ExlService Holdings, Inc.
EXLS · Services-Business Services, NEC · 152.8M shares · +48%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: $73M (gross $132M, SBC $58M)
Reference price $26.47 · est. market cap ~$4.0B — last insider sale, 2026-07-01 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B81gen composite 74pct→81
Notable findings
- Chronic dilutionShare count +48%/yr over 4y (dilution, book value/share -73%)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, Bridgewater Associates, LP
- Strong balance sheetStrong balance sheet — $337M cash & investments
- Notable holderHeld by 5 notable fund(s): FMR LLC, STATE STREET CORP, CITADEL ADVISORS LLC +2 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
38.4%
Operating margin
15.0%
Net margin
12.0%
Return on equity
27.5%
Return on assets
14.7%
ROIC
20.5%
Revenue growth (QoQ)
13.8%
Net-income growth
26.6%
Debt / equity
0.3×
Net debt / EBITDA
-0.1×
Current ratio
2.6×
Free cash flow
$298M
EBITDA
$373M
Tangible book value
$457M
Cash & investments
$337M
Stock comp / revenue
3.8%
Leadership & compensation
| Name | Role | Latest total comp |
|---|---|---|
| Rohit Kapoor | Chairman & CEO | $16M FY2025 |
| AYYAPPAN AJAY | EVP & Gen Counsel/Corp. Sec'y. | — |
| Chhibbar Vishal | Executive Vice President | — |
| Harrison Pamela M | CHIEF HUMAN RESOURCES OFFICER | — |
| Maurizio Nicolelli | Executive Vice President & CFO | $3M FY2025 |
| Narasimha Kini | Executive Vice President | $3M FY2025 |
| Singh Bhupender | Pres., Int'l Growth Markets | — |
| Vikas Bhalla | President of EXL | $5M FY2025 |
| Vivek Jetley | President of EXL | $5M FY2025 |
| Bartlett Thomas A | Director | — |
| Fibig Andreas | Director | — |
| Geraghty Patrick | Director | — |
| Jaynie Studenmund | Director | $61K FY2025 |
| Orogen Echo LLC | Director | — |
| PANDIT VIKRAM S | Director | — |
| Pipes Kristy | Director | — |
| Sahney Nitin | Director | — |
| Williamson Sarah K | Director | — |
Officers & directors from SEC filings (Form 4 + DEF 14A proxy); compensation is the latest reported fiscal year.
Insider transactions · last 6 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-07-01 | Bhalla Vikas | Sell | 12K | $26.47 |
| 2026-06-15 | Kapoor Rohit | Other | 865K | — |
| 2026-06-15 | Kapoor Rohit | Other | 865K | — |
| 2026-06-04 | Bhalla Vikas | Sell | 12K | $30.22 |
| 2026-05-20 | AYYAPPAN AJAY | Sell | 5.1K | $29.11 |
| 2026-03-02 | AYYAPPAN AJAY | Sell | 1.7K | $30.39 |
| 2026-02-28 | Kapoor Rohit | Option exercise | 34K | — |
| 2026-02-27 | Bhalla Vikas | Tax withheld | 3.7K | $30.99 |
| 2026-02-27 | AYYAPPAN AJAY | Option exercise | 4.0K | — |
| 2026-02-27 | AYYAPPAN AJAY | Tax withheld | 2.1K | $30.99 |
| 2026-02-27 | Nicolelli Maurizio | Option exercise | 5.6K | — |
| 2026-02-27 | Nicolelli Maurizio | Tax withheld | 2.2K | $30.99 |
| 2026-02-27 | Harrison Pamela M | Option exercise | 4.2K | — |
| 2026-02-27 | Harrison Pamela M | Tax withheld | 2.2K | $30.99 |
| 2026-02-27 | Bhalla Vikas | Option exercise | 9.6K | — |
| 2026-02-27 | Chhibbar Vishal | Option exercise | 5.6K | — |
| 2026-02-27 | Jetley Vivek | Tax withheld | 5.3K | $30.99 |
| 2026-02-27 | Chhibbar Vishal | Tax withheld | 3.1K | $30.99 |
| 2026-02-27 | Kini Narasimha | Option exercise | 5.6K | — |
| 2026-02-27 | Kini Narasimha | Tax withheld | 2.9K | $30.99 |
| 2026-02-27 | Jetley Vivek | Option exercise | 9.6K | — |
| 2026-02-23 | AYYAPPAN AJAY | Sell | 1.2K | $29.79 |
| 2026-02-20 | Bhalla Vikas | Option exercise | 6.8K | — |
| 2026-02-20 | Bhalla Vikas | Tax withheld | 2.7K | $30.41 |
| 2026-02-20 | Chhibbar Vishal | Option exercise | 4.0K | — |
| 2026-02-20 | Chhibbar Vishal | Tax withheld | 2.4K | $30.41 |
| 2026-02-20 | Kapoor Rohit | Option exercise | 24K | — |
| 2026-02-20 | AYYAPPAN AJAY | Option exercise | 2.8K | — |
| 2026-02-20 | AYYAPPAN AJAY | Tax withheld | 1.5K | $30.41 |
| 2026-02-20 | Kini Narasimha | Option exercise | 4.2K | — |
| 2026-02-20 | Nicolelli Maurizio | Option exercise | 4.2K | — |
| 2026-02-20 | Nicolelli Maurizio | Tax withheld | 1.7K | $30.41 |
| 2026-02-20 | Kini Narasimha | Tax withheld | 2.2K | $30.41 |
| 2026-02-20 | Harrison Pamela M | Option exercise | 3.2K | — |
| 2026-02-20 | Harrison Pamela M | Tax withheld | 1.6K | $30.41 |
| 2026-02-20 | Jetley Vivek | Option exercise | 6.8K | — |
| 2026-02-20 | Jetley Vivek | Tax withheld | 3.8K | $30.41 |
| 2026-02-18 | AYYAPPAN AJAY | Sell | 1.0K | $30.32 |
| 2026-02-18 | AYYAPPAN AJAY | Sell | 1.2K | $30.32 |
| 2026-02-17 | Nicolelli Maurizio | Tax withheld | 1.6K | $30.04 |
| 2026-02-17 | Jetley Vivek | Option exercise | 5.0K | — |
| 2026-02-17 | Jetley Vivek | Tax withheld | 2.8K | $30.04 |
| 2026-02-17 | Jetley Vivek | Option exercise | 4.4K | — |
| 2026-02-17 | Jetley Vivek | Tax withheld | 2.4K | $30.04 |
| 2026-02-17 | Kapoor Rohit | Option exercise | 31K | — |
| 2026-02-17 | Kapoor Rohit | Option exercise | 26K | — |
| 2026-02-17 | Bhalla Vikas | Option exercise | 5.4K | — |
| 2026-02-17 | Bhalla Vikas | Tax withheld | 2.1K | $30.04 |
| 2026-02-17 | Bhalla Vikas | Option exercise | 4.4K | — |
| 2026-02-17 | Bhalla Vikas | Tax withheld | 1.7K | $30.04 |
| 2026-02-17 | AYYAPPAN AJAY | Option exercise | 2.9K | — |
| 2026-02-17 | AYYAPPAN AJAY | Tax withheld | 1.6K | $30.04 |
| 2026-02-17 | AYYAPPAN AJAY | Option exercise | 2.5K | — |
| 2026-02-17 | AYYAPPAN AJAY | Tax withheld | 1.3K | $30.04 |
| 2026-02-17 | Nicolelli Maurizio | Option exercise | 4.9K | — |
| 2026-02-17 | Nicolelli Maurizio | Tax withheld | 1.9K | $30.04 |
| 2026-02-17 | Nicolelli Maurizio | Option exercise | 4.1K | — |
| 2026-02-17 | Kini Narasimha | Option exercise | 3.3K | — |
| 2026-02-17 | Kini Narasimha | Tax withheld | 1.7K | $30.04 |
| 2026-02-17 | Kini Narasimha | Option exercise | 3.2K | — |
| 2026-02-17 | Kini Narasimha | Tax withheld | 1.6K | $30.04 |
| 2026-01-27 | AYYAPPAN AJAY | Sell | 5.3K | $42.53 |
| 2026-01-27 | AYYAPPAN AJAY | Sell | 2.8K | $42.53 |
| 2026-01-26 | Kini Narasimha | Grant | 17K | — |
| 2026-01-26 | Kini Narasimha | Tax withheld | 8.7K | $42.64 |
| 2026-01-26 | Kapoor Rohit | Grant | 73K | — |
| 2026-01-26 | Kapoor Rohit | Grant | 138K | — |
| 2026-01-26 | Bhalla Vikas | Grant | 12K | — |
| 2026-01-26 | Bhalla Vikas | Tax withheld | 4.8K | $42.64 |
| 2026-01-26 | Bhalla Vikas | Grant | 23K | — |
| 2026-01-26 | Bhalla Vikas | Tax withheld | 9.1K | $42.64 |
| 2026-01-26 | Nicolelli Maurizio | Grant | 11K | — |
| 2026-01-26 | Nicolelli Maurizio | Tax withheld | 4.5K | $42.64 |
| 2026-01-26 | Nicolelli Maurizio | Grant | 22K | — |
| 2026-01-26 | Nicolelli Maurizio | Tax withheld | 8.6K | $42.64 |
| 2026-01-26 | Jetley Vivek | Grant | 12K | — |
| 2026-01-26 | Jetley Vivek | Tax withheld | 6.8K | $42.64 |
| 2026-01-26 | Jetley Vivek | Grant | 23K | — |
| 2026-01-26 | Jetley Vivek | Tax withheld | 13K | $42.64 |
| 2026-01-26 | AYYAPPAN AJAY | Grant | 7.0K | — |
| 2026-01-26 | AYYAPPAN AJAY | Tax withheld | 3.8K | $42.64 |
| 2026-01-26 | AYYAPPAN AJAY | Grant | 13K | — |
| 2026-01-26 | AYYAPPAN AJAY | Tax withheld | 7.3K | $42.64 |
| 2026-01-26 | Kini Narasimha | Grant | 9.0K | — |
| 2026-01-26 | Kini Narasimha | Tax withheld | 4.6K | $42.64 |
| 2026-01-21 | Kini Narasimha | Option exercise | 5.3K | $41.64 |
| 2026-01-21 | Jetley Vivek | Option exercise | 5.3K | $41.64 |
| 2026-01-21 | Bhalla Vikas | Option exercise | 6.8K | $41.64 |
| 2026-01-21 | Bhalla Vikas | Tax withheld | 2.5K | $41.64 |
| 2026-01-21 | Nicolelli Maurizio | Option exercise | 5.3K | $41.64 |
| 2026-01-21 | AYYAPPAN AJAY | Option exercise | 5.1K | $41.64 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-24 | OtherExhibits | filing ↗ |
| 2026-06-16 | Shareholder vote | filing ↗ |
| 2026-05-12 | Exec/director changeOtherExhibits | filing ↗ |
| 2026-04-28 | ResultsExhibits | filing ↗ |
| 2026-03-18 | Material agreementExec/director changeExhibits | filing ↗ |
| 2026-02-24 | ResultsExhibits | filing ↗ |
| 2025-12-15 | OtherExhibits | filing ↗ |
| 2025-10-28 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-24 | 2026-06-22 | 0001104659-26-077069 ↗ |
| 8-K | 2026-06-16 | 2026-06-16 | 0001104659-26-074560 ↗ |
| 8-K | 2026-05-12 | 2026-05-11 | 0001104659-26-059031 ↗ |
| 10-Q | 2026-04-28 | 2026-03-31 | 0001297989-26-000016 ↗ |
| 8-K | 2026-04-28 | 2026-04-28 | 0001297989-26-000014 ↗ |
| DEF 14A | 2026-04-27 | 2026-06-16 | 0001193125-26-181891 ↗ |
| 8-K | 2026-03-18 | 2026-03-16 | 0001104659-26-030831 ↗ |
| 10-K | 2026-02-24 | 2025-12-31 | 0001297989-26-000008 ↗ |
| 8-K | 2026-02-24 | 2026-02-24 | 0001297989-26-000006 ↗ |
| 8-K | 2025-12-15 | 2025-12-15 | 0001104659-25-121104 ↗ |
| 8-K | 2025-10-28 | 2025-10-28 | 0001297989-25-000021 ↗ |
| 10-Q | 2025-10-28 | 2025-09-30 | 0001297989-25-000023 ↗ |