ExlService
Combines data, AI, and digital operations for enterprise workflows.
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Profile
Sells data-and-AI-led services and digital operations to enterprises across complex industries. Four reportable segments organize work spanning insurance, healthcare and life sciences, banking and capital markets, and international growth markets.
Data-and-AI-led services and digital operations support enterprises in insurance, healthcare and life sciences, banking and capital markets, and international growth markets. The work combines data, AI, engineering, and industry knowledge to embed data and AI in client workflows.
The four reportable segments are Insurance; Healthcare and Life Sciences; Banking, Capital Markets and Diversified Industries; and International Growth Markets. Operations span six continents, while acquisitions of SCIO Health Analytics and ITI Data added healthcare analytics, data management, and governance capabilities. The model depends on specialized industry knowledge and data-and-AI work alongside digital operations.
Company facts
Categories
Key statistics
Year to date −6.8% · Average volume (30d) 2.4M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 30, 2026 | Barrington | Target | $40 | $43 | ||
| Jul 30, 2026 | Robert W. Baird | Target | $35 | $45 | ||
| Jul 30, 2026 | Baird | Upgrade | Neutral | Outperform | ||
| Apr 30, 2026 | Barrington | Target | $40 | |||
| Apr 30, 2026 | Barrington Research | Upgrade | Market Perform | Outperform |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 28, 2026Q2 FY26 | $0.55 | $0.59 | +7.7% | $573.9M | $594.8M | +3.6% | +17.88% |
| Apr 28, 2026Q1 FY26 | $0.53 | $0.58 | +9.4% | $557.7M | $570.4M | +2.3% | +1.80% |
| Feb 24, 2026Q4 FY25 | $0.46 | $0.50 | +8.7% | $531.2M | $542.6M | +2.1% | −0.28% |
| Oct 28, 2025Q3 FY25 | $0.47 | $0.48 | +3.2% | $522.3M | $529.6M | +1.4% | −7.07% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $501.0M | $514.5M | $529.6M | $542.6M | $570.4M | $594.8M | |
| Gross profit | $193.3M | $194.2M | $203.9M | $209.6M | $222.1M | $226.0M | |
| Operating income | $78.4M | $81.1M | $76.2M | $78.0M | $91.8M | $87.3M | |
| Net income | $66.6M | $66.1M | $58.2M | $60.2M | $67.1M | $64.5M | |
| Diluted EPS | $0.40 | $0.40 | $0.36 | $0.38 | $0.43 | $0.42 | |
| Gross margin | 38.6% | 37.7% | 38.5% | 38.6% | 38.9% | 38.0% | |
| Operating margin | 15.7% | 15.8% | 14.4% | 14.4% | 16.1% | 14.7% |
Fiscal years (4-quarter sums)FY21 $1.12B · FY22 $1.41B · FY23 $1.63B · FY24 $1.84B · FY25 $2.09B
Revenue by product · FY24
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $283.8M · Total debt $488.0M · Total assets $1.75B · Shareholders' equity $866.2M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 151.61M · Float 136.50M · 90.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 18.89M | 12.46% | 13F | Aug 7, 2026 |
| FMR LLC | 13.89M | 9.16% | 13F | Aug 13, 2026 |
| AQR Capital Management LLC | 6.81M | 4.49% | 13F | Aug 14, 2026 |
| Vanguard Capital Management LLC | 6.65M | 4.38% | 13F | Aug 13, 2026 |
| Vanguard Portfolio Management LLC | 6.48M | 4.28% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 11, 2026 | Vishal Chhibbar | officer: Executive Vice President | −5,000 | $35.10 |
| Aug 3, 2026 | Vikas Bhalla | officer: President of EXL | −11,000 | $34.99 |
| Jul 1, 2026 | Vikas Bhalla | officer: President of EXL | −12,000 | $26.47 |
| Jun 4, 2026 | Vikas Bhalla | officer: President of EXL | −12,000 | $30.22 |
| May 20, 2026 | Ajay Ayyappan | officer: EVP & Gen Counsel/Corp. Sec'y. | −5,093 | $29.11 |
Peers
- Genpact
Broad overlap in data, AI and digital operations
- Cognizant Technology Solutions
AI, engineering and process-services overlap across core verticals
- Infosys (ADR)
Enterprise AI, cloud, data and operations-services overlap
- Accenture
AI advisory and managed services in shared enterprise verticals
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| ExlService | $38.40 | 0.00% | $5.82B | 24.2 | 16.1 | 2.6 | +15.6% |
| Genpact | $38.02 | −0.03% | $6.44B | 11.3 | 8.9 | 1.2 | +7.1% |
| Cognizant Technology Solutions | $64.12 | +0.11% | $28.85B | 13.8 | 10.6 | 1.3 | +4.5% |
| Infosys (ADR) | $12.01 | −0.41% | $48.89B | 14.9 | 14.8 | 2.4 | +1.0% |
| Accenture | $189.20 | −0.17% | $116.03B | 15.1 | 13.2 | 1.6 | +5.6% |
| Median | 14.3 | 11.9 | 1.5 | +5.0% |






