Xchanging Solutions Limited (XCHANGING.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+98.2%

₹114.20

vs ₹57.62 price

Levered DCF

₹88.59

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	8.95×	19.96×	98.5×	13.2×	17.15×	11.48×	6.49×	10.64×
P/B	1.34×	2.76×	3.81×	0.88×	1.47×	1.29×	0.72×	1.15×
P/S	2.62×	5.35×	7.74×	3.4×	5.17×	3.66×	1.95×	2.7×
EV / EBITDA	3.55×	14.6×	16.72×	1.31×	7.49×	4.6×	0.51×	4.19×
Gross margin	40.2%	35.1%	29.6%	63.8%	64.4%	31.8%	58.1%	52.1%
Operating margin	33.8%	30.2%	26.9%	28.4%	31.1%	29.2%	32.6%	31.1%
Net margin	29.3%	26.8%	7.9%	25.7%	30.2%	31.9%	30.0%	25.4%
Current ratio	4.97×	4.57×	6.09×	9.94×	8.39×	6.62×	5.38×	4.08×
Debt / equity	0.18×	0.24×	0.3×	0×	0×	0×	0×	0×
Interest coverage	12.69×	8.78×	25.41×	495.8×	338.81×	220.08×	456.92×	5,719×
Dividend yield	4.2%	4.5%	24.8%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	37.5%	89.9%	2439.5%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	15.0%	13.8%	3.9%	6.6%	8.6%	11.2%	11.0%	10.8%
Return on invested capital	11.1%	9.6%	2.1%	5.4%	7.6%	9.1%	10.9%	10.9%
Return on assets	11.4%	9.8%	2.6%	6.0%	7.8%	10.0%	9.5%	9.1%
Free cash flow yield	9.1%	4.7%	-0.9%	7.1%	3.9%	8.6%	12.8%	9.6%
Earnings yield	11.2%	5.0%	1.0%	7.6%	5.8%	8.7%	15.4%	9.4%
Enterprise value	₹2.9B	₹7.7B	₹11.5B	₹791.5M	₹4.6B	₹3.3B	₹312.5M	₹2.4B
Net debt / EBITDA	-2.93×	-4.06×	-2.96×	-8.51×	-7.07×	-5.45×	-5.32×	-4.48×
Cash conversion cycle (days)	-17	-35	0	-35	-10	-63	-37	-30