Xchanging Solutions Limited (XCHANGING) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Xchanging Solutions Limited ₹82.97, price ₹59.73, upside +38.9%, quality 84 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 2, 2026.
How to read this chart
60‑month range ₹40.00 – ₹151.88 · fair‑value band ₹63.99 – ₹103.79 · the ₹59.73 price screens below the ₹82.97 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 2, 2026.
Follow Xchanging Solutions in your weekly email
Every Wednesday you see whether Xchanging Solutions is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Xchanging Solutions Limited provides information technology services in India, Europe, the United States, Singapore, and internationally.
Show more
Xchanging Solutions Limited provides information technology services in India, Europe, the United States, Singapore, and internationally. It provides consulting, data and analytics, and design and engineering; application services, such as application modernization, enterprise application and SaaS, modern applications development, managed applications, testing and digital assurance, and DXC software and cloud Right application; cloud infrastructure services, including cloud advisory and migration, platforms, public, private, hybrid, and multicloud; and information technology outsourcing services comprising business continuity, compute and data center, mainframe, network, and storage and back up. The company offers insurance business process as a service; insurance software; banking BPO solutions; finance and accounting; asset management; intelligent collaboration; modern device management; and support services. In addition, it provides security services, which include cyber risk and compliance, cyber transformation and operations, digital identity, and infrastructure, app, and data protection. The company offers its services to aerospace and defense; automotive; banking and capital markets; consumer and retail; energy, utilities, oil, and gas; healthcare; insurance; life sciences; manufacturing; public sector; technology, media, and telecommunication; and travel, transportation, and hospitality industries. The company was formerly known as Cambridge Solutions Limited and changed its name to Xchanging Solutions Limited in June 2012. Xchanging Solutions Limited was incorporated in 2002 and is headquartered in Bengaluru, India. Xchanging Solutions Limited operates as a subsidiary of Xchanging Mauritius Limited.
Stock analysis
Xchanging Solutions Limited (XCHANGING) currently trades at ₹59.73, while our model-based Fair Value estimate is ₹82.97, implying the stock looks roughly 28.0% undervalued today.
Show more
Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹111.98 per share, and 18 of the 23 models we run sit above the ₹59.73 price.
Bear case: the Dividend Discount group reads lowest at ₹14.89, and 5 of the 23 models stay below the price. Evidence for this calculation is low.
Scenario range: ₹63.99 (bear) to ₹103.79 (bull), the price of ₹59.73 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 84/100 (high quality), in the Technology sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
Xchanging Solutions Limited reported revenue of ₹2.0B in FY2026 versus ₹1.7B in FY2022, a compound +3.9%/yr. Reported net income was ₹595M in FY2026, compounding +3.1%/yr from FY2022.
Key figures
Market cap ₹6.6B (≈ $69.1M) · P/E ratio 10.9 · P/S ratio 3.21 · EPS (TTM) ₹5.46 · Dividend yield 3.3% · Net margin 29.3% · Return on equity 15.8% · Return on assets (EBIT) 9.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 37% below its 52-week high and 25% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at 44% fair-value upside, at 39%, XCHANGING screens richer than that median.
Fair Value models
Bear ₹63.99Fair Value ₹82.97Bull ₹103.79
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹1.76 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
+9.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.7%
Start year 2021 (pandemic). Over 10 years: −3.2% a year
Revenue growth 22 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.9%
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
’26
What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+5.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+1.7%
Dividend (yield on the price)3.3%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.1.7% vs 9.0%, slowing
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.29% → 34%
Start year 2021 (pandemic)
⚠ Revenue per share shrinking 4.0%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+3.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about −0.8% a year for the price.
Compare Xchanging Solutions Limited with another stock
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Information Technology Services · 458 stocks
Beats the industry median on 12/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score84 · Top 25%
Fair Value upside+38.9% · Above median
Profitability
Return on equity (TTM)15.8% · Above median
Return on assets8.3% · Top 25%
Net margin (TTM)29.4% · Top 25%
Operating margin (TTM)33.5% · Top 25%
Growth and dividend
Revenue growth7.3% · Above median
Dividend yield (TTM)3.3% · Above median
Balance sheet
Debt / equity0.12× · Above median
Valuation Multiplesvs Information Technology Services median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Xchanging Solutions Limited (XCHANGING) overvalued or undervalued?
As of Oct 2, 2026, our model estimates a fair value of ₹82.97 versus a price of ₹59.73, about +39% upside (undervalued).
What is the fair value of XCHANGING?
Our model-based fair value for Xchanging Solutions Limited is ₹82.97 (as of Oct 2, 2026), built from audited fundamentals. The current price: ₹59.73.
What is the quality score of XCHANGING?
Xchanging Solutions Limited has a Quality Score of 84/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Xchanging Solutions Limited (XCHANGING)?
Our model-based price target is the fair value of ₹82.97 (as of Oct 2, 2026) from 23 valuation models. Cautious scenario ₹63.99, optimistic scenario ₹103.79. It is a calculation from audited fundamentals, not an analyst target.
What is the Xchanging Solutions Limited stock forecast for 2026?
Our models put fair value at ₹82.97, about +39% upside versus a price of ₹59.73 (undervalued). Cautious scenario ₹63.99, optimistic scenario ₹103.79. The calculation is refreshed regularly with new filings.
What is the revenue of Xchanging Solutions Limited (XCHANGING)?
Xchanging Solutions Limited reported trailing-twelve-month revenue of about ₹2.1B (latest available figure, as of Oct 2, 2026).
Does Xchanging Solutions Limited pay a dividend?
Xchanging Solutions Limited currently shows a dividend yield of about 3.35% relative to its recent price (as of Oct 2, 2026).
What growth is priced into Xchanging Solutions Limited (XCHANGING)?
For today's price to be fair in a discounted-cash-flow model, Xchanging Solutions Limited would have to grow free cash flow by +3.3 % per year for five years (discount rate 14.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +0.7 % per year. As of Oct 2, 2026.
What discount rate (WACC) does the fair value of XCHANGING use?
Our models discount Xchanging Solutions Limited at 14.5 %: a base by market capitalisation (micro), damped by beta 0.77, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Xchanging Solutions Limited that is +3.3 % per year a year over ten years, using the same discount rate (14.5 %) and the same formula as our fair value.
How much growth has Xchanging Solutions Limited (XCHANGING) delivered so far?
Over the past 5 years revenue at Xchanging Solutions Limited grew +0.7 % a year. The price currently implies +3.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Xchanging Solutions Limited (XCHANGING) growing?
The median revenue growth in the sector is +10.0 % a year. That is the yardstick for the growth priced into Xchanging Solutions Limited (+3.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Xchanging Solutions Limited (XCHANGING)?
The free-cash-flow yield on the price is 7.32 %: that much free cash flow Xchanging Solutions Limited produces per unit of market value. When it exceeds the discount rate of our models (14.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Xchanging Solutions Limited (XCHANGING)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Xchanging Solutions Limited it is ₹82.97 per share (as of Oct 2, 2026), against a price of ₹59.73. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is Xchanging Solutions Limited stock overvalued or undervalued in 2026?
As of Oct 2, 2026, XCHANGING trades below its calculated fair value: price ₹59.73, fair value ₹82.97, a gap of about +39% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of XCHANGING?
No. The price is what the market pays today (₹59.73); the fair value is what the company's own numbers justify (₹82.97). For Xchanging Solutions Limited the two are ₹23.24 per share apart. That gap is exactly why we show both numbers side by side.
How much is Xchanging Solutions Limited worth?
The market values Xchanging Solutions Limited at about ₹6.6B (market capitalisation, as of Oct 2, 2026). Per share that is ₹59.73; our models calculate a fair value of ₹82.97 per share.
What do the bullish and bearish scenarios say about XCHANGING?
Our models span a range for Xchanging Solutions Limited: cautious scenario ₹63.99, base ₹82.97, optimistic ₹103.79 per share (as of Oct 2, 2026, price ₹59.73). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of XCHANGING?
Xchanging Solutions Limited trades at a price-to-earnings ratio of 10.9 (as of Oct 2, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹82.97 is built from several models across several years. Other multiples: P/B 1.7, P/S 3.2, EV/EBITDA 5.7.
How solid is the balance sheet of Xchanging Solutions Limited (XCHANGING)?
Balance-sheet figures for Xchanging Solutions Limited (as of Oct 2, 2026): return on equity 15.8%, debt of 0.12 per unit of equity. They feed the Quality Score of 84/100, which measures business quality independently of the share price.
How far is XCHANGING from its 52-week high?
Xchanging Solutions Limited trades at ₹59.73, about 37% below its 52-week high of ₹95.46 and 25% above the low of ₹47.79 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹82.97 is for.
Which stocks are comparable to Xchanging Solutions Limited?
From the same area (Technology) we also value International Business Machines Corporation, Accenture plc, Tata Consultancy Services Limited, Infosys Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Xchanging Solutions Limited stock attractive at the current price?
The data as of Oct 2, 2026: price ₹59.73, calculated fair value ₹82.97 (+39%), Quality Score 84/100, from 23 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of XCHANGING calculated?
We run Xchanging Solutions Limited through 23 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹82.97, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1 % above its aggregate fair value. Xchanging Solutions Limited currently trades 28 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Xchanging Solutions Limited (XCHANGING)?
The closing price on Oct 1, 2026 was ₹59.73. Our model-based fair value is ₹82.97, about +39% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Xchanging Solutions Limited right now?
The rarer combination: high quality (84/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (₹63.99). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Where does the earnings growth of Xchanging Solutions Limited (XCHANGING) come from?
Earnings per share at Xchanging Solutions Limited grew +6.5 % a year from 2015 to 2026. Broken into its drivers: revenue per share −4.0 %, EBIT margin +19.0 %, tax rate −3.3 %, residual (interest, one-offs) −3.6 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Xchanging Solutions Limited
How large is the market capitalisation of Xchanging Solutions Limited (XCHANGING)?
The market capitalisation of Xchanging Solutions Limited is ₹6.6B (≈ $69.1M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Xchanging Solutions Limited (XCHANGING)?
The price-to-sales ratio of Xchanging Solutions Limited is 3.21 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Xchanging Solutions Limited (XCHANGING)?
Earnings per share at Xchanging Solutions Limited are ₹5.46 (price ÷ EPS = P/E 10.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Xchanging Solutions Limited (XCHANGING)?
The dividend yield of Xchanging Solutions Limited is 3.3% (payout 36.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Xchanging Solutions Limited (XCHANGING)?
The net margin of Xchanging Solutions Limited is 29.3% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Xchanging Solutions Limited (XCHANGING)?
The return on equity (ROE) of Xchanging Solutions Limited is 15.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Xchanging Solutions Limited (XCHANGING)?
On an EBIT basis the return on assets of Xchanging Solutions Limited is 9.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Xchanging Solutions Limited (XCHANGING)?
The operating margin of Xchanging Solutions Limited is 33.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Xchanging Solutions Limited (XCHANGING)?
Revenue at Xchanging Solutions Limited is growing +7.3% versus a year earlier (3y avg +5.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Xchanging Solutions Limited (XCHANGING)?
Earnings per share at Xchanging Solutions Limited are growing +9.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Xchanging Solutions Limited (XCHANGING) hold?
Xchanging Solutions Limited holds more cash than debt, ₹2.4B net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
Free · no account needed
Continue in the live analysis
Fair value and trend for 35,000+ stocks, watchlist, comparison and the diversification check. You can also try 14 days of Pro there, no card.
