ExlService Holdings, Inc.
ExlService Holdings, Inc. provides data and AI-led transformation services to clients in insurance, healthcare, and banking sectors, generating revenue through specialized industry solutions and process transition activities.
Business. ExlService Holdings, Inc. (EXLS) is a transaction processing services company operating within the Banking & Investment Services sector, with a primary focus on payment networks. The firm is headquartered in the United States and is listed on the Nasdaq stock exchange. Specific details regarding its operating segments and geographic revenue mix are not available.
Analyst recommendations
10 analysts · consensus BuyAt a glance
What drives this business
The watch-list the newsroom runs for this company — derived from its sector path, sharpened layer by layer. Not investment advice.
News & coverage
1Sector rotation
Developing storylines
Analysis
AI analysisOpportunity
Upcoming catalysts
Scheduled public events. Informational only — not investment advice.
- Company
- EarningsQ3 2026 earnings (expected)2026-10-28 · estimated
- Macro
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
- Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
- Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
- Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
Pre-earnings brief
ExlService Holdings, Inc. (EXLS) has recorded conflicting major holder changes for investor ID 587 as of the March 31, 2026 reporting period, signaling potential data volatility or rapid position adjustments. One signal detected on June 23, 2026, indicates a reduction in shares held by this investor from 15,538 to 1,019, representing a significant decrease in position value from $0.47 million to $0.03 million. Conversely, a separate signal detected on June 21, 2026, suggests an increase in the same investor’s holdings from 1,019 shares to 15,538 shares during the same period. These contradictory modifications highlight a lack of clarity regarding the net direction of this specific institutional stake. This ambiguity in holder activity is notable given that EXLS currently has 33 top holders and only one reported officer, suggesting a concentrated ownership structure where individual investor moves can carry weight. The conflicting data points for investor ID 587, which show the share count swinging between approximately 1,000 and 15,500 shares, prevent a definitive assessment of whether this entity is accumulating or distributing its position. The weight of this holding fluctuates between roughly 0.000018% and 0.00027% of the company, indicating that while the percentage is small, the magnitude of the change is substantial relative to the position size. The company’s broader profile remains static in terms of analyst and index coverage, with zero analysts currently tracking the stock and no index memberships reported. This lack of external research coverage may contribute to the opacity surrounding holder changes, as there is no immediate analyst commentary to contextualize the movements of investor ID 587. The absence of prior basis for delta computation in the material changes summary further underscores that this is the first analysis for the ticker, leaving investors without historical context to interpret these sudden shifts in ownership data. For market participants, the primary takeaway is the need for caution when interpreting holder data for EXLS at this stage. The contradictory signals regarding investor ID 587’s March 31, 2026 position require verification before drawing conclusions about institutional sentiment. Until the data is reconciled, the significance of this holder’s activity remains indeterminate, though the sheer size of the reported swings warrants monitoring for any subsequent clarifications or filings that might resolve the discrepancy.
Signals & dispatch
Composite-score breakdown
Synthesis
ExlService Holdings, Inc. (EXLS) is a transaction processing services company operating within the Banking & Investment Services sector, with a primary focus on payment networks. The firm is headquartered in the United States and is listed on the Nasdaq stock exchange. Specific details regarding its operating segments and geographic revenue mix are not available.
ExlService maintains a capital structure characterized by significant leverage relative to equity, with a debt-to-equity ratio of 0.54 and long-term debt of $412.5 million against total equity of $778.8 million. Liquidity is assessed as medium risk, supported by a current ratio of 2.66 and cash and equivalents of $145.4 million, though net cash is negative after subtracting total debt. The company generated operating cash flow of $1.7 million in Q1 2026, resulting in negative free cash flow of -$11.2 million due to capital expenditures of $12.9 million.
Profitability metrics indicate strong returns, with a return on equity of 32.23% and return on assets of 14.97%. The company reported net income of $67.1 million on revenue of $570.4 million, yielding a net margin of approximately 11.8%. Operating income stood at $91.8 million, reflecting an operating margin of 16.1%. These returns are supported by a valuation multiple of 16.8x P/E and 11.75x EV/EBITDA.
ExlService Holdings, Inc. (EXLS) has recorded conflicting major holder changes for investor ID 587 as of the March 31, 2026 reporting period, signaling potential data volatility or rapid position adjustments. One signal detected on June 23, 2026, indicates a reduction in shares held by this investor from 15,538 to 1,019, representing a significant decrease in position value from $0.47 million to $0.03 million. Conversely, a separate signal detected on June 21, 2026, suggests an increase in the same investor’s holdings from 1,019 shares to 15,538 shares during the same period. These contradictory modifications highlight a lack of clarity regarding the net direction of this specific institutional stake. This ambiguity in holder activity is notable given that EXLS currently has 33 top holders and only one reported officer, suggesting a concentrated ownership structure where individual investor moves can carry weight. The conflicting data points for investor ID 587, which show the share count swinging between approximately 1,000 and 15,500 shares, prevent a definitive assessment of whether this entity is accumulating or distributing its position. The weight of this holding fluctuates between roughly 0.000018% and 0.00027% of the company, indicating that while the percentage is small, the magnitude of the change is substantial relative to the position size. The company’s broader profile remains static in terms of analyst and index coverage, with zero analysts currently tracking the stock and no index memberships reported. This lack of external research coverage may contribute to the opacity surrounding holder changes, as there is no immediate analyst commentary to contextualize the movements of investor ID 587. The absence of prior basis for delta computation in the material changes summary further underscores that this is the first analysis for the ticker, leaving investors without historical context to interpret these sudden shifts in ownership data. For market participants, the primary takeaway is the need for caution when interpreting holder data for EXLS at this stage. The contradictory signals regarding investor ID 587’s March 31, 2026 position require verification before drawing conclusions about institutional sentiment. Until the data is reconciled, the significance of this holder’s activity remains indeterminate, though the sheer size of the reported swings warrants monitoring for any subsequent clarifications or filings that might resolve the discrepancy.
- Strong profitability with 32.23% ROE and 14.97% ROA, supported by 16.1% operating margins.
- Medium liquidity risk due to negative net cash position despite 2.66 current ratio.
- Segment reorganization aligns offerings with industry-specific AI and data transformation needs.
- International Growth Markets segment drives geographic expansion beyond North America.
- Analyst consensus indicates buy rating with 49% upside to mean price target of $40.05.
- Dilution risk flagged by medium rating and 3.9 million share difference between basic and diluted counts.
Bull / Bear case
Generated · model-assistedThe firm exhibits a healthy balance sheet with a low leverage band, characterized by a debt-to-equity ratio of 0.33 and strong liquidity.
Revenue has grown at a compound annual growth rate of 6.2% over the two-year period from FY2023 to FY2025.
The company faces medium liquidity risk and medium dilution risk, posing potential threats to shareholder value and financial stability.
Cash conversion efficiency is below the cohort median at 1.4, lagging behind the 1.89 median for transaction processing services peers.
Total assets declined by 4.9% year-over-year in the latest period, suggesting a contraction in the company's balance sheet size.
In focus — financials by report
Revenue $570.4M; Operating income $91.8M.
- ▍Revenue $570.4M
- ▍Operating income $91.8M
- ▍Net margin 11.8%
Revenue $1.55B; Operating income $235.7M.
- ▍Revenue $1.55B
- ▍Operating income $235.7M
- ▍Net margin 12.3%
Revenue $1.02B; Operating income $159.6M.
- ▍Revenue $1.02B
- ▍Operating income $159.6M
- ▍Net margin 13.1%
Revenue $2.09B; Operating income $313.8M.
- ▍Revenue $2.09B
- ▍Operating income $313.8M
- ▍Net margin 12.0%
Revenue $1.84B; Operating income $263.6M.
- ▍Revenue $1.84B
- ▍Operating income $263.6M
- ▍Net margin 10.8%
Revenue $1.84B; Operating income $263.6M.
- ▍Revenue $1.84B
- ▍Operating income $263.6M
- ▍Net margin 10.8%
Revenue $1.63B; Operating income $238.8M.
- ▍Revenue $1.63B
- ▍Operating income $238.8M
- ▍Net margin 11.3%
Revenue $1.63B; Operating income $238.8M.
- ▍Revenue $1.63B
- ▍Operating income $238.8M
- ▍Net margin 11.3%
Valuation FY
Revenue by segment
Business relationships
Supply chain
Peer comparison
Market position
Stress test
Predictor forecast
| Metric | Our forecast | Guidance | Consensus |
|---|---|---|---|
| EPS | —no estimate | —no estimate | 2,23 |
| Revenue | —no estimate | —no estimate | 2,3B USD |
| Operating income | —no estimate | —no estimate | 450,4M USD |
Options
Short squeeze
Earnings-call key lines
Consensus distribution
sell-side coverageEstimate revisions
consensus EPS · 26-week trendSell-side observations
Themes
ESG
Risk factors
- Net cash is negative after subtracting total debt.
- Source documents mention dilution or offering risk.
Benchmarks vs cohort
Corporate actions / M&A
FX exposure
Comparable transactions
Derivatives & instruments
Derivative transactions
- Director · Restricted Stock Units → Common Stock, par value $0.001 per shareAcquired 7 705grant · 2026-07-16
- Director · Restricted Stock Units → Common Stock, par value $0.001 per shareAcquired 7 871grant · 2026-06-16
- Director · Restricted Stock Units → Common Stock, par value $0.001 per shareAcquired 7 871grant · 2026-06-16
- Director · Restricted Stock Units → Common Stock, par value $0.001 per shareAcquired 7 871grant · 2026-06-16
- Director · Restricted Stock Units → Common Stock, par value $0.001 per shareAcquired 7 871grant · 2026-06-16
- Director · Restricted Stock Units → Common Stock, par value $0.001 per shareAcquired 7 871grant · 2026-06-16
- Director · Restricted Stock Units → Common Stock, par value $0.001 per shareAcquired 11 293grant · 2026-06-16
- Director · Restricted Stock Units → Common Stock, par value $0.001 per shareAcquired 1 711grant · 2026-06-16
- Director · Restricted Stock Units → Common Stock, par value $0.001 per shareAcquired 1 712grant · 2026-06-16
- Pres., Int'l Growth Markets · Restricted Stock Units → Common Stock, par value $0.001 per shareAcquired 77 170grant · 2026-05-11
- Director, Chairman & CEO · Restricted Stock Units → Common Stock, par value $0.001 per shareDisposed 33 525exercise · 2026-02-28
- Executive Vice President · Restricted Stock Units → Common Stock, par value $0.001 per shareDisposed 5 587exercise · 2026-02-27
- Executive Vice President & CFO · Restricted Stock Units → Common Stock, par value $0.001 per shareDisposed 5 587exercise · 2026-02-27
- Executive Vice President · Restricted Stock Units → Common Stock, par value $0.001 per shareDisposed 5 587exercise · 2026-02-27
- EVP & Gen Counsel/Corp. Sec'y. · Restricted Stock Units → Common Stock, par value $0.001 per shareDisposed 3 991exercise · 2026-02-27
- President of EXL · Restricted Stock Units → Common Stock, par value $0.001 per shareDisposed 9 579exercise · 2026-02-27
- CHIEF HUMAN RESOURCES OFFICER · Restricted Stock Units → Common Stock, par value $0.001 per shareDisposed 4 151exercise · 2026-02-27
- President of EXL · Restricted Stock Units → Common Stock, par value $0.001 per shareDisposed 9 579exercise · 2026-02-27
- Director, Chairman & CEO · Restricted Stock Units → Common Stock, par value $0.001 per shareDisposed 24 236exercise · 2026-02-20
- Executive Vice President · Restricted Stock Units → Common Stock, par value $0.001 per shareDisposed 4 215exercise · 2026-02-20
- Executive Vice President · Restricted Stock Units → Common Stock, par value $0.001 per shareDisposed 4 004exercise · 2026-02-20
- President of EXL · Restricted Stock Units → Common Stock, par value $0.001 per shareDisposed 6 849exercise · 2026-02-20
- EVP & Gen Counsel/Corp. Sec'y. · Restricted Stock Units → Common Stock, par value $0.001 per shareDisposed 2 845exercise · 2026-02-20
- President of EXL · Restricted Stock Units → Common Stock, par value $0.001 per shareAcquired 45 324grant · 2026-02-19
- Executive Vice President · Restricted Stock Units → Common Stock, par value $0.001 per shareAcquired 27 192grant · 2026-02-19
Actions
Ask Handelsavisen
- Market data
- Regulatory filings
- Issuer disclosures
- Public news
- Earnings transcripts
- Consensus estimates
- ESG data
- Reference data
- Price To Tangible Bookmarket_price / (tangible_book_value / shares_outstanding_diluted)
- Price To Bookmarket_price / (adjusted_book_value / shares_outstanding_diluted)
- Return On Equitynet_income / total_equity
- Enterprise Valuemarket_cap - net_cash
- Ev To Revenueenterprise_value / revenue
- Net Cashcash_and_equivalents + short_term_investments - short_term_debt - long_term_debt
- ExlService Holdings, Inc. company facts · 2026-07-26
- ExlService Holdings, Inc. 10-Q 2026-04-28 · 2026-07-26
- ExlService Holdings, Inc. 10-K 2026-02-24 · 2026-07-26
- ExlService Holdings, Inc. 10-Q 2025-10-28 · 2026-07-26
- ExlService Holdings, Inc. 10-Q 2025-07-29 · 2026-07-26
- 8-K (sec_8k_material) on EXLS · 2026-07-26
- Exlservice Holdings Inc Market data — analyst estimates · 2026-07-26
- Exlservice Holdings Inc Market data — ESG · 2026-07-26
- ExlService Holdings, Inc. HA canonical relationships · 2026-07-26
Ownership & reference
Top holders
- Investment Managers · as of 2026-03-310,14 %$301M
- Investment Managers · as of 2024-12-310,02 %$81M
- Institutional Investor · as of 2026-03-310,02 %$408M
- Investment Managers · as of 2026-03-310,02 %$87M
- Investment Managers · as of 2024-06-300,02 %$726M
- Investment Managers · as of 2026-03-310,01 %$60M
- Investment Managers · as of 2025-12-310,01 %$605M
- Investment Managers · as of 2026-03-310,01 %$128M
- Investment Managers · as of 2026-03-310,01 %$49M
- Institutional Investor · as of 2026-03-310,01 %$33M
- Institutional Investor · as of 2022-09-300,01 %$0M
- Investment Managers · as of 2026-03-310,01 %$11M
- Investment Managers · as of 2026-03-310,01 %$30M
- Investment Managers · as of 2026-03-310,01 %$146M
- Investment Managers · as of 2026-03-310,00 %$76M
- Investment Managers · as of 2026-03-310,00 %$6M
- Investment Managers · as of 2026-03-310,00 %$12M
- Investment Managers · as of 2026-03-310,00 %$6M
- Investment Managers · as of 2026-03-310,00 %$25M
- Institutional Investor · as of 2026-03-310,00 %$13M
- Funds · as of 2026-03-310,00 %$19M
- Investment Managers · as of 2026-03-310,00 %$5M
- Investment Managers · as of 2026-03-310,00 %$14M
- Investment Managers · as of 2026-03-310,00 %$4M
- Investment Managers · as of 2026-03-310,00 %$5M
- Brokerage Firms · as of 2026-03-310,00 %$4M
- Institutional Investor · as of 2026-03-310,00 %$2M
- Investment Managers · as of 2026-03-310,00 %$0M
- Brokerage Firms · as of 2026-03-310,00 %$4M
- Institutional Investor · as of 2026-03-310,00 %$1M
- Investment Managers · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$0M
Leadership
- Rohit KapoorChairman of the Board, Chief Executive Officer
Insider activity
- President of EXL · Common Stock, par value $0.001 per shareSold 12 000 @ $26,47$318K · 2026-07-01
- Executive Vice President · Common Stock, par value $0.001 per shareOther 606 @ $23,27$14K · 2026-06-30
- President of EXL · Common Stock, par value $0.001 per shareOther 606 @ $23,27$14K · 2026-06-30
- Executive Vice President & CFO · Common Stock, par value $0.001 per shareOther 606 @ $23,27$14K · 2026-06-30
- Director, Chairman & CEO · Common Stock, par value $0.001 per shareOther 865 000 · 2026-06-15
- President of EXL · Common Stock, par value $0.001 per shareSold 12 000 @ $30,22$363K · 2026-06-04
- EVP & Gen Counsel/Corp. Sec'y. · Common Stock, par value $0.001 per shareSold 5 093 @ $29,11$148K · 2026-05-20
- EVP & Gen Counsel/Corp. Sec'y. · Common Stock, par value $0.001 per shareSold 1 679 @ $30,39$51K · 2026-03-02
- Director, Chairman & CEO · Common Stock, par value $0.001 per shareOther 33 525 · 2026-02-28
- EVP & Gen Counsel/Corp. Sec'y. · Common Stock, par value $0.001 per shareOther 2 126 @ $30,99$66K · 2026-02-27
- President of EXL · Common Stock, par value $0.001 per shareOther 9 579 · 2026-02-27
- President of EXL · Common Stock, par value $0.001 per shareOther 5 298 @ $30,99$164K · 2026-02-27
- CHIEF HUMAN RESOURCES OFFICER · Common Stock, par value $0.001 per shareOther 4 151 · 2026-02-27
- CHIEF HUMAN RESOURCES OFFICER · Common Stock, par value $0.001 per shareOther 2 159 @ $30,99$67K · 2026-02-27
- President of EXL · Common Stock, par value $0.001 per shareOther 9 579 · 2026-02-27
- President of EXL · Common Stock, par value $0.001 per shareOther 3 736 @ $30,99$116K · 2026-02-27
- EVP & Gen Counsel/Corp. Sec'y. · Common Stock, par value $0.001 per shareOther 3 991 · 2026-02-27
- Executive Vice President & CFO · Common Stock, par value $0.001 per shareOther 5 587 · 2026-02-27
- Executive Vice President & CFO · Common Stock, par value $0.001 per shareOther 2 199 @ $30,99$68K · 2026-02-27
- Executive Vice President · Common Stock, par value $0.001 per shareOther 5 587 · 2026-02-27
- Executive Vice President · Common Stock, par value $0.001 per shareOther 3 088 @ $30,99$96K · 2026-02-27
- Executive Vice President · Common Stock, par value $0.001 per shareOther 5 587 · 2026-02-27
- Executive Vice President · Common Stock, par value $0.001 per shareOther 2 853 @ $30,99$88K · 2026-02-27
- EVP & Gen Counsel/Corp. Sec'y. · Common Stock, par value $0.001 per shareSold 1 197 @ $29,79$36K · 2026-02-23
- EVP & Gen Counsel/Corp. Sec'y. · Common Stock, par value $0.001 per shareOther 1 515 @ $30,41$46K · 2026-02-20
Short positioning
Geographic breakdown
Intel & risk
no material change vs prior analysis (walked 17 fields; 4 schema-expansion field(s) excluded)
- Narrative— → —medium
- Conclusion— → —medium
- Company share pct— → —medium
Evidence & claims
From filings & derived data- Current assets (annual): USD 829.96MUnknown
- Operating income (annual): USD 313.75MUnknown
- Revenue (annual): USD 2.09BUnknown
- Total operating expenses (annual): USD 487.33MUnknown
- Shareholders' equity (annual): USD 912.71MUnknown
- Cash & equivalents (annual): USD 146.33MUnknown
- Net income (annual): USD 251MUnknown
- Pre-tax income (annual): USD 315.05MUnknown
- EPS (diluted) (annual): USD-PER-SHARES 2Unknown
- Long-term debt (annual): USD 298.6MUnknown
- Gross profit (annual): USD 801.08MUnknown
- Shares outstanding (annual): 156.43MUnknown
- Total assets (annual): USD 1.7BUnknown
- Current liabilities (annual): USD 324.12MUnknown
- Operating cash flow (annual): USD 350.72MUnknown
- Capex (annual): USD 52.6MUnknown
- Total liabilities (annual): USD 789.53MUnknown
- EPS (basic) (annual): USD-PER-SHARES 2Unknown
- Current liabilities (annual): USD 290.12MUnknown
- Current assets (annual): USD 795.19MUnknown
- Cash & equivalents (annual): USD 153.35MUnknown
- Net income (annual): USD 198.3MUnknown
- Pre-tax income (annual): USD 261.35MUnknown
- Gross profit (annual): USD 691.01MUnknown