₹53.6 Cr (+7.3% year on year, +5.2% on the previous quarter), and net profit ₹15.1 Cr (+8.0% year on year); the operating margin was 33.5%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹53.6	+7.3%	+5.2%
Operating profit	₹18.0	+12.4%	-5.3%
Net profit	₹15.1	+8.0%	-5.5%
EPS (₹)	1.36	+9.7%	-6.8%
Operating margin	33.5%	—	—

Full quarterly financials → Results calendar →

XCHANGING delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 53.97% of the XCHANGING shares traded on NSE were taken to delivery, against the stock's own 20-session average of 59.11%. That is close to its usual level. Turnover was only ₹26 lakh, so a handful of trades can move this figure. Volume was 0.4 times its average, well below normal.

53.97%Delivery, 16 Oct

59.11%Own 20-session average

0.4×Volume vs its average

₹60.85NSE close · +1.59%

Delivery in the last 5 sessions: 63.8% · 71.2% · 55.7% · 64.3% · 54.0%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Xchanging Solutions AGM Approves All 7 Resolutions Including Dividend and Material RPTs

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 16 Sep 2026, 05:43 PM

Xchanging Solutions Limited concluded its 25th Annual General Meeting on September 15, 2026, where shareholders approved all 7 resolutions with overwhelming majorities. Key approvals include the adoption of FY26 financial statements, declaration of a final dividend, and the re-appointment of Executive Director Shrenik Kumar Champalal. Additionally, shareholders approved material related party transactions between subsidiary Xchanging Solutions (USA) Inc. and DXC Technology Services LLC as well as Xchanging Technology Services India Private Limited, securing 99.88% approval of votes polled by non-interested shareholders.

All 7 resolutions passed with over 99.8% approval from participating votes
Overall voter turnout represented 75.18% of total outstanding equity shares (83,756,821 votes polled out of 111,403,716 shares)
Approved material RPTs with DXC group entities with 2,03,780 votes in favour (99.88%) among non-interested voting shareholders
Re-appointment of Whole Time Director Shrenik Kumar Champalal passed with 99.9975% majority

💡 Track the payment date for the final dividend and monitor execution of intercompany service contracts with DXC Technology affiliates in upcoming quarterly reports.

Xchanging Solutions Concludes 25th AGM; Votes on Dividend and Auditor Appointment

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 15 Sep 2026, 05:01 PM

Xchanging Solutions Limited concluded its 25th Annual General Meeting on September 15, 2026, conducted via video conferencing with 50 members attending. Key ordinary and special businesses put to vote included the adoption of FY26 financials, declaration of final dividend, and the appointment of Walker Chandiok & Co. LLP as statutory auditors. Shareholders also voted on material related party transactions involving its US subsidiary with DXC Technology Services LLC and Xchanging Technology Services India. Detailed voting results and the scrutinizer's report will be declared separately.

25th AGM held on September 15, 2026, lasting 46 minutes (10:00 AM to 10:46 AM IST)
Total of 50 members attended via Video Conference (3 promoter group, 47 public)
Remote e-voting was conducted from September 12, 2026 (9:00 AM) to September 14, 2026 (5:00 PM)
Voted on 7 resolutions including appointment of Walker Chandiok & Co. LLP as Statutory Auditors and material related-party transactions with DXC group entities

💡 Track the upcoming disclosure of scrutinizer voting results to confirm shareholder approval of the final dividend and related party transactions.

Xchanging Solutions Dispatches FY26 Annual Report Web Link; 25th AGM Set for September 15, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 21 Aug 2026, 10:47 PM

Xchanging Solutions Limited has dispatched letters containing the web link to the Annual Report for FY 2025-26 to shareholders whose email addresses are not registered. The company announced that its 25th Annual General Meeting (AGM) is scheduled for Tuesday, September 15, 2026, at 10:00 AM IST via video conferencing. This is a standard statutory compliance filing under Regulation 36(1)(b) of SEBI LODR Regulations with no impact on operations or financials.

25th Annual General Meeting scheduled for Tuesday, September 15, 2026, at 10:00 AM IST via VC/OAVM
Web-link intimation sent to members without registered email IDs under Regulation 36(1)(b) of SEBI LODR
Annual Report covers the financial year 2025-26 (FY26 revenue ₹202.63 Cr, net profit ₹59.44 Cr)

💡 Shareholders may review the FY26 Annual Report via the provided web link and participate or vote during the 25th AGM scheduled for September 15, 2026.

Xchanging Solutions Convenes 25th AGM on Sept 15, 2026; Submits FY26 Annual Report

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 21 Aug 2026, 10:45 PM

Xchanging Solutions Limited has submitted its Annual Report for FY 2025-26 along with the notice for its 25th Annual General Meeting scheduled for September 15, 2026. For FY26, the company reported consolidated total income of Rs 21,651 Lakhs (Rs 216.51 Cr) compared to Rs 20,191 Lakhs in FY25, and consolidated PAT of Rs 5,945 Lakhs (Rs 59.45 Cr) vs Rs 4,958 Lakhs. The Board has recommended a final dividend of Rs 2 per equity share (Rs 2,228 Lakhs total outlay), which will be considered for approval by shareholders at the AGM.

25th Annual General Meeting scheduled for September 15, 2026, at 10:00 AM IST via Video Conferencing.
FY26 consolidated total income reached Rs 21,651 Lakhs, up from Rs 20,191 Lakhs in FY25.
FY26 consolidated profit after tax stood at Rs 5,945 Lakhs with EPS of Rs 5.34 (vs Rs 4.45 in FY25).
Final dividend of Rs 2 per equity share (face value Rs 10) proposed for FY26, amounting to Rs 2,228 Lakhs.

💡 Shareholders may track voting outcomes and resolutions at the AGM on September 15, 2026, as well as the disbursement of the recommended dividend.

Xchanging Solutions Issues TDS Guidelines on ₹2/Share Final Dividend for FY26

🟡 NEUTRAL ⭐ 3/10

DIVIDEND 📅 15 Aug 2026, 03:34 PM

Xchanging Solutions has released tax deduction at source (TDS) guidelines regarding its recommended final dividend of ₹2 per equity share (20% of ₹10 face value) for FY26. The record date to determine eligible members was fixed as August 14, 2026. Standard TDS is 10% for resident shareholders with a valid PAN (nil if total dividend is up to ₹10,000 or on submission of Form 121) and 20% plus surcharge/cess for non-residents or unlinked PANs. Shareholders seeking tax exemptions or treaty benefits must submit required documents to RTA KFintech by August 19, 2026 (6:00 PM).

Recommended final dividend of ₹2 per equity share (20% on face value of ₹10) for FY26.
Record date determined as August 14, 2026, for dividend entitlement.
TDS rate of 10% applies to resident shareholders with PAN; nil deduction if dividend does not exceed ₹10,000.
Non-residents and PAN-deficient accounts subject to 20% withholding tax (plus applicable surcharge/cess).
Cut-off deadline for uploading tax exemption documents on the RTA portal is August 19, 2026 (6:00 PM).

💡 Eligible shareholders seeking lower or nil TDS should upload Form 121, TRC, or relevant exemption documents to KFintech's portal before the August 19, 2026 deadline.

27.7% YoY Consolidated Revenue Growth in Q1 FY27 for Xchanging Solutions

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 13 Aug 2026, 11:44 AM

Xchanging Solutions reported a strong consolidated revenue growth of 27.7% YoY, reaching ₹63.84 cr for Q1 FY27 compared to ₹49.99 cr in Q1 FY26. However, standalone performance was weaker, with revenue declining to ₹9.37 cr from ₹10.75 cr YoY and standalone PAT falling to ₹3.95 cr from ₹4.71 cr. The Q1 consolidated revenue represents a significant 31.4% of the company's TTM revenue of ₹203 cr. A final dividend of ₹2 per share for FY26 remains pending shareholder approval at the upcoming AGM.

Consolidated revenue from operations increased 27.7% YoY to ₹63.84 cr in Q1 FY27
Consolidated total income rose to ₹67.20 cr from ₹53.78 cr in the corresponding quarter last year
Standalone PAT for the quarter stood at ₹3.95 cr, a decline from ₹4.71 cr in Q1 FY26
Recommended final dividend of ₹2 per equity share (20% of face value) for FY26 is pending approval
Standalone employee benefit expenses decreased to ₹3.11 cr from ₹4.09 cr YoY

💡 Monitor the divergence between consolidated growth and standalone decline to assess the performance of international subsidiaries in the USA and Singapore. Watch for the full consolidated PAT figures to confirm if top-line growth is translating to bottom-line profitability.

Xchanging Solutions Shifts Registered Office within Bengaluru Effective July 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 30 Jul 2026, 06:00 PM

Xchanging Solutions Limited has relocated its registered office within Bengaluru, effective July 30, 2026. The office moved from Electronic City to Prestige Lakeshore Drive in Bellandur. This administrative change was approved by the Board of Directors via circular resolution on the same day. The relocation is within local limits and has no material impact on the company's financials, which include a TTM revenue of Rs 203 Cr and a market cap of Rs 751 Cr.

Relocation effective from July 30, 2026
New address is 6th Floor, Wing-E, Prestige Lakeshore Drive, Building 10, Bengaluru - 560103
Previous address was HP Avenue 39/40, Electronic City, Hosur Main Road, Bengaluru - 560100
Board approval granted via circular resolution dated July 30, 2026

💡 This is a routine administrative filing; investors should ensure any physical correspondence is directed to the new address.

Xchanging Solutions Submits Quarterly SEBI Dematerialization Certificate for June 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Jul 2026, 05:05 PM

Xchanging Solutions Limited has filed its quarterly compliance certificate for the period ending June 30, 2026, as required under SEBI (Depositories and Participants) Regulations. The certificate, issued by Registrar KFin Technologies Limited, confirms that share certificates received for dematerialization were processed and records updated with depositories. This is a standard administrative filing for listed companies to ensure shareholding integrity. It has no impact on the company's financial performance or operational status.

Compliance certificate for the quarter ended June 30, 2026
Issued by Registrar and Share Transfer Agent (RTA) KFin Technologies Limited
Confirms adherence to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
Verification of dematerialized/rematerialized securities during the quarter

💡 No action is required as this is a routine procedural filing. Investors should monitor upcoming quarterly financial results for fundamental performance updates.

Xchanging Solutions Announces Trading Window Closure from July 01 for Q1 FY27 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Jun 2026, 07:36 PM

Xchanging Solutions Limited has announced that its trading window for dealing in company securities will be closed starting July 01, 2026. This closure is a mandatory compliance measure under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the release of financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the announcement of the unaudited standalone and consolidated financial results. This is a standard procedure for listed companies to prevent insider trading during the earnings preparation period.

Trading window closure effective from July 01, 2026, for all designated persons.
Closure is in anticipation of the financial results for the quarter ending June 30, 2026.
The window will reopen 48 hours after the declaration of standalone and consolidated results.
The specific date for the board meeting to approve results will be announced separately.

💡 No action is required as this is a routine regulatory filing. Investors should look forward to the upcoming Q1 earnings announcement to assess the company's financial performance.

Xchanging (Mauritius) Declares Zero Encumbrance on 5.80 Crore Shares of Xchanging Solutions

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 17 Jun 2026, 12:01 PM

Xchanging (Mauritius) Limited, a promoter entity of Xchanging Solutions Limited, has filed its annual disclosure under Regulation 31(4) of the SEBI (SAST) Regulations for the financial year ended March 31, 2026. The promoter confirmed a holding of 5,80,02,787 equity shares in the company. Significantly, the declaration states that no encumbrance or pledge was created on these shares, directly or indirectly, during the fiscal year. This filing serves as a routine confirmation of the stability of the promoter's shareholding position.

Promoter Xchanging (Mauritius) Limited holds 5,80,02,787 shares as of March 31, 2026.
Declaration confirms zero encumbrance or pledging of shares during the 2025-26 financial year.
Compliance filing submitted under Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
The disclosure has been communicated to both BSE and NSE, as well as the company's Audit Committee.

💡 This is a routine annual compliance filing that confirms the status quo of promoter holdings. Investors can take comfort in the fact that promoter shares remain unpledged, but no immediate trading action is required based on this disclosure.

Xchanging (Mauritius) Declares Zero Encumbrance on 5.8 Crore Shares for FY26

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 17 Jun 2026, 12:00 PM

Xchanging (Mauritius) Limited, a promoter entity of Xchanging Solutions Limited, has submitted its annual disclosure under SEBI Takeover Regulations for the financial year ended March 31, 2026. The promoter confirmed a holding of 58,002,787 shares in the company. Crucially, the filing declares that no shares were encumbered or pledged, directly or indirectly, during the entire financial year. This routine disclosure confirms the absence of debt-related risks associated with the promoter's equity stake.

Promoter Xchanging (Mauritius) Limited holds 58,002,787 shares as of March 31, 2026.
Declaration submitted pursuant to Regulation 31(4) of SEBI (SAST) Regulations, 2011.
Confirmed zero encumbrances or pledges were created on the promoter's shareholding during FY 2025-26.
The disclosure was formally filed with the stock exchanges on April 07, 2026.

💡 No action is required as this is a routine annual compliance filing; however, the confirmation of zero pledged shares is a positive indicator of promoter financial health.

DXC Technology Confirms Zero Encumbrance on 4.2 Million Shares in Xchanging Solutions

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 15 Jun 2026, 10:55 AM

DXC Technology India Private Limited, a promoter of Xchanging Solutions Limited, has filed its annual disclosure under SEBI Takeover Regulations for the financial year ended March 31, 2026. The promoter confirmed a holding of 4,201,162 shares in the company. Most importantly, the filing declares that no shares were encumbered or pledged, directly or indirectly, during the entire fiscal year. This routine disclosure provides assurance regarding the stability of the promoter's equity position.

Promoter DXC Technology India Private Limited holds 4,201,162 shares as of March 31, 2026.
Declaration submitted under Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
Confirmed zero encumbrance or pledging of promoter shares during the financial year 2025-26.
The disclosure was formally communicated to both BSE and NSE on April 8, 2026.

💡 Investors should note this as a positive sign of promoter financial health, as no shares are pledged, though it is a routine annual compliance filing.

Xchanging Solutions Promoter DXC Technology Declares Zero Encumbrance on 4.2M Shares

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 15 Jun 2026, 10:53 AM

DXC Technology India Private Limited, the promoter of Xchanging Solutions Limited, has filed its annual disclosure under SEBI (SAST) Regulations for the financial year ended March 31, 2026. The promoter confirmed a holding of 4,201,162 shares in the company. Significantly, the filing declares that no shares were encumbered or pledged, directly or indirectly, during the entire financial year. This is a standard annual compliance requirement to ensure transparency regarding promoter shareholding status.

Promoter DXC Technology India Private Limited holds 4,201,162 shares as of March 31, 2026.
Declaration confirms zero encumbrances or pledges were made during the financial year 2025-26.
Filing submitted in compliance with Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
The disclosure was formally submitted to both BSE and NSE on April 8, 2026.

💡 No action is required as this is a routine regulatory filing confirming that the promoter's stake remains unpledged and stable.

Xchanging Solutions Recommends ₹2 Dividend; Re-appoints Executive Director

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 21 May 2026, 02:11 PM

Xchanging Solutions Limited has recommended a final dividend of ₹2 per equity share (20% of face value) for the financial year ended March 31, 2026. The board also approved the re-appointment of Mr. Shrenik Kumar Champalal as Executive Director for a three-year term starting March 31, 2027. Additionally, Walker Chandiok & Co LLP has been appointed as the new statutory auditor for a five-year term, succeeding Deloitte Haskins & Sells. The company's audited financial results for FY26 were approved with an unmodified audit opinion, indicating healthy reporting standards.

Recommended final dividend of ₹2 per equity share (20% on face value of ₹10) for FY26.
Record date for dividend eligibility set for Friday, August 14, 2026.
Re-appointment of Mr. Shrenik Kumar Champalal as Executive Director from March 31, 2027, to March 30, 2030.
Appointment of Walker Chandiok & Co LLP as Statutory Auditors for a 5-year term.
Audited Standalone and Consolidated Financial Results for FY26 approved with unmodified opinions.

💡 Investors should ensure they hold shares before the August 14, 2026 record date to benefit from the ₹2 dividend payout. The management continuity and clean audit report provide confidence in the company's governance and operational stability.

Xchanging Solutions Declares ₹2 Dividend and Appoints Walker Chandiok as New Auditors

🟢 POSITIVE ⭐ 7/10

BOARD_MEETING 📅 21 May 2026, 02:08 PM

Xchanging Solutions Limited has recommended a final dividend of ₹2 per equity share (20% of face value) for the financial year ended March 31, 2026. The company announced the appointment of M/s Walker Chandiok & Co LLP as its new statutory auditors for a five-year term, succeeding Deloitte Haskins & Sells. The board also approved the re-appointment of Mr. Shrenik Kumar Champalal as Executive Director for a three-year term starting March 2027. Financial results for FY26 were released with an unmodified audit opinion, confirming the reliability of the reported figures.

Recommended a final dividend of ₹2 per share (20% of ₹10 face value) for FY 2025-26
Appointed M/s Walker Chandiok & Co LLP as Statutory Auditors for a 5-year term starting from the 25th AGM
Re-appointed Mr. Shrenik Kumar Champalal as Whole Time Director until March 2030
Set August 14, 2026, as the record date for the final dividend payment
Current auditors Deloitte Haskins & Sells issued an unmodified opinion on FY26 financial results

💡 Investors should benefit from the ₹2 dividend payout and can take confidence in the clean audit report. The auditor rotation is a routine regulatory requirement and maintains high governance standards.

View All XCHANGING Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Global Business Services (GBS) grew 3.3% YoY organically, marking its 9th consecutive quarter of growth. Global Infrastructure Services (GIS) declined, with Cloud Infrastructure & IT Outsourcing falling 12.7% and Modern Workplace down 5.0%. Analytics & Engineering grew 8.8%, Insurance Software & BPS grew 5.1%, and Security grew 6.8%.

Geographic Revenue Split

Not explicitly disclosed by region, but foreign currency fluctuations (primarily Euro at 1.07) had a 0.7% impact on total revenue in Q1 FY24.

Profitability Margins

Adjusted EBIT margin was 6.5% in Q1 FY24. Consolidated Profit Before Tax (PBT) for Xchanging Solutions Limited was INR 37.79 Cr for H1 FY25, a 37.3% increase from INR 27.51 Cr in H1 FY24. Standalone PBT grew from INR 11.73 Cr to INR 29.81 Cr.

EBITDA Margin

Total segment profit margin was 8.2% in Q1 FY24, down from 9.1% in Q1 FY23, reflecting a 90 bps compression due to GIS segment challenges.

Capital Expenditure

Consolidated cash flow shows INR 0.02 Cr (INR 2 lakhs) in bank deposits with maturity over 3 months. DXC parent level targets $800M in Free Cash Flow for FY24.

Credit Rating & Borrowing

The company is committed to an investment-grade credit profile. Interest expense was $66M in Q1 FY24 at the DXC parent level.

⚙️ Operational Drivers

Raw Materials

Human Capital/IT Personnel (primary cost) and Software Licenses/Infrastructure.

Import Sources

Not applicable for IT services; talent is sourced globally with significant operations in India (Bengaluru).

Key Suppliers

DXC Technology (Parent Company) acts as the primary ecosystem partner and service provider.

Capacity Expansion

Transitioning to an 'offering-led operating model' to improve market engagement. GBS now represents 49.4% of total revenue, expanding toward becoming the majority mix.

Raw Material Costs

Not applicable for IT services; focus is on workforce optimization and real estate rationalization (Restructuring costs of $20M in Q1 FY24).

Manufacturing Efficiency

Not applicable; efficiency is measured by working capital management, which led to better-than-expected free cash flow.

📈 Strategic Growth

Growth Strategy

Transitioning to an offering-led operating model and focusing on the GBS segment (high-margin flywheel) to reach a majority revenue mix by FY24. The strategy involves fixing historical GIS challenges and utilizing GBS as a sustainable growth engine with double-digit margins.

Products & Services

Insurance Software, Business Process Services (BPS), Analytics & Engineering, Security Services, Cloud Infrastructure, and Modern Workplace solutions.

Brand Portfolio

Xchanging, DXC Technology.

New Products/Services

New senior talent and offering-led operating model improvements are expected to drive future revenue contribution.

Market Expansion

Targeting a shift in revenue mix where GBS becomes the majority of DXC revenue by the end of FY24.

Strategic Alliances

Primary alliance is with parent company DXC Technology.

🌍 External Factors

Industry Trends

The industry is shifting toward high-value GBS services (Analytics, Engineering, Security) while legacy infrastructure services (GIS) are facing disruption and slowing demand.

Competitive Landscape

Facing a slowing IT market where legacy infrastructure services are less competitive, necessitating a shift to an offering-led model.

Competitive Moat

Moat is built on the GBS 'flywheel' providing sustainable growth at double-digit margins and specialized Insurance Software/BPS expertise.

Macro Economic Sensitivity

Highly sensitive to the global IT market; a slowing market led to GIS non-resiliency and a -3.6% organic revenue decline.

Consumer Behavior

Enterprise clients are shifting demand toward high-margin GBS offerings over traditional GIS.

⚖️ Regulatory & Governance

Industry Regulations

Subject to international tax laws and uncertain tax positions regarding historical disputes.

Taxation Policy Impact

The company faces uncertain tax positions as of April 1, 2024; auditors challenged management's underlying assumptions in estimating tax provisions and dispute outcomes.

Legal Contingencies

Arbitration losses of $29M (approx INR 240 Cr) were recorded in FY23. The company is also under investigation regarding historical determination of TSI costs.

⚠️ Risk Analysis

Key Uncertainties

GIS segment non-resiliency (impacted revenue by $75M), currency fluctuations (0.7% impact), and potential material weaknesses in internal financial controls related to TSI cost disclosures.