ExlService (EXLS)
Market Price (11/7/2026): $43.16 | Market Cap: $6.5 BilSector: Industrials | Industry: Data Processing & Outsourced Services
ExlService (EXLS)
Market Price (11/7/2026): $43.16Market Cap: $6.5 BilSector: IndustrialsIndustry: Data Processing & Outsourced Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12% Low stock price volatilityVol 12M is 42% Megatrend and thematic driversMegatrends include Artificial Intelligence, Automation & Robotics, and Digital Health & Telemedicine. Themes include AI Software Platforms, Show more. | Trading close to highsDist 52W High is -1.1% Weak multi-year price returns2Y Excs Rtn is -31%, 3Y Excs Rtn is -15% | Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 59% Key risksEXLS key risks include [1] the inability to effectively execute its AI strategy and innovate amid rapid technological change and [2] its heightened vulnerability to cyber threats and data breaches due to handling sensitive client intellectual property and data. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12% |
| Low stock price volatilityVol 12M is 42% |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, Automation & Robotics, and Digital Health & Telemedicine. Themes include AI Software Platforms, Show more. |
| Trading close to highsDist 52W High is -1.1% |
| Weak multi-year price returns2Y Excs Rtn is -31%, 3Y Excs Rtn is -15% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 59% |
| Key risksEXLS key risks include [1] the inability to effectively execute its AI strategy and innovate amid rapid technological change and [2] its heightened vulnerability to cyber threats and data breaches due to handling sensitive client intellectual property and data. |
Qualitative Assessment
AI Analysis | Feedback
ExlService (EXLS) stock has gained about 25% since 7/31/2026 because of the following key factors:
1. Strong Fiscal Q3 2026 Earnings Beat and Upgraded Full-Year Guidance Fueled Investor Confidence.
ExlService (EXLS) reported impressive fiscal Q3 2026 results on October 27, 2026, with revenue reaching $634.0 million, a significant 19.7% year-over-year increase, surpassing the consensus estimate of $614.5 million by approximately 3.2%. Adjusted diluted earnings per share (EPS) for the quarter stood at $0.62, outperforming analyst expectations of $0.56 by 11% and representing a 29% increase from the prior year. This strong performance prompted management to raise its full-year 2026 revenue outlook to a range of $2.430 billion–$2.440 billion (up from $2.390 billion–$2.415 billion) and adjusted diluted EPS guidance to $2.34–$2.36 (up from $2.25–$2.29), reflecting anticipated 16%-17% reported revenue growth and 20%-21% year-over-year adjusted diluted EPS growth.
2. Accelerated Growth in Data- and AI-led Services and Strategic Acquisition Momentum.
A core driver of EXLS's performance was the robust expansion of its data- and AI-led revenue, which now comprises nearly two-thirds of the business. In fiscal Q3 2026, this segment grew by an impressive 36% on a reported basis and 31% organically. The Q3 2026 report was the first to fully incorporate the momentum from the company's acquisition of iMerit, completed in July 2026. This acquisition enhanced EXLS's capabilities in foundation model expertise, including model training, evaluation, and reinforcement learning, thereby expanding its footprint in the burgeoning AI markets. Further solidifying its AI strategy, EXLS announced its integration of agentic AI into core insurance and healthcare solutions and its designation as an OpenAI Select Partner.
Show more
ExlService (EXLS) stock has gained about 25% since 7/31/2026 because of the following key factors:
1. Strong Fiscal Q3 2026 Earnings Beat and Upgraded Full-Year Guidance Fueled Investor Confidence.
ExlService (EXLS) reported impressive fiscal Q3 2026 results on October 27, 2026, with revenue reaching $634.0 million, a significant 19.7% year-over-year increase, surpassing the consensus estimate of $614.5 million by approximately 3.2%. Adjusted diluted earnings per share (EPS) for the quarter stood at $0.62, outperforming analyst expectations of $0.56 by 11% and representing a 29% increase from the prior year. This strong performance prompted management to raise its full-year 2026 revenue outlook to a range of $2.430 billion–$2.440 billion (up from $2.390 billion–$2.415 billion) and adjusted diluted EPS guidance to $2.34–$2.36 (up from $2.25–$2.29), reflecting anticipated 16%-17% reported revenue growth and 20%-21% year-over-year adjusted diluted EPS growth.
2. Accelerated Growth in Data- and AI-led Services and Strategic Acquisition Momentum.
A core driver of EXLS's performance was the robust expansion of its data- and AI-led revenue, which now comprises nearly two-thirds of the business. In fiscal Q3 2026, this segment grew by an impressive 36% on a reported basis and 31% organically. The Q3 2026 report was the first to fully incorporate the momentum from the company's acquisition of iMerit, completed in July 2026. This acquisition enhanced EXLS's capabilities in foundation model expertise, including model training, evaluation, and reinforcement learning, thereby expanding its footprint in the burgeoning AI markets. Further solidifying its AI strategy, EXLS announced its integration of agentic AI into core insurance and healthcare solutions and its designation as an OpenAI Select Partner.
3. Positive Analyst Sentiment and Upward Revisions in Price Targets.
Following the strong fiscal Q3 2026 results and optimistic guidance, several Wall Street analysts revised their ratings and price targets for EXLS upwards. Needham & Company LLC, for instance, raised its price target from $45.00 to $50.00, maintaining a "buy" rating on October 28, 2026. Similarly, Stifel Nicolaus increased its price target from $46.00 to $48.00, and TD Cowen lifted its price objective from $45.00 to $49.00, both reiterating "buy" ratings on October 29, 2026. Wall Street Zen also upgraded EXLService from a "hold" to a "buy" rating on September 26, 2026. The consensus among analysts shifted to a "Moderate Buy" rating, with an average target price of $48.17.
4. Broad-based Organic Growth Across Segments and Significant New Client Acquisitions.
EXLS demonstrated widespread strength across its business, with every segment achieving more than 15% organic growth in fiscal Q3 2026. Notably, the Healthcare and Life Sciences segment saw an 18.6% year-over-year revenue increase, while Banking, Capital Markets, and Diversified Industries experienced robust growth of 26.8%. The company further expanded its client base by winning 14 new clients during fiscal Q3 2026, underscoring its ability to secure new business and drive growth across diverse sectors.
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Stock Movement Drivers
Fundamental Drivers
The 27.2% change in EXLS stock from 7/31/2026 to 11/6/2026 was primarily driven by a 21.4% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11062026 | Change |
|---|---|---|---|
| Stock Price ($) | 33.93 | 43.15 | 27.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,237 | 2,342 | 4.7% |
| Net Income Margin (%) | 11.2% | 11.1% | -0.4% |
| P/E Multiple | 20.7 | 25.1 | 21.4% |
| Shares Outstanding (Mil) | 153 | 152 | 0.5% |
| Cumulative Contribution | 27.2% |
Market Drivers
7/31/2026 to 11/6/2026| Return | Correlation | |
|---|---|---|
| EXLS | 27.2% | |
| Market (SPY) | -1.6% | -1.2% |
| Sector (XLI) | -9.5% | -5.8% |
Fundamental Drivers
The 35.4% change in EXLS stock from 4/30/2026 to 11/6/2026 was primarily driven by a 27.1% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 11062026 | Change |
|---|---|---|---|
| Stock Price ($) | 31.88 | 43.15 | 35.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,157 | 2,342 | 8.6% |
| Net Income Margin (%) | 11.7% | 11.1% | -4.6% |
| P/E Multiple | 19.8 | 25.1 | 27.1% |
| Shares Outstanding (Mil) | 156 | 152 | 2.8% |
| Cumulative Contribution | 35.4% |
Market Drivers
4/30/2026 to 11/6/2026| Return | Correlation | |
|---|---|---|
| EXLS | 35.4% | |
| Market (SPY) | 2.6% | -22.0% |
| Sector (XLI) | -6.6% | -29.0% |
Fundamental Drivers
The 10.4% change in EXLS stock from 10/31/2025 to 11/6/2026 was primarily driven by a 15.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 11062026 | Change |
|---|---|---|---|
| Stock Price ($) | 39.10 | 43.15 | 10.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,026 | 2,342 | 15.6% |
| Net Income Margin (%) | 11.9% | 11.1% | -6.6% |
| P/E Multiple | 26.0 | 25.1 | -3.3% |
| Shares Outstanding (Mil) | 160 | 152 | 5.7% |
| Cumulative Contribution | 10.4% |
Market Drivers
10/31/2025 to 11/6/2026| Return | Correlation | |
|---|---|---|
| EXLS | 10.4% | |
| Market (SPY) | 8.7% | -2.8% |
| Sector (XLI) | 5.8% | -14.4% |
Fundamental Drivers
The 65.3% change in EXLS stock from 10/31/2023 to 11/6/2026 was primarily driven by a 47.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312023 | 11062026 | Change |
|---|---|---|---|
| Stock Price ($) | 26.11 | 43.15 | 65.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,591 | 2,342 | 47.2% |
| Net Income Margin (%) | 11.1% | 11.1% | 0.6% |
| P/E Multiple | 24.6 | 25.1 | 2.0% |
| Shares Outstanding (Mil) | 166 | 152 | 9.5% |
| Cumulative Contribution | 65.3% |
Market Drivers
10/31/2023 to 11/6/2026| Return | Correlation | |
|---|---|---|
| EXLS | 65.3% | |
| Market (SPY) | 81.9% | 26.7% |
| Sector (XLI) | 72.0% | 21.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| EXLS Return | 70% | 17% | -9% | 44% | -4% | 2% | 153% |
| Peers Return | 39% | -24% | 11% | -1% | -11% | -20% | -17% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| EXLS Win Rate | 75% | 58% | 50% | 75% | 50% | 45% | |
| Peers Win Rate | 60% | 42% | 58% | 52% | 45% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| EXLS Max Drawdown | -12% | -22% | -29% | -12% | -26% | -41% | |
| Peers Max Drawdown | -18% | -40% | -28% | -32% | -43% | -54% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: IBM, ACN, EPAM, G, XRX. See EXLS Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/6/2026 (YTD)
How Low Can It Go
| Event | EXLS | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -22.4% | -9.5% |
| % Gain to Breakeven | 28.9% | 10.5% |
| Time to Breakeven | 89 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -16.3% | -6.7% |
| % Gain to Breakeven | 19.5% | 7.1% |
| Time to Breakeven | 403 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -21.6% | -24.5% |
| % Gain to Breakeven | 27.6% | 32.4% |
| Time to Breakeven | 38 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -45.5% | -33.7% |
| % Gain to Breakeven | 83.6% | 50.9% |
| Time to Breakeven | 228 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -24.8% | -19.2% |
| % Gain to Breakeven | 32.9% | 23.8% |
| Time to Breakeven | 178 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -13.6% | -3.7% |
| % Gain to Breakeven | 15.8% | 3.9% |
| Time to Breakeven | 34 days | 6 days |
In The Past
ExlService's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
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Asset Allocation
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| Event | EXLS | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -22.4% | -9.5% |
| % Gain to Breakeven | 28.9% | 10.5% |
| Time to Breakeven | 89 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -21.6% | -24.5% |
| % Gain to Breakeven | 27.6% | 32.4% |
| Time to Breakeven | 38 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -45.5% | -33.7% |
| % Gain to Breakeven | 83.6% | 50.9% |
| Time to Breakeven | 228 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -24.8% | -19.2% |
| % Gain to Breakeven | 32.9% | 23.8% |
| Time to Breakeven | 178 days | 105 days |
| 2013 Taper Tantrum | ||
| % Loss | -26.8% | -0.2% |
| % Gain to Breakeven | 36.5% | 0.2% |
| Time to Breakeven | 470 days | 1 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -76.4% | -53.4% |
| % Gain to Breakeven | 323.0% | 114.4% |
| Time to Breakeven | 935 days | 1085 days |
In The Past
ExlService's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About ExlService (EXLS)
ExlService (EXLS) is a global data analytics, digital operations, and solutions company that empowers businesses to enhance their efficiency and decision-making. The company acts as a strategic partner, utilizing digital technology, artificial intelligence, machine learning, and advanced automation to transform and optimize various business processes for its clients, primarily within the insurance and healthcare industries.
EXLS's offerings are segmented into key areas. For the Insurance sector, it provides comprehensive digital operations and solutions, assisting with processes like claims processing, underwriting support, policy administration, and customer service. It also offers digital customer acquisition through SaaS platforms such as LifePRO and LISS, along with specialized subrogation services and its Subrosource software. In the Healthcare industry, EXLS delivers integrated care management via its CareRadius platform and offers services covering utilization management, disease management, payment integrity, and revenue optimization.
Beyond these industry-specific solutions, EXLS also features a robust Analytics segment, providing predictive and prescriptive analytics that aid clients in areas such as customer acquisition, risk assessment, operational effectiveness, and financial integrity. The company primarily serves a broad range of customers including insurance companies, healthcare payers, providers, pharmacy benefit managers, and life sciences organizations, all seeking to leverage data for improved operational performance and strategic insights.
AI Analysis | Feedback
- It's like Accenture specializing in data analytics and AI for insurance and healthcare operations.
- Think of it as Genpact (known for digital operations and business process outsourcing) combined with a high-end data science consultancy, exclusively for insurance and healthcare.
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- Insurance Digital Operations & Analytics: Provides digital operations, business process outsourcing, and advanced analytics solutions for the insurance industry.
- LifePRO & LISS Platforms: SaaS platforms designed to facilitate digital customer acquisition, specifically for insurance clients.
- Subrogation Services & Subrosource Platform: Offers specialized services for subrogation and an end-to-end software platform to manage subrogation processes.
- Healthcare Management Services: Delivers digital operations, care management, payment integrity, and analytics services to healthcare payers, providers, and related organizations.
- CareRadius Platform: An integrated software platform offering comprehensive care management capabilities for the healthcare sector.
- Enterprise Analytics Services: Provides predictive and prescriptive analytics solutions for customer lifecycle management, risk, operational effectiveness, and data management across various industries.
AI Analysis | Feedback
Based on the provided company description, ExlService (EXLS) primarily serves other companies (B2B model) rather than individual customers. The description does not explicitly name specific major customer companies. However, it details the categories of organizations to which ExlService provides its services:
- Insurance Industry Companies: ExlService offers digital operations and analytics-driven solutions across the insurance value chain, including claims processing, underwriting support, policy servicing, and new business acquisition to various types of insurance carriers.
- Healthcare Organizations: This category includes healthcare payers, providers, pharmacy benefit managers, and life sciences organizations, which utilize ExlService's care management, utilization management, disease management, payment integrity, and revenue optimization services.
- Companies Across Various Industries Requiring Advanced Analytics: ExlService provides predictive and prescriptive analytics to clients seeking solutions for customer acquisition and lifecycle management, risk underwriting and pricing, operational effectiveness, credit and operational risk monitoring, payment integrity, care management, and data management. While not explicitly named beyond insurance and healthcare, this indicates a broader reach for their analytics offerings.
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Rohit Kapoor Chairman and Chief Executive Officer
Rohit Kapoor is a co-founder of ExlService, which he started in 1999. He has served as CEO since 2008 and was appointed Chairman in April 2024. Prior to co-founding EXL, he held senior roles at Deutsche Bank, where he was a business head, and at Bank of America as a Vice President. Kapoor also managed venture capital and private equity investments for Ultra High Net Worth clients.
Maurizio Nicolelli Executive Vice President, Chief Financial Officer and Principal Accounting Officer
Maurizio Nicolelli serves as the Executive Vice President, Chief Financial Officer, and Principal Accounting Officer at ExlService Holdings, Inc. No further detailed background information on previous companies founded, managed, sold, or private equity involvement is readily available from the provided search results.
Vikas Bhalla President and Head of AI Services and Operations
Vikas Bhalla was promoted to President of EXL in April 2024, in addition to his role as Head of AI Services and Operations. Previously, he served as Executive Vice President and Head of Insurance.
Vivek Jetley President and Head of Insurance, Healthcare and Life Sciences
Vivek Jetley assumed the role of President and Head of Insurance, Healthcare and Life Sciences with the company's new operating model in 2025. He was promoted to President and Business Head, Analytics in April 2024, after serving as Executive Vice President and Business Head, Analytics since January 2020. He joined EXL in 2006 and was previously a Partner at Inductis.
Ajay Ayyappan Executive Vice President, General Counsel & Corporate Secretary
Ajay Ayyappan is ExlService's General Counsel and Corporate Secretary, and a member of the Executive Committee. He joined EXL in 2007 as an Assistant General Counsel, and prior to his current role, he served as Deputy General Counsel. He began his career in 2002 as a Corporate Associate at Morgan, Lewis & Bockius LLP.
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The key risks to ExlService's business operations and financial performance include client concentration, challenges in talent acquisition and retention amid wage inflation, and the rapid pace of technological change and competition in the artificial intelligence (AI) sector.
- Client Concentration: ExlService relies significantly on a limited number of major clients for a substantial portion of its revenue. While the company has over 570 clients, a considerable amount of its total revenue is tied to a small group of key relationships. Losing even one of these large clients or a significant reduction in their contract scope could immediately impact the company's financials. In 2022, the top three customers accounted for 16.3% of revenues, and the top ten customers represented 34.9% of revenues.
- Talent Attraction, Retention, and Wage Inflation: The company faces intense competition for top-tier digital talent, especially in specialized areas like analytics and AI. This competitive landscape contributes to global wage inflation, which consequently pressures ExlService's operating margins. The difficulty in securing and retaining skilled professionals, particularly AI and data experts, can impact the company's ability to fulfill client commitments and innovate effectively. ExlService reported an attrition rate of 26.1% for employees with more than 180 days of tenure in 2024.
- Rapid Technological Change and Competition in AI: ExlService operates in a dynamic industry characterized by rapid technological advancements, especially in artificial intelligence. The company must continuously innovate to maintain its competitive edge and adapt to evolving client needs. The emergence of new competitors, potentially with greater resources or technological expertise, poses a threat to ExlService's market share. There is also a risk of slower adoption of digital transformation in some legacy business process outsourcing (BPO) contracts.
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The rapid advancement and increasing accessibility of generative artificial intelligence (AI) and large language models (LLMs) present a clear emerging threat. While ExlService leverages AI and machine learning in its offerings, these powerful new AI technologies could enable client organizations, particularly in the insurance and healthcare sectors, to automate many of the digital operations, analytics, and customer engagement services currently provided by ExlService (such as claims processing, policy research, underwriting support, customer service, and various specialized analytics functions). This shift could allow clients to implement these capabilities in-house or through more direct, platform-based solutions, thereby potentially reducing their reliance on outsourced service providers like ExlService.
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ExlService Holdings, Inc. (EXLS) operates in several significant addressable markets globally and within the United States, including data analytics, digital operations and solutions, and specialized services across the insurance and healthcare sectors.
Data Analytics
The global data analytics market was valued at approximately USD 69.54 billion in 2024 and is projected to reach USD 302.01 billion by 2030, growing at a compound annual growth rate (CAGR) of 28.7%. Other estimates place the global market size at USD 82.23 billion in 2025, expanding to USD 495.87 billion by 2034 with a CAGR of 21.50%. North America consistently holds the largest share in the global data analytics market.
Digital Operations and Solutions
The global digital operations solutions market is anticipated to be valued at USD 77.3 billion in 2026, with a projected growth to USD 399.66 billion by 2035 at a CAGR of 22.8%. Separately, the global digital transformation services and solutions market size was estimated at US$ 579.17 billion in 2025 and is forecast to reach US$ 1,346.87 billion by 2032, exhibiting a CAGR of 13.0%. North America is currently the largest digital transformation market globally, holding over 35% of the market share. The broader global digital services and solutions market was valued at USD 1.3 trillion in 2024 and is projected to expand at a CAGR of 20%, reaching USD 6 trillion by 2032.
Insurance Industry Services
- Insurance Business Process Outsourcing (BPO): The global insurance business process outsourcing market size was valued at approximately USD 7.5 billion in 2024 and is projected to reach USD 10.9 billion by 2034, with a CAGR of roughly 3.8%. Another source indicates a global market size of USD 472.52 billion in 2023, projected to reach USD 1043.5 billion by 2032, exhibiting a CAGR of 9.2%. North America dominates the global insurance BPO market, holding approximately 45% of the global market share.
- AI in Insurance: The global AI in insurance market was valued at USD 10.36 billion in 2025 and is projected to grow to USD 154.39 billion by 2034, reflecting a strong CAGR of 35.7%. North America held the largest share in this market in 2021.
- Subrogation Services: The global subrogation services market size reached USD 8.4 billion in 2024 and is projected to grow to USD 14.4 billion by 2033, with a CAGR of 6.2%. North America remains the dominant region, accounting for approximately USD 3.6 billion of the global market in 2024. In the U.S. alone, the property & casualty and healthcare subrogation markets represent a significant, expanding USD 15 billion annual cost-saving opportunity for insurers. The broader global healthcare claims management industry, which includes subrogation, is estimated to reach USD 137 billion by 2030, with a CAGR of 23%.
Healthcare Services
- Healthcare Analytics: The global healthcare analytics market was valued at USD 52.59 billion in 2024 and is expected to grow at a CAGR of 14.5% during the forecast period. Other reports estimate the global market at USD 55.99 billion in 2026, reaching USD 217.59 billion by 2033 with a CAGR of 21.4%. North America is expected to lead this market.
- Care Management Solutions: The global care management solutions market size was approximately USD 16.54 billion in 2024 and is predicted to grow to around USD 53.02 billion by 2034, at a CAGR of roughly 12.5%. North America dominated the care management solutions market in 2023, holding the largest revenue share of 51.0%.
- Payment Integrity: The global payment integrity market size reached USD 8.26 billion in 2025 and is expected to be worth around USD 34.82 billion by 2035, exhibiting a CAGR of 15.5%. North America leads the payment integrity market with a 41.5% share. The US payment integrity industry is estimated at $9 billion and has grown at a 7% CAGR in recent years.
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ExlService (EXLS) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
- Accelerated Adoption and Expansion of Data and AI-led Services: A significant portion of ExlService's revenue is increasingly driven by its data and AI-led solutions, which grew 20.7% year-over-year in the fourth quarter of 2025 and now represent 57% of total revenue. Management consistently highlights increased client demand for AI-powered workflow transformation and rising enterprise adoption of AI-enabled solutions as primary growth engines.
- Growth within Key Industry Verticals: The Healthcare and Insurance segments are consistently cited as strong performers and crucial for future expansion. The Healthcare and Life Sciences segment, for instance, expanded by 26% year-over-year in Q4 2025, driven by demand for data and AI tools in payment services and analytics, as well as new and existing client growth. The Insurance segment also showed growth, and increased deal activity is leading to larger wins in both sectors.
- Deepening Existing Client Relationships and Securing New Client Wins: ExlService's outlook is supported by a stable base of recurring revenue and a strong pipeline of new client acquisitions. The company has noted significant increases in deal intake, with the dollar volume of wins more than doubling in Q4 2025 compared to previous quarters, attributed to customers scaling their AI initiatives beyond proof of concept. The company's strategy includes leveraging a comprehensive approach to embedding AI within client operations to expand existing relationships and attract new business.
- Strategic Acquisitions and Ecosystem Partnerships: ExlService views strategic mergers and acquisitions as opportunities to enhance capabilities and boost competitiveness. Furthermore, the company is actively expanding its partner ecosystem and engaging in co-innovation with major technology providers such as AWS, Databricks, Google, Microsoft, and NVIDIA to strengthen its market position and deliver innovative solutions.
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Share Repurchases
- EXL authorized a new $500 million common stock repurchase program, effective February 28, 2026, for a two-year period.
- A $500 million share repurchase program was authorized, effective March 1, 2024, for a two-year period, under which approximately $213 million of common stock had been repurchased as of February 28, 2024.
- In the first nine months of 2025, EXLS repurchased approximately 4.2 million shares for $183 million. Additionally, in December 2025, the company repurchased 1,551,970 shares from Orogen Echo LLC for $63.37 million.
Outbound Investments
- EXL acquired ITI Data in August 2024 to expand its data management capabilities in banking and healthcare.
- In December 2021, EXL acquired Clairvoyant.
Capital Expenditures
- Capital expenditures for the full year 2025 are projected to be between $50 million and $55 million.
- The primary focus of capital expenditures includes increased investments in data and AI initiatives.
Peer Outperformance in Data Processing & Outsourced Services
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Marine Transportation | 5 | 31.6% | 32.1% | 105.5% | MATX 153% · KEX 106% |
| Construction & Engineering | 28 | -22.1% | 92.9% | 93.8% | FIX 949% · STRL 830% · AGX 565% |
| Construction Machinery & Heavy Transportation Equipment | 14 | 7.5% | 66.0% | 93.0% | ALSN 256% · WAB 210% · CAT 195% |
| Aerospace & Defense | 54 | -0.9% | 55.7% | 55.7% | ATI 891% · FTAI 850% · HWM 525% |
| Trading Companies & Distributors | 19 | 5.3% | 32.0% | 31.6% | DXPE 298% · AIT 187% · URI 180% |
| Industrial Machinery & Supplies & Components | 71 | 0.9% | 49.5% | 28.8% | CRS 795% · MLI 302% · SYM 266% |
| Rail Transportation | 7 | 34.9% | 68.8% | 25.2% | CSX 48% · UNP 36% · NSC 25% |
| Diversified Support Services | 34 | 15.4% | 37.0% | 15.8% | CXW 200% · OPLN 134% · CACI 113% |
| Building Products | 34 | -6.6% | 6.9% | 12.8% | MOD 760% · GFF 339% · TT 132% |
| Cargo Ground Transportation | 16 | 30.0% | 10.9% | 2.2% | XPO 270% · R 245% · ARCB 19% |
| Industrial Conglomerates | 17 | 13.4% | 3.3% | -0.6% | CSW 99% · CSL 70% · DD 67% |
| Office Services & Supplies | 10 | 19.2% | 22.9% | -2.5% | PBI 157% · HNI 37% · MSA 18% |
| Electrical Components & Equipment | 39 | -8.1% | 59.1% | -5.3% | POWL 1454% · VRT 565% · BE 441% |
| Data Processing & Outsourced Services ← | 6 | -11.7% | 1.7% | -13.8% | EXLS 57% · BR 20% · G -10% |
| Research & Consulting Services | 13 | 0.2% | -15.7% | -24.2% | HURN 210% · FCN 36% · BAH 9% |
| Agricultural & Farm Machinery | 16 | 14.3% | -4.3% | -25.5% | DE 102% · TTC 15% · AGCO 3% |
| Environmental & Facilities Services | 29 | -19.4% | 26.4% | -27.0% | GEO 191% · CLH 168% · RSG 98% |
| Security & Alarm Services | 9 | -45.7% | 29.4% | -27.5% | BCO 65% |
| Passenger Airlines | 11 | 6.4% | 67.5% | -34.4% | LTM 3140% · UAL 114% · DAL 105% |
| Air Freight & Logistics | 12 | -29.4% | -9.4% | -40.2% | FDX 75% · EXPD 56% · CHRW 50% |
| Human Resource & Employment Services | 22 | 23.6% | -9.6% | -42.8% | ADP 48% · FA 24% · PAYX 10% |
| Passenger Ground Transportation | 3 | -19.6% | 37.4% | -58.0% | UBER 45% · CAR -58% · LYFT -68% |
| Airport Services | 4 | -46.5% | -66.9% | -87.0% | JOBY -40% |
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 100.58 |
| Mkt Cap | 7.6 |
| Rev LTM | 6,656 |
| Op Inc LTM | 691 |
| FCF LTM | 510 |
| FCF 3Y Avg | 512 |
| CFO LTM | 588 |
| CFO 3Y Avg | 578 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.7% |
| Rev Chg 3Y Avg | 5.5% |
| Rev Chg Q | 5.4% |
| QoQ Delta Rev Chg LTM | 1.3% |
| Op Inc Chg LTM | 13.6% |
| Op Inc Chg 3Y Avg | 10.8% |
| Op Mgn LTM | 14.9% |
| Op Mgn 3Y Avg | 14.7% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 13.1% |
| CFO/Rev 3Y Avg | 13.6% |
| FCF/Rev LTM | 11.0% |
| FCF/Rev 3Y Avg | 11.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 7.6 |
| P/S | 1.8 |
| P/Op Inc | 13.5 |
| P/EBIT | 13.6 |
| P/E | 18.9 |
| P/CFO | 13.6 |
| Total Yield | 6.4% |
| Dividend Yield | 2.1% |
| FCF Yield 3Y Avg | 6.7% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 23.5% |
| 3M Rtn | 23.8% |
| 6M Rtn | 35.0% |
| 12M Rtn | 2.7% |
| 3Y Rtn | 8.5% |
| 1M Excs Rtn | 20.4% |
| 3M Excs Rtn | 24.6% |
| 6M Excs Rtn | 31.1% |
| 12M Excs Rtn | -9.6% |
| 3Y Excs Rtn | -67.6% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Insurance | 711 | 656 | 586 | 449 | 382 |
| Healthcare and Life Sciences | 533 | 431 | 366 | ||
| Banking, Capital Markets and Diversified Industries | 482 | 427 | 412 | ||
| International Growth Markets | 362 | 325 | 266 | ||
| Analytics | 647 | 461 | |||
| Emerging Business | 219 | 167 | |||
| Healthcare | 97 | 112 | |||
| Total | 2,088 | 1,838 | 1,631 | 1,412 | 1,122 |
Price Behavior
| Market Price | $43.15 | |
| Market Cap ($ Bil) | 6.5 | |
| First Trading Date | 10/20/2006 | |
| Distance from 52W High | -1.1% | |
| 50 Days | 200 Days | |
| DMA Price | $37.86 | $32.71 |
| DMA Trend | up | down |
| Distance from DMA | 14.0% | 31.9% |
| 3M | 1YR | |
| Volatility | 30.0% | 42.0% |
| Downside Capture | -33.72 | 12.21 |
| Upside Capture | 96.07 | 20.84 |
| Correlation (S&P 500) | 0.9% | -1.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.87 | -0.20 | 0.03 | -0.89 | -0.09 | 0.59 |
| Up Beta | -11.86 | -2.22 | -0.91 | -1.47 | -0.48 | 0.55 |
| Down Beta | -0.62 | -0.89 | -0.86 | -1.25 | -0.20 | 0.62 |
| Up Capture | 123% | 59% | 96% | -19% | 8% | 30% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 14 | 19 | 33 | 62 | 122 | 382 |
| Down Capture | -184% | -13% | -19% | -148% | 13% | 80% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 8 | 24 | 31 | 64 | 126 | 360 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EXLS | |
|---|---|---|---|---|
| EXLS | 9.4% | 42.0% | 0.32 | - |
| Sector ETF (XLI) | 7.1% | 17.8% | 0.22 | -14.3% |
| Equity (SPY) | 9.5% | 13.6% | 0.40 | -2.6% |
| Gold (GLD) | 1.6% | 28.7% | 0.05 | -15.7% |
| Commodities (DBC) | 38.4% | 21.2% | 1.42 | -7.4% |
| Real Estate (VNQ) | 11.3% | 14.2% | 0.51 | 20.2% |
| Bitcoin (BTCUSD) | -26.9% | 43.6% | -0.60 | 10.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EXLS | |
|---|---|---|---|---|
| EXLS | 12.0% | 32.7% | 0.39 | - |
| Sector ETF (XLI) | 10.9% | 17.7% | 0.45 | 37.8% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 41.8% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | -0.8% |
| Commodities (DBC) | 8.1% | 19.6% | 0.30 | 5.1% |
| Real Estate (VNQ) | 1.3% | 18.9% | -0.04 | 46.2% |
| Bitcoin (BTCUSD) | 4.1% | 51.6% | 0.26 | 17.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EXLS | |
|---|---|---|---|---|
| EXLS | 17.1% | 31.8% | 0.56 | - |
| Sector ETF (XLI) | 13.0% | 20.1% | 0.56 | 51.6% |
| Equity (SPY) | 15.0% | 18.0% | 0.70 | 53.5% |
| Gold (GLD) | 11.9% | 16.5% | 0.59 | 0.8% |
| Commodities (DBC) | 7.5% | 18.1% | 0.33 | 14.7% |
| Real Estate (VNQ) | 5.9% | 20.7% | 0.24 | 53.9% |
| Bitcoin (BTCUSD) | 60.1% | 66.3% | 1.00 | 14.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 11/5/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/27/2026 | -0.5% | 2.9% | |
| 7/28/2026 | 17.9% | 12.6% | 22.8% |
| 4/28/2026 | 1.8% | 2.0% | -5.0% |
| 2/24/2026 | -0.3% | 11.1% | 5.3% |
| 10/28/2025 | -7.1% | -4.6% | -4.0% |
| 7/29/2025 | 1.4% | 0.6% | 4.4% |
| 2/25/2025 | -0.1% | -3.6% | -3.1% |
| 10/29/2024 | 6.7% | 10.4% | 19.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 16 | 18 | 15 |
| # Negative | 7 | 5 | 7 |
| Median Positive | 3.1% | 6.1% | 10.0% |
| Median Negative | -0.5% | -4.0% | -5.0% |
| Max Positive | 17.9% | 14.4% | 22.8% |
| Max Negative | -11.6% | -15.5% | -14.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/27/2026 | -0.5% | 2.9% | |
| 7/28/2026 | 17.9% | 12.6% | 22.8% |
| 4/28/2026 | 1.8% | 2.0% | -5.0% |
| 2/24/2026 | -0.3% | 11.1% | 5.3% |
| 10/28/2025 | -7.1% | -4.6% | -4.0% |
| 7/29/2025 | 1.4% | 0.6% | 4.4% |
| 2/25/2025 | -0.1% | -3.6% | -3.1% |
| 10/29/2024 | 6.7% | 10.4% | 19.4% |
| 8/1/2024 | -7.3% | -3.5% | 2.3% |
| 5/2/2024 | 3.3% | 6.0% | 2.7% |
| 2/29/2024 | 4.2% | 6.0% | 6.5% |
| 10/26/2023 | 4.0% | 2.7% | 12.0% |
| 7/27/2023 | -11.6% | -15.5% | -14.0% |
| 4/27/2023 | 4.9% | 6.2% | -6.9% |
| 2/23/2023 | 1.1% | -4.0% | -10.1% |
| 10/27/2022 | -0.5% | 3.4% | 10.0% |
| 7/28/2022 | 10.1% | 14.4% | 17.8% |
| 4/28/2022 | 0.2% | 0.2% | -3.0% |
| 2/24/2022 | 2.7% | 8.0% | 20.2% |
| 11/2/2021 | 5.2% | 10.5% | 4.9% |
| 7/29/2021 | 1.3% | 6.9% | 10.0% |
| 4/29/2021 | 1.8% | 3.7% | 9.8% |
| 2/25/2021 | 2.9% | 7.6% | 11.3% |
| SUMMARY STATS | |||
| # Positive | 16 | 18 | 15 |
| # Negative | 7 | 5 | 7 |
| Median Positive | 3.1% | 6.1% | 10.0% |
| Median Negative | -0.5% | -4.0% | -5.0% |
| Max Positive | 17.9% | 14.4% | 22.8% |
| Max Negative | -11.6% | -15.5% | -14.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/27/2026 | 10-Q |
| 06/30/2026 | 07/28/2026 | 10-Q |
| 03/31/2026 | 04/28/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/27/2026 | 10-Q |
| 06/30/2026 | 07/28/2026 | 10-Q |
| 03/31/2026 | 04/28/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 04/28/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 11/02/2021 | 10-Q |
| 06/30/2021 | 07/29/2021 | 10-Q |
| 03/31/2021 | 04/29/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 10/29/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/27/2020 | 10-K |
Recent Forward Guidance
Updated 10/28/2026Latest: Q3 2026 Earnings Reported 10/27/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 2.43 Bil | 2.44 Bil | 2.44 Bil | 1.4% | Raised | Guidance: 2.40 Bil for 2026 | |
| 2026 Revenue Growth | Reported | 16.0% | 16.5% | 17.0% | 3.0% | Raised | Guidance: 13.5% for 2026 | |
| 2026 Organic Constant Currency Revenue Growth | Reported | 15.0% | ||||||
| 2026 Adjusted Diluted EPS | Reported | 2.34 | 2.35 | 2.36 | 3.5% | Raised | Guidance: 2.27 for 2026 | |
| 2026 Adjusted Diluted EPS Growth | Reported | 20.0% | 20.5% | 21.0% | 3.5% | Raised | Guidance: 17.0% for 2026 | |
Prior: Q2 2026 Earnings Reported 7/28/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 2.39 Bil | 2.40 Bil | 2.42 Bil | 3.8% | Raised | Guidance: 2.31 Bil for 2026 | |
| 2026 Revenue Growth | Reported | 13.0% | 13.5% | 14.0% | 2.5% | Raised | Guidance: 11.0% for 2026 | |
| 2026 Adjusted Diluted EPS | Reported | 2.25 | 2.27 | 2.29 | 2.9% | Raised | Guidance: 2.21 for 2026 | |
| 2026 EPS Growth | Reported | 16.0% | 17.0% | 18.0% | 4.0% | Raised | Guidance: 13.0% for 2026 | |
Q1 2026 Earnings Reported 4/28/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 2.30 Bil | 2.31 Bil | 2.33 Bil | 0.9% | Raised | Guidance: 2.29 Bil for 2026 | |
| 2026 Revenue Growth | Reported | 10.0% | 11.0% | 12.0% | 1.0% | Raised | Guidance: 10.0% for 2026 | |
| 2026 Adjusted Diluted EPS | Reported | 2.18 | 2.21 | 2.23 | 1.8% | Raised | Guidance: 2.17 for 2026 | |
| 2026 Adjusted Diluted EPS Growth | Reported | 12.0% | 13.0% | 14.0% | 2.0% | Raised | Guidance: 11.0% for 2026 | |
Q4 2025 Earnings Reported 2/24/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 2.27 Bil | 2.29 Bil | 2.31 Bil | 10.6% | Higher New | Actual: 2.08 Bil for 2025 | |
| 2026 Revenue Growth | Reported | 9.0% | 10.0% | 11.0% | -3.0% | Lower New | Actual: 13.0% for 2025 | |
| 2026 Adjusted Diluted EPS | Reported | 2.14 | 2.17 | 2.19 | 13.9% | Higher New | Actual: 1.9 for 2025 | |
| 2026 Adjusted Diluted EPS Growth | Reported | 10.0% | 11.0% | 12.0% | -4.0% | Lower New | Actual: 15.0% for 2025 | |
Insider Activity
Updated 11/3/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bhalla, Vikas | President of EXL | Direct | Sell | 11032026 | 41.22 | 11,000 | 453,420 | 4,051,720 | Form |
| 2 | Bhalla, Vikas | President of EXL | Direct | Sell | 10022026 | 35.38 | 11,000 | 389,180 | 3,866,857 | Form |
| 3 | Bhalla, Vikas | President of EXL | Direct | Sell | 9032026 | 38.17 | 10,000 | 381,700 | 4,591,660 | Form |
| 4 | Chhibbar, Vishal | Executive Vice President | Direct | Sell | 8132026 | 35.10 | 5,000 | 175,500 | 226,465 | Form |
| 5 | Bhalla, Vikas | President of EXL | Direct | Sell | 8062026 | 34.99 | 11,000 | 384,890 | 4,559,022 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bhalla, Vikas | President of EXL | Direct | Sell | 11032026 | 41.22 | 11,000 | 453,420 | 4,051,720 | Form |
| 2 | Bhalla, Vikas | President of EXL | Direct | Sell | 10022026 | 35.38 | 11,000 | 389,180 | 3,866,857 | Form |
| 3 | Bhalla, Vikas | President of EXL | Direct | Sell | 9032026 | 38.17 | 10,000 | 381,700 | 4,591,660 | Form |
| 4 | Chhibbar, Vishal | Executive Vice President | Direct | Sell | 8132026 | 35.10 | 5,000 | 175,500 | 226,465 | Form |
| 5 | Bhalla, Vikas | President of EXL | Direct | Sell | 8062026 | 34.99 | 11,000 | 384,890 | 4,559,022 | Form |
| 6 | Bhalla, Vikas | President of EXL | Direct | Sell | 7022026 | 26.47 | 12,000 | 317,640 | 3,740,079 | Form |
| 7 | Bhalla, Vikas | President of EXL | Direct | Sell | 6082026 | 30.22 | 12,000 | 362,640 | 4,632,575 | Form |
| 8 | Ayyappan, Ajay | EVP & Gen Counsel/Corp. Sec'y. | Direct | Sell | 5222026 | 29.11 | 5,093 | 148,257 | 1,426,215 | Form |
| 9 | Ayyappan, Ajay | EVP & Gen Counsel/Corp. Sec'y. | Direct | Sell | 3032026 | 30.39 | 1,679 | 51,025 | 1,643,704 | Form |
| 10 | Ayyappan, Ajay | EVP & Gen Counsel/Corp. Sec'y. | Direct | Sell | 2252026 | 29.79 | 1,197 | 35,659 | 1,605,711 | Form |
| 11 | Ayyappan, Ajay | EVP & Gen Counsel/Corp. Sec'y. | Direct | Sell | 2192026 | 30.32 | 2,275 | 68,978 | 1,630,246 | Form |
| 12 | Ayyappan, Ajay | EVP & Gen Counsel/Corp. Sec'y. | Direct | Sell | 1282026 | 42.53 | 8,114 | 345,088 | 2,275,993 | Form |
| 13 | Bhalla, Vikas | President of EXL | Direct | Sell | 12042025 | 39.99 | 11,774 | 470,842 | 4,609,727 | Form |
Investor Activity (13F)
Updated Nov 7, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
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