IT - Software · Founded 1998 · www.expleosolutions.com · BSE 533121 · NSE EXPLEOSOL · ISIN INE201K01015
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Business
Expleo Solutions Ltd. is an Indian IT services and consulting company. It operates as part of the global Expleo Group, providing technology and business transformation services. The company specializes in areas such as quality assurance, software testing, digital consulting, product engineering, and agile transformation. Its core business model involves delivering project-based services and long-term engagements to clients across various industries, helping them with digital adoption, improving software quality, and optimizing business processes. Expleo Solutions makes money by charging fees for its consulting, development, testing, and managed services.
Revenue Mix
While specific revenue contributions are not provided, Expleo Solutions typically derives revenue from services categorized broadly as:
Quality Assurance & Testing: A historical core strength, ensuring software quality and performance.
Digital Transformation Services: Encompassing areas like cloud migration, data analytics, AI/ML integration, and IoT solutions.
Product Engineering & R&D Services: Assisting clients in designing, developing, and maintaining their software products.
Consulting & Agile Transformation: Providing strategic advice and implementing agile methodologies.
As part of the Expleo Group, it often aligns its service offerings with the global parent's focus areas.
Industry
Expleo Solutions operates in the highly competitive global IT services and software industry, which is characterized by rapid technological change and intense competition from both large multinational corporations and specialized niche players. In India, it competes with a wide array of IT service providers ranging from large-cap companies like TCS, Infosys, and Wipro to mid-cap and smaller specialized firms. Expleo Solutions likely positions itself as a specialized player, particularly strong in quality engineering, product engineering, and digital transformation, leveraging its association with the global Expleo Group for broader market access, brand recognition, and a global delivery model.
MOAT
Expleo Solutions' competitive advantages are likely derived from:
Specialized Expertise: Strong domain knowledge and deep capabilities in specific niches like quality engineering, performance testing, and product engineering, which can create sticky client relationships due to the complexity and criticality of these services.
Parent Group Support: Being part of the global Expleo Group provides brand credibility, access to a wider international client base, shared best practices, and potentially larger project opportunities that a standalone entity might not secure.
Client Switching Costs: For long-term engagements, particularly in critical quality assurance or embedded engineering projects, the cost and risk of switching providers can be moderate, leading to recurring revenue.
Talent Pool: Access to a skilled talent pool in India, combined with expertise from the global group, helps in delivering complex projects.
Growth Drivers
Key factors that can drive Expleo Solutions' growth over the next 3-5 years include:
Global Digital Transformation Wave: Continued enterprise spending on cloud adoption, AI/ML, data analytics, and IoT necessitates specialized IT services.
Increased Demand for Quality Engineering: Businesses prioritizing software quality, reliability, and security, driving demand for advanced testing and quality assurance services.
Product Engineering Outsourcing: Companies increasingly outsourcing product development and R&D activities to leverage specialized expertise and cost efficiencies.
Leveraging Parent Group's Global Footprint: Expanding client base and service offerings by collaborating more closely with the Expleo Group's international operations.
Geographic Expansion & Industry Focus: Targeting new markets or deepening penetration in existing high-growth industry verticals.
Risks
Intense Competition & Pricing Pressure: The IT services market is highly competitive, potentially leading to pricing pressure and margin erosion.
Talent Attrition & Wage Inflation: High demand for skilled IT professionals can lead to increased employee costs and difficulty in retaining talent.
Global Economic Slowdown: A downturn in global economic conditions can lead to reduced IT spending by clients.
Technological Obsolescence: The need to continuously invest in new technologies and upskill employees to remain relevant.
Currency Fluctuations: As a company with international revenue streams, adverse currency movements can impact profitability.
Client Concentration: Potential dependency on a few large clients, making revenue vulnerable to client-specific issues.
Management & Ownership
Expleo Solutions Ltd. is majority-owned by the global Expleo Group, which acts as the promoter. This implies that strategic direction and corporate governance are largely influenced by the parent entity's global vision and objectives. The management team at Expleo Solutions is responsible for executing the group's strategy within the Indian context and for its specific client engagements. Specific details about the individual management quality are not available, but the company operates under the framework of a global professional services firm.
Outlook
Expleo Solutions is positioned to benefit from the ongoing global trends in digital transformation and the increasing emphasis on quality engineering and product development across industries. Its association with the global Expleo Group provides a significant advantage in terms of brand, market access, and strategic alignment. However, the company operates in a highly dynamic and competitive sector, facing challenges such as talent retention, rapid technological shifts, and the need for continuous innovation. Its ability to successfully navigate these complexities while leveraging its specialized capabilities and global group support will be crucial for sustained growth.
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| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 250 | 255 | 252 | 259 | 258 | 256 | 260 | 283 | 279 | 286 |
| Other Income | 11 | 2 | 2 | 13 | 3 | 5 | 7 | 13 | 10 | 13 |
| Total Income | 262 | 257 | 254 | 272 | 260 | 260 | 267 | 295 | 290 | 299 |
| Total Expenditure | 212 | 221 | 213 | 217 | 219 | 216 | 230 | 236 | 233 | 244 |
| Operating Profit | 50 | 36 | 41 | 55 | 41 | 45 | 37 | 59 | 56 | 55 |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 1 |
| Depreciation | 8 | 9 | 9 | 10 | 12 | 8 | 8 | 7 | 7 | 6 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -17 | 2 |
| Profit Before Tax | 41 | 26 | 31 | 44 | 28 | 36 | 28 | 51 | 32 | 51 |
| Provision for Tax | 7 | 10 | 7 | 9 | 9 | 11 | 8 | 12 | 10 | 9 |
| Profit After Tax | 34 | 16 | 24 | 35 | 20 | 24 | 20 | 40 | 22 | 42 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 34 | 16 | 24 | 35 | 20 | 24 | 20 | 40 | 22 | 42 |
| Adjusted Earnings Per Share | 21.9 | 10.1 | 15.4 | 22.9 | 12.7 | 15.5 | 13.2 | 25.6 | 14.3 | 26.8 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 214 | 264 | 260 | 271 | 283 | 270 | 301 | 743 | 903 | 965 | 1025 | 1108 |
| Other Income | 2 | 6 | 1 | 13 | 6 | 8 | 5 | 6 | 16 | 8 | 16 | 43 |
| Total Income | 216 | 271 | 261 | 284 | 289 | 278 | 306 | 749 | 919 | 972 | 1041 | 1151 |
| Total Expenditure | 177 | 210 | 219 | 231 | 230 | 217 | 231 | 618 | 703 | 817 | 859 | 943 |
| Operating Profit | 39 | 61 | 42 | 54 | 59 | 61 | 75 | 130 | 216 | 156 | 182 | 207 |
| Interest | 2 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 2 | 3 | 3 | 3 |
| Depreciation | 5 | 4 | 5 | 6 | 5 | 6 | 6 | 19 | 28 | 34 | 39 | 28 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -15 |
| Profit Before Tax | 32 | 56 | 37 | 48 | 54 | 54 | 68 | 110 | 186 | 120 | 139 | 162 |
| Provision for Tax | 10 | 19 | 13 | 16 | 17 | 14 | 18 | 42 | 52 | 29 | 36 | 39 |
| Profit After Tax | 22 | 37 | 24 | 32 | 36 | 40 | 50 | 68 | 134 | 90 | 103 | 124 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 22 | 37 | 24 | 32 | 36 | 40 | 50 | 68 | 134 | 90 | 103 | 124 |
| Adjusted Earnings Per Share | 20.5 | 34.7 | 22.3 | 29.9 | 33.8 | 38.9 | 49.2 | 43.6 | 86.3 | 58.3 | 66.5 | 79.9 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 6% | 11% | 31% | 17% |
| Operating Profit CAGR | 17% | 12% | 24% | 17% |
| PAT CAGR | 14% | 15% | 21% | 17% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -26% | -21% | 4% | -3% |
| ROE Average | 17% | 20% | 23% | 24% |
| ROCE Average | 23% | 28% | 32% | 35% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 102 | 109 | 127 | 129 | 139 | 152 | 202 | 395 | 530 | 611 | 636 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 7 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | -1 | -1 | -1 | -2 | -1 | 7 | 6 | 21 | 32 | 46 | 38 |
| Total Current Liabilities | 56 | 73 | 43 | 63 | 52 | 53 | 55 | 175 | 168 | 104 | 144 |
| Total Liabilities | 164 | 181 | 169 | 189 | 190 | 213 | 263 | 590 | 730 | 761 | 818 |
| Fixed Assets | 24 | 25 | 27 | 22 | 19 | 26 | 25 | 108 | 142 | 131 | 113 |
| Other Non-Current Assets | 2 | 3 | 5 | 4 | 8 | 9 | 12 | 33 | 35 | 32 | 142 |
| Total Current Assets | 138 | 153 | 138 | 163 | 162 | 177 | 226 | 449 | 553 | 598 | 563 |
| Total Assets | 164 | 181 | 169 | 189 | 190 | 213 | 263 | 590 | 730 | 761 | 818 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 40 | 55 | 85 | 83 | 60 | 98 | 79 | 156 | 173 | 153 | 176 |
| Cash Flow from Operating Activities | 33 | 58 | 42 | 25 | 41 | 17 | 66 | 24 | 23 | 71 | 179 |
| Cash Flow from Investing Activities | -3 | 11 | -12 | -19 | 25 | -8 | -43 | 4 | -36 | -31 | -53 |
| Cash Flow from Financing Activities | -11 | -39 | -31 | -31 | -26 | -29 | -3 | -10 | -7 | -15 | -87 |
| Net Cash Inflow / Outflow | 19 | 29 | -0 | -25 | 39 | -20 | 21 | 18 | -19 | 25 | 39 |
| Closing Cash & Cash Equivalent | 55 | 85 | 83 | 60 | 98 | 79 | 98 | 173 | 153 | 176 | 217 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 20.53 | 34.68 | 22.3 | 29.86 | 33.79 | 38.92 | 49.2 | 43.61 | 86.27 | 58.27 | 66.52 |
| CEPS(Rs) | 25.44 | 38.49 | 27.16 | 35.04 | 38.93 | 44.6 | 54.86 | 55.7 | 104.23 | 79.96 | 91.85 |
| DPS(Rs) | 24 | 24 | 24 | 24 | 0 | 0 | 0 | 0 | 5 | 0 | 50 |
| Book NAV/Share(Rs) | 96.37 | 102.32 | 119 | 119.95 | 129.48 | 148.33 | 196.77 | 254.15 | 341.56 | 393.78 | 409.69 |
| Core EBITDA Margin(%) | 17.33 | 20.46 | 15.91 | 14.93 | 18.79 | 19.69 | 23.21 | 16.71 | 22.16 | 15.37 | 16.17 |
| EBIT Margin(%) | 15.73 | 21.38 | 14.32 | 17.77 | 18.97 | 20.41 | 23.09 | 14.99 | 20.85 | 12.66 | 13.91 |
| Pre Tax Margin(%) | 14.96 | 21.28 | 14.24 | 17.67 | 18.94 | 20 | 22.73 | 14.83 | 20.6 | 12.39 | 13.59 |
| PAT Margin (%) | 10.11 | 13.97 | 9.16 | 11.79 | 12.8 | 14.77 | 16.76 | 9.11 | 14.82 | 9.37 | 10.07 |
| Cash Profit Margin (%) | 12.53 | 15.5 | 11.16 | 13.83 | 14.75 | 16.92 | 18.69 | 11.64 | 17.91 | 12.86 | 13.91 |
| ROA(%) | 13.93 | 21.34 | 13.58 | 17.82 | 19.09 | 19.83 | 21.23 | 15.87 | 20.28 | 12.13 | 13.08 |
| ROE(%) | 20.63 | 35.06 | 20.19 | 25.02 | 27.1 | 27.44 | 28.51 | 22.7 | 28.96 | 15.85 | 16.56 |
| ROCE(%) | 29.09 | 51.22 | 31.52 | 37.7 | 40.11 | 37.91 | 39.24 | 37.29 | 40.69 | 21.4 | 22.86 |
| Receivable days | 95.88 | 76.77 | 67.94 | 74.36 | 73.48 | 82.15 | 82.9 | 57.63 | 83.47 | 92.45 | 84 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.12 | 0 | 0 | 0 |
| Payable days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2189.22 | 3479.87 | 3424.03 | 2166.52 |
| PER(x) | 27.88 | 26.21 | 24.52 | 16.29 | 15 | 3.75 | 10.5 | 38.64 | 14.33 | 20.81 | 11.97 |
| Price/Book(x) | 5.94 | 8.88 | 4.59 | 4.05 | 3.91 | 0.98 | 2.63 | 6.63 | 3.62 | 3.08 | 1.94 |
| Dividend Yield(%) | 4.19 | 2.64 | 4.39 | 4.94 | 0 | 0 | 0 | 0 | 0.4 | 0 | 6.28 |
| EV/Net Sales(x) | 2.54 | 3.34 | 1.9 | 1.61 | 1.57 | 0.23 | 1.32 | 3.28 | 1.95 | 1.76 | 0.98 |
| EV/Core EBITDA(x) | 14.02 | 14.56 | 11.66 | 8.11 | 7.51 | 1.02 | 5.29 | 18.72 | 8.15 | 10.9 | 5.54 |
| Net Sales Growth(%) | 10.14 | 23.35 | -1.6 | 4.34 | 4.25 | -4.44 | 11.35 | 146.78 | 21.65 | 6.82 | 6.21 |
| EBIT Growth(%) | -23.87 | 67.67 | -34.09 | 29.49 | 11.27 | 2.85 | 25.92 | 60.26 | 69.21 | -35.13 | 16.68 |
| PAT Growth(%) | -27.93 | 70.45 | -35.46 | 34.28 | 13.22 | 10.22 | 26.41 | 34.17 | 97.83 | -32.45 | 14.16 |
| EPS Growth(%) | -29.83 | 68.95 | -35.71 | 33.9 | 13.19 | 15.18 | 26.41 | -11.37 | 97.83 | -32.45 | 14.16 |
| Debt/Equity(x) | 0.09 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio(x) | 2.47 | 2.11 | 3.17 | 2.61 | 3.11 | 3.32 | 4.11 | 2.57 | 3.3 | 5.77 | 3.9 |
| Quick Ratio(x) | 2.47 | 2.11 | 3.17 | 2.61 | 3.11 | 3.32 | 4.11 | 2.56 | 3.3 | 5.77 | 3.9 |
| Interest Cover(x) | 20.51 | 206.79 | 189.91 | 167.95 | 800.52 | 49.79 | 65.78 | 91.85 | 83.49 | 46.83 | 42.91 |
| Total Debt/Mcap(x) | 0.02 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 71.05 | 71.05 | 71.05 | 71.05 | 71.05 | 71.05 | 71.05 | 71.05 | 71.05 | 71.05 |
| FII | 0.03 | 0.04 | 0.06 | 0.21 | 0.49 | 0.33 | 0.1 | 0.13 | 0.32 | 0.42 |
| DII | 3.26 | 2.37 | 1.83 | 1.78 | 1 | 0.91 | 0.84 | 0.84 | 0.07 | 0.01 |
| Public | 25.67 | 26.55 | 27.06 | 26.96 | 27.46 | 27.72 | 28.02 | 27.99 | 28.56 | 28.53 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 |
| FII | 0 | 0 | 0 | 0 | 0.01 | 0.01 | 0 | 0 | 0.01 | 0.01 |
| DII | 0.05 | 0.04 | 0.03 | 0.03 | 0.02 | 0.01 | 0.01 | 0.01 | 0 | 0 |
| Public | 0.4 | 0.41 | 0.42 | 0.42 | 0.43 | 0.43 | 0.43 | 0.43 | 0.44 | 0.44 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.55 | 1.55 | 1.55 | 1.55 | 1.55 | 1.55 | 1.55 | 1.55 | 1.55 | 1.55 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +6% | +11% | +31% | +17% |
| Operating Profit CAGR | +17% | +12% | +24% | +17% |
| PAT CAGR | +14% | +15% | +21% | +17% |
| Share Price CAGR | -26% | -21% | +4% | -3% |
| ROE Average | +17% | +20% | +23% | +24% |
| ROCE Average | +23% | +28% | +32% | +35% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 71.05 | 71.05 | 71.05 | 71.05 | 71.05 | 71.05 | 71.05 | 71.05 | 71.05 | 71.05 |
| FII | 0.03 | 0.04 | 0.06 | 0.21 | 0.49 | 0.33 | 0.1 | 0.13 | 0.32 | 0.42 |
| DII | 3.26 | 2.37 | 1.83 | 1.78 | 1 | 0.91 | 0.84 | 0.84 | 0.07 | 0.01 |
| Public | 28.95 | 28.95 | 28.95 | 28.95 | 28.95 | 28.95 | 28.95 | 28.95 | 28.95 | 28.95 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 |
| FII | 0 | 0 | 0 | 0 | 0.01 | 0.01 | 0 | 0 | 0.01 | 0.01 |
| DII | 0.05 | 0.04 | 0.03 | 0.03 | 0.02 | 0.01 | 0.01 | 0.01 | 0 | 0 |
| Public | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.55 | 1.55 | 1.55 | 1.55 | 1.55 | 1.55 | 1.55 | 1.55 | 1.55 | 1.55 |
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