MarketFriction

Xchanging Solutions Ltd

NSE XCHANGING · BSE 532616 · Computers - Software & Consulting
₹59.73 -2.47%
NSE close2026-10-01
52 week range47.50 - 103.00
Market cap₹671 Cr.
P/E11.0
Price band 20% Delivery 69.9%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales434244444446515053495154
Expenses323135333431333436333236
Operating Profit121110111114171617161918
OPM %27%27%22%24%24%31%34%33%32%33%37%34%
Other Income658644443334
Interest002222211111
Depreciation000000000000
Profit before tax171616141316201919182120
Tax %19%123%23%27%25%12%25%27%14%27%22%26%
Net Profit14-412111014151416131615
EPS in Rs1.24-0.321.110.950.881.301.321.241.461.181.461.36
Dec 2015Mar 2017 15mMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales279307186184182196174174174185203207
Expenses252298160141134140121125128132134136
Operating Profit28926434855535047536970
OPM %10%3.0%14%23%26%28%31%28%27%29%34%34%
Other Income15141615131691122171413
Interest000000002655
Depreciation431011111000
Profit before tax392041575970616066637778
Tax %24%8%22%18%8%10%14%25%79%22%22%
Net Profit291832475562534514505961
EPS in Rs2.621.642.844.194.915.604.724.031.234.455.345.46
Dividend Payout %0%0%0%0%0%0%0%0%2,765%45%37%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth-3%1%5%8%
Compounded Profit Growth7%-1%10%15%
Stock Price CAGR1%-11%-13%-29%
Return on Equity9%9%10%16%
Dec 2014Dec 2015Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital111111111111111111111111111111111111
Reserves193222239272322385444502565243247285
Borrowings2110023211058571
Other Liabilities10378101848075676166646056
Total Liabilities409412452468513573625676743523504523
Fixed Assets166164161159159161160161160159158158
CWIP000000000000
Investments0010112200000000
Other Assets243249190188355412465516583364346364
Total Assets409412452468513573625676743523504523
Dec 2014Dec 2015Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity12838364846623542-124941
Cash from Investing Activity4686142451534371620
Cash from Financing Activity0-1-1-1-0-1-2-1-0-232-72-50
Net Cash Flow53345426269654975-207-811
Free Cash Flow-42638374845613542-124941
CFO/OP485%113%451%142%128%113%124%84%113%98%113%96%
Dec 2014Dec 2015Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days856055615741173116242430
Inventory Days
Days Payable
Cash Conversion Cycle856055615741173116242430
Working Capital Days2322-17-30-44-21-65-32-56-55-86-64
ROCE %7%12%6%11%14%13%13%10%9%12%15%18%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters75.00%75.00%75.00%75.00%75.00%75.00%75.00%75.00%75.00%75.00%75.00%75.00%
FIIs0.11%0.11%0.23%0.09%0.08%0.07%0.01%0.09%0.00%0.01%0.11%0.03%
DIIs0.29%0.29%0.29%0.29%0.29%0.29%0.29%0.29%0.29%0.29%0.29%0.17%
Public24.60%24.58%24.47%24.61%24.62%24.63%24.70%24.61%24.69%24.69%24.60%24.80%
No. of Shareholders57,67159,45771,43772,99774,62977,19781,44581,41679,66377,62475,07973,508

Fundamentals

Market Cap₹ 671 Cr.
Current Price₹ 60.2
Stock P/E11.0
Book Value₹ 35.6
ROCE18.0 %
ROE15.8 %
Dividend Yield3.32 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)8%
Compounded Profit Growth (TTM)15%
Consolidated figures.
Valuation
Market capRs 665 Cr
Enterprise valueRs 425 Cr
P/E (TTM)10.94x
Price to book1.68x
Price to sales3.22x
EV / EBITDA5.09x
EV / EBIT5.09x
EV / sales2.06x
Price to cash flow16.17x
Earnings yield9.14%
Dividend yield3.35%
P/E, 3-year average40.05x
P/B, 3-year average2.52x
P/E, 5-year average30.10x
P/B, 5-year average1.98x
Profitability
Operating margin (excl. other income)33.78%
Operating margin (incl. other income)40.46%
EBITDA margin40.43%
Pre-tax margin37.92%
Net profit margin29.43%
Net margin, latest quarter28.19%
ROE15.75%
ROCE18.02%
ROA11.58%
ROE, 3-year average10.78%
ROCE, 3-year average15.15%
ROA, 3-year average7.80%
ROE, 5-year average9.66%
ROCE, 5-year average13.02%
ROA, 5-year average7.56%
ROIC (approx.)41.64%
Tax rate22.49%
Other income / net worth3.43%
Growth
Sales growth (latest year)9.75%
Profit growth (latest year)19.91%
Sales CAGR, 3 years5.17%
Sales CAGR, 5 years0.72%
Profit CAGR, 3 years9.81%
Profit CAGR, 5 years-0.98%
Sales growth QoQ4.56%
Profit growth QoQ-6.90%
Sales growth YoY (latest quarter)7.30%
Profit growth YoY (latest quarter)9.80%
Per share
EPS (TTM)Rs 5.46
EPS (latest year)Rs 5.34
EPS (latest quarter)Rs 1.36
EPS, 3-year averageRs 3.67
EPS, 5-year averageRs 3.95
Book value per shareRs 35.55
Sales per shareRs 18.54
Cash flow per shareRs 3.69
Free cash flow per shareRs 3.68
Dividend per share (latest year)Rs 2.00
Dividend per share, 3-year averageRs 12.67
Dividend per share, 5-year averageRs 12.67
Dividends
Dividend payout37.48%
Dividend payout, 3-year average949.03%
Dividend payout, 5-year average949.03%
Efficiency
Asset turnover0.39x
Fixed asset turnover1.28x
Debtor days30 days
Debtors turnover12.25x
Cash conversion cycle30 days
Working capital days-64 days
Leverage
Total debtRs 71 Cr
Cash and bankRs 312 Cr
Net debtRs -241 Cr
Debt to equity0.18x
Net debt / EBITDA-2.88x
Interest coverage16.12x
Current ratio (filing 2026-03-31)4.97x
Quick ratio (filing 2026-03-31)4.97x
Trade payables (filing 2026-03-31)Rs 15 Cr
Owners' fund to total sources75.75%
Debt to assets13.60%
Cash flow
Cash from Operating Activity (latest year)Rs 41 Cr
Cash from Investing Activity (latest year)Rs 20 Cr
Cash from Financing Activity (latest year)Rs -50 Cr
Net Cash Flow (latest year)Rs 11 Cr
Free cash flow (latest year)Rs 41 Cr
FCFE (approx.: FCF + change in debt)Rs 27 Cr
Cash from ops / profit, 5 years0.70x
Sales to cash flow4.93x
Statement figures
Net sales (TTM)Rs 207 Cr
Net sales (latest year)Rs 203 Cr
Sales (latest quarter)Rs 54 Cr
Operating profit excl. other income (latest year)Rs 69 Cr
Operating profit (latest quarter)Rs 18 Cr
Other income (TTM)Rs 13 Cr
EBITDA (TTM)Rs 84 Cr
PBDT (TTM)Rs 78 Cr
Profit before tax (TTM)Rs 78 Cr
Tax (latest year)Rs 17 Cr
Net profit (TTM)Rs 61 Cr
Net profit (latest year)Rs 59 Cr
Net profit (latest quarter)Rs 15 Cr
Depreciation (TTM)Rs 0 Cr
Interest (TTM)Rs 5 Cr
Cost of goods sold (latest year)Rs 61 Cr
Total expenditure (latest year)Rs 134 Cr
Total income (latest year)Rs 216 Cr
Share capitalRs 111 Cr
ReservesRs 285 Cr
Shareholders' fundsRs 396 Cr
Total assetsRs 523 Cr
Net blockRs 158 Cr
ReceivablesRs 17 Cr
Other liabilitiesRs 56 Cr
Shares outstanding (crore)11.14
Ownership
Promoter holding75.00% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 10.9 is at the 5th percentile of its own 9.4-year range (median 16.6, low 7.6, high 111.8).
P/B 1.68 is at the 47th percentile (median 1.72).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodXCHANGINGNifty 50Difference
1 week-1.0%-2.8% +1.8 pts
1 month-1.0%-6.8% +5.8 pts
3 months-7.5%-7.6% +0.1 pts
6 months+25.0%+0.4% +24.6 pts
1 year-30.2%-9.9% -20.3 pts
2 years-50.2%-13.6% -36.6 pts
3 years-34.6%+14.2% -48.8 pts
5 years-44.8%+27.9% -72.7 pts

Red flags

F-score 7 of 8
lookAuditor change Auditor change 2026-05-21: Xchanging Solutions Limited has informed the Exchange regarding Change in Auditors of the company.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹54 Cr +8.0% vs Jun 2025. Net profit ₹15 Cr +7.1%.
Against our estimate for Jun 2026: sales +4.6%, profit -0.1% in line. Our estimate for Sep 2026: sales Rs 55 Cr, profit Rs 16 Cr (how).

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-08-14Dividend - Rs 2 Per Share
2025-07-11Dividend - Rs 2 Per Share
2024-06-14Dividend - Rs 2 Per Share & Special Dividend - Rs 2 Per Share
2024-02-23Interim Dividend - Rs 15 Per Share
2023-07-28Interim Dividend - Rs 15 Per Share
2022-07-26Annual General Meeting
2021-09-17 Annual General Meeting
2020-09-15 Annual General Meeting
2019-08-05 Annual General Meeting
2018-09-18 Annual General Meeting
2017-09-05 Annual General Meeting
2016-06-17 Annual General Meeting
2015-05-08Annual General Meeting
2014-05-16Annual General Meeting
2013-05-13Annual General Meeting
2012-05-11Annual General Meeting
2011-05-11Annual General Meeting
2010-04-16Annual General Meeting
2009-06-09Annual General Meeting
2008-09-19Annual General Meeting
2007-09-10Agm
2006-09-11Agm
DateTypeWhat it says
2026-09-16Shareholder meetingVoting results.
2026-09-15Shareholder meetingProceedings of Annual General Meeting held on September 15, 2026
2026-08-21General UpdatesLetter sent to the members of the Company - Web link of the Annual Report
2026-08-21Shareholder meetingNotice of Annual General Meeting to be held on September 15, 2026
2026-08-15UpdatesTax Deduction at Source ("TDS") On Final Dividend for The Financial Year Ended March 31, 2026.
2026-08-13Board meeting outcomeXchanging Solutions Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-30Address ChangeChange in Registered Office of the company.
2026-06-17Disclosure under SEBI TakeovXchanging Technology Services India Private Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Ex...
2026-06-17Disclosure under SEBI TakeovXCHANGING (MAURITIUS) LIMITED has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India ...
2026-06-15Disclosure under SEBI TakeovDXC Technology India Private Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of...
2026-06-15Disclosure under SEBI TakeovDXC Technology India Private Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of...
2026-05-21AppointmentAppointment of Mr. Shrenik Kumar Champalal as Executive Director of the company w.e.f. March 31, 2027.
2026-05-21Change in AuditorsChange in Auditors of the company.
2026-05-21General UpdatesRe-Appointment of WTD
2026-05-21Record DateRecord date for the purpose of Dividend is 14-Aug-2026.
2026-05-21General UpdatesDividend update.
2026-05-21Board meeting outcomeXchanging Solutions Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
2026-05-03Shareholder meetingVoting results.
2026-04-08General UpdatesGeneral Updates on pending litigation
2026-04-02Shareholder meetingNotice of Postal Ballot
2026-02-05AppointmentAppointment of Mrs Padmaja Priyadarshini B N as Non- Executive Independent Director of the company w.e.f. February 05, 2026.
2026-02-05Board meeting outcomeBoard meeting held on February 05, 2026.
2026-01-23Regulatory actionAction(s) initiated or orders passed
2026-01-14Resignation of Independent dResignation of Independent director.
2026-01-14ResignationResignation of Mrs Janaki Ashwin Patwardhan as Non- Executive Independent Director of the company w.e.f. January 15, 2026.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of Xchanging Solutions Ltd?

Xchanging Solutions Ltd (XCHANGING) has a market capitalisation of Rs 671 Cr. at the 2026-10-01 close.

What is the P/E ratio of Xchanging Solutions Ltd?

Xchanging Solutions Ltd trades at a P/E of 11.0 on trailing twelve-month profit, at the 2026-10-01 close.

What were Xchanging Solutions Ltd's latest quarterly results?

In the Jun 2026 quarter, Xchanging Solutions Ltd sales was Rs 54 Cr (+8.0% vs Jun 2025) and net profit was Rs 15 Cr.

What is the 52-week high and low of Xchanging Solutions Ltd?

The 52-week high is Rs 103.00 and the 52-week low is Rs 47.50.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03