Micro Software Services

Xchanging Solutions Ltd.

XCHANGING

₹98.04

-0.96% (-0.95)

Market Cap

₹1,092 Cr.

P/E

22.02

Xchanging Solutions Ltd.
Overview
Financials
Benchmarking
Shareholding

Xchanging Solutions Ltd.

Xchanging Solutions Ltd.
Overview
Financials
Benchmarking
Shareholding

Price
Growth Table
Balance Sheet
Profit & Loss
Cash Flow
Cash Flow Analysis
Ratios
Quarterly Results
Reverse DCF

FAQs on Xchanging Solutions Ltd. Shareprice

Has the share price of Xchanging Solutions grown faster than its competition?

Xchanging Solutions has given lower returns compared to its competitors.
Xchanging Solutions has grown at ~9.79% over the last 7yrs while peers have grown at a median rate of 29.55%

Is Xchanging Solutions stock expensive?

Xchanging Solutions is expensive when considering the EV/EBIDTA, however latest PE is < 3 yr avg PE.
Latest PE of Xchanging Solutions is 22.02, while 3 year average PE is 33.5.
Also latest EV/EBITDA of Xchanging Solutions is 16.53 while 3yr average is 13.56.

View FAQ's On Business

Growth Table

Xchanging Solutions Ltd.
Vakrangee
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Allied Digital Serv.
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In %	1yr	2yr	3yr	4yr	5yr	6yr	7yr	8yr	9yr	10yr
Share Price CAGR	-18.86	21.74	14.68	3.33	16.42	12.23	9.79	6.23	2.46	15.09
TTM EPS CAGR	259	4.81	-0.82	-6.94	-2.76	1.14	-5.19	58.86	8.05	8.54
Sales CAGR	6.01	2.96	1.99	-1.41	0.29	3.27	6.65	5.71	-1.14	0.34
PAT Margin (Abs Growth)	-17.89	-22.31	-24.04	-22.16	-17.52	-9.17	1.91	-2.59	-0.90	-4.61
PE CAGR	-77.38	16.15	15.63	11.03	19.72	10.97	15.80	-33.13	-5.17	6.03
CFO CAGR	-129	—	—	—	—	—	—	—	—	—

* Share price and PE growth are updated everyday. All other fields are as of latest financial year end. EPS adjusted for bonus and splits.

Balance Sheet

Xchanging Solutions Ltd.
Vakrangee
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Allied Digital Serv.
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In Rs. Cr.	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Assets	472	490	543	616	672	730	805	621	504
Non Current Assets	215	202	199	184	204	199	197	181	175
Net Block	161	159	159	161	160	161	160	159	158
Capital Work in Progress	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—
Intangible Assets Under Development	—	—	—	—	—	—	—	—	—
Long Term Investments	—	—	—	—	—	—	—	—	—
Current Assets	267	297	351	435	473	533	600	433	329
Inventory	—	—	—	—	—	—	—	—	—
Accounts Receivable	46.45	31.30	28.77	20.71	9.33	14.78	7.54	11.44	12.25
Short Term Investments	101	122	—	—	—	—	—	—	—
Cash & Bank Balances	52.35	78.57	259	327	392	440	515	308	301
Liabilities	472	490	543	616	672	730	805	621	504
Shareholders Funds	350	384	433	496	556	613	676	354	359
Share Capital	111	111	111	111	111	111	111	111	111
Reserves	239	272	322	385	444	502	565	243	247
Non Current Liabilities	-5.85	-5.62	-4.51	1.13	1.31	8.34	16.31	116	73.62
Secured Loans	0.46	0.03	—	—	—	—	—	—	—
Unsecured Loans	—	—	—	—	—	—	—	104	64.10
Current Liabilities	128	112	114	119	115	108	112	151	71.95
Accounts Payable	54.85	34.90	31.31	31.99	22.93	16.14	15.46	18.04	19.28
Short Term Loans	—	—	—	—	—	—	—	—	21.37

Balance Sheet Snapshot

No data available.

Fund Flow Analysis

Increase
Decrease
Total

No data available.

*Data is as of latest FY end

Profit & Loss

Xchanging Solutions Ltd.
Vakrangee
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Allied Digital Serv.
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In Rs. Cr.	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	TTM
Sales	307	186	184	182	196	174	174	174	185
Operating Expenses	298	160	141	134	140	121	125	128	132
Raw Material	—	—	—	—	—	—	—	—	0.00
Material Cost (%)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Employee Cost	192	105	88.25	76.34	73.61	62.09	63.11	60.99	63.79
Power & Fuel Cost	1.83	0.79	0.42	0.35	0.26	0.24	0.22	0.23	—
Operating Profit	9.14	26.05	42.73	48.18	55.38	53.37	49.61	46.76	53.05
Other Income	13.90	15.77	14.55	12.68	15.93	8.57	10.70	21.83	17.01
OPM (%)	2.97	14.01	23.21	26.43	28.29	30.62	28.44	26.81	28.69
Depreciation and Amortisation	3.05	1.17	0.47	1.44	1.38	0.91	0.61	0.54	0.29
Interest	0.15	0.04	0.01	0.13	0.26	0.16	0.10	1.87	6.36
Profit Before Tax	19.84	40.61	56.80	59.29	69.67	60.87	59.60	66.18	63.41
Tax	1.56	8.97	10.09	4.59	7.23	8.30	14.70	52.48	13.83
Net Profit	18.28	31.64	46.71	54.70	62.44	52.57	44.90	13.70	49.58
Number of shares(Crs)	11.14	11.14	11.14	11.14	11.14	11.14	11.14	11.14	—
Dividend Payout Ratio(%)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2,765	—

TTM Values as of Mar 2025

Cash Flow

Xchanging Solutions Ltd.
Vakrangee
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Allied Digital Serv.
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In Rs. Cr.	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Cash from Operating Activity	37.63	36.23	48.14	45.74	61.98	34.97	42.03	-12.06	46.75
Profit Before Tax	19.84	40.61	56.80	59.29	69.67	60.87	59.60	66.18	63.41
Adjustments	0.49	-10.38	-12.11	-9.17	-5.57	-8.01	-9.55	-16.64	-8.58
OCF Before Working Capital	20.33	30.23	44.69	50.12	64.10	52.86	50.05	49.54	54.83
Working Capital Changes	20.90	6.85	10.03	4.21	4.74	-8.22	5.80	-3.76	2.83
Taxes Paid	-3.60	-0.85	-6.58	-8.59	-6.86	-9.67	-13.82	-57.84	-10.91
Cash from Investing Activity	9.73	5.37	10.85	13.71	7.71	7.87	9.66	35.48	14.14
Net Fixed Assets Purchased	0.02	0.64	-0.20	-0.38	-0.56	-0.09	0.02	0.17	0.05
Fixed Assets Purchased	-1.10	-0.12	-0.28	-0.40	-0.56	-0.09	—	-0.02	—
Fixed Assets Sold	1.12	0.76	0.08	0.02	—	—	0.02	0.19	0.05
Investment Purchased	-0.98	-4.93	—	—	—	—	—	-0.27	—
Investment Sold	—	1.09	2.74	1.30	0.12	0.64	0.34	—	—
Interest Recieved	8.30	3.72	2.89	10.29	7.55	6.93	9.30	19.40	14.41
Dividends Recieved	2.39	4.85	5.42	—	—	—	—	—	—
Subsidiary Investments	—	—	—	—	—	—	—	—	—
Cash from Financing Activity	-0.78	-0.74	-0.09	-1.23	-1.82	-1.07	-0.48	-232	-70.02
Proceeds From Shares	—	—	—	—	—	—	—	—	—
Net Long Term Borrowings	-0.63	-0.70	-0.08	-0.03	0.00	0.00	0.00	104	-18.79
Proceeds From Borrowings	0.44	—	—	—	—	—	—	104	—
Repayment From Borrowings	-1.07	-0.70	-0.08	-0.03	—	—	—	—	-18.79
Interest Paid	-0.15	-0.04	-0.01	-0.13	-0.26	-0.16	—	-1.77	-6.42
Dividend Paid	—	—	—	—	—	—	—	-334	-44.56
Net Cash Flow	46.58	40.86	58.90	58.22	67.87	41.77	51.21	-209	-9.13
Opening Cash & Cash Equivalents	108	153	195	257	326	391	440	515	308
Effect of FX	-1.50	0.95	2.98	10.75	-2.61	6.84	23.90	1.58	1.38
Closing Cash & Cash Equivalents	153	195	257	326	391	440	515	308	300
Net Capex (est)	-0.02	-0.64	0.20	0.38	0.56	0.09	-0.02	-0.17	-0.05
Free Cash Flow (est)	37.65	36.87	47.94	45.36	61.42	34.88	42.05	-11.89	46.80

Cash Flow Analysis

Increase
Decrease
Total

No data available.

Ratios

= Dominant Factor

Xchanging Solutions Ltd.
Vakrangee
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Allied Digital Serv.
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	Dec'14	Dec'15	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24
Operational Ratios
Quick Ratio	1.76	2.24	2.09	2.66	3.07	3.67	4.10	4.95	5.36	2.87
Liquid Assets (Crs)	215	226	267	297	351	435	473	533	600	433
Current Liabilities (Crs)	122	101	128	112	114	119	115	108	112	151
Current Ratio	1.76	2.24	2.09	2.66	3.07	3.67	4.10	4.95	5.36	2.87
Current Assets (Crs)	215	226	267	297	351	435	473	533	600	433
Current Liabilities (Crs)	122	101	128	112	114	119	115	108	112	151
Interest Coverage Ratio	57.66	204	133	1,016	5,681	457	269	381	597	36.39
EBIT (Crs)	19.61	38.82	19.99	40.65	56.81	59.42	69.93	61.03	59.70	68.05
Interest Expenses (Crs)	0.56	0.19	0.15	0.04	0.01	0.13	0.26	0.16	0.10	1.87
Fixed Asset Turnover	1.04	1.35	1.56	1.07	1.07	1.06	1.14	1.01	1.03	1.06
Net Sales (Crs)	287	279	307	186	184	182	196	174	174	174
Fixed Assets (Crs)	276	207	197	173	173	172	171	172	169	164
Cash Conversion Cycle	-1.01	6.69	-22.18	-72.24	-73.00	-95.11	-102	25.25	23.35	19.86
Inventory Days	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Receivable	72.02	73.38	54.80	76.33	59.55	49.55	28.01	25.25	23.35	19.86
Days Payable	73.03	66.69	76.98	149	133	145	130	—	—	—
Debt to Equity Ratio	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.29
Total Debt (Crs)	2.12	1.44	0.81	0.11	0.03	0.00	0.00	0.00	0.00	104
Shareholders Equity (Crs)	304	333	350	384	433	496	556	613	676	354
Free Cash Flow/Sales (%)	-1.48	9.34	12.25	19.83	26.04	24.89	31.38	20.01	24.11	-6.82
Free Cash Flow(est) (Crs)	-4.26	26.11	37.65	36.87	47.94	45.36	61.42	34.88	42.05	-11.89
Net Sales (Crs)	287	279	307	186	184	182	196	174	174	174
Profitability Ratios
Gross Margin (%)	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
Op Profit Margin (%)	0.25	9.95	2.97	14.01	23.21	26.43	28.29	30.62	28.44	26.81
Operating Profit (Crs)	24.38	43.02	23.04	41.82	57.28	60.86	71.31	61.94	60.31	68.59
Net Sales (Crs)	287	279	307	186	184	182	196	174	174	174
Net Profit Margin (%)	8.75	10.45	5.95	17.02	25.37	30.01	31.90	30.17	25.74	7.85
Net Profit (Crs)	25.11	29.20	18.28	31.64	46.71	54.70	62.44	52.57	44.90	13.70
Net Sales (Crs)	287	279	307	186	184	182	196	174	174	174
ROCE (%)	6.50	11.64	5.81	10.76	13.25	11.95	12.55	9.82	8.62	14.48
EBIT (Crs)	19.61	38.82	19.99	40.65	56.81	59.42	69.93	61.03	59.70	68.05
Capital Employed (Crs)	302	333	344	378	429	497	557	622	693	470
Return on Assets (%)	5.92	6.73	3.87	6.46	8.60	8.88	9.29	7.21	5.58	2.21
Net Profit (Crs)	25.11	29.20	18.28	31.64	46.71	54.70	62.44	52.57	44.90	13.70
Total Assets (Crs)	424	434	472	490	543	616	672	730	805	621
ROIC (%)	-1.73	9.81	2.25	7.29	25.44	28.60	38.29	31.17	27.69	7.19
Op Profit after Taxes (Crs)	-3.21	17.85	5.61	19.38	34.75	43.12	48.40	45.31	36.91	9.57
Invested Capital (Crs)	185	182	249	266	137	151	126	145	133	133
ROE (%)	8.25	8.77	5.22	8.25	10.78	11.03	11.24	8.57	6.64	3.87
Net Profit Margin (%)	8.75	10.45	5.95	17.02	25.37	30.01	31.90	30.17	25.74	7.85
Asset Turnover ratio	0.68	0.64	0.65	0.38	0.34	0.30	0.29	0.24	0.22	0.28
Equity Multiplier	1.39	1.30	1.35	1.28	1.25	1.24	1.21	1.19	1.19	1.75
Adjusted EPS	2.25	2.62	1.64	2.84	4.19	4.91	5.61	4.72	4.03	1.23
Valuation Ratios
P/E	17.32	21.99	29.19	20.25	10.57	6.44	11.54	17.16	13.21	92.05
Price to Book	1.43	1.93	1.52	1.67	1.14	0.71	1.30	1.47	0.88	3.56
EV/EBITDA	14.84	12.45	20.92	13.44	4.09	0.41	4.61	7.46	1.30	15.41
Dividend Yield (%)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	30.04

Quarterly Results

Xchanging Solutions Ltd.
Vakrangee
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Allied Digital Serv.
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In Rs. Cr.	Dec'22	Mar'23	Jun'23	Sep'23	Dec'23	Mar'24	Jun'24	Sep'24	Dec'24	Mar'25
Net Sales	41.36	45.77	44.22	43.26	42.48	44.46	44.06	44.46	45.64	50.74
Operating Expenses	33.32	32.62	30.25	31.64	31.17	34.60	33.41	33.58	31.47	33.39
Increase/Decrease in Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Raw Material	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Employee Cost	15.94	16.88	14.66	15.14	15.11	16.08	15.30	16.22	15.89	16.38
Selling and Distribution Expenses	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Electricity, Power & Fuel Cost	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Gen_AdminExpenses	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Miscellaneous Expenses	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Profit	8.04	13.15	13.97	11.62	11.31	9.86	10.65	10.88	14.17	17.35
Other Income	2.27	3.38	3.64	5.57	4.62	8.00	5.57	3.88	3.87	3.69
Interest	0.03	0.02	0.02	0.02	0.20	1.63	1.62	1.62	1.62	1.50
PBDT	10.28	16.51	17.59	17.17	15.73	16.23	14.60	13.14	16.42	19.54
Depreciation and Amortization	0.16	0.15	0.15	0.15	0.12	0.12	0.12	0.11	0.04	0.02
Profit Before Tax	10.12	16.36	17.44	17.02	15.61	16.11	14.48	13.03	16.38	19.52
Tax	3.20	5.34	26.41	3.19	19.15	3.73	3.85	3.21	1.90	4.87
Profit After Tax	6.92	11.02	-8.97	13.83	-3.54	12.38	10.63	9.82	14.48	14.65
Exceptional Items	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Profit	6.92	11.02	-8.97	13.83	-3.54	12.38	10.63	9.82	14.48	14.65
Quarterly Ratios
EPS	0.62	0.99	-0.81	1.24	-0.32	1.11	0.95	0.88	1.30	1.32
Operating Profit Margin	19.44	28.73	31.59	26.86	26.62	22.18	24.17	24.47	31.05	34.19
Net Profit Margin	16.73	24.08	-20.28	31.97	-8.33	27.85	24.13	22.09	31.73	28.87

Reverse DCF

Earnings

Discount Rate (%)

Terminal Multiple

5 YEAR

10 YEAR

20 YEAR

30.00%

Implied Growth Rate over a 5 year period*

9.70%

Implied Growth Rate over a 10 year period*

3.50%

Implied Growth Rate over a 20 year period*

*Implied Growth calculated using Newton-Raphson method.

Learn how to use Reverse DCF

FAQs on Xchanging Solutions Ltd. Financials

How strong is Xchanging Solutions balance sheet?

Balance sheet of Xchanging Solutions is strong.
It shouldn't have solvency or liquidity issues.

Is the debt of Xchanging Solutions increasing or decreasing?

Yes, The net debt of Xchanging Solutions is increasing.
Latest net debt of Xchanging Solutions is -₹215.13 Crs as of Mar-25.
This is greater than Mar-24 when it was -₹511.8 Crs.

Is the profitablity of Xchanging Solutions improving?

The profit is oscillating.
The profit of Xchanging Solutions is ₹49.58 Crs for TTM, ₹13.7 Crs for Mar 2024 and ₹44.9 Crs for Mar 2023.

Does Xchanging Solutions pay decent dividends?

The company seems to be paying a very low dividend.
Investors need to see where the company is allocating its profits.
Xchanging Solutions latest dividend payout ratio is 2764.68% and 3yr average dividend payout ratio is 2764.68%

How has Xchanging Solutions allocated its funds?

Companies resources are majorly tied in miscellaneous assets

View FAQ's On Shareholding

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Xchanging Solutions Ltd.

Xchanging Solutions Ltd.

Has the share price of Xchanging Solutions grown faster than its competition?

Is Xchanging Solutions stock expensive?

How strong is Xchanging Solutions balance sheet?

Is the debt of Xchanging Solutions increasing or decreasing?

Is the profitablity of Xchanging Solutions improving?

Does Xchanging Solutions pay decent dividends?

How has Xchanging Solutions allocated its funds?

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