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Last Updated: April 2, 2026, 3:57 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 532616 | NSE: XCHANGING

Xchanging Solutions Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹38.72Overvalued by 27.08%vs CMP ₹53.10

P/E (10.2) × ROE (13.9%) × BV (₹32.90) × DY (3.76%)

₹42.30Overvalued by 20.34%vs CMP ₹53.10
MoS: -25.5% (Negative)Confidence: 53/100 (Moderate)Models: 1 Under, 2 Fair, 6 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹39.4823%Over (-25.6%)
Graham NumberEarnings₹62.0416%Under (+16.8%)
Earnings PowerEarnings₹22.4111%Over (-57.8%)
DCFCash Flow₹54.0914%Fair (+1.9%)
Net Asset ValueAssets₹32.927%Over (-38%)
EV/EBITDAEnterprise₹30.059%Over (-43.4%)
Earnings YieldEarnings₹52.007%Fair (-2.1%)
ROCE CapitalReturns₹42.447%Over (-20.1%)
Revenue MultipleRevenue₹24.895%Over (-53.1%)
Consensus (9 models)₹42.30100%Overvalued

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 2.0%

*Investments are subject to market risks

Investment Snapshot

66
Xchanging Solutions Ltd scores 66/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health77/100 · Strong
ROCE 15.4% GoodROE 13.9% GoodD/E 0.00 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money50/100 · Moderate
FII holding stable No changePromoter holding at 75.0% Stable
Earnings Quality60/100 · Moderate
OPM stable around 28% SteadyWorking capital: -86 days (improving) Efficient
Quarterly Momentum68/100 · Strong
Revenue (4Q): +14% YoY GrowingProfit (4Q): +23% YoY Positive
Industry Rank60/100 · Moderate
P/E 10.2 vs industry 98.1 Cheaper than peersROCE 15.4% vs industry 14.9% Average3Y sales CAGR: 2% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:57 am

Market Cap 592 Cr.
Current Price 53.1
Intrinsic Value₹42.30
High / Low 105/47.5
Stock P/E10.2
Book Value 32.9
Dividend Yield3.76 %
ROCE15.4 %
ROE13.9 %
Face Value 10.0
PEG Ratio5.22

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Xchanging Solutions Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Xchanging Solutions Ltd 592 Cr. 53.1 105/47.510.2 32.93.76 %15.4 %13.9 % 10.0
Vakrangee Ltd 587 Cr. 5.42 11.6/4.6150.2 1.930.00 %5.86 %3.65 % 1.00
Take Solutions Ltd 598 Cr. 40.4 49.9/7.262,989 1.730.00 %11.2 %644 % 1.00
Allied Digital Services Ltd 551 Cr. 97.5 227/86.315.0 1081.54 %10.9 %5.31 % 5.00
Mindteck (India) Ltd 517 Cr. 162 308/14117.2 87.70.62 %15.5 %12.5 % 10.0
Industry Average17,316.11 Cr418.4898.13120.780.77%14.90%21.00%6.77

All Competitor Stocks of Xchanging Solutions Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 41464443424444444651505349
Expenses 33333032313533343133343633
Operating Profit 8131412111011111417161716
OPM % 19%29%32%27%27%22%24%24%31%34%33%32%33%
Other Income 2346586444433
Interest 0000022222111
Depreciation 0000000000000
Profit before tax 10161717161614131620191918
Tax % 32%33%151%19%123%23%27%25%12%25%27%14%27%
Net Profit 711-914-41211101415141613
EPS in Rs 0.620.99-0.811.24-0.321.110.950.881.301.321.241.461.18

Last Updated: March 3, 2026, 1:44 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 26, 2026, 11:46 am

MetricDec 2013Dec 2014Dec 2015Mar 2017n n 15mMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 243287279307186184182196174174174185202
Expenses 226286252298160141134140121125128132136
Operating Profit 171289264348555350475367
OPM % 7%0%10%3%14%23%26%28%31%28%27%29%33%
Other Income 2736151416151316911221714
Interest 1100000000266
Depreciation 5543101111100
Profit before tax 39323920415759706160666375
Tax % 22%21%24%8%22%18%8%10%14%25%79%22%
Net Profit 30252918324755625345145058
EPS in Rs 2.722.252.621.642.844.194.915.604.724.031.234.455.20
Dividend Payout % 0%0%0%0%0%0%0%0%0%0%2,765%45%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)46.88%17.02%12.73%-14.52%-15.09%-68.89%257.14%
Change in YoY Net Profit Growth (%)0.00%-29.85%-4.29%-27.24%-0.58%-53.79%326.03%

Xchanging Solutions Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 7 years from 2018-2019 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:-4%
5 Years:0%
3 Years:2%
TTM:10%
Compounded Profit Growth
10 Years:12%
5 Years:-2%
3 Years:-2%
TTM:58%
Stock Price CAGR
10 Years:14%
5 Years:4%
3 Years:6%
1 Year:-28%
Return on Equity
10 Years:9%
5 Years:9%
3 Years:7%
Last Year:14%

Last Updated: September 5, 2025, 1:56 pm

Balance Sheet

Last Updated: February 1, 2026, 2:11 am

MonthDec 2013Dec 2014Dec 2015Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 111111111111111111111111111111111111111
Reserves 167193222239272322385444502565243247256
Borrowings 22110023211058589
Other Liabilities 10510378101848075676166646057
Total Liabilities 386409412452468513573625676743523504513
Fixed Assets 166166164161159159161160161160159158158
CWIP 0000000000000
Investments 00010112200000000
Other Assets 220243249190188355412465516583364346354
Total Assets 386409412452468513573625676743523504513

Reserves and Borrowings Chart

Cash Flow

MonthDec 2013Dec 2014Dec 2015Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 3412838364846623542-1247
Cash from Investing Activity + -646861424515343716
Cash from Financing Activity + 00-1-1-1-0-1-2-1-0-232-70
Net Cash Flow 2953345426269654975-207-8
Free Cash Flow 30-42638374845613542-1247
CFO/OP 224%485%113%451%142%128%113%124%84%113%98%109%

Free Cash Flow

MonthDec 2013Dec 2014Dec 2015Mar 2017n n 15mMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow15.00-1.0027.009.0026.0043.0046.0052.0051.0049.00-58.00-32.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthDec 2013Dec 2014Dec 2015Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 708560556157411731162424
Inventory Days
Days Payable
Cash Conversion Cycle 708560556157411731162424
Working Capital Days 62322-17-30-44-21-65-32-56-55-86
ROCE %13%7%12%6%11%14%13%13%10%9%12%15%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
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 0.05%0.04%0.11%0.11%0.23%0.09%0.08%0.07%0.01%0.09%0.00%0.01%
DIIs 0.31%0.29%0.29%0.29%0.29%0.29%0.29%0.29%0.29%0.29%0.29%0.29%
Public 24.63%24.68%24.60%24.58%24.47%24.61%24.62%24.63%24.70%24.61%24.69%24.69%
No. of Shareholders 54,83452,69557,67159,45771,43772,99774,62977,19781,44581,41679,66377,624

Shareholding Pattern Chart

No. of Shareholders

Xchanging Solutions Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 4.451.234.034.725.60
Diluted EPS (Rs.) 4.451.234.034.725.60
Cash EPS (Rs.) 4.481.284.094.805.73
Book Value[Excl.RevalReserv]/Share (Rs.) 32.2031.7760.7055.0749.88
Book Value[Incl.RevalReserv]/Share (Rs.) 32.2031.7760.7055.0749.88
Revenue From Operations / Share (Rs.) 16.6015.6615.6615.6417.57
PBDIT / Share (Rs.) 6.296.165.415.566.40
PBIT / Share (Rs.) 6.266.115.365.486.28
PBT / Share (Rs.) 5.695.945.355.466.25
Net Profit / Share (Rs.) 4.451.234.034.725.61
NP After MI And SOA / Share (Rs.) 4.451.234.034.725.61
PBDIT Margin (%) 37.8939.3234.5735.5436.43
PBIT Margin (%) 37.7339.0134.2235.0235.72
PBT Margin (%) 34.2937.9434.1734.9235.59
Net Profit Margin (%) 26.817.8525.7430.1631.89
NP After MI And SOA Margin (%) 26.817.8525.7430.1631.89
Return on Networth / Equity (%) 13.823.876.638.5611.23
Return on Capital Employeed (%) 16.1314.558.679.8612.45
Return On Assets (%) 9.832.616.047.809.99
Long Term Debt / Equity (X) 0.170.290.000.000.00
Total Debt / Equity (X) 0.230.290.000.000.00
Asset Turnover Ratio (%) 0.350.270.070.090.09
Current Ratio (X) 4.576.099.948.876.62
Quick Ratio (X) 4.576.099.948.876.62
Dividend Payout Ratio (NP) (%) 89.872439.480.000.000.00
Dividend Payout Ratio (CP) (%) 89.352346.980.000.000.00
Earning Retention Ratio (%) 10.13-2339.480.000.000.00
Cash Earning Retention Ratio (%) 10.65-2246.980.000.000.00
Interest Coverage Ratio (X) 11.0236.68603.10387.13274.27
Interest Coverage Ratio (Post Tax) (X) 8.808.33450.00329.56241.15
Enterprise Value (Cr.) 741.681057.2878.16462.18328.57
EV / Net Operating Revenue (X) 4.016.060.442.651.68
EV / EBITDA (X) 10.5915.411.307.464.61
MarketCap / Net Operating Revenue (X) 5.177.233.405.183.68
Retention Ratios (%) 10.12-2339.480.000.000.00
Price / BV (X) 2.673.560.871.471.30
Price / Net Operating Revenue (X) 5.177.233.405.183.68
EarningsYield 0.050.010.070.050.08

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Xchanging Solutions Ltd. is a Public Limited Listed company incorporated on 01/02/2002 and has its registered office in the State of Karnataka, India. Company's Corporate Identification Number(CIN) is L72200KA2002PLC030072 and registration number is 030072. Currently Company is involved in the business activities of Computer programming activities. Company's Total Operating Revenue is Rs. 38.69 Cr. and Equity Capital is Rs. 111.40 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
IT Consulting & SoftwareHP Avenue, 39/40, Electronic City, Bengaluru Karnataka 560100Contact not found
Management
NamePosition Held
Mr. Swaminathan SwaminathanManaging Director & CEO
Mr. Shrenik Kumar ChampalalWholeTime Director & CFO
Mr. Kartik Ganapathy IyerNon Executive Director
Mr. Henry D'SouzaIndependent Director
Mrs. Nonavinakeri Srinivasaiyengar RamaIndependent Director
Mr. Pankaj VaishIndependent Director
Mrs. Janaki Ashwin PatwardhanAdditional Director

FAQ

What is the intrinsic value of Xchanging Solutions Ltd and is it undervalued?

As of 16 April 2026, Xchanging Solutions Ltd's intrinsic value is ₹42.30, which is 20.34% lower than the current market price of ₹53.10, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (13.9 %), book value (₹32.9), dividend yield (3.76 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Xchanging Solutions Ltd?

Xchanging Solutions Ltd is trading at ₹53.10 as of 16 April 2026, with a FY2026-2027 high of ₹105 and low of ₹47.5. The stock is currently near its 52-week low. Market cap stands at ₹592 Cr..

How does Xchanging Solutions Ltd's P/E ratio compare to its industry?

Xchanging Solutions Ltd has a P/E ratio of 10.2, which is below the industry average of 98.13. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is Xchanging Solutions Ltd financially healthy?

Key indicators for Xchanging Solutions Ltd: ROCE of 15.4 % indicates efficient capital utilization. Dividend yield is 3.76 %.

Is Xchanging Solutions Ltd profitable and how is the profit trend?

Xchanging Solutions Ltd reported a net profit of ₹50 Cr in Mar 2025 on revenue of ₹185 Cr. Compared to ₹53 Cr in Mar 2022, the net profit shows a declining trend.

Does Xchanging Solutions Ltd pay dividends?

Xchanging Solutions Ltd has a dividend yield of 3.76 % at the current price of ₹53.10. This is a relatively attractive yield for income-seeking investors.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Xchanging Solutions Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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