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NEW YORK, Sept. 09, 2026 (GLOBE NEWSWIRE) -- EXL [NASDAQ: EXLS], a global data and AI company, marked its 20th year as a publicly listed company with the launch of its new brand: ‘Go Beyond,’ reflecting the differentiated position EXL has built at the intersection of data, AI, industry context and enterprise execution. In celebration of the milestone, EXL leadership rang the opening bell at Nasdaq, ushering in a new era of innovation and value creation for its clients.

“‘Go Beyond.’ is more than a tagline, it’s the standard we hold ourselves to every day,” said Rohit Kapoor, chairman and chief executive officer, EXL. “Our clients come to us to fundamentally reimagine how their enterprises operate. With AI transforming every industry, we’ve built something rare; a company with domain depth to know what questions to ask and data and AI capabilities to answer them at scale.”

EXL's brand refresh reflects the company's purpose “we find a better way” and its commitment to continuous reinvention and growth, underscoring a history of anticipating market shifts and leading industry transformation. From its early move into data and analytics in 2006 to its August 2026 acquisition of iMerit, which expanded its capabilities in advanced AI model training and frontier AI development, EXL has consistently pushed beyond traditional industry boundaries to deliver innovation and create new sources of value for clients. Today, more than 60% of the company’s revenues are data and AI-led, and EXL continues to achieve market-leading growth.

“For 27 years, EXL has been built on a simple idea: We find a better way,” said Shirley Macbeth, chief marketing officer of EXL. “‘Go Beyond.’ is the brand that captures that. It’s an invitation to our clients and employees to push the boundaries of what’s possible and a reflection of the company EXL has become, a global data and AI leader that combines deep domain and context expertise with trusted execution to drive outcomes that matter.”

Learn more about EXL’s transformation and the ‘Go Beyond.’ brand in action.

About EXL

EXL (NASDAQ: EXLS) is a global data and AI company that offers services and solutions to reinvent client business models, drive better outcomes and unlock growth with speed. EXL propels enterprises to go beyond AI ambition to impact by combining the power of data, AI, and deep industry context with trusted execution. Our clients include the world's leading corporations across insurance, healthcare, banking and capital markets, retail, communications and media, and energy and infrastructure, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have approximately 68,000 employees spanning six continents. For more information, visit http://www.exlservice.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to EXL's operations and business environment, all of which are difficult to predict and many of which are beyond EXL’s control. Forward-looking statements include information concerning EXL’s possible or assumed future results of operations, including descriptions of its business strategy. These statements may include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. These statements are based on assumptions that we have made in light of management's experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although EXL believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect EXL’s actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors, which include our ability to maintain and grow client demand, our ability to hire and retain sufficiently trained employees, and our ability to accurately estimate and/or manage costs, rising interest rates, rising inflation and recessionary economic trends, are discussed in more detail in EXL’s filings with the Securities and Exchange Commission, including EXL’s Annual Report on Form 10-K. You should keep in mind that any forward-looking statement made herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect EXL. EXL has no obligation to update any forward-looking statements after the date hereof, except as required by federal securities laws.

Contact:
Keith Little
Head of Public Relations
[email protected]  

Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/27a38828-77ce-49c2-8ae9-906d9c99ee5b
https://www.globenewswire.com/NewsRoom/AttachmentNg/6bd05140-47fd-424e-a1d8-26d46f7e8427

A video accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/5cee85cb-f479-45db-b4b3-d1a14d6d8366

Introducing EXL’s new brand for an AI-driven era: Go Beyond. EXL unveils 'Go Beyond.’ brand launch, reflecting a 27-year track record of breakthrough transformat... EXL leadership rang the opening bell at Nasdaq EXL marked its 20th year as a publicly listed company with the launch of its new brand: ‘Go Beyond,’... Everyone adding AI. Few are creating advantage | Go Beyond with EXL Everyone is adding AI, but bolting generic models onto existing processes doesn’t add real value. To...

Jupiter Topco LLC bought a new stake in shares of ExlService Holdings, Inc. (NASDAQ:EXLS – Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 68,425 shares of the business services provider’s stock, valued at approximately $1,769,000.

A number of other institutional investors have also recently added to or reduced their stakes in EXLS. BlackRock Inc. acquired a new position in ExlService during the second quarter worth $488,370,000. AQR Capital Management LLC grew its position in shares of ExlService by 109.7% in the fourth quarter. AQR Capital Management LLC now owns 4,118,625 shares of the business services provider’s stock valued at $174,794,000 after purchasing an additional 2,154,652 shares during the period. Amundi purchased a new stake in shares of ExlService during the third quarter worth about $67,862,000. Jane Street Group LLC raised its position in shares of ExlService by 534.2% during the 2nd quarter. Jane Street Group LLC now owns 1,354,599 shares of the business services provider’s stock worth $59,318,000 after purchasing an additional 1,141,008 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in ExlService in the 2nd quarter valued at about $25,214,000. Institutional investors and hedge funds own 92.92% of the company’s stock.

ExlService Price Performance Shares of ExlService stock opened at $37.32 on Friday. The stock’s 50 day simple moving average is $32.06 and its 200-day simple moving average is $30.66. The stock has a market cap of $5.66 billion, a P/E ratio of 23.47, a P/E/G ratio of 1.48 and a beta of 0.81. ExlService Holdings, Inc. has a 1-year low of $24.85 and a 1-year high of $45.08.

ExlService (NASDAQ:EXLS – Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The business services provider reported $0.59 EPS for the quarter, beating the consensus estimate of $0.55 by $0.04. ExlService had a return on equity of 30.61% and a net margin of 11.17%.The firm had revenue of $594.76 million during the quarter, compared to analysts’ expectations of $573.94 million. During the same quarter last year, the firm earned $0.49 earnings per share. The business’s revenue for the quarter was up 15.6% on a year-over-year basis. ExlService has set its FY 2026 guidance at 2.250-2.290 EPS. As a group, research analysts expect that ExlService Holdings, Inc. will post 1.82 EPS for the current fiscal year. Insider Transactions at ExlService In other ExlService news, insider Vikas Bhalla sold 11,000 shares of the firm’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $34.99, for a total value of $384,890.00. Following the completion of the sale, the insider directly owned 130,295 shares of the company’s stock, valued at $4,559,022.05. This trade represents a 7.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.66% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades Several equities research analysts have commented on EXLS shares. Robert W. Baird set a $45.00 price objective on ExlService and gave the stock an “outperform” rating in a research note on Thursday, July 30th. TD Cowen reaffirmed a “buy” rating and issued a $45.00 price target (up from $43.00) on shares of ExlService in a research note on Thursday, August 27th. Weiss Ratings raised ExlService from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, August 19th. Barrington Research set a $43.00 price objective on ExlService in a report on Thursday, July 30th. Finally, Needham & Company LLC lifted their target price on shares of ExlService from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. Six equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $44.50.

Get Our Latest Report on EXLS

About ExlService (Free Report)

ExlService Holdings, Inc (NASDAQ: EXLS) is a global operations management and analytics company that partners with clients in insurance, healthcare, banking, and financial services to drive digital transformation and operational excellence. The firm delivers analytics-driven solutions and business process outsourcing services, including claims adjudication, finance and accounting, data management, and customer service support. ExlService combines domain expertise with advanced analytics, artificial intelligence, and automation technologies to help organizations optimize processes, enhance customer experiences, and manage risk.

Founded in 1999 and headquartered in New York City, ExlService has grown through a mix of organic expansion and strategic acquisitions, earning recognition for its data analytics capabilities and industry-specific knowledge.

See Also Five stocks we like better than ExlService The Path to $230 Billion: Broadcom Outlines the Next Phase of Its AI Growth Story NVIDIA’s Hugging Face Deal Raises a Bigger Question About Its AI Moat Now Dropping the Dough: Yum! Brands Strategically Trims the Fat These 3 Stock Charts Just Flashed the Dreaded Death Cross Pattern Want to see what other hedge funds are holding EXLS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ExlService Holdings, Inc. (NASDAQ:EXLS – Free Report).

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Canada Pension Plan Investment Board purchased a new position in shares of ExlService Holdings, Inc. (NASDAQ:EXLS – Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 55,400 shares of the business services provider’s stock, valued at approximately $1,433,000.

Several other institutional investors and hedge funds have also made changes to their positions in the business. BlackRock Inc. purchased a new position in ExlService during the 2nd quarter valued at about $488,370,000. AQR Capital Management LLC lifted its holdings in shares of ExlService by 109.7% in the fourth quarter. AQR Capital Management LLC now owns 4,118,625 shares of the business services provider’s stock valued at $174,794,000 after purchasing an additional 2,154,652 shares in the last quarter. Amundi purchased a new stake in shares of ExlService in the third quarter valued at about $67,862,000. Jane Street Group LLC grew its position in shares of ExlService by 534.2% in the second quarter. Jane Street Group LLC now owns 1,354,599 shares of the business services provider’s stock valued at $59,318,000 after purchasing an additional 1,141,008 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in shares of ExlService in the second quarter valued at approximately $25,214,000. 92.92% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling In related news, insider Vikas Bhalla sold 12,000 shares of the company’s stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $30.22, for a total transaction of $362,640.00. Following the completion of the transaction, the insider owned 153,295 shares of the company’s stock, valued at approximately $4,632,574.90. This represents a 7.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 3.66% of the company’s stock.

Analyst Ratings Changes EXLS has been the subject of a number of recent research reports. Barrington Research set a $43.00 price objective on shares of ExlService in a research note on Thursday, July 30th. Needham & Company LLC upped their target price on ExlService from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. Weiss Ratings upgraded ExlService from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, August 19th. TD Cowen reissued a “buy” rating and set a $45.00 price target (up from $43.00) on shares of ExlService in a research report on Thursday. Finally, Robert W. Baird set a $45.00 price target on ExlService and gave the stock an “outperform” rating in a report on Thursday, July 30th. Six investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, ExlService presently has a consensus rating of “Moderate Buy” and an average target price of $44.50. Get Our Latest Stock Report on ExlService

ExlService Stock Performance Shares of EXLS opened at $38.08 on Tuesday. ExlService Holdings, Inc. has a fifty-two week low of $24.85 and a fifty-two week high of $45.08. The company has a market capitalization of $5.77 billion, a PE ratio of 23.95, a price-to-earnings-growth ratio of 1.54 and a beta of 0.80. The stock has a fifty day moving average of $31.38 and a two-hundred day moving average of $30.50.

ExlService (NASDAQ:EXLS – Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The business services provider reported $0.59 EPS for the quarter, beating the consensus estimate of $0.55 by $0.04. The company had revenue of $594.76 million during the quarter, compared to analysts’ expectations of $573.94 million. ExlService had a return on equity of 30.61% and a net margin of 11.17%.The firm’s revenue was up 15.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.49 EPS. ExlService has set its FY 2026 guidance at 2.250-2.290 EPS. As a group, equities research analysts forecast that ExlService Holdings, Inc. will post 1.82 earnings per share for the current fiscal year.

About ExlService (Free Report)

ExlService Holdings, Inc (NASDAQ: EXLS) is a global operations management and analytics company that partners with clients in insurance, healthcare, banking, and financial services to drive digital transformation and operational excellence. The firm delivers analytics-driven solutions and business process outsourcing services, including claims adjudication, finance and accounting, data management, and customer service support. ExlService combines domain expertise with advanced analytics, artificial intelligence, and automation technologies to help organizations optimize processes, enhance customer experiences, and manage risk.

Founded in 1999 and headquartered in New York City, ExlService has grown through a mix of organic expansion and strategic acquisitions, earning recognition for its data analytics capabilities and industry-specific knowledge.

Read More Five stocks we like better than ExlService Securing AI: 5 Most-Upgraded Stocks From the Q2 Reporting Season Insiders Are Betting Big on These 3 Healthcare Stocks 3 Stocks for Investors Who Still Believe Cash Is King Dollar General and Dollar Tree Are Recovering, But Not for the Same Reason Want to see what other hedge funds are holding EXLS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ExlService Holdings, Inc. (NASDAQ:EXLS – Free Report).

Receive News & Ratings for ExlService Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ExlService and related companies with MarketBeat.com's FREE daily email newsletter.

 | Source: EXL

NEW YORK, Aug. 20, 2026 (GLOBE NEWSWIRE) -- EXL [NASDAQ: EXLS], a global data and AI company, announced it has been recognized as a Leader in both the Healthcare AI Strategy and Advisory Services and Healthcare AI Development and Delivery Services quadrants of the ISG Provider Lens® AI Services in Healthcare Global 2026 report. The dual recognition reflects EXL’s ability to help healthcare organizations move beyond AI experimentation and into enterprise-scale transformation with measurable business outcomes.

EXL earned this recognition in both categories for its ability to embed AI directly into healthcare workflows. Rather than treating AI as a standalone capability, EXL’s solutions integrate the technology across claims, care coordination and core payer functions, all anchored to measurable ROI. The report specifically cited EXL's agentic architecture for its ability to deploy transaction-capable systems that connect organizational policies, codes and patient data to reduce patient risk, monitor costs and eliminate biases—all within specific governance frameworks.

“As AI continues to become entrenched in the healthcare industry, providers and payers alike are grappling with the best ways to use it to unlock the most efficient processes and arrive at the best health outcomes for their patients,” said Vivek Jetley, EXL president and head of healthcare, life sciences and insurance. “At EXL, we are proud to continue to help our clients navigate this evolving landscape and find new innovative ways to thrive.”

“EXL embeds AI directly into healthcare workflows, delivering measurable operational impact through a strong combination of domain expertise, data capabilities and execution-led transformation,” said Rohan Sinha, ISG Provider Lens. “This is the key to translating AI from concept to operational reality in healthcare.”

ISG Provider Lens is a practitioner-led service provider comparison, powered by ISG’s advisory experience and data-driven research. ISG’s research reports provide independent vendor evaluations and enterprise buying behavior segmentation. Provider positioning is based on neutral and independent research, such as quantitative data that includes provider surveys, product testing and customer interviews.

Read the report to see how EXL compares to its competition. For more information about EXL’s solutions for the healthcare industry, click here.

About EXL

EXL (NASDAQ: EXLS) is a global data and AI company that offers services and solutions to reinvent client business models, drive better outcomes and unlock growth with speed. EXL harnesses the power of data, AI, and deep industry knowledge to transform businesses, including the world's leading corporations in industries including insurance, healthcare, banking and capital markets, retail, communications and media, and energy and infrastructure, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have approximately 68,000 employees spanning six continents. For more information, visit www.exlservice.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to EXL's operations and business environment, all of which are difficult to predict and many of which are beyond EXL’s control. Forward-looking statements include information concerning EXL’s possible or assumed future results of operations, including descriptions of its business strategy. These statements may include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. These statements are based on assumptions that we have made in light of management's experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although EXL believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect EXL’s actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors, which include our ability to maintain and grow client demand, our ability to hire and retain sufficiently trained employees, and our ability to accurately estimate and/or manage costs, rising interest rates, rising inflation and recessionary economic trends, are discussed in more detail in EXL’s filings with the Securities and Exchange Commission, including EXL’s Annual Report on Form 10-K. You should keep in mind that any forward-looking statement made herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect EXL. EXL has no obligation to update any forward-looking statements after the date hereof, except as required by federal securities laws.

Contact:
Keith Little
Head of Public Relations
[email protected]  

 | Source: EXL

NEW YORK, Aug. 18, 2026 (GLOBE NEWSWIRE) -- EXL (NASDAQ: EXLS), a global data and AI company, announced the closing of a new credit facility with PNC Bank, N.A., as Administrative Agent, and a syndicate of lenders that allows for borrowings of up to $1 billion. Bank of America, N.A., JPMorgan Chase Bank, N.A., and TD Bank, N.A. acted as joint lead arrangers on this transaction.

The facility increases EXL’s borrowing capacity from the previous limit of $600 million and provides greater covenant flexibility to support the company’s business strategy. The five-year senior secured credit agreement includes a $400 million term loan, permits revolver borrowings of up to $600 million, and has an accordion feature that would allow the facility to expand equal to the greater of $470 million or 100% of EBITDA for the trailing four quarters. The term of the new agreement will expire on August 18, 2031.

“This deal reflects the confidence our banking partners have in EXL’s financial strength and the long-term trajectory of our business,” said Maurizio Nicolelli, chief financial officer of EXL. “We have consistently prioritized a strong balance sheet, and this expanded debt capacity gives us the flexibility to extend our competitive advantage through targeted mergers and acquisitions while continuing to return capital to our shareholders under our $500 million share repurchase authorization. The closing of this facility is a clear demonstration of the focused execution against our capital allocation strategy.”

About EXL 

EXL (NASDAQ: EXLS) is a global data and AI company that offers services and solutions to reinvent client business models, drive better outcomes and unlock growth with speed. EXL harnesses the power of data, AI, and deep industry knowledge to transform businesses, including the world's leading corporations in industries including insurance, healthcare, banking and capital markets, retail, communications and media, and energy and infrastructure, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have approximately 68,000 employees spanning six continents. For more information, visit www.exlservice.com. 

Cautionary Statement Regarding Forward-Looking Statements 

This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to EXL's operations and business environment, all of which are difficult to predict and many of which are beyond EXL’s control. Forward-looking statements include information concerning EXL’s possible or assumed future results of operations, including descriptions of its business strategy. These statements may include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. These statements are based on assumptions that we have made in light of management's experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although EXL believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect EXL’s actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors, which include our ability to maintain and grow client demand, our ability to hire and retain sufficiently trained employees, and our ability to accurately estimate and/or manage costs or service our indebtedness, rising interest rates, rising inflation and recessionary economic trends, are discussed in more detail in EXL’s filings with the Securities and Exchange Commission, including EXL’s Annual Report on Form 10-K. You should keep in mind that any forward-looking statement made herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect EXL. EXL has no obligation to update any forward-looking statements after the date hereof, except as required by federal securities laws.

Contacts: 
Investor Relations
Andrew Thut
Head of Investor Relations and Capital Markets
[email protected]  

Media
Keith Little  
Head of Public Relations  
[email protected]   

Growth investors focus on stocks that are seeing above-average financial growth, as this feature helps these securities garner the market's attention and deliver solid returns. But finding a great growth stock is not easy at all.

That's because, these stocks usually carry above-average risk and volatility. In fact, betting on a stock for which the growth story is actually over or nearing its end could lead to significant loss.

However, it's pretty easy to find cutting-edge growth stocks with the help of the Zacks Growth Style Score (part of the Zacks Style Scores system), which looks beyond the traditional growth attributes to analyze a company's real growth prospects.

ExlService Holdings (EXLS - Free Report) is one such stock that our proprietary system currently recommends. The company not only has a favorable Growth Score, but also carries a top Zacks Rank.

Studies have shown that stocks with the best growth features consistently outperform the market. And returns are even better for stocks that possess the combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy).

Here are three of the most important factors that make the stock of this provider of outsourcing services a great growth pick right now.

Earnings GrowthArguably nothing is more important than earnings growth, as surging profit levels is what most investors are after. For growth investors, double-digit earnings growth is highly preferable, as it is often perceived as an indication of strong prospects (and stock price gains) for the company under consideration.

While the historical EPS growth rate for ExlService Holdings is 18.2%, investors should actually focus on the projected growth. The company's EPS is expected to grow 17.5% this year, crushing the industry average, which calls for EPS growth of 8.1%.

Cash Flow GrowthWhile cash is the lifeblood of any business, higher-than-average cash flow growth is more important and beneficial for growth-oriented companies than for mature companies. That's because, growth in cash flow enables these companies to expand their businesses without depending on expensive outside funds.

Right now, year-over-year cash flow growth for ExlService Holdings is 25.5%, which is higher than many of its peers. In fact, the rate compares to the industry average of 11.5%.

While investors should actually consider the current cash flow growth, it's worth taking a look at the historical rate too for putting the current reading into proper perspective. The company's annualized cash flow growth rate has been 14.8% over the past 3-5 years versus the industry average of 8%.

Promising Earnings Estimate RevisionsSuperiority of a stock in terms of the metrics outlined above can be further validated by looking at the trend in earnings estimate revisions. A positive trend is of course favorable here. Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

There have been upward revisions in current-year earnings estimates for ExlService Holdings. The Zacks Consensus Estimate for the current year has surged 1% over the past month.

Bottom LineExlService Holdings has not only earned a Growth Score of B based on a number of factors, including the ones discussed above, but it also carries a Zacks Rank #2 because of the positive earnings estimate revisions.

You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

This combination positions ExlService Holdings well for outperformance, so growth investors may want to bet on it.

NEW YORK, Aug. 12, 2026 (GLOBE NEWSWIRE) -- EXL [NASDAQ: EXLS], a global data and AI company, announced it has been recognized as a Leader across multiple quadrants in the ISG Provider Lens® Insurance Services 2026 reports, including Life and Retirement (L&R), Property and Casualty (P&C) services. This marks the fourth consecutive year EXL is a Leader in ISG's insurance services research.

iMerit founder and CEO Radha Ramaswami Basu joins EXL executive committee August 03, 2026 08:03 ET  | Source: EXL

NEW YORK, Aug. 03, 2026 (GLOBE NEWSWIRE) -- ExlService Holdings, Inc. (NASDAQ: EXLS), a global data and AI company, announced it has completed the acquisition of iMerit, a recognized leader in AI model training, evaluation and reinforcement learning. Together, EXL’s enterprise data and AI leadership and iMerit’s capabilities and foundation model relationships will help clients build AI systems that are trusted, accountable and built to perform in the enterprise.

The completion of the acquisition establishes an end-to-end AI platform for enterprises, uniting EXL’s deep data, context and AI expertise with iMerit's technology, expert-led solutions and generative AI experience helping them accelerate the transition from pilot to production-scale AI.

As part of the transaction, iMerit founder and CEO Radha Ramaswami Basu joins EXL as Executive Vice President, Head of iMerit, and becomes a member of the company’s executive committee.

“This acquisition is a transformational pivot for EXL, deepening our vertically specialized AI capabilities and expanding our reach into high-growth AI technology sectors,” said Rohit Kapoor, chairman and chief executive officer of EXL. “By combining iMerit’s capabilities with EXL’s domain expertise and AI platforms, we are well positioned to help clients build, fine-tune and operationalize AI that performs reliably in production. This is especially critical in regulated industries where domain knowledge, context and compliance are non-negotiable. I am delighted to welcome Radha to EXL's executive committee; her vision, leadership, and deep expertise at the intersection of human intelligence and AI will help shape the next chapter of EXL's growth and innovation.”

“The next generation of enterprise AI will be defined not by the models organizations choose, but by how effectively they can deploy them in real-world business environments,” said Basu. “What excites me most about joining EXL is the opportunity to combine iMerit’s pioneering work in AI data, evaluation and human intelligence with EXL’s extraordinary depth in data, AI and enterprise transformation. Together, we can help clients bridge the gap between innovation and execution, turning AI potential into measurable business results. I am energized by what lies ahead and honored to join EXL’s executive committee as we help clients unlock the full value in enterprise AI integration.”

With iMerit now part of EXL, the combination extends the data and AI-led strategy EXL has been executing on for several years.

About EXL

EXL (NASDAQ: EXLS) is a global data and AI company that offers services and solutions to reinvent client business models, drive better outcomes and unlock growth with speed. EXL harnesses the power of data, AI, and deep industry knowledge to transform businesses, including the world's leading corporations in industries including insurance, healthcare, banking and capital markets, retail, communications and media, and energy and infrastructure, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have approximately 68,000 employees spanning six continents. For more information, visit www.exlservice.com.

About iMerit

iMerit is a leader in AI fine tuning, evaluation, and reinforcement learning. iMerit helps frontier AI labs and enterprises build more accurate, reliable, and domain-aware models. iMerit delivers high-quality data across industries such as high-tech, autonomous mobility, healthcare AI, and robotics. Scholars, its global network of specialists, includes physicians, scientists, engineers, linguists, and other subject matter experts who power high-quality data creation, reasoning evaluation, model alignment, and human feedback workflows for next-generation AI systems. Its proprietary Ango Hub platform allows customers and experts to collaborate on complex multimodal data to generate highly curated and validated training artifacts for high-stakes models. Learn more at imerit.ai.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to EXL's operations and business environment, all of which are difficult to predict and many of which are beyond EXL's control. Forward-looking statements include information concerning EXL's possible or assumed future results of operations, including descriptions of its business strategy. These statements may include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. These statements are based on assumptions that we have made in light of management's experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although EXL believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect EXL's actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors, which include our ability to maintain and grow client demand, our ability to hire and retain sufficiently trained employees, and our ability to accurately estimate and/or manage costs, rising interest rates, rising inflation and recessionary economic trends, are discussed in more detail in EXL's filings with the Securities and Exchange Commission, including EXL's Annual Report on Form 10-K. You should keep in mind that any forward-looking statement made herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect EXL. EXL has no obligation to update any forward-looking statements after the date hereof, except as required by federal securities laws.

Contacts:
Investor Relations
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Head of Investor Relations and Capital Markets
[email protected]

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Keith Little
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ExlService NASDAQ: EXLS reported second-quarter 2026 revenue of $594.8 million, up 15.6% year over year on a reported basis and 15.9% on a constant-currency basis, as growth accelerated across each of its operating segments. Adjusted diluted earnings per share rose 22.3% from a year earlier to $0.59.

Chairman and Chief Executive Officer Rohit Kapoor said the company entered 2026 with positive momentum that strengthened through the first half, supported by enterprise demand for data, AI engineering and AI-enabled operations. He said clients are increasingly moving from AI proof-of-concept projects toward production deployments, while also investing in the data, governance, security and infrastructure needed to support AI across their organizations.

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“The effort that is required to enable AI for any enterprise is massive,” Kapoor said during the earnings call. “Clients are really struggling with this change, and we are in a great position to actually help them with this.”

Data and AI-Led Revenue Accelerates Data and AI-led services and solutions accounted for 61% of ExlService’s revenue in the quarter and increased 30% year over year. Kapoor noted that growth in the category has accelerated for four consecutive quarters, from 18% in the third quarter of 2025 to 30% in the latest period.

The company said its reported digital operations revenue declined about 1.5% year over year, but management characterized that decline as a planned consequence of changing revenue mix. As AI becomes embedded into operations engagements, ExlService classifies that work as data and AI-led revenue because it is more intellectual-property-led and higher value, Kapoor said.

ExlService said total operations revenue, which includes both digital operations and AI-led operations, rose 10% year over year. Kapoor said the company is introducing agentic AI into client processes such as insurance claims and underwriting, combining deterministic models designed to follow policies and regulations with probabilistic models used for judgment and decision-making.

The work requires substantial customization by client, business line and geography, he said, even where the company can reuse common tools and components. Kapoor said ExlService’s existing operational relationships, workflow knowledge and familiarity with clients’ data give it an advantage in deploying those solutions.

The company also highlighted token optimization as an emerging opportunity. Kapoor said ExlService has reduced token consumption for certain clients by as much as 80% through workflow-specific design and engineering, helping lower the costs associated with deploying AI models at scale.

Segment Performance Broadly Positive Insurance: Revenue was $197.8 million, up 14.9% year over year, driven by expansion and higher volumes in existing client relationships. Healthcare and life sciences: Revenue was $158 million, up 22% year over year, supported by Payment Integrity services, client expansions and new wins. Banking, capital markets and diversified industries: Revenue was $133.9 million, up 10.7% year over year, reflecting new client wins and expanded existing relationships. International growth markets: Revenue was $105.1 million, up 16.3% year over year and 8.9% sequentially, aided by client ramp-ups, higher volumes and new wins. Kapoor said international markets represent a major long-term opportunity. During the quarter, ExlService appointed Bhupender Singh as president and head of international growth markets. Kapoor said the company has historically had a limited international presence and is investing in talent, solutions and go-to-market capabilities across EMEA and APAC.

He also said cross-selling services to international operations of U.S.-based clients is an area where ExlService needs to improve. Singh is expected to focus on that opportunity, according to Kapoor.

iMerit Acquisition Expected to Close July 31 ExlService announced the acquisition of iMerit, a provider of AI model training, evaluation and reinforcement learning services, which it expects to close on July 31. Kapoor described the transaction as a “transformational pivot” that will add relationships with foundation-model companies, expand the company’s AI capabilities and extend its addressable market into AI technology sectors.

Management said iMerit’s revenue is expected to be concentrated primarily in diversified industries, including work with frontier and foundational model companies, with healthcare and life sciences also representing a meaningful area. The acquisition is not expected to materially affect international growth markets.

ExlService expects iMerit to contribute approximately $28 million to $32 million of revenue over the final five months of 2026. The acquisition is expected to have a marginally dilutive impact of $0.01 on adjusted EPS for the year.

Guidance Raised, With Additional Investment Planned The company raised its full-year 2026 revenue outlook to $2.39 billion to $2.415 billion, representing reported growth of 14% to 16%. The forecast implies organic constant-currency growth of 13% to 14% and includes the anticipated iMerit contribution. At the midpoint, the updated revenue range is $88 million above ExlService’s prior guidance.

ExlService also increased its adjusted diluted EPS outlook to $2.25 to $2.29, from prior guidance of $2.18 to $2.23. The new range represents projected year-over-year growth of approximately 16% to 18%.

Chief Financial Officer Maurizio Nicolelli said the company plans to increase investment during the second half in front-end sales, data management, AI capabilities and solutions. As a result, adjusted operating margin is expected to be lower in the second half than in the first half, though full-year margin is expected to be comparable with 2025.

For the first half, ExlService generated $1.17 billion in revenue, up 14.7% year over year, while adjusted operating margin increased 20 basis points to 20.1%. The company reported $284 million in cash and short- and long-term investments at June 30, against $381 million in revolver debt.

During the first half, ExlService repurchased 5.8 million shares for $179 million at an average price of $30.90 per share. Nicolelli said the company expects to continue repurchases during the second half, though likely at a slower pace than in the first half.

About ExlService (NASDAQ:EXLS)ExlService Holdings, Inc NASDAQ: EXLS is a global operations management and analytics company that partners with clients in insurance, healthcare, banking, and financial services to drive digital transformation and operational excellence. The firm delivers analytics-driven solutions and business process outsourcing services, including claims adjudication, finance and accounting, data management, and customer service support. ExlService combines domain expertise with advanced analytics, artificial intelligence, and automation technologies to help organizations optimize processes, enhance customer experiences, and manage risk.

Founded in 1999 and headquartered in New York City, ExlService has grown through a mix of organic expansion and strategic acquisitions, earning recognition for its data analytics capabilities and industry-specific knowledge.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

Should You Invest $1,000 in ExlService Right Now?Before you consider ExlService, you'll want to hear this.

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Investors seek growth stocks to capitalize on above-average growth in financials that help these securities grab the market's attention and produce exceptional returns. But finding a great growth stock is not easy at all.

In addition to volatility, these stocks carry above-average risk by their very nature. Also, one could end up losing from a stock whose growth story is actually over or nearing its end.

However, it's pretty easy to find cutting-edge growth stocks with the help of the Zacks Growth Style Score (part of the Zacks Style Scores system), which looks beyond the traditional growth attributes to analyze a company's real growth prospects.

ExlService Holdings (EXLS - Free Report) is on the list of such stocks currently recommended by our proprietary system. In addition to a favorable Growth Score, it carries a top Zacks Rank.

Research shows that stocks carrying the best growth features consistently beat the market. And returns are even better for stocks that possess the combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy).

While there are numerous reasons why the stock of this provider of outsourcing services is a great growth pick right now, we have highlighted three of the most important factors below:

Earnings GrowthArguably nothing is more important than earnings growth, as surging profit levels is what most investors are after. For growth investors, double-digit earnings growth is highly preferable, as it is often perceived as an indication of strong prospects (and stock price gains) for the company under consideration.

While the historical EPS growth rate for ExlService Holdings is 18.2%, investors should actually focus on the projected growth. The company's EPS is expected to grow 15% this year, crushing the industry average, which calls for EPS growth of 7.9%.

Cash Flow GrowthCash is the lifeblood of any business, but higher-than-average cash flow growth is more beneficial and important for growth-oriented companies than for mature companies. That's because, high cash accumulation enables these companies to undertake new projects without raising expensive outside funds.

Right now, year-over-year cash flow growth for ExlService Holdings is 25.5%, which is higher than many of its peers. In fact, the rate compares to the industry average of 10.3%.

While investors should actually consider the current cash flow growth, it's worth taking a look at the historical rate too for putting the current reading into proper perspective. The company's annualized cash flow growth rate has been 14.8% over the past 3-5 years versus the industry average of 8%.

Promising Earnings Estimate RevisionsSuperiority of a stock in terms of the metrics outlined above can be further validated by looking at the trend in earnings estimate revisions. A positive trend is of course favorable here. Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

The current-year earnings estimates for ExlService Holdings have been revising upward. The Zacks Consensus Estimate for the current year has surged 0.1% over the past month.

Bottom LineWhile the overall earnings estimate revisions have made ExlService Holdings a Zacks Rank #2 stock, it has earned itself a Growth Score of A based on a number of factors, including the ones discussed above.

You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

This combination indicates that ExlService Holdings is a potential outperformer and a solid choice for growth investors.

ExlService Holdings (EXLS - Free Report) came out with quarterly earnings of $0.59 per share, beating the Zacks Consensus Estimate of $0.55 per share. This compares to earnings of $0.49 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +7.27%. A quarter ago, it was expected that this provider of outsourcing services would post earnings of $0.53 per share when it actually produced earnings of $0.58, delivering a surprise of +9.43%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

ExlService Holdings, which belongs to the Zacks Computers - IT Services industry, posted revenues of $594.76 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 3.59%. This compares to year-ago revenues of $514.46 million. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

ExlService Holdings shares have lost about 32.7% since the beginning of the year versus the S&P 500's gain of 8.3%.

What's Next for ExlService Holdings?While ExlService Holdings has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for ExlService Holdings was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.56 on $584.61 million in revenues for the coming quarter and $2.24 on $2.32 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Computers - IT Services is currently in the top 34% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Amdocs (DOX - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026.

This provider of computer systems integration is expected to post quarterly earnings of $1.84 per share in its upcoming report, which represents a year-over-year change of +7%. The consensus EPS estimate for the quarter has been revised 0.2% lower over the last 30 days to the current level.

Amdocs' revenues are expected to be $1.18 billion, up 2.7% from the year-ago quarter.

Posted by Defense World Staff on Jul 26th, 2026

ExlService (NASDAQ:EXLS – Get Free Report) is expected to be posting its Q2 2026 results after the market closes on Tuesday, July 28th. Analysts expect the company to post earnings of $0.55 per share and revenue of $573.9410 million for the quarter. ExlService has set its FY 2026 guidance at 2.180-2.230 EPS. Interested persons can find conference call details on the company’s upcoming Q2 2026 earning report for the latest details on the call scheduled for Wednesday, July 29, 2026 at 10:00 AM ET.

ExlService (NASDAQ:EXLS – Get Free Report) last posted its quarterly earnings results on Tuesday, April 28th. The business services provider reported $0.58 EPS for the quarter, beating the consensus estimate of $0.53 by $0.05. The firm had revenue of $570.35 million for the quarter, compared to analyst estimates of $557.67 million. ExlService had a net margin of 11.66% and a return on equity of 28.50%. ExlService’s revenue for the quarter was up 13.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.48 earnings per share. On average, analysts expect ExlService to post $2 EPS for the current fiscal year and $2 EPS for the next fiscal year.

ExlService Trading Up 2.9% Shares of EXLS stock opened at $27.67 on Friday. The stock has a market cap of $4.23 billion, a price-to-earnings ratio of 17.62, a price-to-earnings-growth ratio of 1.17 and a beta of 0.84. The company has a quick ratio of 2.66, a current ratio of 2.66 and a debt-to-equity ratio of 0.53. ExlService has a fifty-two week low of $24.85 and a fifty-two week high of $47.11. The firm’s 50 day moving average price is $27.98 and its two-hundred day moving average price is $31.33.

Analyst Ratings Changes A number of equities analysts have recently commented on the stock. JPMorgan Chase & Co. raised their target price on shares of ExlService from $42.00 to $43.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. Barrington Research reaffirmed an “outperform” rating and set a $40.00 price target on shares of ExlService in a research report on Thursday, June 25th. TD Cowen reiterated a “buy” rating and issued a $39.00 price target (down from $45.00) on shares of ExlService in a report on Thursday, July 9th. Finally, Weiss Ratings lowered ExlService from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, June 30th. Five equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $40.50.

Read Our Latest Stock Analysis on EXLS

Insider Buying and Selling In other news, EVP Ajay Ayyappan sold 5,093 shares of the company’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $29.11, for a total value of $148,257.23. Following the completion of the transaction, the executive vice president directly owned 48,994 shares in the company, valued at approximately $1,426,215.34. This represents a 9.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Vikas Bhalla sold 12,000 shares of the firm’s stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $30.22, for a total transaction of $362,640.00. Following the sale, the insider directly owned 153,295 shares of the company’s stock, valued at approximately $4,632,574.90. The trade was a 7.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 3.66% of the company’s stock.

Hedge Funds Weigh In On ExlService A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Graham Capital Management L.P. acquired a new position in shares of ExlService in the fourth quarter worth about $238,000. Quarry LP grew its stake in ExlService by 55.6% during the 3rd quarter. Quarry LP now owns 5,260 shares of the business services provider’s stock valued at $232,000 after purchasing an additional 1,880 shares in the last quarter. Aster Capital Management DIFC Ltd increased its holdings in ExlService by 82.5% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 5,396 shares of the business services provider’s stock worth $229,000 after purchasing an additional 2,439 shares during the last quarter. Aristides Capital LLC purchased a new stake in ExlService during the 4th quarter worth approximately $209,000. Finally, Kestra Advisory Services LLC acquired a new position in shares of ExlService in the 4th quarter valued at approximately $145,000. 92.92% of the stock is owned by hedge funds and other institutional investors.

About ExlService (Get Free Report)

ExlService Holdings, Inc (NASDAQ: EXLS) is a global operations management and analytics company that partners with clients in insurance, healthcare, banking, and financial services to drive digital transformation and operational excellence. The firm delivers analytics-driven solutions and business process outsourcing services, including claims adjudication, finance and accounting, data management, and customer service support. ExlService combines domain expertise with advanced analytics, artificial intelligence, and automation technologies to help organizations optimize processes, enhance customer experiences, and manage risk.

Founded in 1999 and headquartered in New York City, ExlService has grown through a mix of organic expansion and strategic acquisitions, earning recognition for its data analytics capabilities and industry-specific knowledge.

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ExlService Holdings (EXLS - Free Report) closed the last trading session at $28.49, gaining 0.3% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $41 indicates a 43.9% upside potential.

The average comprises eight short-term price targets ranging from a low of $35.00 to a high of $46.00, with a standard deviation of $3.78. While the lowest estimate indicates an increase of 22.9% from the current price level, the most optimistic estimate points to a 61.5% upside. More than the range, one should note the standard deviation here, as it helps understand the variability of the estimates. The smaller the standard deviation, the greater the agreement among analysts.

While the consensus price target is highly sought after by investors, the ability and unbiasedness of analysts in setting price targets have long been questionable. And investors making investment decisions solely based on this tool would arguably do themselves a disservice.

But, for EXLS, an impressive average price target is not the only indicator of a potential upside. Strong agreement among analysts about the company's ability to report better earnings than they predicted earlier strengthens this view. While a positive trend in earnings estimate revisions doesn't gauge how much a stock could gain, it has proven to be powerful in predicting an upside.

Price, Consensus and EPS Surprise

Here's What You Should Know About Analysts' Price TargetsAccording to researchers at several universities across the globe, a price target is one of many pieces of information about a stock that misleads investors far more often than it guides. In fact, empirical research shows that price targets set by several analysts, irrespective of the extent of agreement, rarely indicate where the price of a stock could actually be heading.

While Wall Street analysts have deep knowledge of a company's fundamentals and the sensitivity of its business to economic and industry issues, many of them tend to set overly optimistic price targets. Are you wondering why?

They usually do that to drum up interest in shares of companies that their firms either have existing business relationships with or are looking to be associated with. In other words, business incentives of firms covering a stock often result in inflated price targets set by analysts.

However, a tight clustering of price targets, which is represented by a low standard deviation, indicates that analysts have a high degree of agreement about the direction and magnitude of a stock's price movement. While that doesn't necessarily mean the stock will hit the average price target, it could be a good starting point for further research aimed at identifying the potential fundamental driving forces.

That said, while investors should not entirely ignore price targets, making an investment decision solely based on them could lead to disappointing ROI. So, price targets should always be treated with a high degree of skepticism.

Here's Why There Could be Plenty of Upside Left in EXLSThere has been increasing optimism among analysts lately about the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher. And that could be a legitimate reason to expect an upside in the stock. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

Over the last 30 days, the Zacks Consensus Estimate for the current year has increased 0.1%, as one estimate has moved higher compared to no negative revision.

Moreover, EXLS currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than 4,000 stocks that we rank based on four factors related to earnings estimates. Given an impressive externally-audited track record, this is a more conclusive indication of the stock's potential upside in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Therefore, while the consensus price target may not be a reliable indicator of how much EXLS could gain, the direction of price movement it implies does appear to be a good guide.

Growth investors focus on stocks that are seeing above-average financial growth, as this feature helps these securities garner the market's attention and deliver solid returns. However, it isn't easy to find a great growth stock.

In addition to volatility, these stocks carry above-average risk by their very nature. Also, one could end up losing from a stock whose growth story is actually over or nearing its end.

However, it's pretty easy to find cutting-edge growth stocks with the help of the Zacks Growth Style Score (part of the Zacks Style Scores system), which looks beyond the traditional growth attributes to analyze a company's real growth prospects.

ExlService Holdings (EXLS - Free Report) is one such stock that our proprietary system currently recommends. The company not only has a favorable Growth Score, but also carries a top Zacks Rank.

Research shows that stocks carrying the best growth features consistently beat the market. And for stocks that have a combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy), returns are even better.

Here are three of the most important factors that make the stock of this provider of outsourcing services a great growth pick right now.

Earnings GrowthEarnings growth is arguably the most important factor, as stocks exhibiting exceptionally surging profit levels tend to attract the attention of most investors. For growth investors, double-digit earnings growth is highly preferable, as it is often perceived as an indication of strong prospects (and stock price gains) for the company under consideration.

While the historical EPS growth rate for ExlService Holdings is 18.2%, investors should actually focus on the projected growth. The company's EPS is expected to grow 15% this year, crushing the industry average, which calls for EPS growth of 8%.

Cash Flow GrowthCash is the lifeblood of any business, but higher-than-average cash flow growth is more beneficial and important for growth-oriented companies than for mature companies. That's because, high cash accumulation enables these companies to undertake new projects without raising expensive outside funds.

Right now, year-over-year cash flow growth for ExlService Holdings is 25.5%, which is higher than many of its peers. In fact, the rate compares to the industry average of 9.3%.

While investors should actually consider the current cash flow growth, it's worth taking a look at the historical rate too for putting the current reading into proper perspective. The company's annualized cash flow growth rate has been 14.8% over the past 3-5 years versus the industry average of 8.5%.

Promising Earnings Estimate RevisionsBeyond the metrics outlined above, investors should consider the trend in earnings estimate revisions. A positive trend is a plus here. Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

There have been upward revisions in current-year earnings estimates for ExlService Holdings. The Zacks Consensus Estimate for the current year has surged 0.1% over the past month.

Bottom LineWhile the overall earnings estimate revisions have made ExlService Holdings a Zacks Rank #2 stock, it has earned itself a Growth Score of B based on a number of factors, including the ones discussed above.

You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

This combination indicates that ExlService Holdings is a potential outperformer and a solid choice for growth investors.

EXL’s 2026 UK Enterprise AI Study finds that while most companies think they’re ahead of the competition at AI, few actually see results at scale July 08, 2026 05:03 ET  | Source: EXL

75% of companies believe they are ahead of their competitors on AI, but just 12% meet the criteria to qualify as an AI Leader93% of UK companies believe it’s important to scale AI, yet only 3% will be given incremental budget (compared of 60% U.S. companies)77% of respondents say data is their biggest challenge in using AI effectively LONDON, July 08, 2026 (GLOBE NEWSWIRE) -- Most UK businesses believe they're outperforming their competitors on AI, and 38% of companies in the UK have already moved agentic AI beyond the pilot stage. But new research from EXL (NASDAQ: EXLS), a global data and AI company, shows that just 12% are making significant company-wide progress integrating AI across core business functions and experiencing a notable return on investment (ROI) from their AI initiatives.

The third annual EXL UK Enterprise AI Study is based on a survey of 212 C-suite and other senior decision makers across the banking and finance, insurance, retail, and utilities industries. Its findings reveal a significant disconnect between how organisations assess their AI progress and where they currently stand on real-world AI integration.

“As the pressure mounts for companies in the UK to deliver measurable results from AI, leaders in this space are distinguishing themselves by reimagining their business from the ground up,” said Bhupender Singh, president and head of international growth markets at EXL. “In order to catch up to these leaders, companies that are lagging behind need more than just technology; they need to redesign their operating models, from workflows to talent management and underlying data infrastructure.”

The following are some of the report's key findings:

Most UK businesses are overestimating progress made on AI integration: While 75% of UK business leaders say they are ahead of their competitors on enterprise AI integration, our research shows only 12% qualify as AI Leaders. Those Leaders have moved beyond pilots and embedded AI into high-impact workflows, reimagining how work gets done to generate greater business value. UK firms struggle with data in AI implementation: Overall, 77% of respondents said data is their biggest challenge in using AI effectively, even though improving data quality and accessibility was recognized as the most important approach for scaling future AI implementations. The companies succeeding in AI were roughly five times more likely to say they had leading-edge data management programs than those lagging behind. Utility companies drive biggest returns on AI investments: Agentic AI has been deployed in areas from customer service and experience in banking, finance and insurance, merchandising management in retail, and network security in utilities. However, it is utility companies that generated the biggest improvements in cost reduction, revenue growth, and margin expansion. Utilities in the UK have seen an average improvement across these financial measures of 27% from AI and 28% from agentic AI. The smallest financial benefits have been seen by insurers, with average returns of 18% and 17%, respectively. This may be a matter of who’s willing to prioritise AI, as 61% of utilities organisations rated scaling AI as extremely important against only 33% of insurers. Leaders reshape their operating models to align with AI: UK firms defined as AI Leaders understand that this technology cannot scale as a bolt-on to traditional operating models. Last year’s study found that 52% of Leaders completely redesigned their enterprise-wide operating model to deploy and benefit from AI. This year, 35% of Leaders indicate having done so. To their credit, AI Laggards are beginning to get the message. After only 3% of Laggards in last year’s study reported having redesigned their operating model, this year the figure jumps to 38%. To dive deeper into the findings, download the 2026 EXL UK Enterprise AI Study. For more information and to explore how EXL can deliver value for your AI initiatives, contact us.

About EXL

EXL (NASDAQ: EXLS) is a global data and AI company that offers services and solutions to reinvent client business models, drive better outcomes and unlock growth with speed. EXL harnesses the power of data, AI, and deep industry knowledge to transform businesses, including the world's leading corporations in industries including insurance, healthcare, banking and capital markets, retail, communications and media, and energy and infrastructure, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have approximately 67,000 employees spanning six continents. For more information, visit www.exlservice.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to EXL's operations and business environment, all of which are difficult to predict and many of which are beyond EXL's control. Forward-looking statements include information concerning EXL's possible or assumed future results of operations, including descriptions of its business strategy. These statements may include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. These statements are based on assumptions that we have made in light of management's experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although EXL believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect EXL's actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors, which include our ability to maintain and grow client demand, our ability to hire and retain sufficiently trained employees, and our ability to accurately estimate and/or manage costs, rising interest rates, rising inflation and recessionary economic trends, are discussed in more detail in EXL's filings with the Securities and Exchange Commission, including EXL's Annual Report on Form 10-K. You should keep in mind that any forward-looking statement made herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect EXL. EXL has no obligation to update any forward-looking statements after the date hereof, except as required by federal securities laws.

Media Contact
Keith Little
[email protected]

Positions EXL to accelerate AI innovation in the enterprise with iMerit’s direct relationships with foundation model buildersDeepens EXL’s vertically specialized end-to-end AI capabilities with iMerit’s model training, evaluation and reinforcement learningExpands EXL’s total addressable market across high-growth AI tech sectors, and multiplies the impact of iMerit on a broader enterprise audience NEW YORK, June 24, 2026 (GLOBE NEWSWIRE) -- ExlService Holdings, Inc. (NASDAQ: EXLS), a global data and AI company, today announced a definitive agreement to acquire iMerit, a recognized leader in AI model training, evaluation and reinforcement learning. iMerit is focused on helping its clients train large language and multimodal models to improve accuracy, precision, and effectiveness. The acquisition, valued at up to $310 million in upfront and future consideration, is expected to close in the third quarter of 2026, subject to customary closing conditions. The move strengthens EXL’s ability to help enterprises achieve measurable outcomes from AI, builds partnerships with leading foundation model builders and expands EXL’s reach into high-growth AI tech sectors.

"As organizations reimagine their businesses with AI, success requires industry-specific data, rigorous evaluation and reinforcement learning to deliver reliable results in business-critical workflows,” said Rohit Kapoor, chairman and chief executive officer of EXL. “The acquisition of iMerit strengthens EXL’s AI strategy and ability to help clients move from experimentation to production. By combining iMerit’s capabilities with EXL’s domain expertise and AI platforms, we are setting the standard for AI that is trusted, accountable and built to perform in the enterprise.”

EXL will now be at the center of how next-gen AI is built, leveraging iMerit’s client relationships with leading foundation model companies. EXL and its clients will benefit from early insight into how models are trained, fine-tuned and improved. This also positions EXL to help enterprises build fit-for-purpose small language models tailored to their data and workflows.

iMerit enhances EXL’s platform and human intelligence capabilities through its Ango platform and Scholars network. Ango powers sophisticated data interactions with GenAI models, enabling chain-of-thought reasoning, red teaming and multimodal evaluations. Scholars expands EXL’s domain expertise through iMerit’s global network of specialists, including physicians, scientists, engineers, linguists and other subject matter experts who support human intelligence-driven feedback workflows for reinforcement learning.

EXL will integrate Ango with its agentic platforms — including EXLerate.ai, EXLdata.ai, and EXLdecision.ai — to combine expert human judgment, model evaluation and enterprise-scale execution. Together, these capabilities create an end-to-end AI platform that helps enterprises accelerate the transition from pilot to production-scale AI.

“We see EXL as an ideal leader in this defining moment for AI. We can build on our work with AI innovators and bring those insights to companies seeking to unlock their proprietary data,” said Radha Ramaswami Basu, chief executive officer and founder of iMerit. “Both companies share a belief that specialized high-quality data is the foundation of AI success. We are excited to multiply our impact through EXL’s industry expertise, complementary technology and trusted enterprise relationships.”

These offerings strengthen EXL’s vertically integrated AI stack and its ability to build and fine-tune domain-specific language models. This is particularly critical for regulated industries such as healthcare, insurance, banking and capital markets where EXL is already a highly trusted data and AI partner.

This acquisition also expands EXL into high-growth AI sectors, including high tech, mobility, autonomous systems and physical AI. iMerit’s expertise across text, image, video, voice and LiDAR data creates a strong foundation for AI solutions powering robotics, autonomous vehicles and intelligent real-world environments.

Transaction Details

The $310 million acquisition involves an upfront consideration of $170 million, with an additional $140 million in incentives and earnouts over two years contingent on meeting specified milestones. The transaction is expected to close in the third quarter of this year, subject to customary closing conditions, including expiration or termination of the waiting period for applicable antitrust regulations.

Conference Call

EXL will host a conference call today, June 24, 2026, at 12:00 P.M. ET to provide additional information. The conference call will be available live via the internet by accessing the investor relations section of EXL’s website at ir.exlservice.com. Please access the website at least fifteen minutes prior to the call to register, download and install any necessary audio software.

To join the live call, please register here. A dial-in and unique PIN will be provided to join the call. For those who cannot access the live broadcast, a replay will be available on the EXL website ir.exlservice.com for a period of twelve months.

About EXL

EXL (NASDAQ: EXLS) is a global data and AI company that offers services and solutions to reinvent client business models, drive better outcomes and unlock growth with speed. EXL harnesses the power of data, AI and deep industry knowledge to transform businesses, including the world’s leading corporations in industries including insurance, healthcare and life sciences, banking and capital markets, retail, communications and media and energy and infrastructure, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have over 67,000 employees spanning six continents. For more information, visit www.exlservice.com.

About iMerit

iMerit is a leader in AI fine tuning, evaluation, and reinforcement learning. iMerit helps frontier AI labs and enterprises build more accurate, reliable, and domain-aware models. iMerit delivers high-quality data across industries such as high-tech, autonomous mobility, healthcare AI, and robotics. Scholars, its global network of specialists, includes physicians, scientists, engineers, linguists, and other subject matter experts who power high-quality data creation, reasoning evaluation, model alignment, and human feedback workflows for next-generation AI systems. Its proprietary Ango Hub platform allows customers and experts to collaborate on complex multimodal data to generate highly curated and validated training artifacts for high-stakes models. iMerit is backed by Khosla Ventures, Omidyar Network, Dell Foundation and British International Investment (BII). Learn more at imerit.ai.

Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to EXL's operations and business environment, all of which are difficult to predict and many of which are beyond EXL’s control. Forward-looking statements include information concerning EXL’s possible or assumed future results of operations, including descriptions of its business strategy. These statements may include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. These statements are based on assumptions that we have made in light of management's experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although EXL believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect EXL’s actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors, which include the satisfaction or waiver of applicable closing conditions to the consummation of the iMerit acquisition, our ability to successfully integrate strategic acquisitions or achieve anticipated synergies, our ability to maintain and grow client demand, risks related to the use of AI technology, impact on client demands by our selling cycles, our ability to hire and retain sufficiently trained employees, and our ability to accurately estimate and/or manage costs, and risks related to the international nature of our business and other factors are discussed in more detail in EXL’s filings with the Securities and Exchange Commission, including EXL’s Annual Report on Form 10-K. You should keep in mind that any forward-looking statement made herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect EXL. EXL has no obligation to update any forward-looking statements after the date hereof, except as required by applicable law.

Contacts:
Investor Relations
Andrew Thut
Head of Investor Relations and Capital Markets
[email protected]  

Media – US, UK
Keith Little
Head of Public Relations
[email protected]  

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0d619380-0e67-481b-b9ac-3d39b6a4008e.

EXL to acquire iMerit, advancing its leadership as the strategic partner for AI in the enterprise a global data and AI company, today announced a definitive agreement to acquire iMerit, a recognized...

ExlService Holdings (EXLS - Free Report) has been on a downward spiral lately with significant selling pressure. After declining 11.3% over the past four weeks, the stock looks well positioned for a trend reversal as it is now in oversold territory and there is strong agreement among Wall Street analysts that the company will report better earnings than they predicted earlier.

We use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock is oversold. This is a momentum oscillator that measures the speed and change of price movements.

RSI oscillates between zero and 100. Usually, a stock is considered oversold when its RSI reading falls below 30.

Technically, every stock oscillates between being overbought and oversold irrespective of the quality of their fundamentals. And the beauty of RSI is that it helps you quickly and easily check if a stock's price is reaching a point of reversal.

So, by this measure, if a stock has gotten too far below its fair value just because of unwarranted selling pressure, investors may start looking for entry opportunities in the stock for benefiting from the inevitable rebound.

However, like every investing tool, RSI has its limitations, and should not be used alone for making an investment decision.

Why a Trend Reversal is Due for EXLSThe heavy selling of EXLS shares appears to be in the process of exhausting itself, as indicated by its RSI reading of 29.17. So, the trend for the stock could reverse soon for reaching the old equilibrium of supply and demand.

This technical indicator is not the only factor that calls for a potential rebound for the stock. There is a fundamental indicator as well. A strong agreement among sell-side analysts covering EXLS in raising earnings estimates for the current year has led to an increase in the consensus EPS estimate by 0.2% over the last 30 days. And an upward trend in earnings estimate revisions usually translates into price appreciation in the near term.

Moreover, EXLS currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than 4,000 stocks that we rank based on trends in earnings estimate revisions and EPS surprises. This is a more conclusive indication of the stock's potential turnaround in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Posted by Defense World Staff on Apr 22nd, 2026

Boston Trust Walden Corp cut its stake in ExlService Holdings, Inc. (NASDAQ:EXLS – Free Report) by 4.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,608,036 shares of the business services provider’s stock after selling 113,123 shares during the period. ExlService makes up about 0.8% of Boston Trust Walden Corp’s holdings, making the stock its 19th largest holding. Boston Trust Walden Corp owned approximately 1.64% of ExlService worth $110,685,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in EXLS. AQR Capital Management LLC grew its position in ExlService by 540.4% in the third quarter. AQR Capital Management LLC now owns 1,963,973 shares of the business services provider’s stock worth $86,474,000 after acquiring an additional 1,657,317 shares during the period. Amundi purchased a new position in ExlService in the third quarter worth approximately $67,862,000. Jane Street Group LLC grew its position in ExlService by 534.2% in the second quarter. Jane Street Group LLC now owns 1,354,599 shares of the business services provider’s stock worth $59,318,000 after acquiring an additional 1,141,008 shares during the period. Qube Research & Technologies Ltd grew its position in ExlService by 4,269.6% in the second quarter. Qube Research & Technologies Ltd now owns 882,480 shares of the business services provider’s stock worth $38,644,000 after acquiring an additional 862,284 shares during the period. Finally, Tudor Investment Corp ET AL grew its position in ExlService by 451.2% in the third quarter. Tudor Investment Corp ET AL now owns 975,894 shares of the business services provider’s stock worth $42,969,000 after acquiring an additional 798,831 shares during the period. 92.92% of the stock is currently owned by hedge funds and other institutional investors.

ExlService Stock Up 0.2% NASDAQ:EXLS opened at $31.87 on Wednesday. The company has a quick ratio of 2.56, a current ratio of 2.56 and a debt-to-equity ratio of 0.32. The stock’s fifty day moving average is $30.63 and its two-hundred day moving average is $36.98. ExlService Holdings, Inc. has a 52 week low of $26.94 and a 52 week high of $48.79. The stock has a market capitalization of $4.98 billion, a price-to-earnings ratio of 20.69, a price-to-earnings-growth ratio of 1.43 and a beta of 0.89.

ExlService declared that its board has approved a share repurchase program on Tuesday, March 17th that permits the company to buyback $125.00 million in outstanding shares. This buyback authorization permits the business services provider to purchase up to 2.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling In other ExlService news, EVP Ajay Ayyappan sold 8,114 shares of the company’s stock in a transaction on Tuesday, January 27th. The stock was sold at an average price of $42.53, for a total transaction of $345,088.42. Following the transaction, the executive vice president directly owned 53,515 shares in the company, valued at $2,275,992.95. This represents a 13.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 11,586 shares of company stock worth $449,725 in the last 90 days. 4.04% of the stock is owned by corporate insiders.

Analyst Ratings Changes EXLS has been the subject of several analyst reports. Robert W. Baird set a $35.00 price objective on ExlService in a research report on Wednesday, February 25th. Weiss Ratings reiterated a “hold (c+)” rating on shares of ExlService in a research report on Thursday, January 22nd. Needham & Company LLC reiterated a “buy” rating and issued a $40.00 price objective (down from $55.00) on shares of ExlService in a research report on Wednesday, February 25th. Wall Street Zen upgraded ExlService from a “hold” rating to a “buy” rating in a research report on Saturday, February 7th. Finally, Stifel Nicolaus lowered their price objective on ExlService from $54.00 to $46.00 and set a “buy” rating for the company in a research report on Thursday, February 26th. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, ExlService currently has an average rating of “Moderate Buy” and a consensus price target of $43.60.

Get Our Latest Analysis on ExlService

About ExlService (Free Report)

ExlService Holdings, Inc (NASDAQ: EXLS) is a global operations management and analytics company that partners with clients in insurance, healthcare, banking, and financial services to drive digital transformation and operational excellence. The firm delivers analytics-driven solutions and business process outsourcing services, including claims adjudication, finance and accounting, data management, and customer service support. ExlService combines domain expertise with advanced analytics, artificial intelligence, and automation technologies to help organizations optimize processes, enhance customer experiences, and manage risk.

Founded in 1999 and headquartered in New York City, ExlService has grown through a mix of organic expansion and strategic acquisitions, earning recognition for its data analytics capabilities and industry-specific knowledge.

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Posted by Defense World Staff on Apr 25th, 2026

Cwm LLC lowered its stake in shares of ExlService Holdings, Inc. (NASDAQ:EXLS – Free Report) by 34.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 48,245 shares of the business services provider’s stock after selling 25,919 shares during the period. Cwm LLC’s holdings in ExlService were worth $2,048,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of EXLS. Mather Group LLC. purchased a new position in shares of ExlService during the 3rd quarter valued at $25,000. CENTRAL TRUST Co increased its holdings in ExlService by 2,428.0% in the 3rd quarter. CENTRAL TRUST Co now owns 632 shares of the business services provider’s stock worth $28,000 after acquiring an additional 607 shares during the last quarter. True Wealth Design LLC increased its holdings in ExlService by 57.2% in the 4th quarter. True Wealth Design LLC now owns 706 shares of the business services provider’s stock worth $30,000 after acquiring an additional 257 shares during the last quarter. First Horizon Corp bought a new stake in ExlService in the 3rd quarter valued at about $32,000. Finally, V Square Quantitative Management LLC purchased a new stake in ExlService during the fourth quarter valued at about $33,000. Institutional investors own 92.92% of the company’s stock.

Wall Street Analyst Weigh In A number of brokerages have weighed in on EXLS. Robert W. Baird set a $35.00 target price on shares of ExlService in a research report on Wednesday, February 25th. TD Cowen dropped their price target on shares of ExlService from $51.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. Wall Street Zen raised shares of ExlService from a “hold” rating to a “buy” rating in a report on Saturday, February 7th. Weiss Ratings reiterated a “hold (c+)” rating on shares of ExlService in a research note on Thursday, January 22nd. Finally, Stifel Nicolaus lowered their target price on shares of ExlService from $54.00 to $46.00 and set a “buy” rating on the stock in a report on Thursday, February 26th. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, ExlService currently has a consensus rating of “Moderate Buy” and an average price target of $43.60.

Get Our Latest Stock Analysis on ExlService

Insiders Place Their Bets In other ExlService news, EVP Ajay Ayyappan sold 1,197 shares of the firm’s stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $29.79, for a total value of $35,658.63. Following the completion of the transaction, the executive vice president directly owned 53,901 shares of the company’s stock, valued at $1,605,710.79. This trade represents a 2.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last 90 days, insiders have sold 11,586 shares of company stock worth $449,725. Corporate insiders own 4.04% of the company’s stock.

ExlService Stock Down 0.5% EXLS stock opened at $30.40 on Friday. The stock has a 50-day simple moving average of $30.68 and a two-hundred day simple moving average of $36.81. ExlService Holdings, Inc. has a twelve month low of $26.94 and a twelve month high of $48.79. The firm has a market capitalization of $4.75 billion, a PE ratio of 19.74, a PEG ratio of 1.38 and a beta of 0.89. The company has a quick ratio of 2.56, a current ratio of 2.56 and a debt-to-equity ratio of 0.32.

ExlService announced that its board has initiated a stock buyback plan on Tuesday, March 17th that allows the company to buyback $125.00 million in shares. This buyback authorization allows the business services provider to buy up to 2.7% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

ExlService Company Profile (Free Report)

ExlService Holdings, Inc (NASDAQ: EXLS) is a global operations management and analytics company that partners with clients in insurance, healthcare, banking, and financial services to drive digital transformation and operational excellence. The firm delivers analytics-driven solutions and business process outsourcing services, including claims adjudication, finance and accounting, data management, and customer service support. ExlService combines domain expertise with advanced analytics, artificial intelligence, and automation technologies to help organizations optimize processes, enhance customer experiences, and manage risk.

Founded in 1999 and headquartered in New York City, ExlService has grown through a mix of organic expansion and strategic acquisitions, earning recognition for its data analytics capabilities and industry-specific knowledge.

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April 28, 2026 16:01 ET  | Source: EXL

2026 First Quarter Revenue of $570.4 Million, up 13.8% year-over-year
Q1 Diluted EPS (GAAP) of $0.43, up 5.7% from $0.40 in Q1 of 2025
Q1 Adjusted Diluted EPS (Non-GAAP) (1) of $0.58, up 20.2% from $0.48 in Q1 of 2025

NEW YORK, April 28, 2026 (GLOBE NEWSWIRE) -- ExlService Holdings, Inc. (NASDAQ: EXLS), a global data and AI company, today announced its financial results for the quarter ended March 31, 2026.

Chairman and Chief Executive Officer Rohit Kapoor said, “We entered 2026 with strong momentum, delivering revenue growth of 14% and increased our adjusted diluted EPS by 20% year-over-year. Our sustained double-digit growth demonstrates the strength of our competitive position as well as strong execution against our data and AI strategy. EXL’s recognized industry expertise and leadership in helping clients adopt AI throughout their enterprise is resonating strongly with the market.”

Chief Financial Officer Maurizio Nicolelli said, “While we remain prudent given the evolving macro-economic environment, our strong first quarter performance and continued business momentum give us the confidence to raise guidance. We now expect full-year 2026 revenue in the range of $2.30 billion to $2.33 billion, up from our prior guidance of $2.275 billion to $2.315 billion, reflecting 10% to 12% year-over-year growth on both a reported and constant currency basis. We now expect adjusted diluted earnings per share of $2.18 to $2.23, a 12% to 14% increase over 2025, up from our prior guidance of $2.14 to $2.19.”

______________________________________________________________

Reconciliations of adjusted (non-GAAP) financial measures to the most directly comparable GAAP measures, where applicable, are included at the end of this release under “Reconciliation of Adjusted Financial Measures to GAAP Measures.” These non-GAAP measures, including adjusted diluted EPS and constant currency measures, are not measures of financial performance prepared in accordance with GAAP. Financial Highlights: First Quarter 2026

Revenue for the quarter ended March 31, 2026, increased to $570.4 million, compared to $501.0 million for the first quarter of 2025, an increase of 13.8% on a reported basis and 13.4% on a constant currency basis. Revenue increased by 5.1% sequentially, both on a reported basis and on a constant currency basis, from the fourth quarter of 2025.   Revenue
 Gross Margin  Three months ended
 Three months endedReportable Segments March 31, 2026
 March 31, 2025
 December 31, 2025
 March 31, 2026 March 31, 2025 December 31, 2025  (dollars in millions)       Insurance $        194.0  $        172.0  $        185.8          37.7 %         36.6 %         36.5 %Healthcare and Life Sciences          151.9           125.6   142.2          45.3 %         43.9 %         44.0 %Banking, Capital Markets and Diversified Industries          127.4           117.7   122.6          36.9 %         37.3 %         38.8 %International Growth Markets          97.1           85.7   92.0          34.1 %         36.6 %         34.3 %Total $        570.4  $        501.0  $        542.6          38.9 %         38.6 %         38.6 %                                                   Operating income margin for the quarter ended March 31, 2026 was 16.1%, compared to 15.7% for the first quarter of 2025 and 14.4% for the fourth quarter of 2025. Adjusted operating income margin for the quarter ended March 31, 2026 was 20.5%, compared to 20.1% for the first quarter of 2025 and 18.8% for the fourth quarter of 2025.Diluted earnings per share for the quarter ended March 31, 2026 was $0.43, compared to $0.40 for the first quarter of 2025 and $0.38 for the fourth quarter of 2025. Adjusted diluted earnings per share for the quarter ended March 31, 2026 was $0.58, compared to $0.48 for the first quarter of 2025 and $0.50 for the fourth quarter of 2025. Business Highlights: First Quarter 2026

Won 16 new clients in the first quarter of 2026.Named as "Advanced Technology Partner" of the Year by NVIDIA for EXL’s deep technical expertise on the NVIDIA AI Enterprise stack and co-creating differentiated industry solutions and platforms, integrating NVIDIA’s powerful AI frameworks and GPU-accelerated technologies.Selected by AWS as the 2025 AI/ML Market Disruptor of the Year, recognizing EXL’s exceptional innovation and leadership in leveraging AWS AI/ML services and setting new benchmarks for AI excellence in the industry.Named the 2025 Genesys New Partner of the Year, celebrating EXL’s ability to orchestrate AI-powered customer experience (CX) transformation through strategic collaboration with Genesys, advancing transformative solutions with real-world impact.Recognized by Google Cloud as a global strategic services partner, highlighting EXL’s strengths across data, AI, and customer experience (CX) transformation, and its development of Google's Gemini Enterprise powered solutions and accelerators that enable scalable, AI-driven business transformation.Named a leader in Everest Group Customer Experience Services in Insurance Operations Peak Matrix Assessment 2025, showcasing EXL’s deep domain expertise across both the P&C and L&A lines, robust data and AI capabilities and versatile suite of proprietary tools. 2026 Guidance
Based on current visibility, and a U.S. dollar to Indian rupee exchange rate of 93.0, U.K. pound sterling to U.S. dollar exchange rate of 1.33, U.S. dollar to the Philippine peso exchange rate of 59.5 and all other currencies at current exchange rates, we are providing the following guidance for the full year 2026:

Revenue of $2.30 billion to $2.33 billion, representing an increase of 10% to 12% on both a reported and constant currency basis from 2025.Adjusted diluted earnings per share of $2.18 to $2.23, representing an increase of 12% to 14% from 2025. Conference Call

ExlService Holdings, Inc. will host a conference call on Wednesday, April 29, 2026 at 10:00 A.M. ET to discuss the Company’s first quarter operating and financial results. The conference call will be available live via the internet by accessing the investor relations section of EXL’s website at ir.exlservice.com, where an accompanying investor-friendly spreadsheet of historical operating and financial data can also be accessed. Please access the website at least fifteen minutes prior to the call to register, download and install any necessary audio software.

To join the live call, please register here. A dial-in and unique PIN will be provided to join the call. For those who cannot access the live broadcast, a replay will be available on the EXL website ir.exlservice.com for a period of twelve months.

About ExlService Holdings, Inc.
EXL (NASDAQ: EXLS) is a global data and artificial intelligence ("AI") company that offers services and solutions to reinvent client business models, drive better outcomes and unlock growth with speed. EXL harnesses the power of data, AI, and deep industry knowledge to transform businesses, including the world’s leading corporations in industries including insurance, healthcare and life sciences, banking and capital markets, retail, communications and media, and energy and infrastructure, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have over 67,000 employees spanning six continents. For more information, visit www.exlservice.com.

Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to EXL's operations and business environment, all of which are difficult to predict and many of which are beyond EXL’s control. Forward-looking statements include information concerning EXL’s possible or assumed future results of operations, including descriptions of its business strategy. These statements may include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. These statements are based on assumptions that we have made in light of management's experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although EXL believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect EXL’s actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors, which include our ability to maintain and grow client demand, risks related to the use of AI technology, impact on client demands by our selling cycles, our ability to hire and retain sufficiently trained employees, and our ability to accurately estimate and/or manage costs, and risks related to the international nature of our business and other factors are discussed in more detail in EXL’s filings with the Securities and Exchange Commission, including EXL’s Annual Report on Form 10-K. You should keep in mind that any forward-looking statement made herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect EXL. EXL has no obligation to update any forward-looking statements after the date hereof, except as required by applicable law.

 EXLSERVICE HOLDINGS, INC.
 CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands, except per share amount and share count)
   Three months ended March 31,  2026   2025 Revenues, net$        570,351  $        501,019 Cost of revenues(1)         348,270           307,705 Gross profit(1)         222,081           193,314 Operating expenses:    General and administrative expenses         69,051           59,417 Selling and marketing expenses         47,201           41,925 Depreciation and amortization expense         14,003           13,557 Total operating expenses         130,255           114,899 Income from operations         91,826             78,415 Foreign exchange gain, net         1,135           1,192 Interest expense         (3,951)          (4,144)Other income, net         2,391           4,703 Income before income tax expense and earnings from equity affiliates         91,401           80,166 Income tax expense         24,318           13,496 Income before earnings from equity affiliates         67,083           66,670 Loss from equity-method investment         (2)          (109)Net income$        67,081  $        66,561 Earnings per share:    Basic$        0.43  $        0.41 Diluted$        0.43  $        0.40 Weighted average number of shares used in computing earnings per share:   Basic         156,049,147           162,490,179 Diluted         156,904,203           164,557,333   (1) Exclusive of depreciation and amortization expense.   EXLSERVICE HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands, except per share amount and share count)
  As of March 31, 2026 December 31, 2025    Assets   Current assets:   Cash and cash equivalents$        145,405  $        146,326 Short-term investments         108,358           182,041 Restricted cash         12,409           12,392 Accounts receivable, net         388,563           343,105 Other current assets         142,626           146,093 Total current assets         797,361           829,957 Property and equipment, net         109,388           111,821 Operating lease right-of-use assets         92,980           97,411 Restricted cash         6,964           7,251 Deferred tax assets, net         140,602           129,968 Goodwill         418,659           419,654 Other intangible assets, net         32,978           36,204 Long-term investments         17,532           8,198 Other assets         59,915           61,771 Total assets$        1,676,379  $        1,702,235 Liabilities and stockholders’ equity   Current liabilities:   Accounts payable$        11,260  $        4,753 Current portion of long-term borrowings         4,886           4,886 Deferred revenue         22,905           15,356 Accrued employee costs         71,604           146,775 Accrued expenses and other current liabilities         171,934           135,498 Current portion of operating lease liabilities         16,925           16,857 Total current liabilities         299,514           324,125 Long-term borrowings, less current portion         412,491           293,712 Operating lease liabilities, less current portion         84,277           88,167 Deferred tax liabilities, net         1,707           2,125 Other non-current liabilities         99,586           81,401 Total liabilities         897,575           789,530 Commitments and contingencies   Stockholders’ equity:   Preferred stock, $0.001 par value; 15,000,000 shares authorized, none issued         —           — Common stock, $0.001 par value; 400,000,000 shares authorized, 209,929,764 shares issued and 152,999,425 shares outstanding as of March 31, 2026 and 208,855,566 shares issued and 156,430,028 shares outstanding as of December 31, 2025         210           209 Additional paid-in capital         674,662           677,562 Retained earnings         1,600,060           1,532,979 Accumulated other comprehensive loss         (237,374)          (180,727)Total including shares held in treasury         2,037,558           2,030,023 Less: 56,930,339 shares as of March 31, 2026 and 52,425,538 shares as of December 31, 2025, held in treasury, at cost         (1,258,754)          (1,117,318)Total stockholders’ equity         778,804           912,705 Total liabilities and stockholders’ equity $        1,676,379  $        1,702,235   EXLSERVICE HOLDINGS, INC. Reconciliation of Adjusted Financial Measures to GAAP Measures
In addition to its reported operating results in accordance with U.S. generally accepted accounting principles (GAAP), EXL has included in this release certain financial measures that are considered non-GAAP financial measures, including the following:

 (i)Adjusted operating income and adjusted operating income margin; (ii)Adjusted EBITDA and adjusted EBITDA margin; (iii)Adjusted net income and adjusted diluted earnings per share; and (iv)Revenue growth on a constant currency basis.    These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles, should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP financial measures used by other companies. Accordingly, the financial results calculated in accordance with GAAP and reconciliations from those financial statements should be carefully evaluated. EXL believes that providing these non-GAAP financial measures may help investors better understand EXL’s underlying financial performance. Management also believes that these non-GAAP financial measures, when read in conjunction with EXL’s reported results, can provide useful supplemental information for investors analyzing period-to-period comparisons of the Company’s results and comparisons of the Company’s results with the results of other companies. Additionally, management considers some of these non-GAAP financial measures to determine variable compensation of its employees. The Company believes that it is unreasonably difficult to provide its earnings per share financial guidance in accordance with GAAP, or a qualitative reconciliation thereof, for a number of reasons, including, without limitation, the Company’s inability to predict its future stock-based compensation expense under ASC Topic 718, the amortization of intangibles associated with future acquisitions and the currency fluctuations and associated tax effects. As such, the Company presents guidance with respect to adjusted diluted earnings per share. The Company also incurs significant non-cash charges for depreciation that may not be indicative of the Company’s ability to generate cash flow.

EXL non-GAAP financial measures exclude, where applicable, stock-based compensation expense, amortization of acquisition-related intangible assets, certain defined social security contributions, other acquisition-related expenses or benefits and effect of any non-recurring tax adjustments. Acquisition-related expenses or benefits include changes in the fair value of contingent consideration, external deal costs, integration expenses, direct and incremental travel costs and non-recurring benefits or losses. Our adjusted net income and adjusted diluted EPS also excludes the effects of income tax on the above pre-tax items, as applicable. The effects of income tax of each item is calculated by applying the statutory rate of the local tax regulations in the jurisdiction in which the item was incurred.

EXL provides information about revenues on a constant currency basis so that the revenues may be viewed without the impact of foreign currency exchange rate fluctuations compared to prior fiscal periods, thereby facilitating period-to-period comparisons of the Company's underlying business performance. Revenue growth on a constant currency basis is calculated by restating current-period activity using the prior fiscal period's foreign currency exchange rates adjusted for hedging gains/losses in such period. Foreign currency translation impacted revenue growth, primarily driven by movements in the U.S. dollar against the Indian rupee (INR), the U.K. pound sterling (GBP), and Australian dollar (AUD).

A limitation of using non-GAAP financial measures versus financial measures calculated in accordance with GAAP is that non-GAAP financial measures do not reflect all of the amounts associated with our operating results as determined in accordance with GAAP and exclude costs that are recurring, namely stock-based compensation and amortization of acquisition-related intangible assets. EXL compensates for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP financial measures to allow investors to evaluate such non-GAAP financial measures.

The following table shows the reconciliation of these non-GAAP financial measures for the three months ended March 31, 2026 and March 31, 2025, and the three months ended December 31, 2025:

Reconciliation of Adjusted Operating Income and Adjusted EBITDA
(Amounts in thousands)
  Three months ended March 31, December 31, 2026
 2025
 2025
Net income (GAAP)$        67,081  $        66,561  $        60,246 add: Income tax expense         24,318           13,496           15,230 add/(subtract): Foreign exchange gain/(loss), net, interest expense, gain/(loss) from equity-method investment and other income/(loss), net         427           (1,642)          2,547 Income from operations (GAAP)$        91,826  $        78,415  $        78,023 add: Stock-based compensation expense         22,101           19,187           20,751 add: Amortization of acquisition-related intangibles         3,226           3,246           3,307 Adjusted operating income (Non-GAAP)$        117,153  $        100,848  $        102,081 Adjusted operating income margin as a % of Revenue (Non-GAAP)         20.5%          20.1%          18.8%add: Depreciation on long-lived assets         10,777           10,311           13,037 Adjusted EBITDA (Non-GAAP)$        127,930  $        111,159  $        115,118 Adjusted EBITDA margin as a % of revenue (Non-GAAP)         22.4%          22.2%          21.2%  Reconciliation of Adjusted Net Income and Adjusted Diluted Earnings Per Share
(Amounts in thousands, except per share amount)  Three months ended March 31, December 31,  2026   2025   2025 Net income (GAAP)$        67,081  $        66,561  $        60,246 add: Stock-based compensation expense         22,101           19,187           20,751 add: Amortization of acquisition-related intangibles         3,226           3,246           3,307 add: Changes in fair value of contingent consideration         —           —           2,300 add/(subtract): Other tax expenses/(benefits) (a)         —           —           267 add: Amortization of prior service cost (b)         521           —           — subtract: Tax impact on stock-based compensation expense (c)         (1,316)          (9,105)          (5,895)subtract: Tax impact on amortization of acquisition-related intangibles         (812)          (799)          (892)subtract: Tax impact on amortization of prior service cost         (133)          —           — Adjusted net income (Non-GAAP)$        90,668  $        79,090  $        80,084 Adjusted diluted earnings per share (Non-GAAP)$        0.58  $        0.48  $        0.50 
(a) To exclude tax expenses related to certain deferred tax assets and liabilities.

(b) To exclude amortization of prior service cost arising from the implementation of the new Labor Codes in India.

(c) Tax impact includes $1,280 and $14,526 for the three months ended March 31, 2026 and 2025, respectively, and $1,138 for the three months ended December 31, 2025, related to discrete benefit recognized in income tax expense in accordance with ASU No. 2016-09, Compensation - Stock Compensation.

Contacts:
Investor Relations
Andrew Thut
Head of Investor Relations and Capital Markets
[email protected]

Media - US
Keith Little
Head of Public Relations
[email protected]

Key Takeaways Innodata posted 48% 2025 revenue growth and sees 35% growth in 2026, despite project volatility.EXLS Q1 2026 revenue rose 13.8% to $570.4M; nearly 60% now tied to data and AI-led services.Innodata trades at 33.6x forward P/E vs 13.5x for EXLS, underscoring growth vs stability. The data and artificial intelligence services space is evolving rapidly as enterprises scale generative AI, automation and analytics across operations. Within this landscape, Innodata Inc. (INOD - Free Report) and ExlService Holdings, Inc. (EXLS - Free Report) represent two distinct but increasingly comparable plays on the same theme—data-driven AI enablement.

Innodata is emerging as a specialized, high-growth data engineering partner focused on training, evaluating and optimizing AI models, particularly in generative AI and agentic systems. ExlService, by contrast, operates at a much larger scale, blending data, AI and digital operations to deliver enterprise-wide transformation across industries like insurance, healthcare and banking.

Both companies are benefiting from rising enterprise AI adoption, stronger demand for data-centric services and increasing complexity in model deployment. However, they differ meaningfully in scale, growth trajectory, innovation intensity and valuation. Let’s take a closer look at the fundamentals of both stocks to assess which offers the more compelling investment opportunity at this point.

The Case for Innodata StockInnodata has built a compelling growth story by positioning itself at the core of the generative AI value chain. The company’s strength lies in its ability to engineer high-quality datasets, evaluate model performance and improve AI systems across their lifecycle. This positioning is increasingly critical as enterprises shift from experimentation to production-scale AI deployment.

The company’s latest results highlight strong momentum. Revenue rose 22% year over year in the fourth quarter of 2025 to $72.4 million, while 2025 revenues surged 48% to $251.7 million, reflecting accelerating demand for its services. Profitability is also improving, with adjusted EBITDA rising 68% for the year, indicating operating leverage despite continued investment.

What stands out is Innodata’s deep alignment with next-generation AI trends. Management is investing heavily in areas such as generative AI model training, agentic AI evaluation systems and physical AI (robotics). The company is also moving up the value chain—from being a data supplier to becoming a lifecycle partner for AI systems. This transition is strategically significant and could drive higher margins and stickier client relationships over time.

Growth visibility remains strong. Management expects revenue growth of approximately 35% or more in 2026, with potential upside as new programs scale. Importantly, demand is broadening beyond its largest customer, with opportunities across hyperscalers, enterprise AI labs and sovereign AI initiatives.

However, the story is not without risks. Innodata’s business remains project-based, with revenue timing tied to customer ramp schedules and AI development cycles. The company also faces customer concentration risk and inherent volatility in emerging AI workloads. Additionally, continued investments in talent and infrastructure could pressure margins in the near term.

Still, Innodata’s high-growth profile, strong positioning in generative AI and expanding innovation pipeline make it one of the more dynamic players in the AI data ecosystem.

The Case for ExlService StockExlService offers a more diversified and scaled approach to AI-driven services. The company combines data, analytics and digital operations to deliver end-to-end transformation across multiple industries, giving it a broader and more stable revenue base.

The company’s first-quarter 2026 performance underscores this consistency. Revenues increased 13.8% year over year to $570.4 million, while adjusted earnings per share (EPS) grew 20.2% to 58 cents. Growth is supported by strong demand across insurance, healthcare and banking segments, along with increasing adoption of AI-led solutions.

One of ExlService’s key strengths is its diversified revenue mix. No single client or use case dominates, reducing volatility compared with smaller, specialized peers. Its scale—over $2.3 billion in expected 2026 revenues—also provides operational stability and pricing power.

The company is steadily integrating AI into its service offerings, with nearly 60% of revenue now tied to data and AI-led services, which are growing faster than the rest of the business. Strategic partnerships with major platforms like NVIDIA, AWS and Google Cloud further strengthen its competitive position and enhance its ability to deliver enterprise-grade AI solutions.

Margins are another positive. ExlService continues to expand operating margins, supported by automation, productivity gains and a higher mix of analytics-led services. The company also raised its 2026 guidance, reflecting confidence in demand trends.

That said, growth remains more moderate compared with high-growth AI specialists like Innodata. Revenue growth is expected in the 10–12% range for 2026, significantly below Innodata’s projected trajectory. The company also operates in a competitive outsourcing and digital services market, where pricing pressure and macro uncertainty can affect demand.

Additionally, while ExlService is investing in AI, its positioning is more incremental rather than transformational. It is embedding AI into existing services rather than leading cutting-edge innovation in areas like model training or agentic AI.

Momentum Check: Stock Performance TrendsBoth stocks have underperformed broader markets in 2026, reflecting investor caution toward AI services names after strong prior gains. Innodata shares have plunged 17.8% year to date, while ExlService has plummeted more sharply by 27.8%. This compares with a 4.5% gain for the S&P 500.

However, recent momentum tells a different story. Over the past month, Innodata stock has rebounded strongly, gaining 21.6%, while ExlService has remained largely flat with a 0.3% increase.

This divergence suggests improving sentiment toward Innodata’s growth story, while ExlService continues to trade more defensively.

INOD vs EXLS Price Performance (1-Month)

Image Source: Zacks Investment Research

Valuation Perspective: Growth vs. Stability Trade-offValuation highlights a clear contrast between the two names.

Innodata trades at a forward 12-month P/E of 33.6X, reflecting its high-growth profile and strong exposure to generative AI trends. ExlService, in comparison, trades at a much lower 13.5X forward earnings multiple, indicating a more mature growth outlook and lower perceived risk.

The premium valuation for Innodata appears justified by its faster growth and strategic positioning in emerging AI segments. However, it also leaves less room for execution missteps. ExlService’s lower valuation offers a margin of safety but may limit upside unless growth accelerates.

INOD vs EXLS Valuation – P/E F12M

Image Source: Zacks Investment Research

Earnings Outlook: Estimate Revision TrendsEarnings estimate trends for both companies have remained stable in the near term.

For Innodata, the Zacks Consensus Estimate for 2026 EPS has remained unchanged at $1.01 over the past 30 days, implying 9.8% growth. Revenue is expected to grow 36%, reinforcing its high-growth narrative.

INOD Estimate

Image Source: Zacks Investment Research

ExlService’s 2026 EPS estimate is also unchanged at $2.18, reflecting 11.8% expected growth. Revenue is projected to increase 10.3%, consistent with management’s guidance.

EXLS Estimate

Image Source: Zacks Investment Research

The lack of upward revisions for both stocks suggests a wait-and-watch approach among analysts, particularly given macro uncertainties and evolving AI spending patterns.

Final Take: Which Stock Has the Edge?Both Innodata and ExlService offer exposure to the expanding AI data services market, but they cater to different investor profiles.

Innodata stands out as a high-growth, innovation-led player with strong positioning in generative AI, agentic systems and data engineering. Its accelerating revenue growth, expanding customer base and evolving role as a strategic AI partner provide meaningful upside potential. However, this comes with higher volatility and execution risk.

ExlService, on the other hand, offers stability, diversification and consistent execution. Its large-scale operations, strong client base and steady AI integration make it a more defensive play. But EXLS — a Zacks Rank #4 (Sell) stock — with its slower growth profile and less differentiated AI positioning may limit long-term upside.

You can see the complete list of today’s Zacks #1 Rank stocks here.

Innodata — carrying a Zacks Rank #3 (Hold) — with its superior growth outlook, stronger exposure to high-value AI segments and improving momentum, gives it a clearer path to outperform, despite its higher valuation. For investors willing to accept higher risk in exchange for stronger growth potential, Innodata appears to be the more compelling AI data stock at current levels.

May 07, 2026 08:32 ET  | Source: EXL

NEW YORK, May 07, 2026 (GLOBE NEWSWIRE) -- EXL [NASDAQ: EXLS], a global data and AI company, announced it has been honored with the 2026 CSO Award for Application Security for EXL SARA™, its AI-powered Security Architecture Review Automation (SARA) that has transformed the way security architecture and risk reviews are conducted.

SARA leverages advanced AI technologies to augment and streamline security architecture reviews across cloud and enterprise environments. By embedding security and privacy controls at the design phase, SARA applies an early-stage approach to optimize the software development lifecycle. This enables proactive, self-service risk capabilities to identify and address risk earlier in the development process, enabling faster and secure solutions with stronger enterprise risk posture.

“This recognition reflects EXL’s continued commitment to driving innovation with responsible and secure AI adoption,” said Baljinder Singh, executive vice president and global chief information officer at EXL. “SARA demonstrates the impact of combining advanced AI technologies with a security-by-design approach. By leveraging AI-driven architecture reviews, we are accelerating trusted solution delivery while strengthening governance and cybersecurity excellence.”

“This year’s award winners show how security teams have repositioned themselves as strategic business enablers,” said Beth Kormanik, content director of the CSO Cybersecurity Awards & Conference. “They tackle business challenges by leveraging new technology and ideas and delivering detailed planning and strong execution. Their organizations are stronger for these efforts that protect revenue continuity, improve resilience, and strengthen compliance. We congratulate them and look forward to celebrating them at the CSO Cybersecurity Awards & Conference.”

The CSO Awards recognizes organizations that demonstrate exceptional innovation and measurable impact in cybersecurity. EXL’s recognition highlights its leadership in applying AI-driven solutions to address critical security challenges, reduce operational risk and enable sustainable growth in today’s rapidly evolving data and AI landscape.

About EXL  

EXL (NASDAQ: EXLS) is a global data and AI company that offers services and solutions to reinvent client business models, drive better outcomes and unlock growth with speed. EXL harnesses the power of data, AI, and deep industry knowledge to transform businesses, including the world's leading corporations in industries including insurance, healthcare, banking and capital markets, retail, communications and media, and energy and infrastructure, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have approximately 67,000 employees spanning six continents. For more information, visit www.exlservice.com.

About CSO

CSO serves enterprise security decision-makers and users with the critical information they need to stay ahead of evolving threats and defend against criminal cyberattacks. With incisive content that addresses all security disciplines, from risk management to network defense to fraud and data loss prevention, CSO offers unparalleled depth and insight to support key decisions and investments for IT security professionals. www.csoonline.com

Follow CSO on LinkedIn
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About the CSO Awards and CSO Hall of Fame Award Inductees

The CSO Awards recognize organizations for security projects and initiatives demonstrating outstanding business value and thought leadership. The CSO Hall of Fame honors leaders who have significantly contributed to advancing information risk management and security. Inductees exemplify the qualities of leadership and excellence and, by their example, contribute to improving security across all organizations. Award winners are honored at the CSO Cybersecurity Awards & Conference.

About Foundry

Foundry helps companies bring their visions to reality through a combination of media, marketing technologies, and proprietary data on a global scale. Our platforms are powered by data from an owned and operated ecosystem of global editorial brands, awards, and events, all engineered and integrated to drive marketing campaigns for technology companies.

Foundry is one of the world's leading tech media, data, and marketing services companies, and is the proud owner of the global tech sector's most revered media brands including CIO, CSO, Network World, InfoWorld, PC World and Macworld.

To learn more about Foundry, visit foundryco.com.

Cautionary Statement Regarding Forward-Looking Statements  

This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to EXL's operations and business environment, all of which are difficult to predict and many of which are beyond EXL’s control. Forward-looking statements include information concerning EXL’s possible or assumed future results of operations, including descriptions of its business strategy. These statements may include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. These statements are based on assumptions that we have made in light of management's experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although EXL believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect EXL’s actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors, which include our ability to maintain and grow client demand, our ability to hire and retain sufficiently trained employees, and our ability to accurately estimate and/or manage costs, rising interest rates, rising inflation and recessionary economic trends, are discussed in more detail in EXL’s filings with the Securities and Exchange Commission, including EXL’s Annual Report on Form 10-K. You should keep in mind that any forward-looking statement made herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect EXL. EXL has no obligation to update any forward-looking statements after the date hereof, except as required by federal securities laws. 

Media Contact   
Keith Little
[email protected]

INOD shares have nearly doubled since Q1 results, as revenues jump 54% and guidance is raised. Meanwhile, a lofty 73.4x forward P/E has investors weighing profit-taking.

ExlService NASDAQ: EXLS executives used the company’s 2026 Investor Day to outline a strategy centered on enterprise adoption of artificial intelligence, arguing that the company’s mix of data management, domain expertise and operations experience positions it for continued double-digit growth.

Chairman and CEO Rohit Kapoor said EXL aims to be a “strategic trusted partner” for enterprise clients as they adopt and implement AI. He said the company’s shareholder objective is to deliver “sustained market-leading growth of revenue and profit.”

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Kapoor said AI is creating both excitement and uncertainty, but cautioned that enterprise clients will not generate significant business value from AI through plug-and-play deployments alone. He said clients need organized data, business context, model fine-tuning, monitoring, governance and risk mitigation.

“Unless and until you apply the knowledge and mastery on data and you bring together the data and make it ready for AI,” Kapoor said, companies cannot get to desired outcomes. He added that AI will eliminate some roles but will also augment human work and expand the total addressable market by moving human involvement toward more complex and judgment-based tasks.

Executives Emphasize Data, Context and AI Vikas Bhalla, president and head of the AI Services and Operations Strategic Growth Unit, said enterprise AI adoption has moved from experimentation toward production-grade use in core business operations. He said clients are focused on whether AI can create measurable customer and business impact, scale in select workflows and provide trust through audit trails and evidence for decisions.

Bhalla said EXL’s approach is built around three elements: data, context and AI. He said data must be accessible, able to handle structured and unstructured sources, and supported by lineage, knowledge graphs, governance and quality controls. He also said context includes both industry domain knowledge and client-specific workflows, systems, policies and customer preferences.

Bhalla said EXL has created agentic platforms to accelerate deployment, including EXLdata.ai, EXLdecision.ai and EXLerate.ai. He said the company’s operations and data-and-AI businesses are increasingly reinforcing each other, using the example of claims work where operational knowledge informs AI models and analytics insights improve operating workflows.

Client Examples Highlight AI Use Cases Vivek Jetley, president and head of analytics, insurance, healthcare and life sciences, said EXL has 115 clients in the Fortune 2000, more than 400 clients using its data and AI work, average client tenure of more than 10 years and a 94% AI deployment success rate.

Jetley said EXL is seeing client demand in four areas:

Preparing data for AI; Providing AI services to redesign workflows; Running operations in an AI-led model; Delivering integrated solutions using EXL proprietary technology and outcome-based pricing. He cited a top 20 global insurer where EXL helped build data pipelines for underwriting and claims work, which expanded a 10-year operational relationship into work with the client’s chief information and data teams. He also described a mid-sized client where EXL shifted a potential small outsourcing opportunity into a multi-year AI-first business transformation program.

Jetley said EXL’s Smart Agent Assist product helped a large U.K. retailer increase agent productivity, leading the client to adopt EXL’s AI more broadly. He said EXL’s revenue from that client rose 20% despite some reduction in manual work because the company gained a larger scope.

In collections, Jetley said EXL built an end-to-end digital platform that uses analytics to determine outreach and treatment strategies. He said the platform has produced a 20% reduction in charge-offs for a client and is now used with more than 20 clients. In Payment Integrity, he said EXL identified $3.2 billion of claims for clients last year and runs a prepay and post-pay program for one large client that is delivering more than $600 million in annual savings.

Financial Model and Guidance Chief Financial Officer Maurizio Nicolelli said EXL has outgrown peers over the last nine quarters, including nearly 14% revenue growth in the first quarter of 2026 compared with peers at about 6%. He said the company’s goal remains to grow adjusted earnings per share faster than revenue.

Nicolelli said EXL’s gross margin expanded 350 basis points from 2020 to 2025, adjusted operating margin expanded 360 basis points and return on invested capital increased by more than 1,100 basis points. He said the company’s data-and-AI-led business grew 21% over that five-year period, excluding AI-embedded operations, while total operations grew 14%.

According to Nicolelli, data-and-AI-led revenue represented 55% of total revenue in 2025, up from 38% in 2020, and increased to 60% in the first quarter of 2026. He said more than three-quarters of revenue is recurring, defined as contracted for one year or more, and that net revenue retention was greater than 1.1 in 2025 and the first quarter of 2026.

EXL reiterated that it raised 2026 revenue growth guidance after the first quarter to 10% to 12%, up from an initial 9% to 11%. The company also raised adjusted EPS growth guidance to 12% to 14%, from 10% to 12%. Nicolelli said EXL expects double-digit year-over-year revenue growth through its medium-term target period, which he defined as 2026 and 2027.

Capital Allocation and AI Investment Nicolelli said EXL generated nearly $300 million of free cash flow in 2025, up 34% from the prior year, and ended the first quarter with leverage below 1x. He said the company expects a more balanced capital allocation approach between M&A and stock repurchases, after leaning more toward buybacks in recent years.

Kapoor said EXL has increased investments by almost four times and will continue to pursue strategic acquisitions to build capability. He also announced that Bhupender Singh joined the company as president and head of international growth markets, saying international expansion is a key priority.

During the question-and-answer session, executives said more than 30% of EXL’s revenue is outcome-based. They also said AI-related changes have shortened internal planning cycles from three years reviewed annually to quarterly reviews, reflecting the rapid pace of technology change.

About ExlService NASDAQ: EXLSExlService Holdings, Inc NASDAQ: EXLS is a global operations management and analytics company that partners with clients in insurance, healthcare, banking, and financial services to drive digital transformation and operational excellence. The firm delivers analytics-driven solutions and business process outsourcing services, including claims adjudication, finance and accounting, data management, and customer service support. ExlService combines domain expertise with advanced analytics, artificial intelligence, and automation technologies to help organizations optimize processes, enhance customer experiences, and manage risk.

Founded in 1999 and headquartered in New York City, ExlService has grown through a mix of organic expansion and strategic acquisitions, earning recognition for its data analytics capabilities and industry-specific knowledge.

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ExlService Holdings is transitioning from legacy outsourcing to a data and AI-led enterprise, now generating 60% of revenue from AI solutions. EXLS delivered 13.8% YoY revenue growth and 20.2% adjusted EPS growth in Q1 2026, with expanding margins and robust recurring revenue. I see at least 22-44% upside, with fair value in the $37–$44 range near term and more as the market recognizes its AI-driven business mix.